Document and Entity Information - shares |
9 Months Ended | |
|---|---|---|
Mar. 31, 2016 |
Apr. 30, 2016 |
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| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | ALPHA & OMEGA SEMICONDUCTOR Ltd | |
| Entity Central Index Key | 0001387467 | |
| Current Fiscal Year End Date | --06-30 | |
| Entity Filer Category | Accelerated Filer | |
| Document Type | 10-Q | |
| Document Period End Date | Mar. 31, 2016 | |
| Document Fiscal Year Focus | 2016 | |
| Document Fiscal Period Focus | Q3 | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding | 22,431,746 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Mar. 31, 2016 |
Jun. 30, 2015 |
|---|---|---|
| Common shares, par value (in dollars per share) | $ 0.002 | $ 0.002 |
| Common shares, authorized (in shares) | 50,000,000 | 50,000,000 |
| Common stock, shares issued (in shares) | 28,039,000 | 27,314,000 |
| Common stock, shares outstanding (in shares) | 22,360,000 | 26,316,000 |
| Preferred stock, par value (in dollars per share) | $ 0.002 | $ 0.002 |
| Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Preferred stock, shares outstanding (in shares) | 0 | 0 |
| Treasury shares (in shares) | 5,679,000 | 998,000 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
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| Revenue | $ 82,987 | $ 76,918 | $ 244,251 | $ 246,463 |
| Cost of goods sold | 66,668 | 64,154 | 197,899 | 200,297 |
| Gross profit | 16,319 | 12,764 | 46,352 | 46,166 |
| Operating expenses | ||||
| Research and development | 6,924 | 6,929 | 19,029 | 20,155 |
| Selling, general and administrative | 9,444 | 9,219 | 28,300 | 27,958 |
| Impairment of long-lived assets | 0 | 0 | 432 | 0 |
| Total operating expenses | 16,368 | 16,148 | 47,761 | 48,113 |
| Operating loss | (49) | (3,384) | (1,409) | (1,947) |
| Interest income and other, net | 10 | 18 | 30 | 92 |
| Interest expense | (5) | (41) | (22) | (157) |
| Loss before income taxes | (44) | (3,407) | (1,401) | (2,012) |
| Income tax expense | 1,219 | 698 | 3,448 | 2,826 |
| Net loss | $ (1,263) | $ (4,105) | $ (4,849) | $ (4,838) |
| Net loss per share: | ||||
| Basic (in dollars per share) | $ (0.06) | $ (0.16) | $ (0.22) | $ (0.18) |
| Diluted (in dollars per share) | $ (0.06) | $ (0.16) | $ (0.22) | $ (0.18) |
| Weighted average number of common shares used to compute net loss per share: | ||||
| Basic (in shares) | 22,232 | 26,447 | 22,400 | 26,469 |
| Diluted (in shares) | 22,232 | 26,447 | 22,400 | 26,469 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
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| Net loss | $ (1,263) | $ (4,105) | $ (4,849) | $ (4,838) |
| Foreign currency translation adjustment, net of tax | 22 | 28 | (133) | (118) |
| Total comprehensive loss | $ (1,241) | $ (4,077) | $ (4,982) | $ (4,956) |
The Company and Significant Accounting Policies |
9 Months Ended |
|---|---|
Mar. 31, 2016 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| The Company and Significant Accounting Policies | The Company and Significant Accounting Policies The Company Alpha and Omega Semiconductor Limited and its subsidiaries (the “Company,” "AOS," "we" or "us") design, develop and supply a broad range of power semiconductors. The Company's portfolio of products targets high-volume applications, including personal computers, flat panel TVs, LED lighting, smart phones, battery packs, consumer and industrial motor controls and power supplies for TVs, computers, servers and telecommunications equipment. The Company conducts its operations primarily in the United States of America (“USA”), Hong Kong, China, Taiwan, Korea and Japan. Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Article 10 of Securities and Exchange Commission Regulation S-X, as amended. They do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the results of operations for the periods presented have been included in the interim periods. Operating results for the nine months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2016. The condensed consolidated balance sheet at June 30, 2015 is derived from the audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015. Reclassification The Company has reclassified certain amounts previously reported in its financial statements to conform to the current presentation. These reclassifications did not have a material impact on our consolidated financial statements. Correction of Errors In this Quarterly Report on Form 10-Q, certain prior period financial information has been restated due to an accounting correction. During the quarter ended March 31, 2016, the Company identified and recorded immaterial errors related to the fiscal years ended June 30, 2015, 2014 and 2013. The immaterial errors resulted from overstatement of long-term deferred income tax liabilities and income tax expenses. The overall impact of the errors on the Company's consolidated financial position and results of operations is not material and as such, previously filed Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q for the periods affected by the errors have not been amended. The adjustments resulted in a decrease in net loss of $172,000, $204,000 and $149,000 for the years ended June 30, 2015, 2014 and 2013, respectively and a decrease in basic and diluted net loss per common share of $0.01 for the years ended June 30, 2015, 2014 and 2013. The impact to the consolidated balance sheets as of June 30, 2015, 2014 and 2013 was a decrease in deferred income tax liabilities of $525,000, $353,000 and $149,000, respectively and an increase in retained earnings by the same amounts. All prior period amounts in this Quarterly Report on Form 10-Q affected by the errors reflect such amounts. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. To the extent there are material differences between these estimates and actual results, the Company's condensed consolidated financial statements will be affected. On an ongoing basis, the Company evaluates the estimates, judgments and assumptions including those related to stock rotation returns, price adjustments, allowance for doubtful accounts, inventory reserves, warranty accrual, income taxes, share-based compensation, and useful lives for property, plant and equipment and intangible assets. Fair Value of Financial Instruments The fair value of cash equivalents are based on observable market prices and have been categorized in Level 1 in the fair value hierarchy. Cash equivalents consist primarily of short term bank deposits. The carrying values of financial instruments such as cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to their short-term maturities. Impairment of Long-Lived Assets Long-lived assets or asset groups are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. Factors that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. Where such factors indicate potential impairment, the recoverability of an asset or asset group is assessed by determining if the carrying value of the asset or asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life. The impairment loss is measured based on the difference between the carrying amount and the estimated fair value. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company's accumulated other comprehensive income (loss) consists of cumulative foreign currency translation adjustments. Total comprehensive income (loss) is presented in the condensed consolidated statements of comprehensive income (loss). Recent Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued No. 2016-02, Leases ("ASU 2016-02"). This guidance requires a dual approach for lessee accounting under which a lessee will account for leases as finance leases or operating leases. Both finance and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding liability on its balance sheet, with differing methodology for income statement recognition. This guidance is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. A modified retrospective approach is required for all leases existing or entered into after the beginning of the earliest comparative period in the consolidated financial statements. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements. In July 2015, the FASB issued No. 2015-11, Inventory - Simplifying the Measurement of Inventory ("ASU 2015-11"). ASU 2015-11 is additional guidance regarding the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. This guidance is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, Interest -Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and the accounting for debt issue costs under IFRS. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. ASU 2015-03 is effective for the annual period ending after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In February 2015, the FASB issued ASU No. 2015-2, “Consolidation (Topic 820): Amendments to the Consolidation Analysis.” ASU 2015-2 provides a revised consolidation model for all reporting entities to use in evaluating whether they should consolidate certain legal entities. All legal entities will be subject to reevaluation under this revised consolidation model. The revised consolidation model, among other things, (i) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership, and (iii) modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. ASU 2015-2 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2015. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In August 2014, the FASB issued amended standards No. 2014-15, Presentation of Financial Statements - Going Concern ("ASU 2014-15"), to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures requirement. The amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation for each annual and interim reporting period, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. In August 2015, the FASB issued an accounting standard update for a one-year deferral of the effective date of ASU 2014-09 to annual and interim periods beginning after December 15, 2017 and permits entities to early adopt the standard of ASU 2014-09 for annual and interim reporting periods beginning after December 15, 2016. Companies are permitted to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. The Company is in the process of evaluating the timing of its adoption and the impact of adoption on its consolidated financial statements. |
Net Income (Loss) Per Share |
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| Net Income (Loss) Per Share | Net Loss Per Share The following table presents the calculation of basic and diluted net loss per share:
The following potential dilutive securities were excluded from the computation of diluted net loss per share as their effect would have been anti-dilutive:
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Concentration of Credit Risk and Significant Customers |
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| Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Concentration of Credit Risk and Significant Customers | Concentration of Credit Risk and Significant Customers The Company manages its credit risk associated with exposure to distributors and direct customers on outstanding accounts receivable through the application and review of credit approvals, credit ratings and other monitoring procedures. In some instances, the Company also obtains letters of credit from certain customers. Credit sales, which are mainly on credit terms of 30 to 60 days, are only made to customers who meet the Company's credit requirements, while sales to new customers or customers with low credit ratings are usually made on an advance payment basis. The Company considers its trade accounts receivable to be of good credit quality because its key distributors and direct customers have long-standing business relationships with the Company and the Company has not experienced any significant write-offs of accounts receivable in the past. The Company closely monitors the aging of accounts receivable from its distributors and direct customers, and regularly reviews their financial positions, when available. Summarized below are individual customers whose revenue or accounts receivable balances were more than 10% of the respective total consolidated amounts:
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Balance Sheet Components |
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| Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance Sheet Components | Balance Sheet Components Accounts receivable:
Inventories:
Property, plant and equipment, net:
Other long-term assets:
Accrued liabilities:
The activities in the warranty accrual, included in accrued liabilities, are as follows:
The activities in the stock rotation accrual, included in accrued liabilities, are as follows:
Other Long-term liabilities:
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Shareholders' Equity and Share-based Compensation |
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| Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity and Share-based Compensation | Shareholders' Equity and Share-based Compensation Share Repurchase In April 2015, the Board of Directors approved an increase in the remaining available amount under the Company’s then effective share repurchase program from approximately $17.8 million to $50.0 million. The repurchases may be made from the open market pursuant to a pre-established Rule 10b5-1 trading plan (as amended, the "Repurchase Trading Plan") or through privately negotiated transactions. In June 2015, the Company commenced a modified Dutch auction tender offer (the "Tender Offer") to repurchase an aggregate of $30.0 million of its outstanding common shares with a price range between $8.50 and $9.20 per share. In July 2015, the Company completed the Tender Offer in which it purchased 3,296,703 shares of its common shares, at a purchase price of $9.10 per share, for an aggregate purchase price of $30.0 million, excluding fees and expenses relating to the Tender Offer. These shares represented approximately 12.53% of the total number of the Company's common shares issued and outstanding as of June 30, 2015. The Tender Offer was part of the $50.0 million share repurchase program approved by the Board on April 15, 2015. Immediately following the completion of the Tender Offer, approximately $18.2 million remained available under the share repurchase program. During the nine months ended March 31, 2016, the Company repurchased 4,695,499 shares from the open market, including 3,296,703 shares in the Tender Offer, for a total cost of $41.8 million, at an average price of $8.90 per share, excluding fees and related expenses of $0.3 million, under the share repurchase program. Since the inception of the program in 2010, the Company repurchased an aggregate of 5,723,093 shares from the open market for a total cost of $50.8 million, at an average price of $8.87 per share, excluding fees and related expenses. No repurchased shares have been retired. Of the 5,723,093 repurchased shares, 44,345 shares with a weighted average repurchase price of $13.86 per share, were reissued at an average price of $2.38 per share for option exercises and vested restricted share units. The Company accounts for treasury stock under the cost method. Shares repurchased are accounted for as treasury shares and the total cost of shares repurchased is recorded as a reduction of shareholders' equity. From time to time, treasury shares may be reissued as part of the Company's share-based compensation programs. Gains on re-issuance of treasury stock are credited to additional paid-in capital; losses are expensed to additional paid-in capital to offset the net gains, if any, from previous sales or re-issuance of treasury stock. Any remaining balance of the losses are expensed to retained earnings. Stock Options The following table summarizes the Company's stock option activities for the nine months ended March 31, 2016:
Information with respect to stock options outstanding and exercisable at March 31, 2016 is as follows:
Options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding options. The fair value of stock options granted were estimated at the date of grant using the Black-Scholes option valuation model for the nine months ended March 31, 2016 with the following weighted average assumptions:
Historically, the Company estimates its expected volatility based on that of the publicly traded shares of industry peers over a period equivalent to the expected term of the stock awards granted. Beginning in July 2015, the Company's publicly traded shares history is also included in estimating the volatility rate. Restricted Stock Units ("RSU") The following table summarizes the Company's RSU activities for the nine months ended March 31, 2016:
The fair value of RSU is estimated based on the market price of the Company's share on the date of grant. Employee Share Purchase Plan ("ESPP") The assumptions used to estimate the fair values of common shares issued under the ESPP were as follows:
Share-based Compensation Expense The total share-based compensation expense related to stock options, RSUs and ESPP described above, recognized in the condensed consolidated statements of operations for the periods presented was as follows:
As of March 31, 2016, total unrecognized compensation cost under the Company's equity plans was $6.0 million, which is expected to be recognized over a weighted-average period of 1.7 years. |
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Income Taxes |
9 Months Ended |
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Mar. 31, 2016 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company recognized income tax expense of approximately $1.2 million and $0.7 million for the three months ended March 31, 2016 and 2015, respectively. The Company recognized income tax expense of approximately $3.4 million and $2.8 million for the nine months ended March 31, 2016 and 2015, respectively. The estimated effective tax rate for the three months ended March 31, 2016 was (2,770.5)% compared to (20.5)% for the three months ended March 31, 2015. The estimated effective tax rate for the nine months ended March 31, 2016 was (246.1)% compared to (140.5)% for the nine months ended March 31, 2015. The changes in the effective tax rate and tax expense between the periods resulted primarily from changes in the mix of earnings in various geographic jurisdictions between the current and same period of last year. The Company files its income tax returns in the United States and in various foreign jurisdictions. The tax years 2001 to 2015 remain open to examination by U.S. federal and state tax authorities. The tax years 2009 to 2015 remain open to examination by foreign tax authorities. The Company's income tax returns are subject to examinations by the Internal Revenue Service and other tax authorities in various jurisdictions. In accordance with the guidance on the accounting for uncertainty in income taxes, the Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for income taxes. These assessments can require considerable estimates and judgments. As of March 31, 2016, the gross amount of unrecognized tax benefits was approximately $6.6 million, of which $4.4 million, if recognized, would reduce the effective income tax rate in future periods. If the Company's estimate of income tax liabilities proves to be less than the ultimate assessment, then a further charge to expense would be required. If events occur and the payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. The Company does not anticipate any material changes to its uncertain tax positions during the next twelve months. On July 27, 2015, in Altera Corp. v. Commissioner, the U.S. Tax Court issued an opinion related to the treatment of share-based compensation expense in an intercompany cost-sharing arrangement. A final decision has yet to be issued by the Tax Court due to other outstanding issues related to the case. At this time, the U.S. Department of the Treasury has not withdrawn the requirement to include share-based compensation from its regulations. Due to the uncertainty surrounding the status of the current regulations, questions related to the scope of potential benefits, and the risk of the Tax Court’s decision being overturned upon appeal, the Company has not recorded any benefit as of March 31, 2016. The Company will continue to monitor ongoing developments and potential impacts to its financial statements. |
Segment and Geographic Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment and Geographic Information | Segment and Geographic Information The Company is organized as, and operates in, one operating segment: the design, development and supply of power semiconductor products for computing, consumer electronics, communication and industrial applications. The chief operating decision-maker is the Chief Executive Officer. The financial information presented to the Company's Chief Executive Officer is on a consolidated basis, accompanied by information about revenue by customer and geographic region, for purposes of evaluating financial performance and allocating resources. The Company has one business segment, and there are no segment managers who are held accountable for operations, operating results and plans for products or components below the consolidated unit level. Accordingly, the Company reports as a single operating segment. The Company sells its products primarily to distributors in the Asia Pacific region, who in turn sell these products to end customers. Because the Company's distributors sell their products to end customers which may have a global presence, revenue by geographical location is not necessarily representative of the geographical distribution of sales to end user markets. The revenue by geographical location in the following tables is based on the country or region to which the products were shipped to:
The following is a summary of revenue by product type:
Long-lived assets, net consisting of property, plant and equipment, by geographical area are as follows:
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Commitments and Contingencies |
9 Months Ended |
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Mar. 31, 2016 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Purchase Commitments As of March 31, 2016 and June 30, 2015, the Company had approximately $39.4 million and $29.2 million, respectively, of outstanding purchase commitments primarily for purchases of semiconductor raw materials, wafers, spare parts and packaging and testing services, and approximately $8.9 million and $3.7 million, respectively, of capital commitments for the purchase of property and equipment. Contingencies and Indemnities The Company is currently not a party to any pending material legal proceedings. The Company has in the past, and may from time to time in the future, become involved in legal proceedings arising from the normal course of business activities. The semiconductor industry is characterized by frequent claims and litigation, including claims regarding patent and other intellectual property rights as well as improper hiring practices. Irrespective of the validity of such claims, the Company could incur significant costs in the defense of such claims and suffer adverse effects on its operations. The Company is a party to a variety of agreements that it has contracted with various third parties. Pursuant to these agreements, the Company may be obligated to indemnify another party to such an agreement with respect to certain matters. Typically, these obligations arise in the context of contracts entered into by the Company, under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations and covenants related to such matters as title to assets sold, certain intellectual property rights, specified environmental matters and certain income taxes. In these circumstances, payment by the Company is customarily conditioned on the other party making a claim pursuant to the procedures specified in the particular contract, which procedures typically allow the Company to challenge the other party's claim. Further, the Company's obligations under these agreements may be limited in time and/or amount, and in some instances, the Company may have recourse against third parties for certain payments made by it under these agreements. The Company has not historically paid or recorded any material indemnifications and no accrual has been made at March 31, 2016 and June 30, 2015. The Company has agreed to indemnify its directors and certain employees as permitted by law and pursuant to its bye-laws, and has entered into indemnification agreements with its directors and executive officers. The Company has not recorded a liability associated with these indemnification arrangements, as it historically has not incurred any material costs associated with such indemnification obligations. Costs associated with such indemnification obligations may be mitigated by insurance coverage that the Company maintains. However, such insurance may not cover any, or may cover only a portion of, the amounts the Company may be required to pay. In addition, the Company may not be able to maintain such insurance coverage in the future. Joint Venture In March 2016, the Company executed an agreement with two strategic investment funds owned by the Municipality of Chongqing, China to form a joint venture for a new state-of-the-art power semiconductor packaging, testing and wafer fabrication facility in Liangjiang New Area of Chongqing (the "Joint Venture"). The initial capitalization of the Joint Venture under the agreement is $330.0 million, which includes cash contribution from the Chongqing funds and contributions of cash, equipments and intangible assets from the Company. The Company will own 51% and the Chongqing funds will own 49% of the equity interest of the Joint Venture. The Joint Venture will be accounted under the provisions of the consolidation guidance since the Company has controlling financial interest. The Joint Venture is expected to commence its initial packaging production in 2017. Within one year, the Company will contribute cash of $10.0 million, equipments and intangible assets. Over the long term, the Joint Venture expects to construct a 12-inch wafer fabrication facility for the production of power semiconductors. |
The Company and Significant Accounting Policies (Policies) |
9 Months Ended |
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Mar. 31, 2016 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Preparation | Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Article 10 of Securities and Exchange Commission Regulation S-X, as amended. They do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the results of operations for the periods presented have been included in the interim periods. Operating results for the nine months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2016. The condensed consolidated balance sheet at June 30, 2015 is derived from the audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015. |
| Reclassification | Reclassification The Company has reclassified certain amounts previously reported in its financial statements to conform to the current presentation. These reclassifications did not have a material impact on our consolidated financial statements. |
| Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. To the extent there are material differences between these estimates and actual results, the Company's condensed consolidated financial statements will be affected. On an ongoing basis, the Company evaluates the estimates, judgments and assumptions including those related to stock rotation returns, price adjustments, allowance for doubtful accounts, inventory reserves, warranty accrual, income taxes, share-based compensation, and useful lives for property, plant and equipment and intangible assets. |
| Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of cash equivalents are based on observable market prices and have been categorized in Level 1 in the fair value hierarchy. Cash equivalents consist primarily of short term bank deposits. The carrying values of financial instruments such as cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to their short-term maturities. |
| Impairment of Long-Lived Assets [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets or asset groups are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. Factors that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. Where such factors indicate potential impairment, the recoverability of an asset or asset group is assessed by determining if the carrying value of the asset or asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life. The impairment loss is measured based on the difference between the carrying amount and the estimated fair value. |
| Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company's accumulated other comprehensive income (loss) consists of cumulative foreign currency translation adjustments. Total comprehensive income (loss) is presented in the condensed consolidated statements of comprehensive income (loss). |
| Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued No. 2016-02, Leases ("ASU 2016-02"). This guidance requires a dual approach for lessee accounting under which a lessee will account for leases as finance leases or operating leases. Both finance and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding liability on its balance sheet, with differing methodology for income statement recognition. This guidance is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. A modified retrospective approach is required for all leases existing or entered into after the beginning of the earliest comparative period in the consolidated financial statements. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements. In July 2015, the FASB issued No. 2015-11, Inventory - Simplifying the Measurement of Inventory ("ASU 2015-11"). ASU 2015-11 is additional guidance regarding the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. This guidance is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, Interest -Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and the accounting for debt issue costs under IFRS. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. ASU 2015-03 is effective for the annual period ending after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In February 2015, the FASB issued ASU No. 2015-2, “Consolidation (Topic 820): Amendments to the Consolidation Analysis.” ASU 2015-2 provides a revised consolidation model for all reporting entities to use in evaluating whether they should consolidate certain legal entities. All legal entities will be subject to reevaluation under this revised consolidation model. The revised consolidation model, among other things, (i) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership, and (iii) modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. ASU 2015-2 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2015. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In August 2014, the FASB issued amended standards No. 2014-15, Presentation of Financial Statements - Going Concern ("ASU 2014-15"), to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures requirement. The amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation for each annual and interim reporting period, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. In August 2015, the FASB issued an accounting standard update for a one-year deferral of the effective date of ASU 2014-09 to annual and interim periods beginning after December 15, 2017 and permits entities to early adopt the standard of ASU 2014-09 for annual and interim reporting periods beginning after December 15, 2016. Companies are permitted to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. The Company is in the process of evaluating the timing of its adoption and the impact of adoption on its consolidated financial statements. |
| Concentration of Credit Risk | The Company manages its credit risk associated with exposure to distributors and direct customers on outstanding accounts receivable through the application and review of credit approvals, credit ratings and other monitoring procedures. In some instances, the Company also obtains letters of credit from certain customers. Credit sales, which are mainly on credit terms of 30 to 60 days, are only made to customers who meet the Company's credit requirements, while sales to new customers or customers with low credit ratings are usually made on an advance payment basis. The Company considers its trade accounts receivable to be of good credit quality because its key distributors and direct customers have long-standing business relationships with the Company and the Company has not experienced any significant write-offs of accounts receivable in the past. The Company closely monitors the aging of accounts receivable from its distributors and direct customers, and regularly reviews their financial positions, when available. |
Net Income (Loss) Per Share (Tables) |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted net loss per share:
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potential dilutive securities were excluded from the computation of diluted net loss per share as their effect would have been anti-dilutive:
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Concentration of Credit Risk and Significant Customers (Tables) |
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| Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedules of Concentration of Risk, by Risk Factor | Summarized below are individual customers whose revenue or accounts receivable balances were more than 10% of the respective total consolidated amounts:
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Balance Sheet Components (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable:
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| Schedule of Inventory, Current | Inventories:
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| Property, Plant and Equipment | Property, plant and equipment, net:
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| Schedule of Other Assets, Noncurrent | Other long-term assets:
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| Schedule of Accrued Liabilities | Accrued liabilities:
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| Schedule of Product Warranty Liability | The activities in the warranty accrual, included in accrued liabilities, are as follows:
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| Stock Rotation Accrual | The activities in the stock rotation accrual, included in accrued liabilities, are as follows:
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| Schedule of Other Noncurrent Liabilities | Other Long-term liabilities:
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Shareholders' Equity and Share-based Compensation (Tables) |
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| Share-based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Stock Option Activities | Stock Options The following table summarizes the Company's stock option activities for the nine months ended March 31, 2016:
Information with respect to stock options outstanding and exercisable at March 31, 2016 is as follows:
Options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding options. |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of stock options granted were estimated at the date of grant using the Black-Scholes option valuation model for the nine months ended March 31, 2016 with the following weighted average assumptions:
Historically, the Company estimates its expected volatility based on that of the publicly traded shares of industry peers over a period equivalent to the expected term of the stock awards granted. Beginning in July 2015, the Company's publicly traded shares history is also included in estimating the volatility rate. |
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| Restricted Stock Units Activity | Restricted Stock Units ("RSU") The following table summarizes the Company's RSU activities for the nine months ended March 31, 2016:
The fair value of RSU is estimated based on the market price of the Company's share on the date of grant. |
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| Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Employee Share Purchase Plan ("ESPP") The assumptions used to estimate the fair values of common shares issued under the ESPP were as follows:
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| Share-based Compensation, Allocation of Recognized Period Costs | Share-based Compensation Expense The total share-based compensation expense related to stock options, RSUs and ESPP described above, recognized in the condensed consolidated statements of operations for the periods presented was as follows:
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Segment and Geographic Information (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Long-lived assets, net consisting of property, plant and equipment, by geographical area are as follows:
The revenue by geographical location in the following tables is based on the country or region to which the products were shipped to:
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| Revenue from External Customers by Products and Services | The following is a summary of revenue by product type:
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The Company and Significant Accounting Policies - Correction of Immaterial Errors (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
Jun. 30, 2015 |
Jun. 30, 2014 |
Jun. 30, 2013 |
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| Corrections of Immaterial Errors [Line Items] | |||||||
| Decrease in net loss | $ (1,263) | $ (4,105) | $ (4,849) | $ (4,838) | |||
| Deferred income tax liabilities | 3,913 | 3,913 | $ 3,023 | ||||
| Retained earnings | $ 98,219 | $ 98,219 | 103,232 | ||||
| Adjustment | Adjustment on Overstatement of Long-Term Deferred Income Tax Liability and Income Tax Expense | |||||||
| Corrections of Immaterial Errors [Line Items] | |||||||
| Decrease in net loss | $ 172 | $ 204 | $ 149 | ||||
| Decrease in basic and diluted net loss per common share | $ 0.01 | $ 0.01 | $ 0.01 | ||||
| Adjustment | Adjustment on Overstatement of Long-Term Deferred Income Tax Liability and Retained Earnings | |||||||
| Corrections of Immaterial Errors [Line Items] | |||||||
| Deferred income tax liabilities | $ (525) | $ (353) | $ (149) | ||||
| Retained earnings | $ 525 | $ 353 | $ 149 | ||||
Net Income (Loss) Per Share - Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
| Numerator: | ||||
| Net loss | $ (1,263) | $ (4,105) | $ (4,849) | $ (4,838) |
| Basic: | ||||
| Weighted average number of common shares used to compute basic net loss per share | 22,232 | 26,447 | 22,400 | 26,469 |
| Effect of potentially dilutive securities: | ||||
| Weighted average number of common shares used to compute diluted net loss per share | 22,232 | 26,447 | 22,400 | 26,469 |
| Net loss per share: | ||||
| Basic (in dollars per share) | $ (0.06) | $ (0.16) | $ (0.22) | $ (0.18) |
| Diluted (in dollars per share) | $ (0.06) | $ (0.16) | $ (0.22) | $ (0.18) |
Net Income (Loss) Per Share - Potential Dilutive Shares (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Potential dilutive securities (in shares) | 3,419 | 3,993 | 3,692 | 4,130 |
| Employee stock options and RSUs | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Potential dilutive securities (in shares) | 3,003 | 3,689 | 3,307 | 3,735 |
| ESPP | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Potential dilutive securities (in shares) | 416 | 304 | 385 | 395 |
Balance Sheet Components - Accounts receivable (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Jun. 30, 2015 |
|---|---|---|
| Balance Sheet Related Disclosures [Abstract] | ||
| Accounts receivable | $ 48,898 | $ 58,249 |
| Less: Allowance for price adjustments | (16,832) | (19,438) |
| Less: Allowance for doubtful accounts | (30) | (30) |
| Accounts receivable, net | $ 32,036 | $ 38,781 |
Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Jun. 30, 2015 |
|---|---|---|
| Balance Sheet Related Disclosures [Abstract] | ||
| Raw materials | $ 22,991 | $ 19,423 |
| Work in-process | 36,363 | 31,269 |
| Finished goods | 8,557 | 13,483 |
| Inventory, net | $ 67,911 | $ 64,175 |
Balance Sheet Components - Other long term assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Jun. 30, 2015 |
|---|---|---|
| Balance Sheet Related Disclosures [Abstract] | ||
| Prepayments for property and equipment | $ 937 | $ 692 |
| Investment in a privately held company | 100 | 100 |
| Office leases deposits | 1,934 | 1,215 |
| Other Assets, Miscellaneous, Noncurrent | 0 | 4 |
| Other long-term assets | $ 2,971 | $ 2,011 |
Balance Sheet Components - Accrued liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Jun. 30, 2014 |
|---|---|---|---|---|
| Balance Sheet Related Disclosures [Abstract] | ||||
| Accrued compensation and benefit | $ 6,584 | $ 5,600 | ||
| Accrued vacation | 2,091 | 1,830 | ||
| Accrued bonuses | 1,445 | 1,152 | ||
| Warranty accrual | 1,596 | 1,957 | $ 1,117 | $ 1,346 |
| Stock rotation accrual | 2,056 | 1,894 | $ 1,774 | $ 1,645 |
| Accrued professional fees | 1,548 | 1,402 | ||
| ESPP payable | 878 | 343 | ||
| Customer deposits | 580 | 149 | ||
| Accrued inventory | 1,187 | 697 | ||
| Accrued facilities related expenses | 1,325 | 1,367 | ||
| Other accrued expenses | 2,721 | 2,834 | ||
| Accrued liabilities | $ 22,011 | $ 19,225 |
Balance Sheet Components - Product Warranty Accrual (Details) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
| Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
| Beginning balance | $ 1,957 | $ 1,346 |
| Additions | 803 | 1,216 |
| Utilization | (1,164) | (1,445) |
| Ending balance | $ 1,596 | $ 1,117 |
Balance Sheet Components - Stock Rotation Accrual (Details) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
| Stock Rotation Accrual Increae (Decrease) [Roll Forward] | ||
| Beginning balance | $ 1,894 | $ 1,645 |
| Additions | 4,643 | 4,129 |
| Utilization | (4,481) | (4,000) |
| Ending balance | $ 2,056 | $ 1,774 |
Balance Sheet Components - Other Long Term Liability (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Jun. 30, 2015 |
|---|---|---|
| Balance Sheet Related Disclosures [Abstract] | ||
| Deferred rent | $ 797 | $ 953 |
| Other long term liabilities | $ 797 | $ 953 |
Shareholders' Equity and Share-based Compensation - Stock Options Outstanding and Exercisable (Details) - $ / shares |
9 Months Ended | |
|---|---|---|
Mar. 31, 2016 |
Jun. 30, 2015 |
|
| Share-based Compensation [Abstract] | ||
| Options, Number Outstanding (in shares) | 2,099,093 | 2,836,217 |
| Options, Weighted-Average Remaining Contractual Life (in years) | 4 years 8 months 23 days | |
| Options, Weighted-Average Exercise Price (in dollars per share) | $ 11.19 | $ 10.77 |
| Options, Number Exercisable (in shares) | 1,791,713 | |
| Options, Weighted-Average Exercise Price (in dollars per share) | $ 11.80 | |
| Options vested and expected to vest, Number Outstanding (in shares) | 2,074,209 | |
| Options vested and expected to vest, Weighted Average Remaining Contractual Life (in years) | 4 years 8 months 9 days | |
| Options vested and expected to vest, Weighted Average Exercise Price (in dollars per share) | $ 11.23 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
| Income Tax Disclosure [Abstract] | ||||
| Income tax expense | $ 1,219 | $ 698 | $ 3,448 | $ 2,826 |
| Estimated effective income tax rate | (2770.50%) | (20.50%) | (246.10%) | (140.50%) |
| Unrecognized tax benefits | $ 6,600 | $ 6,600 | ||
| Unrecognized tax benefit that would impact effective tax rate | $ 4,400 | $ 4,400 | ||
Segment and Geographic Information - Long-lived Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Jun. 30, 2015 |
|---|---|---|
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Property, plant and equipment, net | $ 112,497 | $ 119,579 |
| China | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Property, plant and equipment, net | 65,832 | 71,618 |
| United States | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Property, plant and equipment, net | 46,115 | 47,439 |
| Other Countries | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Property, plant and equipment, net | $ 550 | $ 522 |
Segment and Geographic Information - Narratives (Details) |
9 Months Ended |
|---|---|
|
Mar. 31, 2016
Segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | 1 |
| Number of reportable segments | 1 |
Commitments and Contingencies - Purchase Commitments (Details) - USD ($) $ in Millions |
6 Months Ended | ||
|---|---|---|---|
Sep. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2015 |
|
| Raw materials, wafers, and packaging and testing services puchase commitments | |||
| Purchase Commitment, Excluding Long-term Committment [Line Items] | |||
| Purchase commitment, amount | $ 39.4 | $ 29.2 | |
| Property and equipment purchase commitments | |||
| Purchase Commitment, Excluding Long-term Committment [Line Items] | |||
| Purchase commitment, amount | $ 8.9 | $ 3.7 | |
| Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') [Member] | Scenario, Forecast [Member] | |||
| Purchase Commitment, Excluding Long-term Committment [Line Items] | |||
| Cash to be contributed to the Joint Venture prior to October 2016 | $ 10.0 |
Commitments and Contingencies - Guarantees (Details) - USD ($) |
Mar. 31, 2016 |
Jun. 30, 2015 |
|---|---|---|
| Indemnification Agreement | ||
| Loss Contingencies [Line Items] | ||
| Indemnifications accrual | $ 0 | $ 0 |
Commitments and Contingencies - Other Investments (Details) - Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') [Member] - USD ($) $ in Millions |
1 Months Ended | 6 Months Ended |
|---|---|---|
Mar. 31, 2016 |
Sep. 30, 2016 |
|
| Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
| Investments in and Advances to Affiliates, at Fair Value | $ 330.0 | |
| Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 51.00% | |
| Chongqing Funds [Member] | ||
| Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
| Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 49.00% | |
| Scenario, Forecast [Member] | ||
| Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
| Cash to be contributed to the Joint Venture prior to October 2016 | $ 10.0 |