Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | XPERI CORPORATION | |
Trading Symbol | XPER | |
Entity Central Index Key | 0001690666 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 49,340,897 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-37956 | |
Entity Tax Identification Number | 814465732 | |
Entity Address, Address Line One | 3025 Orchard Parkway | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | California | |
Entity Address, Postal Zip Code | 95134 | |
City Area Code | 408 | |
Local Phone Number | 321-6000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (31,592) | $ (61,273) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Depreciation of property and equipment | 3,427 | 3,437 |
Amortization of intangible assets | 50,773 | 54,365 |
Stock-based compensation expense | 14,844 | 14,627 |
Deferred income taxes | (24,233) | (14,590) |
Other | (248) | 1,720 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,681 | (3,201) |
Unbilled contracts receivable, net | 65,347 | 66,891 |
Other assets | 4,504 | 424 |
Accounts payable | 1,721 | (1,443) |
Accrued and other liabilities | (17,036) | (23,925) |
Deferred revenue | (2,295) | 2,203 |
Net cash from operating activities | 68,893 | 39,235 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (6,543) | (2,024) |
Proceeds from sale of property and equipment | 55 | 0 |
Acquisition, net of cash acquired | 0 | (500) |
Purchases of intangible assets | 0 | (350) |
Purchases of short-term investments | (22,693) | 0 |
Proceeds from sales of investments | 4,500 | 8,540 |
Proceeds from maturities of investments | 12,990 | 14,200 |
Net cash from investing activities | (11,691) | 19,866 |
Cash flows from financing activities: | ||
Dividend paid | (19,686) | (19,689) |
Repayment of debt | (100,000) | (100,000) |
Proceeds from exercise of stock options | 520 | 8,000 |
Proceeds from employee stock purchase program | 3,111 | 3,402 |
Repurchase of common stock | (4,264) | (33,270) |
Net cash from financing activities | (120,319) | (141,557) |
Net decrease in cash and cash equivalents | (63,117) | (82,456) |
Cash and cash equivalents at beginning of period | 113,625 | 138,260 |
Cash and cash equivalents at end of period | 50,508 | 55,804 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 11,628 | 11,227 |
Income taxes paid, net of refunds | $ 6,457 | $ 8,306 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 50,508 | $ 113,625 |
Short-term investments | 47,810 | 40,739 |
Accounts receivable, net | 26,495 | 30,294 |
Unbilled contracts receivable | 169,811 | 195,436 |
Other current assets | 13,210 | 17,434 |
Total current assets | 307,834 | 397,528 |
Long-term unbilled contracts receivable | 43,699 | 86,280 |
Property and equipment, net | 34,120 | 31,037 |
Operating lease right-of-use assets | 19,600 | |
Intangible assets, net | 276,948 | 327,720 |
Goodwill | 385,784 | 385,784 |
Other assets | 6,752 | 6,758 |
Total assets | 1,074,737 | 1,235,107 |
Current liabilities: | ||
Accounts payable | 4,485 | 2,764 |
Accrued legal fees | 2,480 | 2,920 |
Accrued liabilities | 32,795 | 45,336 |
Deferred revenue | 835 | 3,130 |
Total current liabilities | 40,595 | 54,150 |
Long-term deferred tax liabilities | 41,035 | 64,994 |
Long-term debt, net | 383,450 | 482,193 |
Noncurrent operating lease liabilities | 15,355 | |
Other long-term liabilities | 15,813 | 15,623 |
Total liabilities | 496,248 | 616,960 |
Commitments and contingencies (Note 14) | ||
Xperi stockholders’ equity: | ||
Preferred stock: $0.001 par value; 10,000 shares authorized and no shares issued and outstanding | 0 | 0 |
Common stock: $0.001 par value; 150,000 shares authorized; 63,328 and 62,212 shares issued, respectively, and 49,338 and 48,408 shares outstanding, respectively | 63 | 62 |
Additional paid-in capital | 749,187 | 730,695 |
Treasury stock at cost: 13,990 and 13,804 shares of common stock at each period end, respectively | (368,459) | (364,195) |
Accumulated other comprehensive loss | (60) | (328) |
Retained earnings | 199,759 | 253,208 |
Total Xperi stockholders’ equity | 580,490 | 619,442 |
Noncontrolling interest | (2,001) | (1,295) |
Total equity | 578,489 | 618,147 |
Total liabilities and equity | $ 1,074,737 | $ 1,235,107 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
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 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 63,328,000 | 62,212,000 |
Common stock, shares outstanding (in shares) | 49,338,000 | 48,408,000 |
Treasury stock, shares (in shares) | 13,990,000 | 13,804,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue: | ||||
Total revenue | $ 75,115 | $ 63,954 | $ 131,682 | $ 129,486 |
Operating expenses: | ||||
Cost of revenue | 2,529 | 2,080 | 4,736 | 4,404 |
Research, development and other related costs | 25,704 | 25,170 | 52,743 | 51,685 |
Selling, general and administrative | 28,653 | 30,476 | 59,222 | 65,178 |
Amortization expense | 25,314 | 27,199 | 50,773 | 54,365 |
Litigation expense | 1,231 | 6,635 | 2,521 | 13,951 |
Total operating expenses | 83,431 | 91,560 | 169,995 | 189,583 |
Operating loss | (8,316) | (27,606) | (38,313) | (60,097) |
Interest expense | (6,199) | (6,200) | (12,884) | (12,518) |
Other income and expense, net | 4,806 | 2,229 | 7,108 | 5,383 |
Loss before taxes | (9,709) | (31,577) | (44,089) | (67,232) |
Benefit from income taxes | (3,547) | (3,321) | (12,497) | (5,959) |
Net loss | (6,162) | (28,256) | (31,592) | (61,273) |
Less: net loss attributable to noncontrolling interest | (341) | (688) | ||
Net loss attributable to Xperi | $ (5,821) | $ (28,256) | $ (30,904) | $ (61,273) |
Loss per share attributable to Xperi: | ||||
Basic | $ (0.12) | $ (0.58) | $ (0.63) | $ (1.25) |
Diluted | (0.12) | (0.58) | (0.63) | (1.25) |
Cash dividends declared per share | $ 0.20 | $ 0.20 | $ 0.40 | $ 0.40 |
Weighted average number of shares used in per share calculations-basic | 49,259 | 49,060 | 48,918 | 49,110 |
Weighted average number of shares used in per share calculations-diluted | 49,259 | 49,060 | 48,918 | 49,110 |
Royalty and License Fees | ||||
Revenue: | ||||
Total revenue | $ 75,115 | $ 63,954 | $ 131,682 | $ 129,486 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (6,162) | $ (28,256) | $ (31,592) | $ (61,273) |
Other comprehensive income (loss): | ||||
Net unrealized gains (losses) on available-for-sale debt securities, net of tax | 90 | 64 | 268 | (153) |
Other comprehensive income (loss) | 90 | 64 | 268 | (153) |
Comprehensive loss | (6,072) | (28,192) | (31,324) | (61,426) |
Less: comprehensive loss attributable to noncontrolling interest | (341) | (688) | ||
Comprehensive loss attributable to Xperi | $ (5,731) | $ (28,192) | $ (30,636) | $ (61,426) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interest | |
Beginning balance at Dec. 31, 2017 | $ 435,576 | $ 60 | $ 686,660 | $ (319,397) | $ (303) | $ 68,556 | ||
Beginning balance (in shares) at Dec. 31, 2017 | 49,103,000 | 11,505,000 | ||||||
Cumulative-effect adjustment from adoption of ASU (ASU 2014-09) at Dec. 31, 2017 | 224,128 | 224,128 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (61,273) | (61,273) | ||||||
Other comprehensive income (loss) | (153) | (153) | ||||||
Cash dividends paid on common stock ($0.20 & $0.40 per share) | (19,689) | (19,689) | ||||||
Issuance of common stock in connection with exercise of stock options | 7,999 | $ 1 | 7,998 | |||||
Issuance of common stock in connection with exercise of stock options (in shares) | 427,000 | |||||||
Issuance of common stock in connection with employee common stock purchase plan | 3,402 | 3,402 | ||||||
Issuance of common stock in connection with employee common stock purchase plan (in shares) | 178,000 | |||||||
Issuance of restricted stock, net of shares canceled | 1 | $ 1 | ||||||
Issuance of restricted stock, net of shares cancelled (in shares) | 781,000 | |||||||
Repurchases of common stock, shares exchanged | (3,321) | $ (3,321) | ||||||
Repurchases of common stock, shares exchanged (in shares) | (155,000) | 155,000 | ||||||
Repurchases of common stock | (29,949) | $ (29,949) | ||||||
Repurchases of common stock (in shares) | (1,372,000) | 1,372,000 | ||||||
Stock-based compensation expense | 14,627 | 14,627 | ||||||
Ending balance at Jun. 30, 2018 | 571,348 | $ 62 | 712,687 | $ (352,667) | (456) | 211,722 | ||
Ending balance (in shares) at Jun. 30, 2018 | 48,962,000 | 13,032,000 | ||||||
Beginning balance at Mar. 31, 2018 | 610,361 | $ 61 | 698,297 | $ (337,258) | (520) | 249,781 | ||
Beginning balance (in shares) at Mar. 31, 2018 | 49,225,000 | 12,284,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (28,256) | (28,256) | ||||||
Other comprehensive income (loss) | 64 | 64 | ||||||
Cash dividends paid on common stock ($0.20 & $0.40 per share) | (9,803) | (9,803) | ||||||
Issuance of common stock in connection with exercise of stock options | 7,172 | $ 1 | 7,171 | |||||
Issuance of common stock in connection with exercise of stock options (in shares) | 381,000 | |||||||
Issuance of restricted stock, net of shares cancelled (in shares) | 104,000 | |||||||
Repurchases of common stock, shares exchanged | (420) | $ (420) | ||||||
Repurchases of common stock, shares exchanged (in shares) | (22,000) | 22,000 | ||||||
Repurchases of common stock | (14,989) | $ (14,989) | ||||||
Repurchases of common stock (in shares) | (726,000) | 726,000 | ||||||
Stock-based compensation expense | 7,219 | 7,219 | ||||||
Ending balance at Jun. 30, 2018 | 571,348 | $ 62 | 712,687 | $ (352,667) | (456) | 211,722 | ||
Ending balance (in shares) at Jun. 30, 2018 | 48,962,000 | 13,032,000 | ||||||
Beginning balance at Dec. 31, 2018 | 618,147 | $ 62 | 730,695 | $ (364,195) | (328) | 253,208 | $ (1,295) | |
Beginning balance (in shares) at Dec. 31, 2018 | 48,408,000 | 13,804,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other | (2,900) | |||||||
Ending balance at Mar. 31, 2019 | 588,070 | $ 63 | 741,703 | $ (367,326) | (150) | 215,444 | (1,664) | |
Ending balance (in shares) at Mar. 31, 2019 | 49,209,000 | 13,942,000 | ||||||
Beginning balance at Dec. 31, 2018 | 618,147 | $ 62 | 730,695 | $ (364,195) | (328) | 253,208 | (1,295) | |
Beginning balance (in shares) at Dec. 31, 2018 | 48,408,000 | 13,804,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of subsidiary shares to noncontrolling interest | 18 | (18) | ||||||
Net loss | (31,592) | (30,904) | (688) | |||||
Other comprehensive income (loss) | 268 | 268 | ||||||
Other | [1] | (2,859) | (2,859) | |||||
Cash dividends paid on common stock ($0.20 & $0.40 per share) | (19,686) | (19,686) | ||||||
Issuance of common stock in connection with exercise of stock options | 519 | 519 | ||||||
Issuance of common stock in connection with exercise of stock options (in shares) | 32,000 | |||||||
Issuance of common stock in connection with employee common stock purchase plan | 3,111 | 3,111 | ||||||
Issuance of common stock in connection with employee common stock purchase plan (in shares) | 227,000 | |||||||
Issuance of restricted stock, net of shares canceled | 1 | $ 1 | ||||||
Issuance of restricted stock, net of shares cancelled (in shares) | 857,000 | |||||||
Repurchases of common stock, shares exchanged | $ (4,264) | $ (4,264) | ||||||
Repurchases of common stock, shares exchanged (in shares) | (186,000) | 186,000 | ||||||
Repurchases of common stock (in shares) | 0 | |||||||
Stock-based compensation expense | $ 14,844 | 14,844 | ||||||
Ending balance at Jun. 30, 2019 | 578,489 | $ 63 | 749,187 | $ (368,459) | (60) | 199,759 | (2,001) | |
Ending balance (in shares) at Jun. 30, 2019 | 49,338,000 | 13,990,000 | ||||||
Beginning balance at Mar. 31, 2019 | 588,070 | $ 63 | 741,703 | $ (367,326) | (150) | 215,444 | (1,664) | |
Beginning balance (in shares) at Mar. 31, 2019 | 49,209,000 | 13,942,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of subsidiary shares to noncontrolling interest | (4) | 4 | ||||||
Net loss | (6,162) | (5,821) | (341) | |||||
Other comprehensive income (loss) | 90 | 90 | ||||||
Cash dividends paid on common stock ($0.20 & $0.40 per share) | (9,864) | (9,864) | ||||||
Issuance of common stock in connection with exercise of stock options | 267 | 267 | ||||||
Issuance of common stock in connection with exercise of stock options (in shares) | 18,000 | |||||||
Issuance of restricted stock, net of shares cancelled (in shares) | 159,000 | |||||||
Repurchases of common stock, shares exchanged | $ (1,133) | $ (1,133) | ||||||
Repurchases of common stock, shares exchanged (in shares) | (48,000) | 48,000 | ||||||
Repurchases of common stock (in shares) | 0 | |||||||
Stock-based compensation expense | $ 7,221 | 7,221 | ||||||
Ending balance at Jun. 30, 2019 | $ 578,489 | $ 63 | $ 749,187 | $ (368,459) | $ (60) | $ 199,759 | $ (2,001) | |
Ending balance (in shares) at Jun. 30, 2019 | 49,338,000 | 13,990,000 | ||||||
[1] | Refer to “Note 1 – The Company and Basis of Presentation |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends paid on common stock, price per share | $ 0.20 | $ 0.20 | $ 0.40 | $ 0.40 |
The Company And Basis Of Presen
The Company And Basis Of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
The Company And Basis Of Presentation | NOTE 1 – THE COMPANY AND BASIS OF PRESENTATION Xperi Corporation (the “Company”) licenses its innovative products, technologies and inventions to global electronics companies which, in turn, integrate the technologies into their own consumer electronics and semiconductor products. The Company's technologies and inventions are widely adopted and used every day by millions of people. The Company's audio technologies have shipped in billions of devices for the home, mobile and automotive markets. The Company's imaging technologies are embedded in more than 25% of smartphones on the market today. The Company's semiconductor packaging and interconnect technologies have been licensed to more than 100 customers and have shipped in over 100 billion semiconductor chips. The accompanying interim unaudited condensed consolidated financial statements as of June 30, 2019 and 2018, and for the three and six months then ended, have been prepared by the Company in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) for interim financial information. The amounts as of December 31, 2018 have been derived from the Company’s annual audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary (consisting of normal recurring adjustments) to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These financial statements should be read in conjunction with the annual audited financial statements and notes thereto as of and for the year ended December 31, 2018, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed on February 20, 2019 (the “Form 10-K”). The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2019 or any future period and the Company makes no representations related thereto. In the fourth quarter of 2018, the Company funded a new entity and issued shares to non-controlling interests. At the end of the fourth quarter of 2018, the entity was approximately 85% owned by the Company. As a result of issuing new shares in such entity to noncontrolling interests during the first six months of 2019, the Company’s ownership interest of the entity decreased to approximately 84% as of June 30, 2019. The operating results of this entity have been consolidated in the Company’s consolidated financial statements since the fourth quarter of 2018. In the first quarter of 2019, the Company recorded an out-of-period adjustment to decrease current unbilled receivables and decrease retained earnings by Accounting Standards Update (“ASU”) No . 2014-09 (Topic 606) “Revenue from Contracts with Customers.” |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s significant accounting policies are detailed in “Note 2 - Summary of Significant Accounting Policies” Leases Leases Recently Adopted Accounting Pronouncements In June 2018, the Financial Accounting Standards Board (“FASB”) issued Stock-based Compensation: Improvements to Nonemployee Share-based Payment Accounting,” In February 2016, the FASB issued ASU No. 2017-12, “ Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, In February 2016, the FASB issued ASU No. 2016-02, " Leases modified retrospective transition approach and elected the transition option The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed it to carry forward the historical lease classification. Under the optional transition method, the Company opted to continue to apply the legacy guidance in ASC 840, Leases, including its disclosure requirements, in the comparative periods presented in the year it adopted the new leases standard, and therefore did not restate prior period results. The most significant impact from adopting Topic 842 was the initial recognition of operating lease ROU assets and operating lease liabilities of $17.6 million and $18.8 million, respectively, as of January 1, 2019. Operating lease liabilities consist of both current and noncurrent portions with the current portion included in the balance of accrued liabilities. The standard did not materially impact the Company’s Condensed Consolidated Statements of Operations and had no impact on cash flows. The cumulative effect of the changes made to the Company's Condensed Consolidated Balance Sheet as of January 1, 2019 for the adoption of Topic 842 was as follows (in thousands): Balance at December 31, 2018 Adjustments due to Topic 842 Balance at January 1, 2019 Assets Operating lease right-of-use assets $ — $ 17,594 $ 17,594 Liabilities Accrued liabilities $ 45,336 $ 3,858 (1) $ 49,194 Noncurrent operating lease liabilities $ — $ 13,736 $ 13,736 (1) Consists of a debit adjustment of $1.2 million to deferred rent to eliminate the existing balance and a credit adjustment of $5.1 million to record the current portion of operating lease liabilities. Recent Accounting Pronouncements In September 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE 3 – REVENUE Revenue Recognition The Company derives its revenue primarily from royalty and license fees for rights to use the Company’s intellectual property and technologies (“IP”). Revenue is recognized upon transfer of control of promised products, services or IP rights to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products, services or licensing of the IP rights. Certain licensees have entered into fixed fee or minimum guarantee arrangements, whereby licensees pay a fixed fee for the right to incorporate the Company’s technology in the licensee's products over the license term. In arrangements with a minimum guarantee, the fixed fee component corresponds to a minimum number of units or dollars that the customer must produce or pay, with additional per-unit fees for any units or dollars exceeding the minimum. In most cases, the customer pays the fixed license fee in specified installments over the license term. For both fixed fee and minimum guarantee agreements, the Company recognizes the full fixed fee as revenue at the beginning of the license term, when the licensee has the right to use the IP and begins to benefit from the license. If the contract term of a fixed fee or minimum guarantee arrangement is longer than one year, the Company also considers the scheduled payment arrangements to determine whether a significant financing component exists. In general, if the payment arrangements extend beyond the initial twelve months of the contract, the Company treats a portion of the payments as a significant financing component. When the payments are expected to be received within one year or less, the Company does not adjust the promised amount of consideration for the effects of a financing component. The discount rate used for each arrangement reflects the rate that would be used in a separate financing transaction between the Company and the licensee at contract inception and takes into account the credit characteristics of the licensee and market interest rates as of the date of the agreement. As such, the amount of fixed fee revenue recognized at the beginning of the license term will be reduced by the calculated financing component. As payments are received from the licensee, the Company recognizes a portion of the financing component as interest income, reported as other income and expense in the Consolidated Statements of Operations. For certain licensees, royalty revenues are generated based on a licensee’s production or shipment of licensed products incorporating the Company’s IP, technologies or software. Licensees with a per-unit arrangement pay a per-unit royalty for each product manufactured or sold, as set forth in its license agreement. Licensees generally report manufacturing or sales information in the quarter subsequent to when the production or shipment activity takes place. The Company estimates the royalties earned each quarter based on its forecast of manufacturing and sales activity incurred by its licensees in that quarter. Any differences between actual royalties owed by a licensee and the Company’s quarterly estimate are recognized in the following quarter, when the licensee’s royalty report is received. Estimating licensees’ quarterly royalties prior to receiving the royalty reports requires the Company to make significant assumptions and judgments that could have a material impact on the amount of revenue it reports on a quarterly basis. The Company actively monitors and enforces its IP, including seeking appropriate compensation from customers that have under-reported royalties owed under a license agreement and from third parties that utilize the Company’s intellectual property without a license. As a result of these activities, the Company may, from time to time, recognize revenue from payments resulting from periodic compliance audits of licensees for underreporting royalties incurred in prior periods, as part of a settlement of a patent infringement dispute, or from legal judgments in a license dispute. These recoveries and settlements may cause revenue to be higher than expected during a particular reporting period and such recoveries may not occur in subsequent periods. The Company recognizes revenue from recoveries when a binding agreement has been executed and the Company concludes collection under that agreement is likely. In some instances, the Company may enter into license agreements containing multiple performance obligations that include engineering services in addition to a technology or software license. For such arrangements where all components are capable of being distinct and accounted for as separate performance obligations, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices ordinarily charged to customers, or in some cases by applying a reasonable cost-plus margin. The consideration for engineering services is recognized as the underlying performance obligations are satisfied. Generally, the Company satisfies performance obligations over time and therefore recognizes revenue over time by measuring the progress toward completion of the performance obligation at each reporting period. From time to time, the Company enters into arrangements with licensees in which the Company pays consideration to the licensee. Such payments can take the form of marketing development funds or various rebate incentives. The Company typically accounts for consideration paid to its licensees as a reduction to the transaction price and revenue, unless the payment to the licensee is in exchange for a distinct good or service that the licensee transfers to the Company. In cases where the consideration paid to the licensee is variable, the Company estimates the variable consideration based on the terms of the arrangement and expectations of future outcomes. The Company recognizes the reduction to revenue when it recognizes revenue for transfer of control of promised products, services or IP rights to the licensee. Revenue is recognized gross of withholding taxes that are remitted directly by the Company’s licensees to a local tax authority. For additional detail on the Company's revenue disaggregated by geographic location, refer to Note 15 - " Segment and Geographic Information Contract Balances Unbilled Contracts Receivable Timing of revenue recognition may differ significantly from the timing of invoicing to customers. Accounts receivable, net, includes amounts billed and currently due from customers. Unbilled contracts receivable represents unbilled amounts expected to be received from customers in future periods, where the revenue recognized to date (or cumulative adjustments to retained earnings in the initial period of adopting Topic 606) exceeds the amount billed, and right to payment is subject to the underlying contractual terms. Unbilled contracts receivable amounts may not exceed their net realizable value and are classified as long-term assets if the payments are expected to be received more than one year from the reporting date. Deferred Revenue Deferred revenue includes payments made by licensees for which the corresponding performance obligations have not yet been fully satisfied by the Company and typically arises where performance obligations are satisfied over time. Additional Disclosures Under Topic 606 The following table presents additional revenue and contract disclosures (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenue recognized in the period from: Amounts included in deferred revenue at the beginning of the period $ 2,124 $ 1,642 $ 3,167 $ 1,995 Performance obligations satisfied in previous periods (true ups and licensee reporting adjustments)* $ 2,472 $ 54 $ 3,637 $ 54 *True ups represent the differences between the Company’s quarterly estimates of per unit royalty revenue and actual production/sales-based royalties reported by licensees in the following period. Licensee reporting adjustments represent corrections or revisions to previously reported per unit royalties by licensees, generally resulting from the Company’s inquiries or compliance audits. Remaining revenue under contracts with performance obligations represents the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) under the Company’s engineering services contracts. The Company's remaining revenue under contracts with performance obligations was as follows (in thousands): As of June 30, 2019 December 31, 2018 Revenue from contracts with performance obligations expected to be satisfied in: One year or less $ 867 $ 3,080 More than one year but less than two years — 2,289 Total $ 867 $ 5,369 Practical Expedients The Company expenses sales commissions when incurred because the amortization period generally would have been one year or less. In addition, sales commissions have historically not been a significant expense and are not contemplated to be significant in the future. Sales commissions are recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. |
Composition Of Certain Financia
Composition Of Certain Financial Statement Captions | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Composition Of Certain Financial Statement Captions | NOTE 4 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS Other current assets consisted of the following (in thousands): June 30, 2019 December 31, 2018 Prepaid income taxes $ 1,970 $ 6,768 Prepaid expenses 8,140 8,293 Other 3,100 2,373 $ 13,210 $ 17,434 Property and equipment, net, consisted of the following (in thousands): June 30, 2019 December 31, 2018 Equipment, furniture and other $ 32,340 $ 28,798 Building and improvements 18,258 18,258 Land 5,300 5,300 Leasehold improvements 9,027 6,367 64,925 58,723 Less: accumulated depreciation and amortization (30,805 ) (27,686 ) $ 34,120 $ 31,037 Depreciation and amortization expense for the three months ended June 30, 2019 and 2018 amounted to $1.8 million and $1.7 million, respectively. Depreciation and amortization expense for the six months ended June 30, 2019 and 2018 amounted to $3.4 million and $3.4 million, respectively. Accrued liabilities consisted of the following (in thousands): June 30, 2019 December 31, 2018 Employee compensation and benefits $ 12,566 $ 26,858 Third-party royalties 5,852 7,140 Current portion of operating lease liabilities 5,648 — Accrued expenses 3,620 3,994 Other 5,109 7,344 $ 32,795 $ 45,336 Accumulated other comprehensive loss consisted of the following (in thousands): June 30, 2019 December 31, 2018 Unrealized loss on available-for-sale debt securities, net of tax $ (60 ) $ (328 ) $ (60 ) $ (328 ) Other income and expense, net, consisted of the following (in thousands): Three Months Ended, Six Months Ended, June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Interest income from significant financing components under Topic 606 $ 1,854 $ 2,148 $ 3,720 $ 4,299 Interest income from investments 682 214 1,282 464 Unrealized gain on marketable equity securities 2,032 — 1,622 — Other income 238 (133 ) 484 620 $ 4,806 $ 2,229 $ 7,108 $ 5,383 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Financial Instruments | NOTE 5 – FINANCIAL INSTRUMENTS The Company has investments in debt securities which include corporate bonds and notes, treasury and agency notes and bills, commercial paper, certificates of deposit, and in equity securities consisting of money market funds and common equity securities of a publicly traded Japanese company. The Company classifies its debt securities as available-for-sale, which are accounted for at fair value with unrealized gains and losses recognized in accumulated other comprehensive gain or loss on the Condensed Consolidated Balance Sheets. Under ASU 2016-01 (Topic 321), equity securities are measured at fair value with unrealized gains and losses recognized in other income and expense, net, on the Condensed Consolidated Statement of Operations. The following is a summary of marketable securities at June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Values Marketable securities Corporate bonds and notes $ 34,510 $ 14 $ (70 ) $ 34,454 Commercial paper 2,292 5 — 2,297 Treasury and agency notes and bills 6,000 — (9 ) 5,991 Total debt securities 42,802 19 (79 ) 42,742 Marketable equity securities 5,662 — (594 ) 5,068 Total equity securities 5,662 — (594 ) 5,068 Total marketable securities $ 48,464 $ 19 $ (673 ) $ 47,810 Reported in: Cash and cash equivalents $ — Short-term investments 47,810 Total marketable securities $ 47,810 December 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Values Marketable securities Corporate bonds and notes $ 28,623 $ — $ (275 ) $ 28,348 Commercial paper 2,999 — — 2,999 Treasury and agency notes and bills 6,000 — (53 ) 5,947 Total debt securities 37,622 — (328 ) 37,294 Money market funds 11,499 — — 11,499 Marketable equity securities 5,662 — (2,217 ) 3,445 Total equity securities 17,161 — (2,217 ) 14,944 Total marketable securities $ 54,783 $ — $ (2,545 ) $ 52,238 Reported in: Cash and cash equivalents $ 11,499 Short-term investments 40,739 Total marketable securities $ 52,238 At June 30, 2019 and December 31, 2018, the Company had $98.3 million and $154.4 million, respectively, in cash, cash equivalents and short-term investments. These balances include $50.5 million and $102.1 million in cash held in operating accounts not included in the tables above at June 30, 2019 and December 31, 2018, respectively. Debt Securities The gross realized gains and losses on sales of marketable debt securities were not significant during the three and six months ended June 30, 2019 and 2018, respectively. Unrealized losses on marketable debt securities were $0.1 million and $0.3 million, net of tax, as of June 30, 2019 and December 31, 2018, respectively. These amounts were related to temporary fluctuations in value of available-for-sale securities and were due primarily to changes in interest rates and market and credit conditions of the underlying securities. Certain investments with a temporary decline in value are not considered to be other-than-temporarily impaired as of June 30, 2019 because the Company has the intent and ability to hold these investments to allow for recovery, does not anticipate having to sell these securities with unrealized losses and continues to receive interest at the maximum contractual rate. For the three and six months ended June 30, 2019 and 2018, respectively, the Company did not record any impairment charges related to its marketable debt securities. The following table summarizes the fair value and gross unrealized losses related to individual available-for-sale debt securities at June 30, 2019 and December 31, 2018, which have been in a continuous unrealized loss position, aggregated by investment category and length of time (in thousands): Less Than 12 Months 12 Months or More Total June 30, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate bonds and notes $ 11,477 $ (20 ) $ 16,044 $ (50 ) $ 27,521 $ (70 ) Treasury and agency notes and bills 5,991 (9 ) — — 5,991 (9 ) Total $ 17,468 $ (29 ) $ 16,044 $ (50 ) $ 33,512 $ (79 ) Less Than 12 Months 12 Months or More Total December 31, 2018 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate bonds and notes $ 5,488 $ (2 ) $ 22,860 $ (273 ) $ 28,348 $ (275 ) Commercial paper 2,999 — — — 2,999 — Treasury and agency notes and bills — — 5,947 (53 ) 5,947 (53 ) Total $ 8,487 $ (2 ) $ 28,807 $ (326 ) $ 37,294 $ (328 ) The estimated fair value of marketable debt securities by contractual maturity at June 30, 2019 is shown below (in thousands). Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties. Estimated Fair Value Due in one year or less $ 27,258 Due in one to two years 15,484 Total $ 42,742 Equity Securities There were no realized gains or losses on sales of equity securities during the three and six months ended June 30, 2019 and 2018. On September 19, 2018, the Company purchased seven million common shares of Onkyo Corporation (“Onkyo”), a publicly traded Japanese company and a long-standing customer of the Company, pursuant to the Capital Alliance Agreement (“Agreement”) entered into between the two parties on September 3, 2018. Upon making the investment, the Company held a 6.3% ownership interest in Onkyo and had one representative appointed to the board of directors of a subsidiary of Onkyo in November 2018. The Agreement contemplated that the parties would negotiate a business alliance agreement aimed at collaborating on certain new product development. On May 14, 2019, Sound United LLC announced that it had entered into a term sheet agreement to acquire Onkyo’s consumer audio division. Given the anticipated acquisition, the Company determined not to continue discussions on the business alliance and determined not to appoint a representative to serve on the board of directors of Onkyo. On July 5, 2019, the Company sold approximately 2.8 million shares of Onkyo stock . The Company intends to sell the remaining shares over time depending on market conditions. The Company had unrealized gains on its Onkyo investment of $2.0 million and $1.6 million during the three and six months ended June 30, 2019, respectively, and none for the three and six months ended June 30, 2018. Cumulative unrealized losses on the investment amounted to $0.6 million through June 30, 2019. Derivatives From time to time , the Company may use derivative financial instruments to manage foreign currency exchange rate risk. The Company does not enter into derivative transactions for trading purposes. Cash flows from the derivative programs are classified as cash flows from operating activities in the Condensed Consolidated Statement Cash Flows The Company’s derivative financial instruments consist of deliverable and non-deliverable foreign currency forward contracts, which are used primarily to hedge balance sheet and certain expenditure exposures. These instruments are generally short-term in nature, with typical maturities of less than one year, and are subject to fluctuations in foreign exchange rates. Fair values for derivative financial instruments are based on prices computed using third-party valuation models and are classified as Level 2 in accordance with the three-level hierarchy of fair value measurements. All significant inputs to the third-party valuation models are observable in active markets. Inputs include current market-based parameters such as forward rates, yield curves and credit default swap pricing. For additional information related to the three-level hierarchy of fair value measurements, s ee “ Under the Company’s policy election, these derivatives are not designated as hedge instruments, and are measured and reported at fair value. Changes in the fair value of these undesignated derivatives are reported in other income and expense, net, on the Condensed Consolidated Statements of Operations. Realized losses were not significant in the three and six months ended June 30, 2019. There were no derivative instruments outstanding as of June 30, 2019. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 6 – FAIR VALUE The Company follows the authoritative guidance for fair value measurement and the fair value option for financial assets and financial liabilities. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets. Level 2 Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. When applying fair value principles in the valuation of assets, the Company is required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The Company calculates the fair value of its Level 1 and Level 2 instruments based on the exchange traded price of similar or identical instruments, where available, or based on other observable inputs. There were no significant transfers into or out of Level 1 or Level 2 that occurred between December 31, 2018 and June 30, 2019. The following is a list of the Company’s assets required to be measured at fair value on a recurring basis and where they were classified within the hierarchy as of June 30, 2019 (in thousands): Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Marketable securities Marketable equity securities (1) $ 5,068 $ 5,068 $ — $ — Commercial paper - debt securities (1) 2,297 — 2,297 — Corporate bonds and notes - debt securities (1) 34,454 — 34,454 — Treasury and agency notes and bills - debt securities (1) 5,991 — 5,991 — Total Assets $ 47,810 $ 5,068 $ 42,742 $ — The following footnotes indicate where the noted items were recorded in the Condensed Consolidated Balance Sheet at June 30, 2019: (1) Reported as short-term investments. The following is a list of the Company’s assets required to be measured at fair value on a recurring basis and where they were classified within the hierarchy as of December 31, 2018 (in thousands): Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Marketable securities Money market funds - equity securities (1) $ 11,499 $ 11,499 $ — $ — Marketable equity securities (2) 3,445 3,445 — — Commercial paper - debt securities (2) 2,999 — 2,999 — Corporate bonds and notes - debt securities (2) 28,348 — 28,348 — Treasury and agency notes and bills - debt securities (2) 5,947 — 5,947 — Total Assets $ 52,238 $ 14,944 $ 37,294 $ — The following footnotes indicate where the noted items were recorded in the Condensed Consolidated Balance Sheet at December 31, 2018: (1) Reported as cash and cash equivalents. (2) Reported as short-term investments. Financial Instruments Not Recorded at Fair Value on a Recurring Basis The Company’s long-term debt is carried at historical cost and is measured at fair value on a quarterly basis for disclosure purposes. June 30, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Long-term debt, net (1) $ 383,450 $ 379,745 $ 482,193 $ 450,083 (1) Carrying amounts of long-term debt are net of unamortized debt issuance costs of $10.6 million and $11.8 million as of June 30, 2019 and December 31, 2018, respectively. Debt T he Company’s long-term debt, net, is classified within Level 2. The fair value of the debt was estimated based on the quoted market prices for the same or similar issues. |
Goodwill And Identified Intangi
Goodwill And Identified Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Identified Intangible Assets | NOTE 7 – GOODWILL AND IDENTIFIED INTANGIBLE ASSETS The Company's reporting units include the Product Licensing segment and the Semiconductor and IP Licensing segment. Of the carrying value of goodwill, approximately $378.1 million was allocated to the Product Licensing segment and approximately $7.7 million was allocated to the Semiconductor and IP Licensing segment Identified intangible assets consisted of the following (in thousands): Average June 30, 2019 December 31, 2018 Life (Years) Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Acquired patents / core technology 3-15 $ 146,684 $ (132,795 ) $ 13,889 $ 146,684 $ (128,691 ) $ 17,993 Existing technology 5-10 206,878 (113,489 ) 93,389 206,878 (96,089 ) 110,789 Customer contracts and related relationships 3-9 291,769 (148,613 ) 143,156 291,769 (121,831 ) 169,938 Trademarks/trade name 4-10 40,083 (13,569 ) 26,514 40,083 (11,083 ) 29,000 Non-competition agreements 1 2,231 (2,231 ) — 2,231 (2,231 ) — Total intangible assets $ 687,645 $ (410,697 ) $ 276,948 $ 687,645 $ (359,925 ) $ 327,720 Amortization expense for the three months ended June 30, 2019 and 2018 amounted to $25.3 million and $27.2 million, respectively. Amortization expense for the six months ended June 30, 2019 and 2018 amounted to $50.8 million and $54.4 million, respectively. As of June 30, 2019, the estimated future amortization expense of total intangible assets was as follows (in thousands): 2019 (remaining 6 months) $ 49,173 2020 88,231 2021 80,522 2022 32,083 2023 21,203 Thereafter 5,736 $ 276,948 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 8 - DEBT On December 1, 2016, in connection with the consummation of the acquisition of DTS, the Company entered into a Credit Agreement (the “Credit Agreement”) by and among the Company, Royal Bank of Canada, as administrative agent and collateral agent, and the lenders party thereto. The Credit Agreement provided for a $600.0 million seven-year term B loan facility (the “Term B Loan Facility”) which matures on November 30, 2023. Upon the closing of the Credit Agreement, the Company borrowed $600.0 million under the Term B Loan facility. Net proceeds were used on December 1, 2016, together with cash and cash equivalents, to finance the acquisition of DTS. On January 23, 2018, the Company and the loan parties entered into an amendment to the Credit Agreement (the “Amendment”). In connection with the Amendment, the Company made a voluntary prepayment of $100.0 million of the term loan outstanding under the Credit Agreement using cash on hand. The Amendment provided for, among other things, (i) a replacement of the outstanding initial term loan with the new tranche term B-1 loan (the “Amended Term B Loan”) in a principal amount of $494.0 million, (ii) a reduction of the interest rate margin applicable to such loan to (x) in the case of Eurodollar loans, 2.50% per annum and (y) in the case of base rate loans, 1.50% per annum, (iii) a prepayment premium of 1.00% in connection with any repricing transaction with respect to the Amended Term B Loan within six months of the closing date of the Amendment, and (iv) certain amendments to provide the Company with additional flexibility under the covenant governing restricted payments. Using cash on hand, the Company made two voluntary prepayments of $50.0 million each on March 29, 2019 and June 28, 2019. The Company’s obligations under the Credit Agreement, as amended by the Amendment, continue to be guaranteed by substantially all of the Company’s subsidiaries, and secured by substantially all of the assets of the Company and its subsidiaries. The Credit Agreement contains customary events of default, upon the occurrence of which, after any applicable grace period, the lenders will have the ability to accelerate all outstanding loans thereunder. The Credit Agreement contains customary representations and warranties and affirmative and negative covenants that, among other things, restrict the ability of the Company to create or incur certain liens, incur or guarantee additional indebtedness, merge or consolidate with other companies, transfer or sell assets and make restricted payments. The Company was in compliance with all requirements during the three and six months ended June 30, 2019. At June 30, 2019, $394.0 million was outstanding with an interest rate, including the amortization of debt issuance costs, of 5.6%. Interest is payable monthly. There were also $10.6 million of unamortized debt issuance costs recorded as a reduction of the long-term portion of the debt. Interest expense was $6.2 million and $12.9 million for the three and six months ended June 30, 2019, respectively. Interest expense was $6.2 million and $12.5 million for the three and six months ended June 30, 2018, respectively. Amortized debt issuance costs, which were included in interest expense, amounted to $0.6 million and $1.3 million for the three and six months ended June 30, 2019, respectively, and $0.6 million and $1.3 million for the three and six months ended June 30, 2018, respectively. As of June 30, 2019, future minimum principal payments for long-term debt are summarized as follows (in thousands): 2019 (remaining 6 months) $ — 2020 — 2021 — 2022 — 2023 394,000 Thereafter — Total $ 394,000 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | NOTE 9 – NET LOSS PER SHARE The Company has a share-based compensation plan under which employees may be granted share-based awards including shares of restricted stock and restricted stock units ("RSUs"). Non-forfeitable dividends are paid on unvested shares of restricted stock. No dividends are accrued or paid on unvested RSUs. As such, shares of restricted stock are considered participating securities under the two-class method of calculating earnings per share. The two-class method of calculating earnings per share did not have a material impact on the Company’s loss per share calculation for the three and six months ended June 30, 2019 and 2018. The following table sets forth the computation of basic and diluted shares (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Denominator: Weighted average common shares outstanding 49,259 49,060 48,918 49,110 Less: shares of restricted stock subject to repurchase — — — — Total common shares-basic 49,259 49,060 48,918 49,110 Effect of dilutive securities: Options — — — — Restricted stock awards and units — — — — Total common shares-diluted 49,259 49,060 48,918 49,110 Basic net income (loss) per share is computed using the weighted average number of common shares outstanding during the period, excluding any unvested restricted stock awards that are subject to repurchase. Diluted net income (loss) per share is computed using the treasury stock method to calculate the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential dilutive common shares include unvested restricted stock awards and units and incremental common shares issuable upon the exercise of stock options, less shares from assumed proceeds. The assumed proceeds calculation includes actual proceeds to be received from the employee upon exercise and the average unrecognized stock compensation cost during the period. For the three and six months ended June 30, 2019, there was no difference in the weighted average number of common shares used for the calculation of basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive. A total of 1.7 million and 1.7 million shares subject to stock options and restricted stock awards and units were excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2019, respectively, because including them would have been anti-dilutive. For the three and six months ended June 30 . |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stockholders' Equity | NOTE 10 – STOCKHOLDERS’ EQUITY Stock Repurchase Programs In August 2007, the Company’s Board of Directors (the “Board”) authorized a plan to repurchase the Company’s outstanding shares of common stock dependent on market conditions, share price and other factors. There were no repurchases during the three and six months ended June 30, 2019. T Stock Option Plans The 2003 Plan As of June 30, 2019 A summary of the stock option activity is presented below (in thousands, except per share amounts): Options Outstanding Number of Shares Subject to Options Weighted Average Exercise Price Per Share Balance at December 31, 2018 678 $ 26.39 Options granted — — Options exercised (32 ) $ 16.38 Options canceled / forfeited / expired (16 ) $ 41.90 Balance at June 30, 2019 630 $ 26.50 Restricted Stock Awards and Units Information with respect to outstanding restricted stock awards and units as of June 30, 2019 Restricted Stock and Restricted Stock Units Number of Shares Subject to Time- based Vesting Number of Shares Subject to Performance- based Vesting Total Number of Shares Weighted Average Grant Date Fair Value Per Share Balance at December 31, 2018 2,149 757 2,906 $ 29.10 Awards and units granted 1,150 4 1,154 $ 23.08 Awards and units vested / earned (739 ) (118 ) (857 ) $ 31.28 Awards and units canceled / forfeited (82 ) (89 ) (171 ) $ 28.75 Balance at June 30, 2019 2,478 554 3,032 $ 26.21 Performance Awards and Units Performance awards and units may be granted to employees or consultants based upon, among other things, the contributions, responsibilities and other compensation of the particular employee or consultant. The value and the vesting of such performance awards and units are generally linked to one or more performance goals or other specific performance goals determined by the Company, in each case on a specified date or dates or over any period or periods determined by the Company, and range from zero to 100 percent of the grant. Employee Stock Purchase Plans As of June 30, 2019 At the 2019 annual stockholders meeting on May 3, 2019, shareholders approved an amendment to the IESPP adding an additional 0.3 million shares to the share reserve |
Stock-Based Compensation Expens
Stock-Based Compensation Expense | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation Expense | NOTE 11 – STOCK-BASED COMPENSATION EXPENSE The effect of recording stock-based compensation expense for the three and six months ended June 30, 2019 and 2018 is as follows (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Research, development and other related costs $ 3,146 $ 3,344 $ 6,749 $ 6,438 Selling, general and administrative 4,075 3,875 8,095 8,189 Total stock-based compensation expense 7,221 7,219 14,844 14,627 Tax effect on stock-based compensation expense (1,163 ) (1,159 ) (2,385 ) (2,415 ) Net effect on net income (loss) $ 6,058 $ 6,060 $ 12,459 $ 12,212 Stock-based compensation expense categorized by various equity components for the three and six months ended June 30, 2019 and 2018 is summarized in the table below (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Employee stock options $ 64 $ 106 $ 132 $ 283 Restricted stock awards and units 6,717 6,379 13,651 12,810 Employee stock purchase plan 440 734 1,061 1,534 Total stock-based compensation expense $ 7,221 $ 7,219 $ 14,844 $ 14,627 There were no options granted in the three and six months ended June 30, 2019 and 2018. ESPP grants occur in February and August. The following assumptions were used to value the ESPP shares for these grants: February 2019 February 2018 Expected life (years) 2.0 2.0 Risk-free interest rate 2.5 % 2.2 % Dividend yield 5.4 % 3.6 % Expected volatility 53.4 % 39.4 % |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12 – INCOME TAXES For the three months ended June 30, 2019, the Company recorded an income tax benefit of $3.5 million on a pretax loss of $9.7 million and for the six months ended June 30, 2019, the Company recorded an income tax benefit of $12.5 million on a pretax loss of $44.1 million, income tax benefit for the three and six months ended June 30, 2019 For the three months ended June 30, 2018, the Company recorded an income tax benefit of $3.3 million, on a pretax loss of $31.6 million and for the six months ended June 30, 2018, the Company recorded an income tax benefit of $6.0 million on a pretax loss of $67.2 million, The income tax benefit for the three and six months ended June 30, 2018 was primarily related to tax benefit from losses and credits generated from operations offset by foreign withholding taxes, certain book-to-tax permanent differences, valuation allowance recorded against the Company’s unutilized tax credits generated in the current year, and shortfalls from stock-based compensation The Company's provision for income taxes is based on its worldwide estimated annualized effective tax rate, except for jurisdictions for which a loss is expected for the year and no benefit can be realized for those losses, and the tax effect of discrete items occurring during the period. The tax for jurisdictions for which a loss is expected and no benefit can be realized for the year is based on actual taxes and tax reserves for the quarter. The increase in income tax benefit for the six months ended June 30, 2019 as compared to the income tax benefit during the same period in the prior year is largely attributable to the realization of certain tax credits. As of June 30, 2019, unrecognized tax benefits were $33.9 million (which is included in long-term deferred tax and other long-term liabilities on the Condensed Consolidated Balance Sheet), of which $21.3 million would affect the effective tax rate if recognized. As of June 30, 2018, unrecognized tax benefits were $34.1 million (which was included in long-term deferred tax and other long-term liabilities on the Condensed Consolidated Balance Sheet), of which $22.2 million would affect the effective tax rate if recognized. The Company is unable to reasonably estimate the timing of the long-term payments or the amount by which the liability will increase or decrease. It is the Company's policy to classify accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. For the six months ended June 30, 2019 and 2018, the Company recognized an insignificant amount of interest and penalties related to unrecognized tax benefits. Accrued interest and penalties were $1.1 million and $0.9 million as of June 30, 2019 and December 31, 2018, respectively. At June 30, 2019, the Company’s |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | NOTE 13 – LEASES Under Topic 842, a contract is a lease, or contains a lease, if the contract conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. To determine whether a contract conveys the right to control the use of an identified asset for a period of time, an entity shall assess whether, throughout the period of use, the entity has both of the following: (a) the right to obtain substantially all of the economic benefits from use of the identified asset; and (b) the right to direct the use of the identified asset. The Company leases office and research facilities and office equipment under operating leases which expire at various dates through 2028. The Company’s leases have remaining lease terms of one year to ten years, some of which may include options to extend the leases for five years or longer, and some of which may include options to terminate the leases within one year or less. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. As a practical expedient, the Company elected, for all office and facility leases, not to separate nonlease components (e.g., common-area maintenance costs) from lease components (e.g., fixed payments including rent) and instead to account for each separate lease component and its associated non-lease components as a single lease component. The Company uses its incremental borrowing rate for purposes of discounting lease payments. Lease cost is summarized in the table below (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Operating lease cost (1) $ 2,054 $ 1,795 $ 4,005 $ 3,629 (1) Includes short-term leases and variable lease costs, which were immaterial. Other information related to leases was as follows (in thousands, except lease term and discount rate): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,463 $ 3,017 ROU assets obtained in exchange for new lease liabilities: Operating leases $ 3,730 $ 4,775 June 30, 2019 Weighted-average remaining lease term (years): Operating leases 4.9 Weighted-average discount rate: Operating leases 5.7 % Future minimum lease payments and related lease liabilities as of June 30, 2019 were as follows (in thousands): Operating Leases 2019 (remaining 6 months) $ 3,111 2020 6,042 2021 4,263 2022 3,159 2023 3,132 Thereafter 4,590 Total lease payments 24,297 Less: imputed interest (1) (3,294 ) Present value of lease liabilities: $ 21,003 Less: current obligations under leases (accrued liabilities) 5,648 Noncurrent operating lease liabilities $ 15,355 (1) Calculated using the interest rate for each lease. Note: Future minimum lease payments exclude short-term leases as well as payments to landlords for variable common area maintenance, insurance and real estate taxes . As of December 31, 2018, future minimum lease payments were as follows (in thousands): Operating Leases 2019 $ 6,341 2020 5,292 2021 3,441 2022 3,047 2023 3,142 Thereafter 3,518 Total $ 24,781 |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | NOTE 14 – COMMITMENTS AND CONTINGENCIES Purchase and Other Commitments There have been no material changes to the Company’s purchase and other commitments in the three and six months ended June 30, 2019. For detail, refer to “Note 15 – Commitments and Contingencies” Contingencies At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company is currently unable to predict the final outcome of lawsuits to which it is a party and therefore cannot determine the likelihood of loss nor estimate a range of possible loss. An adverse decision in any of these proceedings could significantly harm the Company’s business and consolidated financial position, results of operations or cash flows. Tessera, Inc. v. Toshiba Corporation, Civil Action No. 5:15-cv-02543-BLF (N.D. Cal.) On May 12, 2015, Tessera, Inc. filed a complaint against Toshiba Corporation (“Toshiba”) in California Superior Court. Tessera, Inc.’s complaint alleges causes of action for breach of contract, breach of the implied covenant of good faith and fair dealing, and declaratory relief, generally alleging that Toshiba underpaid royalties and failed to cooperate with audits conducted pursuant to the parties’ license agreement. On June 8, 2015, Toshiba removed the action to the U.S. District Court for the Northern District of California. On June 18, 2015, Toshiba filed its answer, affirmative defenses, and counterclaims to Tessera, Inc.’s complaint. Toshiba alleges counterclaims for declaratory judgment and breach of the implied warranty of good faith and fair dealing. The counterclaims seek, among other things, judicial determinations about the interpretation of the parties’ agreement, termination of the agreement, an accounting of the amount of alleged overpayments by Toshiba, restitution, and damages. On July 10, 2015, Tessera, Inc. filed its answer and affirmative defenses to Toshiba’s counterclaims. On March 17, 2016, Tessera, Inc. filed an amended complaint adding a claim for declaratory relief regarding a February 12, 2016 letter sent by Toshiba to Tessera, Inc. purporting to terminate the parties’ license agreement. On March 18, 2016, Toshiba filed its amended answer, affirmative defenses, and counterclaims. On April 4, 2016, Tessera, Inc. filed an answer to Toshiba’s amended counterclaims. An initial summary judgment hearing on contract issues took place on September 22, 2016. On November 7, 2016, the Court entered an order granting Toshiba’s motion regarding the definition of “TCC,” and denying summary judgment on the other issues raised by the parties’ cross-motions. On December 6, 2016, Tessera, Inc. filed a motion pursuant to Federal Rule of Civil Procedure 54(b) seeking authorization to appeal the order and for a stay. On March 6, 2017, the Court granted the Rule 54(b) motion. The Court subsequently vacated the trial date and stayed the remainder of the district court proceedings. On April 4, 2017, Tessera, Inc. filed a notice of appeal to the U.S. Court of Appeals for the Ninth Circuit. The parties completed briefing on November 2, 2017. A hearing for oral argument took place on October 15, 2018. On November 21, 2018, the Ninth Circuit dismissed the appeal for lack of appellate jurisdiction and remanded the case to the district court for further proceedings. The parties have both filed second round motions for summary judgment, and Toshiba has filed a motion to strike two of Tessera’s expert reports. All three motions are set to be heard on August 22, 2019 . Trial is set for October 19, 2020. Other Litigation Matters The Company and its subsidiaries are involved in litigation matters and claims in the normal course of business. In the past, the Company and its subsidiaries have litigated to enforce their respective patents and other intellectual property rights, to enforce the terms of license agreements, to protect trade secrets, to determine the validity and scope of the proprietary rights of others and to defend itself or its customers against claims of infringement or invalidity. The Company expects it or its subsidiaries will be involved in similar legal proceedings in the future, including proceedings regarding infringement of its patents, and proceedings to ensure proper and full payment of royalties by licensees under the terms of its license agreements. The existing and any future legal actions may harm the Company’s business. For example, legal actions could cause an existing licensee or strategic partner to cease making royalty or other payments to the Company, or to challenge the validity and enforceability of patents owned by the Company’s subsidiaries or the scope of license agreements with the Company’s subsidiaries, and could significantly damage the Company’s relationship with such licensee or strategic partner and, as a result, prevent the adoption of the Company’s other technologies by such licensee or strategic partner. Litigation could also severely disrupt or shut down the business operations of licensees or strategic partners of the Company’s subsidiaries, which in turn would significantly harm ongoing relations with them and cause the Company to lose royalty revenue. The costs associated with legal proceedings are typically high, relatively unpredictable, and not completely within the Company’s control. These costs may be materially higher than expected, which could adversely affect the Company’s operating results and lead to volatility in the price of its common stock. Whether or not determined in the Company’s favor or ultimately settled, litigation diverts managerial, technical, legal, and financial resources from the Company’s business operations. Furthermore, an adverse decision in any of these legal actions could result in a loss of the Company’s proprietary rights, subject the Company to significant liabilities, require the Company to seek licenses from others, limit the value of the Company’s licensed technology or otherwise negatively impact the Company’s stock price or its business and consolidated financial position, results of operations or cash flows. |
Segment And Geographic Informat
Segment And Geographic Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment And Geographic Information | NOTE 15 – SEGMENT AND GEOGRAPHIC INFORMATION The Company reports its financial results within two reportable segments: (1) Product Licensing and (2) Semiconductor and IP Licensing. There are certain corporate overhead costs that are not allocated to these reportable segments because these operating amounts are not considered in evaluating the operating performance of the Company’s business segments. The Chief Executive Officer is also the Chief Operating Decision Maker (“CODM”) as defined by the authoritative guidance on segment reporting. The Product Licensing segment, including the Company’s The Semiconductor and IP Licensing segment develops and licenses semiconductor technologies and IP to manufacturers, foundries, subcontract assemblers and others. The segment includes revenue generated from the technology and IP portfolios of Tessera, Inc., Invensas and Invensas Bonding Technologies, Inc. (formerly Ziptronix, Inc.). Tessera, Inc. pioneered chip-scale packaging solutions. Invensas develops advanced semiconductor packaging and 3D interconnect solutions, including wafer and die bonding solutions, for applications such as smartphones, tablets, laptops, PCs, data centers and automobiles. The Company expands its technology and IP offerings in this segment through a combination of internal R&D and acquisitions. The Company also provides engineering services to customers in the form of technology demonstrations and technology transfers to assist their evaluation and adoption of the Company’s The Company does not identify or allocate assets by reportable segment, nor does the CODM evaluate reportable segments using discrete asset information. Reportable segments do not record inter-segment revenue and accordingly there are none to report. The Company does not allocate other income and expense to reportable segments. Although the CODM uses operating income to evaluate reportable segments, operating costs included in one segment may benefit other segments. The following table sets forth the Company’s segment revenue, operating expenses and operating income (loss) for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Revenue: Product Licensing segment $ 61,431 $ 51,161 $ 105,999 $ 104,377 Semiconductor and IP Licensing segment 13,684 12,793 25,683 25,109 Total revenue 75,115 63,954 131,682 129,486 Operating expenses: Product Licensing segment 45,508 42,142 91,265 86,036 Semiconductor and IP Licensing segment 9,270 18,942 19,508 38,369 Unallocated operating expenses (1) 28,653 30,476 59,222 65,178 Total operating expenses 83,431 91,560 169,995 189,583 Operating income (loss): Product Licensing segment 15,923 9,019 14,734 18,341 Semiconductor and IP Licensing segment 4,414 (6,149 ) 6,175 (13,260 ) Unallocated operating expenses (1) (28,653 ) (30,476 ) (59,222 ) (65,178 ) Total operating loss $ (8,316 ) $ (27,606 ) $ (38,313 ) $ (60,097 ) (1) Unallocated operating expenses consist primarily of selling, general and administrative expenses, such as administration, human resources, finance, information technology, corporate development and procurement. These expenses are not allocated because these amounts are not considered in evaluating the operating performance of the Company’s business segments. A significant portion of the Company’s revenue is derived from licensees headquartered outside of the U.S., principally in Asia, and it is expected that this revenue will continue to account for a significant portion of total revenue in future periods. The table below lists the geographic revenue for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Japan $ 33,827 45 % $ 18,199 29 % $ 51,059 39 % $ 37,543 29 % Korea 16,412 22 17,459 27 33,915 26 31,887 25 U.S. 12,574 17 13,952 22 24,006 18 25,579 20 Europe and Middle East 6,463 9 10,925 17 10,463 8 16,134 12 China 4,065 5 1,491 2 7,508 6 15,635 12 Other 1,774 2 1,928 3 4,731 3 2,708 2 $ 75,115 100 % $ 63,954 100 % $ 131,682 100 % $ 129,486 100 % For the three months ended June 30, 2019 and 2018, there were two customers and one customer, respectively, that accounted for 10% or more of total revenue. For the six months ended June 30, 2019 and 2018, there were two customers and one customer, respectively, that accounted for 10% or more of total revenue. As of June 30, 2019 and December 31, 2018, there were three and two customers, respectively, that each accounted for 10% or more of total accounts receivable. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 16 - SUBSEQUENT EVENTS On July 24, 2019, the Board declared a cash dividend of $0.20 per share of common stock, payable on September 17, 2019 to the stockholders of record at the close of business on August 27, 2019. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying interim unaudited condensed consolidated financial statements as of June 30, 2019 and 2018, and for the three and six months then ended, have been prepared by the Company in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) for interim financial information. The amounts as of December 31, 2018 have been derived from the Company’s annual audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary (consisting of normal recurring adjustments) to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These financial statements should be read in conjunction with the annual audited financial statements and notes thereto as of and for the year ended December 31, 2018, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed on February 20, 2019 (the “Form 10-K”). |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2018, the Financial Accounting Standards Board (“FASB”) issued Stock-based Compensation: Improvements to Nonemployee Share-based Payment Accounting,” In February 2016, the FASB issued ASU No. 2017-12, “ Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, In February 2016, the FASB issued ASU No. 2016-02, " Leases modified retrospective transition approach and elected the transition option The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed it to carry forward the historical lease classification. Under the optional transition method, the Company opted to continue to apply the legacy guidance in ASC 840, Leases, including its disclosure requirements, in the comparative periods presented in the year it adopted the new leases standard, and therefore did not restate prior period results. The most significant impact from adopting Topic 842 was the initial recognition of operating lease ROU assets and operating lease liabilities of $17.6 million and $18.8 million, respectively, as of January 1, 2019. Operating lease liabilities consist of both current and noncurrent portions with the current portion included in the balance of accrued liabilities. The standard did not materially impact the Company’s Condensed Consolidated Statements of Operations and had no impact on cash flows. The cumulative effect of the changes made to the Company's Condensed Consolidated Balance Sheet as of January 1, 2019 for the adoption of Topic 842 was as follows (in thousands): Balance at December 31, 2018 Adjustments due to Topic 842 Balance at January 1, 2019 Assets Operating lease right-of-use assets $ — $ 17,594 $ 17,594 Liabilities Accrued liabilities $ 45,336 $ 3,858 (1) $ 49,194 Noncurrent operating lease liabilities $ — $ 13,736 $ 13,736 (1) Consists of a debit adjustment of $1.2 million to deferred rent to eliminate the existing balance and a credit adjustment of $5.1 million to record the current portion of operating lease liabilities. Recent Accounting Pronouncements In September 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Revenue Recognition | Revenue Recognition The Company derives its revenue primarily from royalty and license fees for rights to use the Company’s intellectual property and technologies (“IP”). Revenue is recognized upon transfer of control of promised products, services or IP rights to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products, services or licensing of the IP rights. Certain licensees have entered into fixed fee or minimum guarantee arrangements, whereby licensees pay a fixed fee for the right to incorporate the Company’s technology in the licensee's products over the license term. In arrangements with a minimum guarantee, the fixed fee component corresponds to a minimum number of units or dollars that the customer must produce or pay, with additional per-unit fees for any units or dollars exceeding the minimum. In most cases, the customer pays the fixed license fee in specified installments over the license term. For both fixed fee and minimum guarantee agreements, the Company recognizes the full fixed fee as revenue at the beginning of the license term, when the licensee has the right to use the IP and begins to benefit from the license. If the contract term of a fixed fee or minimum guarantee arrangement is longer than one year, the Company also considers the scheduled payment arrangements to determine whether a significant financing component exists. In general, if the payment arrangements extend beyond the initial twelve months of the contract, the Company treats a portion of the payments as a significant financing component. When the payments are expected to be received within one year or less, the Company does not adjust the promised amount of consideration for the effects of a financing component. The discount rate used for each arrangement reflects the rate that would be used in a separate financing transaction between the Company and the licensee at contract inception and takes into account the credit characteristics of the licensee and market interest rates as of the date of the agreement. As such, the amount of fixed fee revenue recognized at the beginning of the license term will be reduced by the calculated financing component. As payments are received from the licensee, the Company recognizes a portion of the financing component as interest income, reported as other income and expense in the Consolidated Statements of Operations. For certain licensees, royalty revenues are generated based on a licensee’s production or shipment of licensed products incorporating the Company’s IP, technologies or software. Licensees with a per-unit arrangement pay a per-unit royalty for each product manufactured or sold, as set forth in its license agreement. Licensees generally report manufacturing or sales information in the quarter subsequent to when the production or shipment activity takes place. The Company estimates the royalties earned each quarter based on its forecast of manufacturing and sales activity incurred by its licensees in that quarter. Any differences between actual royalties owed by a licensee and the Company’s quarterly estimate are recognized in the following quarter, when the licensee’s royalty report is received. Estimating licensees’ quarterly royalties prior to receiving the royalty reports requires the Company to make significant assumptions and judgments that could have a material impact on the amount of revenue it reports on a quarterly basis. The Company actively monitors and enforces its IP, including seeking appropriate compensation from customers that have under-reported royalties owed under a license agreement and from third parties that utilize the Company’s intellectual property without a license. As a result of these activities, the Company may, from time to time, recognize revenue from payments resulting from periodic compliance audits of licensees for underreporting royalties incurred in prior periods, as part of a settlement of a patent infringement dispute, or from legal judgments in a license dispute. These recoveries and settlements may cause revenue to be higher than expected during a particular reporting period and such recoveries may not occur in subsequent periods. The Company recognizes revenue from recoveries when a binding agreement has been executed and the Company concludes collection under that agreement is likely. In some instances, the Company may enter into license agreements containing multiple performance obligations that include engineering services in addition to a technology or software license. For such arrangements where all components are capable of being distinct and accounted for as separate performance obligations, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices ordinarily charged to customers, or in some cases by applying a reasonable cost-plus margin. The consideration for engineering services is recognized as the underlying performance obligations are satisfied. Generally, the Company satisfies performance obligations over time and therefore recognizes revenue over time by measuring the progress toward completion of the performance obligation at each reporting period. From time to time, the Company enters into arrangements with licensees in which the Company pays consideration to the licensee. Such payments can take the form of marketing development funds or various rebate incentives. The Company typically accounts for consideration paid to its licensees as a reduction to the transaction price and revenue, unless the payment to the licensee is in exchange for a distinct good or service that the licensee transfers to the Company. In cases where the consideration paid to the licensee is variable, the Company estimates the variable consideration based on the terms of the arrangement and expectations of future outcomes. The Company recognizes the reduction to revenue when it recognizes revenue for transfer of control of promised products, services or IP rights to the licensee. Contract Balances Unbilled Contracts Receivable Timing of revenue recognition may differ significantly from the timing of invoicing to customers. Accounts receivable, net, includes amounts billed and currently due from customers. Unbilled contracts receivable represents unbilled amounts expected to be received from customers in future periods, where the revenue recognized to date (or cumulative adjustments to retained earnings in the initial period of adopting Topic 606) exceeds the amount billed, and right to payment is subject to the underlying contractual terms. Unbilled contracts receivable amounts may not exceed their net realizable value and are classified as long-term assets if the payments are expected to be received more than one year from the reporting date. Deferred Revenue Deferred revenue includes payments made by licensees for which the corresponding performance obligations have not yet been fully satisfied by the Company and typically arises where performance obligations are satisfied over time. Practical Expedients The Company expenses sales commissions when incurred because the amortization period generally would have been one year or less. In addition, sales commissions have historically not been a significant expense and are not contemplated to be significant in the future. Sales commissions are recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Cumulative Effect of Change in Adoption | The cumulative effect of the changes made to the Company's Condensed Consolidated Balance Sheet as of January 1, 2019 for the adoption of Topic 842 was as follows (in thousands): Balance at December 31, 2018 Adjustments due to Topic 842 Balance at January 1, 2019 Assets Operating lease right-of-use assets $ — $ 17,594 $ 17,594 Liabilities Accrued liabilities $ 45,336 $ 3,858 (1) $ 49,194 Noncurrent operating lease liabilities $ — $ 13,736 $ 13,736 (1) Consists of a debit adjustment of $1.2 million to deferred rent to eliminate the existing balance and a credit adjustment of $5.1 million to record the current portion of operating lease liabilities. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Revenue Recognized in Period | The following table presents additional revenue and contract disclosures (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenue recognized in the period from: Amounts included in deferred revenue at the beginning of the period $ 2,124 $ 1,642 $ 3,167 $ 1,995 Performance obligations satisfied in previous periods (true ups and licensee reporting adjustments)* $ 2,472 $ 54 $ 3,637 $ 54 *True ups represent the differences between the Company’s quarterly estimates of per unit royalty revenue and actual production/sales-based royalties reported by licensees in the following period. Licensee reporting adjustments represent corrections or revisions to previously reported per unit royalties by licensees, generally resulting from the Company’s inquiries or compliance audits. |
Schedule of Remaining Performance Obligations | The Company's remaining revenue under contracts with performance obligations was as follows (in thousands): As of June 30, 2019 December 31, 2018 Revenue from contracts with performance obligations expected to be satisfied in: One year or less $ 867 $ 3,080 More than one year but less than two years — 2,289 Total $ 867 $ 5,369 |
Composition Of Certain Financ_2
Composition Of Certain Financial Statement Captions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Other Current Assets | Other current assets consisted of the following (in thousands): June 30, 2019 December 31, 2018 Prepaid income taxes $ 1,970 $ 6,768 Prepaid expenses 8,140 8,293 Other 3,100 2,373 $ 13,210 $ 17,434 |
Property and Equipment, Net | Property and equipment, net, consisted of the following (in thousands): June 30, 2019 December 31, 2018 Equipment, furniture and other $ 32,340 $ 28,798 Building and improvements 18,258 18,258 Land 5,300 5,300 Leasehold improvements 9,027 6,367 64,925 58,723 Less: accumulated depreciation and amortization (30,805 ) (27,686 ) $ 34,120 $ 31,037 |
Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): June 30, 2019 December 31, 2018 Employee compensation and benefits $ 12,566 $ 26,858 Third-party royalties 5,852 7,140 Current portion of operating lease liabilities 5,648 — Accrued expenses 3,620 3,994 Other 5,109 7,344 $ 32,795 $ 45,336 |
Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consisted of the following (in thousands): June 30, 2019 December 31, 2018 Unrealized loss on available-for-sale debt securities, net of tax $ (60 ) $ (328 ) $ (60 ) $ (328 ) |
Other Income and Expense, Net | Other income and expense, net, consisted of the following (in thousands): Three Months Ended, Six Months Ended, June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Interest income from significant financing components under Topic 606 $ 1,854 $ 2,148 $ 3,720 $ 4,299 Interest income from investments 682 214 1,282 464 Unrealized gain on marketable equity securities 2,032 — 1,622 — Other income 238 (133 ) 484 620 $ 4,806 $ 2,229 $ 7,108 $ 5,383 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Marketable Securities | The following is a summary of marketable securities at June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Values Marketable securities Corporate bonds and notes $ 34,510 $ 14 $ (70 ) $ 34,454 Commercial paper 2,292 5 — 2,297 Treasury and agency notes and bills 6,000 — (9 ) 5,991 Total debt securities 42,802 19 (79 ) 42,742 Marketable equity securities 5,662 — (594 ) 5,068 Total equity securities 5,662 — (594 ) 5,068 Total marketable securities $ 48,464 $ 19 $ (673 ) $ 47,810 Reported in: Cash and cash equivalents $ — Short-term investments 47,810 Total marketable securities $ 47,810 December 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Values Marketable securities Corporate bonds and notes $ 28,623 $ — $ (275 ) $ 28,348 Commercial paper 2,999 — — 2,999 Treasury and agency notes and bills 6,000 — (53 ) 5,947 Total debt securities 37,622 — (328 ) 37,294 Money market funds 11,499 — — 11,499 Marketable equity securities 5,662 — (2,217 ) 3,445 Total equity securities 17,161 — (2,217 ) 14,944 Total marketable securities $ 54,783 $ — $ (2,545 ) $ 52,238 Reported in: Cash and cash equivalents $ 11,499 Short-term investments 40,739 Total marketable securities $ 52,238 |
Schedule of Gross Unrealized Losses on Investments | The following table summarizes the fair value and gross unrealized losses related to individual available-for-sale debt securities at June 30, 2019 and December 31, 2018, which have been in a continuous unrealized loss position, aggregated by investment category and length of time (in thousands): Less Than 12 Months 12 Months or More Total June 30, 2019 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate bonds and notes $ 11,477 $ (20 ) $ 16,044 $ (50 ) $ 27,521 $ (70 ) Treasury and agency notes and bills 5,991 (9 ) — — 5,991 (9 ) Total $ 17,468 $ (29 ) $ 16,044 $ (50 ) $ 33,512 $ (79 ) Less Than 12 Months 12 Months or More Total December 31, 2018 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate bonds and notes $ 5,488 $ (2 ) $ 22,860 $ (273 ) $ 28,348 $ (275 ) Commercial paper 2,999 — — — 2,999 — Treasury and agency notes and bills — — 5,947 (53 ) 5,947 (53 ) Total $ 8,487 $ (2 ) $ 28,807 $ (326 ) $ 37,294 $ (328 ) |
Estimated Fair Value of Marketable Debt Securities by Contractual Maturity | The estimated fair value of marketable debt securities by contractual maturity at June 30, 2019 is shown below (in thousands). Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties. Estimated Fair Value Due in one year or less $ 27,258 Due in one to two years 15,484 Total $ 42,742 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The following is a list of the Company’s assets required to be measured at fair value on a recurring basis and where they were classified within the hierarchy as of June 30, 2019 (in thousands): Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Marketable securities Marketable equity securities (1) $ 5,068 $ 5,068 $ — $ — Commercial paper - debt securities (1) 2,297 — 2,297 — Corporate bonds and notes - debt securities (1) 34,454 — 34,454 — Treasury and agency notes and bills - debt securities (1) 5,991 — 5,991 — Total Assets $ 47,810 $ 5,068 $ 42,742 $ — The following footnotes indicate where the noted items were recorded in the Condensed Consolidated Balance Sheet at June 30, 2019: (1) Reported as short-term investments. The following is a list of the Company’s assets required to be measured at fair value on a recurring basis and where they were classified within the hierarchy as of December 31, 2018 (in thousands): Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Marketable securities Money market funds - equity securities (1) $ 11,499 $ 11,499 $ — $ — Marketable equity securities (2) 3,445 3,445 — — Commercial paper - debt securities (2) 2,999 — 2,999 — Corporate bonds and notes - debt securities (2) 28,348 — 28,348 — Treasury and agency notes and bills - debt securities (2) 5,947 — 5,947 — Total Assets $ 52,238 $ 14,944 $ 37,294 $ — The following footnotes indicate where the noted items were recorded in the Condensed Consolidated Balance Sheet at December 31, 2018: (1) Reported as cash and cash equivalents. (2) Reported as short-term investments. |
Schedule of Carrying Amounts and Estimated Fair Values | The carrying amounts and estimated fair values are as follows (in thousands): June 30, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Long-term debt, net (1) $ 383,450 $ 379,745 $ 482,193 $ 450,083 (1) Carrying amounts of long-term debt are net of unamortized debt issuance costs of $10.6 million and $11.8 million as of June 30, 2019 and December 31, 2018, respectively. Debt |
Goodwill And Identified Intan_2
Goodwill And Identified Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Identified Intangible Assets | Identified intangible assets consisted of the following (in thousands): Average June 30, 2019 December 31, 2018 Life (Years) Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Acquired patents / core technology 3-15 $ 146,684 $ (132,795 ) $ 13,889 $ 146,684 $ (128,691 ) $ 17,993 Existing technology 5-10 206,878 (113,489 ) 93,389 206,878 (96,089 ) 110,789 Customer contracts and related relationships 3-9 291,769 (148,613 ) 143,156 291,769 (121,831 ) 169,938 Trademarks/trade name 4-10 40,083 (13,569 ) 26,514 40,083 (11,083 ) 29,000 Non-competition agreements 1 2,231 (2,231 ) — 2,231 (2,231 ) — Total intangible assets $ 687,645 $ (410,697 ) $ 276,948 $ 687,645 $ (359,925 ) $ 327,720 |
Estimated Future Amortization Expense | As of June 30, 2019, the estimated future amortization expense of total intangible assets was as follows (in thousands): 2019 (remaining 6 months) $ 49,173 2020 88,231 2021 80,522 2022 32,083 2023 21,203 Thereafter 5,736 $ 276,948 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summarize of Future Minimum Principal Payments for Long-term Debt | As of June 30, 2019, future minimum principal payments for long-term debt are summarized as follows (in thousands): 2019 (remaining 6 months) $ — 2020 — 2021 — 2022 — 2023 394,000 Thereafter — Total $ 394,000 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted shares (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Denominator: Weighted average common shares outstanding 49,259 49,060 48,918 49,110 Less: shares of restricted stock subject to repurchase — — — — Total common shares-basic 49,259 49,060 48,918 49,110 Effect of dilutive securities: Options — — — — Restricted stock awards and units — — — — Total common shares-diluted 49,259 49,060 48,918 49,110 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | A summary of the stock option activity is presented below (in thousands, except per share amounts): Options Outstanding Number of Shares Subject to Options Weighted Average Exercise Price Per Share Balance at December 31, 2018 678 $ 26.39 Options granted — — Options exercised (32 ) $ 16.38 Options canceled / forfeited / expired (16 ) $ 41.90 Balance at June 30, 2019 630 $ 26.50 |
Summary of Restricted Stock Awards and Units | Information with respect to outstanding restricted stock awards and units as of June 30, 2019 Restricted Stock and Restricted Stock Units Number of Shares Subject to Time- based Vesting Number of Shares Subject to Performance- based Vesting Total Number of Shares Weighted Average Grant Date Fair Value Per Share Balance at December 31, 2018 2,149 757 2,906 $ 29.10 Awards and units granted 1,150 4 1,154 $ 23.08 Awards and units vested / earned (739 ) (118 ) (857 ) $ 31.28 Awards and units canceled / forfeited (82 ) (89 ) (171 ) $ 28.75 Balance at June 30, 2019 2,478 554 3,032 $ 26.21 |
Stock-Based Compensation Expe_2
Stock-Based Compensation Expense (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Effect of Recording Stock-Based Compensation Expense | The effect of recording stock-based compensation expense for the three and six months ended June 30, 2019 and 2018 is as follows (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Research, development and other related costs $ 3,146 $ 3,344 $ 6,749 $ 6,438 Selling, general and administrative 4,075 3,875 8,095 8,189 Total stock-based compensation expense 7,221 7,219 14,844 14,627 Tax effect on stock-based compensation expense (1,163 ) (1,159 ) (2,385 ) (2,415 ) Net effect on net income (loss) $ 6,058 $ 6,060 $ 12,459 $ 12,212 |
Stock-Based Compensation Expense Categorized by Equity Components | Stock-based compensation expense categorized by various equity components for the three and six months ended June 30, 2019 and 2018 is summarized in the table below (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Employee stock options $ 64 $ 106 $ 132 $ 283 Restricted stock awards and units 6,717 6,379 13,651 12,810 Employee stock purchase plan 440 734 1,061 1,534 Total stock-based compensation expense $ 7,221 $ 7,219 $ 14,844 $ 14,627 |
Schedule of Assumptions Used to Value Options Granted | ESPP grants occur in February and August. The following assumptions were used to value the ESPP shares for these grants: February 2019 February 2018 Expected life (years) 2.0 2.0 Risk-free interest rate 2.5 % 2.2 % Dividend yield 5.4 % 3.6 % Expected volatility 53.4 % 39.4 % |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Cost | Lease cost is summarized in the table below (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Operating lease cost (1) $ 2,054 $ 1,795 $ 4,005 $ 3,629 (1) Includes short-term leases and variable lease costs, which were immaterial. |
Schedule of Other Information Related to Leases | Other information related to leases was as follows (in thousands, except lease term and discount rate): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,463 $ 3,017 ROU assets obtained in exchange for new lease liabilities: Operating leases $ 3,730 $ 4,775 June 30, 2019 Weighted-average remaining lease term (years): Operating leases 4.9 Weighted-average discount rate: Operating leases 5.7 % |
Schedule of Future Minimum Lease Payments and Related Lease Liabilities | Future minimum lease payments and related lease liabilities as of June 30, 2019 were as follows (in thousands): Operating Leases 2019 (remaining 6 months) $ 3,111 2020 6,042 2021 4,263 2022 3,159 2023 3,132 Thereafter 4,590 Total lease payments 24,297 Less: imputed interest (1) (3,294 ) Present value of lease liabilities: $ 21,003 Less: current obligations under leases (accrued liabilities) 5,648 Noncurrent operating lease liabilities $ 15,355 (1) Calculated using the interest rate for each lease. Note: Future minimum lease payments exclude short-term leases as well as payments to landlords for variable common area maintenance, insurance and real estate taxes . |
Schedule of Future Minimum Lease Payments | As of December 31, 2018, future minimum lease payments were as follows (in thousands): Operating Leases 2019 $ 6,341 2020 5,292 2021 3,441 2022 3,047 2023 3,142 Thereafter 3,518 Total $ 24,781 |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table sets forth the Company’s segment revenue, operating expenses and operating income (loss) for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Revenue: Product Licensing segment $ 61,431 $ 51,161 $ 105,999 $ 104,377 Semiconductor and IP Licensing segment 13,684 12,793 25,683 25,109 Total revenue 75,115 63,954 131,682 129,486 Operating expenses: Product Licensing segment 45,508 42,142 91,265 86,036 Semiconductor and IP Licensing segment 9,270 18,942 19,508 38,369 Unallocated operating expenses (1) 28,653 30,476 59,222 65,178 Total operating expenses 83,431 91,560 169,995 189,583 Operating income (loss): Product Licensing segment 15,923 9,019 14,734 18,341 Semiconductor and IP Licensing segment 4,414 (6,149 ) 6,175 (13,260 ) Unallocated operating expenses (1) (28,653 ) (30,476 ) (59,222 ) (65,178 ) Total operating loss $ (8,316 ) $ (27,606 ) $ (38,313 ) $ (60,097 ) (1) Unallocated operating expenses consist primarily of selling, general and administrative expenses, such as administration, human resources, finance, information technology, corporate development and procurement. These expenses are not allocated because these amounts are not considered in evaluating the operating performance of the Company’s business segments. |
Schedule of Geographic Revenue Information | The table below lists the geographic revenue for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Japan $ 33,827 45 % $ 18,199 29 % $ 51,059 39 % $ 37,543 29 % Korea 16,412 22 17,459 27 33,915 26 31,887 25 U.S. 12,574 17 13,952 22 24,006 18 25,579 20 Europe and Middle East 6,463 9 10,925 17 10,463 8 16,134 12 China 4,065 5 1,491 2 7,508 6 15,635 12 Other 1,774 2 1,928 3 4,731 3 2,708 2 $ 75,115 100 % $ 63,954 100 % $ 131,682 100 % $ 129,486 100 % |
The Company And Basis Of Pres_2
The Company And Basis Of Presentation - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019USD ($) | Jun. 30, 2019USD ($)customersemiconductor_chip | Dec. 31, 2018 | ||
Organization Consolidation And Presentation [Line Items] | ||||
Other | $ | $ (2,900) | $ (2,859) | [1] | |
Research Entity | ||||
Organization Consolidation And Presentation [Line Items] | ||||
Ownership interest, percentage | 84.00% | 85.00% | ||
Minimum | ||||
Organization Consolidation And Presentation [Line Items] | ||||
Percentage of smartphones embedded with Company's imaging technology | 25.00% | |||
Number of customers with licenses | customer | 100 | |||
Number of semiconductor chips | semiconductor_chip | 100,000,000,000 | |||
[1] | Refer to “Note 1 – The Company and Basis of Presentation |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease, right-of-use asset | $ 19,600 | |
Operating lease liability | $ 21,003 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease, right-of-use asset | $ 17,594 | |
Operating lease liability | $ 18,800 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies - Schedule of Cumulative Effect of Change in Adoption (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Assets | |||
Operating lease right-of-use assets | $ 19,600 | ||
Liabilities | |||
Accrued liabilities | 32,795 | $ 45,336 | |
Noncurrent operating lease liabilities | $ 15,355 | ||
Accounting Standards Update 2016-02 | |||
Assets | |||
Operating lease right-of-use assets | $ 17,594 | ||
Liabilities | |||
Accrued liabilities | 49,194 | ||
Noncurrent operating lease liabilities | 13,736 | ||
Adjustments Due to Topic 842 | Accounting Standards Update 2016-02 | |||
Assets | |||
Operating lease right-of-use assets | 17,594 | ||
Liabilities | |||
Accrued liabilities | 3,858 | ||
Noncurrent operating lease liabilities | $ 13,736 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies - Schedule of Cumulative Effect of Change in Adoption (Parenthetical) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Current portion of operating lease liabilities | $ 5,648 | |
Adjustments Due to Topic 842 | Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Deferred rent | $ (1,200) | |
Current portion of operating lease liabilities | $ 5,100 |
Revenue - Revenue Recognized in
Revenue - Revenue Recognized in Period (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | ||||
Amounts included in deferred revenue at the beginning of the period | $ 2,124 | $ 1,642 | $ 3,167 | $ 1,995 |
Performance obligations satisfied in previous periods (true ups and licensee reporting adjustments) | $ 2,472 | $ 54 | $ 3,637 | $ 54 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Remaining performance obligations | $ 867 | $ 5,369 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Remaining performance obligations | $ 3,080 | |
Performance obligations expected to be satisfied, expected timing | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Remaining performance obligations | $ 867 | |
Performance obligations expected to be satisfied, expected timing | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Remaining performance obligations | $ 2,289 | |
Performance obligations expected to be satisfied, expected timing | 1 year | 1 year |
Revenue - Performance Obligat_2
Revenue - Performance Obligations (Details 1) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Revenue From Contract With Customer [Abstract] | ||
Remaining performance obligations | $ 867 | $ 5,369 |
Composition Of Certain Financ_3
Composition Of Certain Financial Statement Captions - Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Prepaid income taxes | $ 1,970 | $ 6,768 |
Prepaid expenses | 8,140 | 8,293 |
Other | 3,100 | 2,373 |
Other current assets, total | $ 13,210 | $ 17,434 |
Composition Of Certain Financ_4
Composition Of Certain Financial Statement Captions - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 64,925 | $ 58,723 |
Less: accumulated depreciation and amortization | (30,805) | (27,686) |
Property and equipment, net | 34,120 | 31,037 |
Equipment, furniture and other | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 32,340 | 28,798 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 18,258 | 18,258 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,300 | 5,300 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 9,027 | $ 6,367 |
Composition Of Certain Financ_5
Composition Of Certain Financial Statement Captions - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||
Depreciation and amortization of property and equipment | $ 1.8 | $ 1.7 | $ 3.4 | $ 3.4 |
Composition Of Certain Financ_6
Composition Of Certain Financial Statement Captions - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Employee compensation and benefits | $ 12,566 | $ 26,858 |
Third-party royalties | 5,852 | 7,140 |
Current portion of operating lease liabilities | 5,648 | |
Accrued expenses | 3,620 | 3,994 |
Other | 5,109 | 7,344 |
Accrued liabilities, total | $ 32,795 | $ 45,336 |
Composition Of Certain Financ_7
Composition Of Certain Financial Statement Captions - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Unrealized loss on available-for-sale debt securities, net of tax | $ (60) | $ (328) |
Accumulated other comprehensive income (loss) | $ (60) | $ (328) |
Composition Of Certain Financ_8
Composition Of Certain Financial Statement Captions - Other Income and Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Interest income from significant financing components under Topic 606 | $ 75,115 | $ 63,954 | $ 131,682 | $ 129,486 |
Interest income from investments | 682 | 214 | 1,282 | 464 |
Unrealized gain on marketable equity securities | 2,032 | 0 | 1,622 | 0 |
Other income | 238 | (133) | 484 | 620 |
Other income and expense, net | 4,806 | 2,229 | 7,108 | 5,383 |
Financing | ||||
Disaggregation of Revenue [Line Items] | ||||
Interest income from significant financing components under Topic 606 | $ 1,854 | $ 2,148 | $ 3,720 | $ 4,299 |
Financial Instruments - Summary
Financial Instruments - Summary of Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Marketable Securities [Line Items] | ||
Debt securities, Cost | $ 42,802 | $ 37,622 |
Debt securities, Gross Unrealized Gains | 19 | 0 |
Debt securities, Gross Unrealized Losses | (79) | (328) |
Debt securities, Estimated Fair Values | 42,742 | 37,294 |
Equity securities, Cost | 5,662 | 17,161 |
Equity securities, Gross Unrealized Gains | 0 | 0 |
Equity securities, Gross Unrealized Losses | (594) | (2,217) |
Equity securities, Estimated Fair Values | 5,068 | 14,944 |
Marketable securities, Cost | 48,464 | 54,783 |
Marketable securities, Gross Unrealized Gains | 19 | 0 |
Marketable securities, Gross Unrealized Losses | (673) | (2,545) |
Marketable securities, Estimated Fair Values | 47,810 | 52,238 |
Marketable equity securities | ||
Marketable Securities [Line Items] | ||
Equity securities, Cost | 5,662 | 5,662 |
Equity securities, Gross Unrealized Gains | 0 | 0 |
Equity securities, Gross Unrealized Losses | (594) | (2,217) |
Equity securities, Estimated Fair Values | 5,068 | 3,445 |
Corporate bonds and notes | ||
Marketable Securities [Line Items] | ||
Debt securities, Cost | 34,510 | 28,623 |
Debt securities, Gross Unrealized Gains | 14 | 0 |
Debt securities, Gross Unrealized Losses | (70) | (275) |
Debt securities, Estimated Fair Values | 34,454 | 28,348 |
Commercial paper | ||
Marketable Securities [Line Items] | ||
Debt securities, Cost | 2,292 | 2,999 |
Debt securities, Gross Unrealized Gains | 5 | 0 |
Debt securities, Gross Unrealized Losses | 0 | 0 |
Debt securities, Estimated Fair Values | 2,297 | 2,999 |
Treasury and agency notes and bills | ||
Marketable Securities [Line Items] | ||
Debt securities, Cost | 6,000 | 6,000 |
Debt securities, Gross Unrealized Gains | 0 | 0 |
Debt securities, Gross Unrealized Losses | (9) | (53) |
Debt securities, Estimated Fair Values | 5,991 | 5,947 |
Money market funds | ||
Marketable Securities [Line Items] | ||
Equity securities, Cost | 11,499 | |
Equity securities, Gross Unrealized Gains | 0 | |
Equity securities, Gross Unrealized Losses | 0 | |
Equity securities, Estimated Fair Values | 11,499 | |
Cash and cash equivalents | ||
Marketable Securities [Line Items] | ||
Marketable securities, Estimated Fair Values | 0 | 11,499 |
Short-term Investments | ||
Marketable Securities [Line Items] | ||
Marketable securities, Estimated Fair Values | $ 47,810 | $ 40,739 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) shares in Millions | Jul. 05, 2019shares | Sep. 19, 2018shares | Jun. 30, 2019USD ($)Derivative | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Derivative | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Schedule Of Investments [Line Items] | |||||||
Cash, cash equivalents and short -term investments | $ 98,300,000 | $ 98,300,000 | $ 154,400,000 | ||||
Gross realized gains and losses on sales of marketable securities | 0 | $ 0 | 0 | $ 0 | |||
Unrealized loss net of tax on marketable debt securities | 100,000 | 100,000 | 300,000 | ||||
Impairment charges related to marketable debt securities | 0 | 0 | 0 | 0 | |||
Equity securities, realized gains or losses on sales | 0 | 0 | 0 | 0 | |||
Marketable equity securities, unrealized gains | 2,032,000 | 0 | 1,622,000 | 0 | |||
Realized losses and changes in estimated fair value of derivatives | $ 0 | $ 0 | |||||
Number of derivative instrument outstanding | Derivative | 0 | 0 | |||||
Onkyo Corporation | |||||||
Schedule Of Investments [Line Items] | |||||||
Number of common shares purchased | shares | 7 | ||||||
Ownership interest, percentage | 6.30% | ||||||
Number of investment shares sold | shares | 2.8 | ||||||
Marketable equity securities, unrealized gains | $ 2,000,000 | $ 0 | $ 1,600,000 | $ 0 | |||
Cumulative unrealized losses on the investment | 600,000 | ||||||
Operating Accounts | |||||||
Schedule Of Investments [Line Items] | |||||||
Cash, cash equivalents and short -term investments | $ 50,500,000 | $ 50,500,000 | $ 102,100,000 |
Financial Instruments - Fair Va
Financial Instruments - Fair Value and Gross Unrealized Losses Related to Individual Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 17,468 | $ 8,487 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | (29) | (2) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Fair Value | 16,044 | 28,807 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Gross Unrealized Losses | (50) | (326) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 33,512 | 37,294 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | (79) | (328) |
Corporate bonds and notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 11,477 | 5,488 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | (20) | (2) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Fair Value | 16,044 | 22,860 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Gross Unrealized Losses | (50) | (273) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 27,521 | 28,348 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | (70) | (275) |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 2,999 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Gross Unrealized Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,999 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | 0 | |
Treasury and agency notes and bills | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 5,991 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | (9) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Fair Value | 0 | 5,947 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 months or more, Gross Unrealized Losses | 0 | (53) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,991 | 5,947 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses | $ (9) | $ (53) |
Financial Instruments - Estimat
Financial Instruments - Estimated Fair Value of Marketable Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Investments Debt And Equity Securities [Abstract] | ||
Due in one year or less | $ 27,258 | |
Due in one to two years | 15,484 | |
Total | $ 42,742 | $ 37,294 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 47,810 | $ 52,238 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 5,068 | 14,944 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 42,742 | 37,294 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Money market funds - equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 11,499 | |
Money market funds - equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 11,499 | |
Money market funds - equity securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Money market funds - equity securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 5,068 | 3,445 |
Marketable equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 5,068 | 3,445 |
Marketable equity securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Marketable equity securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Commercial paper - debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,297 | 2,999 |
Commercial paper - debt securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Commercial paper - debt securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,297 | 2,999 |
Commercial paper - debt securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Corporate bonds and notes - Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 34,454 | 28,348 |
Corporate bonds and notes - Debt securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Corporate bonds and notes - Debt securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 34,454 | 28,348 |
Corporate bonds and notes - Debt securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Treasury and agency notes and bills - debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 5,991 | 5,947 |
Treasury and agency notes and bills - debt securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Treasury and agency notes and bills - debt securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 5,991 | 5,947 |
Treasury and agency notes and bills - debt securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 0 | $ 0 |
Fair Value - Schedule of Carryi
Fair Value - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt, net - Carrying Amount | $ 383,450 | $ 482,193 |
Recurring | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt, net - Carrying Amount | 383,450 | 482,193 |
Long-term debt, net - Estimated Fair Value | $ 379,745 | $ 450,083 |
Fair Value - Schedule of Carr_2
Fair Value - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments on Recurring Basis (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Term B Loan Facility | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Unamortized debt issuance costs | $ 10.6 | $ 11.8 |
Goodwill And Identified Intan_3
Goodwill And Identified Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||||
Goodwill | $ 385,784 | $ 385,784 | $ 385,784 | ||
Amortization expense | 25,314 | $ 27,199 | 50,773 | $ 54,365 | |
Product Licensing Segment | |||||
Goodwill [Line Items] | |||||
Goodwill | 378,100 | 378,100 | 378,100 | ||
Semiconductor and IP Licensing Segment | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 7,700 | $ 7,700 | $ 7,700 |
Goodwill And Identified Intan_4
Goodwill And Identified Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (410,697) | $ (359,925) |
Net | 276,948 | |
Intangible assets, gross | 687,645 | 687,645 |
Intangible assets, net | 276,948 | 327,720 |
Acquired patents / core technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 146,684 | 146,684 |
Accumulated Amortization | (132,795) | (128,691) |
Net | $ 13,889 | 17,993 |
Acquired patents / core technology | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average Life (Years) | 3 years | |
Acquired patents / core technology | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average Life (Years) | 15 years | |
Existing technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 206,878 | 206,878 |
Accumulated Amortization | (113,489) | (96,089) |
Net | $ 93,389 | 110,789 |
Existing technology | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average Life (Years) | 5 years | |
Existing technology | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average Life (Years) | 10 years | |
Customer contracts and related relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 291,769 | 291,769 |
Accumulated Amortization | (148,613) | (121,831) |
Net | $ 143,156 | 169,938 |
Customer contracts and related relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average Life (Years) | 3 years | |
Customer contracts and related relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average Life (Years) | 9 years | |
Trademarks/trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 40,083 | 40,083 |
Accumulated Amortization | (13,569) | (11,083) |
Net | $ 26,514 | 29,000 |
Trademarks/trade name | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average Life (Years) | 4 years | |
Trademarks/trade name | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average Life (Years) | 10 years | |
Non-competition agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average Life (Years) | 1 year | |
Finite-lived intangible assets, gross | $ 2,231 | 2,231 |
Accumulated Amortization | (2,231) | (2,231) |
Net | $ 0 | $ 0 |
Goodwill And Identified Intan_5
Goodwill And Identified Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2019 (remaining 6 months) | $ 49,173 |
2020 | 88,231 |
2021 | 80,522 |
2022 | 32,083 |
2023 | 21,203 |
Thereafter | 5,736 |
Net | $ 276,948 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Jun. 28, 2019 | Mar. 29, 2019 | Jan. 23, 2018 | Dec. 01, 2016 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Line of Credit Facility [Line Items] | |||||||||
Borrowings | $ 394,000,000 | $ 394,000,000 | |||||||
Voluntary prepayment against the term loan | $ 50,000,000 | $ 50,000,000 | $ 100,000,000 | 100,000,000 | $ 100,000,000 | ||||
Interest expense | 6,199,000 | $ 6,200,000 | 12,884,000 | 12,518,000 | |||||
Term B Loan Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Borrowing capacity | $ 494,000,000 | $ 600,000,000 | |||||||
Debt instrument, maturity date | Nov. 30, 2023 | ||||||||
Borrowings | $ 600,000,000 | $ 394,000,000 | $ 394,000,000 | ||||||
Debt instrument, prepayment premium | 1.00% | ||||||||
Interest rate | 5.60% | 5.60% | |||||||
Unamortized debt issuance costs | $ 10,600,000 | $ 10,600,000 | $ 11,800,000 | ||||||
Interest expense | 6,200,000 | 6,200,000 | 12,900,000 | 12,500,000 | |||||
Amortization of debt issuance costs | $ 600,000 | $ 600,000 | $ 1,300,000 | $ 1,300,000 | |||||
Term B Loan Facility | Eurodollar | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||||
Term B Loan Facility | Base Rate | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.50% | ||||||||
Term B Loan Facility | Royal Bank of Canada | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Borrowing capacity | $ 600,000,000 | ||||||||
Loan facility, term | 7 years |
Summarize of Future Minimum Pri
Summarize of Future Minimum Principal Payments for Long-term Debt (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 394,000 |
Total | $ 394,000 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Denominator: | ||||
Weighted average common shares outstanding (in shares) | 49,259 | 49,060 | 48,918 | 49,110 |
Less: shares of restricted stock subject to repurchase (in shares) | 0 | 0 | 0 | 0 |
Total common shares-basic (in shares) | 49,259 | 49,060 | 48,918 | 49,110 |
Effect of dilutive securities: | ||||
Options (in shares) | 0 | 0 | 0 | 0 |
Restricted stock awards and units (in shares) | 0 | 0 | 0 | 0 |
Total common shares-diluted (in shares) | 49,259 | 49,060 | 48,918 | 49,110 |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Shares of common stock excluded from the computation of net loss per share | 1.7 | 2.9 | 1.7 | 2.9 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 143 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | May 03, 2019 | |
Debt and Equity Securities, FV-NI [Line Items] | ||||
Treasury stock, total repurchase during period (in shares) | 0 | 0 | 13,279,000 | |
Treasury stock, average price of share repurchased (in dollars per share) | $ 26.25 | |||
Treasury stock, total cost of repurchased stock | $ 348.6 | |||
Stock repurchase program, remaining amount available for repurchase | $ 101.4 | $ 101.4 | $ 101.4 | |
Employee Stock Purchase Plan | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Shares reserved for grant (in shares) | 1,210,000 | 1,210,000 | 1,210,000 | 300,000 |
Performance Shares | Minimum | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Performance awards, percentage of grant available to vest | 0.00% | |||
Performance Shares | Maximum | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Performance awards, percentage of grant available to vest | 100.00% | |||
2003 Plan | Employee Stock Options | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Shares reserved for grant (in shares) | 2,200,000 | 2,200,000 | 2,200,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Option Activity (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Number of Shares Subject to Options | ||||
Number of Shares, Beginning balance (shares) | 678,000 | |||
Number of Shares, Options granted (shares) | 0 | 0 | 0 | 0 |
Number of Shares, Options exercised (shares) | (32,000) | |||
Number of Shares, Options cancelled / forfeited / expired (shares) | (16,000) | |||
Number of Shares, Ending balance (shares) | 630,000 | 630,000 | ||
Weighted Average Exercise Price Per Share | ||||
Weighted Average Exercise Price Per Share, Beginning balance (USD per share) | $ 26.39 | |||
Weighted Average Exercise Price Per Share, Options granted (USD per share) | 0 | |||
Weighted Average Exercise Price Per Share, Options exercised (USD per share) | 16.38 | |||
Weighted Average Exercise Price Per Share, Options cancelled / forfeited / expired (USD per share) | 41.90 | |||
Weighted Average Exercise Price Per Share, Ending balance (USD per share) | $ 26.50 | $ 26.50 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Restricted Stock Awards and Units (Detail) - Restricted Stock shares in Thousands | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Restricted stock awards and units, beginning balance (shares) | 2,906 |
Restricted stock awards and units, granted (shares) | 1,154 |
Restricted stock awards and units, vested / earned (shares) | (857) |
Restricted stock awards and units, cancelled / forfeited (shares) | (171) |
Restricted stock awards and units, ending balance (shares) | 3,032 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value per share of restricted stock and units, beginning balance (USD per share) | $ / shares | $ 29.10 |
Weighted average grant date fair value per share of restricted stock and units, granted (USD per share) | $ / shares | 23.08 |
Weighted average grant date fair value per share of restricted stock and units, vested / earned (USD per share) | $ / shares | 31.28 |
Weighted average grant date fair value of restricted stock and units, cancelled / forfeited (USD per share) | $ / shares | 28.75 |
Weighted average grant date fair value per share of restricted stock and units, ending balance (USD per share) | $ / shares | $ 26.21 |
Number of Shares Subject to Time-Based Vesting | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Restricted stock awards and units, beginning balance (shares) | 2,149 |
Restricted stock awards and units, granted (shares) | 1,150 |
Restricted stock awards and units, vested / earned (shares) | (739) |
Restricted stock awards and units, cancelled / forfeited (shares) | (82) |
Restricted stock awards and units, ending balance (shares) | 2,478 |
Number of Shares Subject to Performance-Based Vesting | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Restricted stock awards and units, beginning balance (shares) | 757 |
Restricted stock awards and units, granted (shares) | 4 |
Restricted stock awards and units, vested / earned (shares) | (118) |
Restricted stock awards and units, cancelled / forfeited (shares) | (89) |
Restricted stock awards and units, ending balance (shares) | 554 |
Stock-Based Compensation Expe_3
Stock-Based Compensation Expense - Effect of Recording Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 7,221 | $ 7,219 | $ 14,844 | $ 14,627 |
Tax effect on stock-based compensation expense | (1,163) | (1,159) | (2,385) | (2,415) |
Net effect on net income (loss) | 6,058 | 6,060 | 12,459 | 12,212 |
Research, development and other related costs | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 3,146 | 3,344 | 6,749 | 6,438 |
Selling, general and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 4,075 | $ 3,875 | $ 8,095 | $ 8,189 |
Stock-Based Compensation Expe_4
Stock-Based Compensation Expense - Stock-Based Compensation Expense Categorized by Equity Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 7,221 | $ 7,219 | $ 14,844 | $ 14,627 |
Employee stock purchase plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 440 | 734 | 1,061 | 1,534 |
Employee stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 64 | 106 | 132 | 283 |
Restricted stock awards and units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 6,717 | $ 6,379 | $ 13,651 | $ 12,810 |
Stock-Based Compensation Expe_5
Stock-Based Compensation Expense - Schedule of Assumptions Used to Value Options Granted (Details) - shares | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2019 | Feb. 28, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares, Options granted (shares) | 0 | 0 | 0 | 0 | ||
Employee stock purchase plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||
Expected life (in years) | 2 years | 2 years | ||||
Risk-free interest rate | 2.50% | 2.20% | ||||
Dividend yield | 5.40% | 3.60% | ||||
Expected volatility | 53.40% | 39.40% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Provision for (benefit from) income taxes | $ (3,547) | $ (3,321) | $ (12,497) | $ (5,959) | |
Loss before taxes | $ (9,700) | $ (31,600) | $ (44,100) | $ (67,200) | |
Effective tax rate (percent) | 28.30% | 8.90% | 28.30% | 8.90% | |
Unrecognized tax benefits | $ 33,900 | $ 34,100 | $ 33,900 | $ 34,100 | |
Unrecognized tax benefits that would impact the effective income tax rate | $ 21,300 | $ 22,200 | 21,300 | $ 22,200 | |
Interest and tax penalties related to unrecognized tax benefits | $ 1,100 | $ 900 |
Leases - Additional Information
Leases - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Lessor Lease Description [Line Items] | |
Operating lease existence of option to extend | true |
Operating lease description | The Company’s leases have remaining lease terms of one year to ten years, some of which may include options to extend the leases for five years or longer, and some of which may include options to terminate the leases within one year or less. Leases with an initial term of 12 months or less are not recorded on the balance sheet |
Minimum | |
Lessor Lease Description [Line Items] | |
Remaining lease term | 1 year |
Lessor term of period to extend | 5 years |
Maximum [Member] | |
Lessor Lease Description [Line Items] | |
Remaining lease term | 10 years |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,054 | $ 1,795 | $ 4,005 | $ 3,629 |
Leases - Schedule of Other Info
Leases - Schedule of Other Information Related to Leases (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 1,463 | $ 3,017 |
Operating lease, ROU assets obtained in exchange for new lease liabilities | $ 3,730 | $ 4,775 |
Operating leases, weighted average remaining lease term (years) | 4 years 10 months 24 days | 4 years 10 months 24 days |
Operating leases, weighted average discount rate | 5.70% | 5.70% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments and Related Lease Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leases | |
2019 (remaining 6 months) | $ 3,111 |
2020 | 6,042 |
2021 | 4,263 |
2022 | 3,159 |
2023 | 3,132 |
Thereafter | 4,590 |
Total lease payments | 24,297 |
Less: Imputed interest | (3,294) |
Present value of lease liabilities: | 21,003 |
Current portion of operating lease liabilities | 5,648 |
Noncurrent operating lease liabilities | $ 15,355 |
Leases - Schedule of Future M_2
Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases | |
2019 | $ 6,341 |
2020 | 5,292 |
2021 | 3,441 |
2022 | 3,047 |
2023 | 3,142 |
Thereafter | 3,518 |
Total | $ 24,781 |
Segment and Geographic Inform_3
Segment and Geographic Information - Additional Information (Details) - segment | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | 2 | ||||
Customer Two | Total Revenue | Customer Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Concentration risk, percentage (or more) | 10.00% | 10.00% | |||
Customer Two | Total Accounts Receivable | Customer Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Concentration risk, percentage (or more) | 10.00% | ||||
Customer One | Total Revenue | Customer Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Concentration risk, percentage (or more) | 10.00% | 10.00% | |||
Customer Three | Total Accounts Receivable | Customer Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Concentration risk, percentage (or more) | 10.00% |
Segment And Geographic Inform_4
Segment And Geographic Information - Schedule of Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 75,115 | $ 63,954 | $ 131,682 | $ 129,486 |
Total operating expenses | 83,431 | 91,560 | 169,995 | 189,583 |
Total operating income (loss) | (8,316) | (27,606) | (38,313) | (60,097) |
Operating Segments | Product Licensing Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 61,431 | 51,161 | 105,999 | 104,377 |
Total operating expenses | 45,508 | 42,142 | 91,265 | 86,036 |
Total operating income (loss) | 15,923 | 9,019 | 14,734 | 18,341 |
Operating Segments | Semiconductor and IP Licensing Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 13,684 | 12,793 | 25,683 | 25,109 |
Total operating expenses | 9,270 | 18,942 | 19,508 | 38,369 |
Total operating income (loss) | 4,414 | (6,149) | 6,175 | (13,260) |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Total operating expenses | 28,653 | 30,476 | 59,222 | 65,178 |
Total operating income (loss) | $ (28,653) | $ (30,476) | $ (59,222) | $ (65,178) |
Segment And Geographic Inform_5
Segment And Geographic Information - Schedule of Geographic Revenue Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Foreign revenues | $ 75,115 | $ 63,954 | $ 131,682 | $ 129,486 |
Total Revenue | Geographic Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage (or more) | 100.00% | 100.00% | 100.00% | 100.00% |
Japan | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Foreign revenues | $ 33,827 | $ 18,199 | $ 51,059 | $ 37,543 |
Japan | Total Revenue | Geographic Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage (or more) | 45.00% | 29.00% | 39.00% | 29.00% |
Korea | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Foreign revenues | $ 16,412 | $ 17,459 | $ 33,915 | $ 31,887 |
Korea | Total Revenue | Geographic Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage (or more) | 22.00% | 27.00% | 26.00% | 25.00% |
U.S. | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Foreign revenues | $ 12,574 | $ 13,952 | $ 24,006 | $ 25,579 |
U.S. | Total Revenue | Geographic Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage (or more) | 17.00% | 22.00% | 18.00% | 20.00% |
Europe and Middle East | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Foreign revenues | $ 6,463 | $ 10,925 | $ 10,463 | $ 16,134 |
Europe and Middle East | Total Revenue | Geographic Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage (or more) | 9.00% | 17.00% | 8.00% | 12.00% |
China | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Foreign revenues | $ 4,065 | $ 1,491 | $ 7,508 | $ 15,635 |
China | Total Revenue | Geographic Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage (or more) | 5.00% | 2.00% | 6.00% | 12.00% |
Other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Foreign revenues | $ 1,774 | $ 1,928 | $ 4,731 | $ 2,708 |
Other | Total Revenue | Geographic Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage (or more) | 2.00% | 3.00% | 3.00% | 2.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - $ / shares | Jul. 24, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Subsequent Event [Line Items] | |||||
Cash dividends declared per share (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.40 | $ 0.40 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Cash dividends declared per share (in dollars per share) | $ 0.20 | ||||
Dividends declaration date | Jul. 24, 2019 | ||||
Dividends payable date | Sep. 17, 2019 | ||||
Dividends record date | Aug. 27, 2019 |