| Summary of Impact of Adoption of New Revenue Standard |
The following tables summarize financial statement line items that are affected in the current reporting period by the application of the new revenue recognition policy as compared with the previous revenue recognition policy which was in effect in prior periods in accordance with ASC 605, Revenue Recognition: | | | | | | | | | | | | | | May 5, 2018 | (In thousands) | As currently reported | | Adjustments | | Balances without adoption of new revenue standard | Consolidated balance sheet: |
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| Assets |
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| Accounts receivable, net | $ | 329,650 |
| | $ | (5,837 | ) | | $ | 323,813 |
| Inventory | 169,556 |
| | (2,486 | ) | | 167,070 |
| Other non-current assets | 209,261 |
| | (58,717 | ) | | 150,544 |
| Liabilities and shareholders' equity: |
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| Accrued liabilities | 180,117 |
| | (97,983 | ) | | 82,134 |
| Deferred income | 1,880 |
| | 77,368 |
| | 79,248 |
| Retained earnings | $ | 1,542,437 |
| | $ | (46,425 | ) | | $ | 1,496,012 |
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| | | | | | | | | | | | | | Three Months Ended May 5, 2018 | (In thousands, except per share amounts) | As currently reported | | Adjustments | | Balances without adoption of new revenue standard | Consolidated statement of operation: | | | | | | Net revenue | $ | 604,631 |
| | $ | (15,529 | ) | | $ | 589,102 |
| Cost of goods sold | 228,938 |
| | (3,396 | ) | | 225,542 |
| Net income (loss) | 128,612 |
| | (12,133 | ) | | 116,479 |
| Net income (loss) per share - Basic | 0.26 |
| | (0.03 | ) | | 0.23 |
| Net income (loss) per share - Diluted | $ | 0.25 |
| | $ | (0.02 | ) | | $ | 0.23 |
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| Disaggregation of Revenue |
The following table summarizes net revenue disaggregated by product group (in thousands, except percentages): | | | | | | | | | | Three Months Ended | | | May 5, 2018 | | % of Total | Net revenue by product group: | | | | | Storage (1) | | $ | 317,069 |
| | 52 | % | Networking (2) | | 153,734 |
| | 26 | % | Connectivity (3) | | 90,494 |
| | 15 | % | Other (4) | | 43,334 |
| | 7 | % | | | $ | 604,631 |
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| | 1) | Storage products are comprised primarily of HDD, SSD Controllers and Data Center Storage Solutions. |
| | 2) | Networking products are comprised primarily of Ethernet Switches, Ethernet Transceivers, Embedded ARM Processors and Automotive Ethernet, as well as a few legacy product lines in which the Company no longer invests, but will generate revenue for several years. |
| | 3) | Connectivity products are comprised primarily of Wi-Fi solutions including Wi-Fi only, Wi-Fi/Bluetooth combos and Wi-Fi Microcontroller combos. |
| | 4) | Other products comprised of printer specific standard SoC products, as well as full-custom, application-specific integrated circuits and application processors. |
The following table summarizes net revenue disaggregated by primary geographical market (in thousands, except percentages): | | | | | | | | | | Three Months Ended | | | May 5, 2018 | | % of Total | Net revenue based on destination of shipment: | | | | | China | | $ | 276,622 |
| | 46 | % | Malaysia | | 90,623 |
| | 15 | % | Philippines | | 57,767 |
| | 9 | % | Thailand | | 41,534 |
| | 7 | % | United States | | 16,030 |
| | 3 | % | Other | | 122,055 |
| | 20 | % | | | $ | 604,631 |
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The following table summarizes net revenue disaggregated by customer type (in thousands, except percentages): | | | | | | | | | | Three Months Ended | | | May 5, 2018 | | % of Total | Net revenue by customer type: | | | | | Direct customers | | $ | 470,476 |
| | 78 | % | Distributors | | 134,155 |
| | 22 | % | | | $ | 604,631 |
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