InvenSense Inc

CIK:0001294924|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 01, 2017	Dec. 27, 2015	Jan. 01, 2017	Dec. 27, 2015
Income Statement [Abstract]
Net revenue	$ 79,810	$ 120,029	$ 220,277	$ 338,870
Costs of revenue	46,333	70,228	128,523	197,667
Gross profit	33,477	49,801	91,754	141,203
Operating expenses:
Research and development	28,779	25,690	83,464	70,936
Selling, general and administrative	18,456	14,295	47,187	45,305
Legal settlement				11,708
Total operating expenses	47,235	39,985	130,651	127,949
Income (loss) from operations	(13,758)	9,816	(38,897)	13,254
Interest (expense)	(2,960)	(2,798)	(8,766)	(8,287)
Other income (expense), net	512	(35)	876	130
Income (loss) before income taxes	(16,206)	6,983	(46,787)	5,097
Income tax provision	277	5,093	2,391	3,361
Net income (loss)	$ (16,483)	$ 1,890	$ (49,178)	$ 1,736
Net income (loss) per share of common stock:
Basic	$ (0.18)	$ 0.02	$ (0.52)	$ 0.02
Diluted	$ (0.18)	$ 0.02	$ (0.52)	$ 0.02
Weighted average shares outstanding used in computing net income (loss) per share:
Basic	94,136	91,957	93,676	91,536
Diluted	94,136	92,922	93,676	92,957

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jan. 01, 2017	Dec. 27, 2015
Cash flows from operating activities:
Net loss	$ (49,178)	$ 1,736
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	10,261	9,548
Amortization of intangible assets	7,573	6,798
Non cash interest expense	6,465	5,991
Loss on other investments	625
Stock-based compensation expense	25,345	25,876
Contingent consideration adjustment		(5,307)
Deferred income tax assets	103	1,615
Tax effect of employee benefit plan		(876)
Changes in operating assets and liabilities:
Accounts receivable	(333)	1,993
Inventories	29,381	13,439
Prepaid expenses and other assets	896	2,217
Other assets	1,158	(1,781)
Accounts payable	(24,920)	21,757
Accrued liabilities	(795)	3,016
Net cash provided by operating activities	6,581	86,022
Cash flows from investing activities:
Acquisitions, net of cash acquired	(9,845)
Purchase of property and equipment	(6,669)	(6,233)
Sales and maturities of available-for-sale investments	235,034	114,924
Purchase of available-for-sale investments	(238,036)	(239,285)
Deposits and other	(1,103)
Net cash used in investing activities	(20,619)	(130,594)
Cash flows from financing activities:
Payment of contingent consideration		(1,908)
Proceeds from the issuance of common stock	3,670	4,720
Repayment of loan	(102)
Net cash provided by financing activities	3,568	2,812
Net decrease in cash and cash equivalents	(10,470)	(41,760)
Cash and cash equivalents:
Beginning of period	41,105	85,637
End of period	30,635	43,877
Supplemental disclosures of cash flow information:
Cash paid for interest	3,062	3,062
Cash paid for income taxes	643	581
Noncash investing and financing activities:
Unpaid purchases of property and equipment	386	266
Unrealized loss from available-for-sale investments	(275)	$ (434)
Proceeds receivable from the exercise of stock options	$ 38

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 01, 2017	Apr. 03, 2016
Current assets:
Cash and cash equivalents	$ 30,635	$ 41,105
Short-term investments	246,227	243,755
Accounts receivable	41,779	41,447
Inventories	32,916	62,297
Prepaid expenses and other current assets	8,776	9,250
Total current assets	360,333	397,854
Property and equipment, net	32,576	36,271
Intangible assets, net	41,297	43,169
Goodwill	143,320	139,175
Other assets	4,986	5,992
Total assets	582,512	622,461
Current liabilities:
Accounts payable	10,033	35,200
Accrued liabilities	30,333	30,248
Total current liabilities	40,366	65,448
Long-term debt	157,504	151,038
Other long-term liabilities	26,392	27,230
Total liabilities	224,262	243,716
Commitments and contingencies (Note 4)
Preferred stock:
Preferred stock, $0.001 par value - 20,000 shares authorized, no shares issued and outstanding at January 1, 2017 and April 3, 2016
Common stock:
Common stock, $0.001 par value - 750,000 shares authorized, 94,515 shares issued and outstanding at January 1, 2017; 93,010 shares issued and outstanding at April 3, 2016;	332,085	303,153
Accumulated other comprehensive (loss)	(275)	(26)
Retained earnings	26,440	75,618
Total stockholders' equity	358,250	378,745
Total liabilities and stockholders' equity	$ 582,512	$ 622,461