| Balance Sheet Details |
Balance Sheet Details Cash, cash equivalents and restricted cash consist of the following:
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June 30, 2020 |
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December 31, 2019 |
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(in thousands) |
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| Cash and cash equivalents |
$ |
107,362 |
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$ |
92,708 |
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| Short-term restricted cash |
9 |
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|
349 |
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| Long-term restricted cash |
58 |
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|
60 |
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| Total cash, cash equivalents and restricted cash |
$ |
107,429 |
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$ |
93,117 |
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As of June 30, 2020 and December 31, 2019, cash and cash equivalents included money market funds of approximately $20.4 million. As of June 30, 2020 and December 31, 2019, the Company has restricted cash of approximately $0.1 million and $0.4 million, respectively. The cash is restricted in connection with guarantees for certain import duties and office leases.
Inventory consists of the following:
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June 30, 2020 |
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December 31, 2019 |
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(in thousands) |
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| Work-in-process |
$ |
14,638 |
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$ |
14,525 |
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| Finished goods |
19,646 |
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16,985 |
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$ |
34,284 |
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$ |
31,510 |
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Property and equipment, net consists of the following:
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Useful Life
(in Years) |
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June 30, 2020 |
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December 31, 2019 |
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(in thousands) |
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| Furniture and fixtures |
5 |
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$ |
2,229 |
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$ |
2,199 |
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| Machinery and equipment |
3-5 |
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37,357 |
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35,660 |
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| Masks and production equipment |
2-5 |
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17,293 |
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15,209 |
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| Software |
3 |
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6,132 |
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5,956 |
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| Leasehold improvements |
1-5 |
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15,302 |
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16,186 |
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| Construction in progress |
N/A |
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1,636 |
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|
746 |
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79,949 |
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75,956 |
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| Less: accumulated depreciation and amortization |
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(61,890) |
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(59,343) |
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$ |
18,059 |
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$ |
16,613 |
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Depreciation expense for the three months ended June 30, 2020 and 2019 was $1.6 million and $1.9 million, respectively. Depreciation expense for the six months ended June 30, 2020 and 2019 was $3.3 million and $4.0 million, respectively.
Accrued price protection liability consists of the following activity:
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Six Months Ended June 30, |
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2020 |
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2019 |
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(in thousands) |
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| Beginning balance |
$ |
12,557 |
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$ |
16,454 |
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| Charged as a reduction of revenue |
2,191 |
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14,880 |
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| Reversal of unclaimed rebates |
(159) |
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(719) |
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| Payments |
(8,687) |
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(19,321) |
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| Ending balance |
$ |
5,902 |
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$ |
11,294 |
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Accrued expenses and other current liabilities consist of the following:
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June 30, 2020 |
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December 31, 2019 |
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(in thousands) |
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| Accrued technology license payments |
$ |
4,500 |
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$ |
4,500 |
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| Accrued professional fees |
2,472 |
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|
861 |
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| Accrued engineering and production costs |
4,221 |
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|
4,491 |
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| Accrued restructuring |
358 |
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|
294 |
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| Accrued royalty |
696 |
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|
923 |
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| Short-term lease liabilities |
4,772 |
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4,810 |
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| Accrued customer credits |
524 |
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|
832 |
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| Income tax liability |
105 |
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|
65 |
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| Customer contract liabilities |
14 |
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107 |
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| Accrued obligations to customers for price adjustments |
8,045 |
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8,382 |
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| Accrued obligations to customers for stock rotation rights |
1,062 |
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1,410 |
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| Other |
4,916 |
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4,496 |
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$ |
31,685 |
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$ |
31,171 |
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The following table summarizes the change in balances of accumulated other comprehensive income (loss) by component:
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Cumulative Translation Adjustments |
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Interest Rate Hedge |
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Total |
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(in thousands) |
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| Balance at December 31, 2019 |
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$ |
(747) |
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$ |
(140) |
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$ |
(887) |
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| Current period other comprehensive income (loss) |
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(286) |
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(37) |
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(323) |
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| Balance at June 30, 2020 |
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$ |
(1,033) |
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$ |
(177) |
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$ |
(1,210) |
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