| Balance Sheet Details |
Balance Sheet Details Cash, cash equivalents and restricted cash consist of the following:
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September 30, 2020 |
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December 31, 2019 |
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(in thousands) |
| Cash and cash equivalents |
$ |
96,570 |
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$ |
92,708 |
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| Short-term restricted cash |
111 |
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|
349 |
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| Long-term restricted cash |
61 |
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60 |
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| Total cash, cash equivalents and restricted cash |
$ |
96,742 |
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$ |
93,117 |
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As of September 30, 2020 and December 31, 2019, cash and cash equivalents included money market funds of approximately $21.4 million and $20.4 million, respectively. As of September 30, 2020 and December 31, 2019, the Company has restricted cash of approximately $0.2 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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September 30, 2020 |
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December 31, 2019 |
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(in thousands) |
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| Work-in-process |
$ |
48,023 |
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$ |
14,525 |
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| Finished goods |
56,448 |
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16,985 |
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$ |
104,471 |
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$ |
31,510 |
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Prepaid and other current assets consist of the following:
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September 30, 2020 |
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December 31, 2019 |
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(in thousands) |
| Prepaid expenses |
$ |
4,898 |
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$ |
3,366 |
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| Other receivables |
28,960 |
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— |
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| Other current assets |
9,688 |
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3,426 |
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$ |
43,546 |
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$ |
6,792 |
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As of September 30, 2020, other receivables of $29.0 million consist of amounts due from Intel of $24.7 million for amounts collected on the Company’s behalf from customers on sales of the Company’s products under the transition services agreement and of $4.2 million for reimbursement of certain severance-related costs pursuant to the Asset Purchase Agreement (Note 3).
Property and equipment, net consists of the following:
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Useful Life
(in Years) |
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September 30, 2020 |
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December 31, 2019 |
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(in thousands) |
| Furniture and fixtures |
5 |
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$ |
2,517 |
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$ |
2,199 |
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| Machinery and equipment |
3-5 |
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54,194 |
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35,660 |
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| Masks and production equipment |
2-5 |
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19,228 |
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15,209 |
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| Software |
3 |
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6,867 |
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5,956 |
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| Leasehold improvements |
1-5 |
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16,687 |
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16,186 |
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| Construction in progress |
N/A |
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3,136 |
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|
746 |
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102,629 |
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75,956 |
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| Less: accumulated depreciation and amortization |
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(65,371) |
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(59,343) |
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$ |
37,258 |
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$ |
16,613 |
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Depreciation expense for the three months ended September 30, 2020 and 2019 was $3.6 million and $1.7 million, respectively. Depreciation expense for the nine months ended September 30, 2020 and 2019 was $6.9 million and $5.6 million, respectively.
Accrued price protection liability consists of the following activity:
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Nine Months Ended September 30, |
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2020 |
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2019 |
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(in thousands) |
| Beginning balance |
$ |
12,557 |
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$ |
16,454 |
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| Charged as a reduction of revenue |
17,358 |
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19,884 |
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| Reversal of unclaimed rebates |
(159) |
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(719) |
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| Payments |
(11,722) |
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(21,998) |
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| Ending balance |
$ |
18,034 |
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$ |
13,621 |
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Accrued expenses and other current liabilities consist of the following:
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September 30, 2020 |
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December 31, 2019 |
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(in thousands) |
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| Deferred purchase price payments |
$ |
34,100 |
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$ |
— |
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| Accrued technology license payments |
5,969 |
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4,500 |
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| Accrued professional fees |
7,181 |
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861 |
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| Accrued engineering and production costs |
12,027 |
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4,491 |
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| Accrued restructuring |
5,596 |
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294 |
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| Accrued royalty |
1,003 |
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923 |
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| Short-term lease liabilities |
6,225 |
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4,810 |
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| Current portion of debt |
7,785 |
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— |
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| Accrued customer credits |
2,590 |
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832 |
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| Income tax liability |
684 |
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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 |
12,137 |
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8,382 |
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| Accrued obligations to customers for stock rotation rights |
1,632 |
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1,410 |
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| Other |
7,780 |
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4,496 |
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$ |
104,723 |
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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) |
| 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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415 |
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22 |
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437 |
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| Balance at September 30, 2020 |
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$ |
(332) |
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$ |
(118) |
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$ |
(450) |
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