| Balance Sheet Details |
Balance Sheet Details Cash, cash equivalents, and restricted cash consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
December 31, 2019 |
|
(in thousands) |
| Cash and cash equivalents |
$ |
148,901 |
|
|
$ |
92,708 |
|
| Short-term restricted cash |
115 |
|
|
349 |
|
| Long-term restricted cash |
1,018 |
|
|
60 |
|
| Total cash, cash equivalents and restricted cash |
$ |
150,034 |
|
|
$ |
93,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2020 and December 31, 2019, cash and cash equivalents included $20.4 million and $20.4 million of money market funds, respectively. As of December 31, 2020 and 2019, the Company has restricted cash of $1.1 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
December 31, 2019 |
|
(in thousands) |
| Work-in-process |
$ |
35,852 |
|
|
$ |
14,525 |
|
| Finished goods |
61,987 |
|
|
16,985 |
|
|
$ |
97,839 |
|
|
$ |
31,510 |
|
Prepaid and other current assets consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
December 31, 2019 |
|
(in thousands) |
| Prepaid expenses |
$ |
7,674 |
|
|
$ |
3,366 |
|
| Other receivables |
32,762 |
|
|
— |
|
| Other current assets |
6,985 |
|
|
3,426 |
|
|
$ |
47,421 |
|
|
$ |
6,792 |
|
As of December 31, 2020, other receivables of $32.8 million consist of amounts due from Intel of approximately $28.4 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 approximately $4.4 million for reimbursement of certain severance and other personnel-related costs pursuant to the Asset Purchase Agreement (Note 3).
Property and equipment consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Useful Life
(in Years) |
|
December 31, 2020 |
|
December 31, 2019 |
|
|
|
(in thousands) |
| Furniture and fixtures |
5 |
|
$ |
2,524 |
|
|
$ |
2,199 |
|
| Machinery and equipment |
3-5 |
|
55,456 |
|
|
35,660 |
|
| Masks and production equipment |
2-5 |
|
19,205 |
|
|
15,209 |
|
| Software |
3 |
|
7,194 |
|
|
5,956 |
|
| Leasehold improvements |
1-5 |
|
16,871 |
|
|
16,186 |
|
| Construction in progress |
N/A |
|
8,050 |
|
|
746 |
|
|
|
|
109,300 |
|
|
75,956 |
|
| Less accumulated depreciation and amortization |
|
|
(69,830) |
|
|
(59,343) |
|
|
|
|
$ |
39,470 |
|
|
$ |
16,613 |
|
Depreciation expense for the years ended December 31, 2020, 2019, and 2018 was $11.3 million, $7.3 million, and $11.1 million, respectively.
Accrued price protection liability consists of the following activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
2020 |
|
2019 |
|
(in thousands) |
| Beginning balance |
$ |
12,557 |
|
|
$ |
16,454 |
|
|
|
|
|
| Charged as a reduction of revenue |
48,942 |
|
|
24,449 |
|
| Reversal of unclaimed rebates |
(159) |
|
|
(42) |
|
| Payments |
(13,574) |
|
|
(28,304) |
|
| Ending balance |
$ |
47,766 |
|
|
$ |
12,557 |
|
Accrued expenses and other current liabilities consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
December 31, 2019 |
|
(in thousands) |
| Deferred purchase price payments |
$ |
34,484 |
|
|
$ |
— |
|
| Payables under transition services agreement |
17,420 |
|
|
— |
|
|
|
|
|
| Accrued technology license payments |
5,821 |
|
|
4,500 |
|
| Accrued professional fees |
2,620 |
|
|
861 |
|
| Accrued engineering and production costs |
3,448 |
|
|
4,491 |
|
| Accrued restructuring |
3,628 |
|
|
294 |
|
|
|
|
|
| Accrued royalty |
1,965 |
|
|
923 |
|
| Short-term lease liabilities |
8,144 |
|
|
4,810 |
|
|
|
|
|
| Accrued customer credits |
1,135 |
|
|
832 |
|
|
|
|
|
| Income tax liability |
1,193 |
|
|
65 |
|
| Customer contract liabilities |
29 |
|
|
107 |
|
| Accrued obligations to customers for price adjustments |
10,277 |
|
|
8,382 |
|
| Accrued obligations to customers for stock rotation rights |
2,036 |
|
|
1,410 |
|
| Other |
13,642 |
|
|
4,496 |
|
|
$ |
105,842 |
|
|
$ |
31,171 |
|
As of December 31, 2020, other payables of $17.4 million consist of amounts due to Intel of approximately $9.1 million for purchases of inventory and $8.3 million for other operating expenses incurred by Intel on behalf of MaxLinear under the transition services agreement (Note 3).
The following table summarizes the balances in accumulated other comprehensive income (loss) by component:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative Translation Adjustments |
|
Interest Rate Hedge |
|
Pension and Other Defined Benefit Plan Obligation |
|
Total |
|
|
(in thousands) |
| Balance at December 31, 2018 |
|
|
$ |
(907) |
|
|
$ |
1,179 |
|
|
$ |
— |
|
|
$ |
272 |
|
| Other comprehensive income (loss) before reclassifications, net of tax |
|
|
160 |
|
|
(1,319) |
|
|
— |
|
|
(1,159) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at December 31, 2019 |
|
|
(747) |
|
|
(140) |
|
|
— |
|
|
(887) |
|
| Other comprehensive income (loss) before reclassifications, net of tax |
|
|
1,010 |
|
|
225 |
|
|
1,172 |
|
|
2,407 |
|
| Amounts reclassified, net of tax |
|
|
— |
|
|
(85) |
|
|
— |
|
|
(85) |
|
| Net current period other comprehensive income (loss) |
|
|
1,010 |
|
|
140 |
|
|
1,172 |
|
|
2,322 |
|
|
|
|
|
|
|
|
|
|
|
| Balance at December 31, 2020 |
|
|
$ |
263 |
|
|
$ |
— |
|
|
$ |
1,172 |
|
|
$ |
1,435 |
|
|