| Balance Sheet Details |
Balance Sheet Details
Cash, cash equivalents and restricted cash consist of the following:
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September 30, 2022 |
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December 31, 2021 |
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(in thousands) |
| Cash and cash equivalents |
$ |
181,496 |
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$ |
130,572 |
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| Short-term restricted cash |
971 |
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|
105 |
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| Long-term restricted cash |
26 |
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|
1,061 |
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| Total cash, cash equivalents and restricted cash |
$ |
182,493 |
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$ |
131,738 |
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As of September 30, 2022 and December 31, 2021, cash and cash equivalents included money market funds of approximately $0.4 million and $20.4 million, respectively. As of September 30, 2022 and December 31, 2021, the Company had restricted cash of approximately $1.0 million and $1.2 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, 2022 |
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December 31, 2021 |
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(in thousands) |
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| Work-in-process |
$ |
101,637 |
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$ |
72,369 |
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| Finished goods |
64,333 |
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59,334 |
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$ |
165,970 |
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$ |
131,703 |
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Property and equipment, net consists of the following:
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Useful Life
(in Years) |
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September 30, 2022 |
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December 31, 2021 |
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(in thousands) |
| Furniture and fixtures |
5 |
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$ |
3,897 |
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$ |
3,917 |
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| Machinery and equipment |
3-5 |
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71,383 |
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65,004 |
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| Masks and production equipment |
2-5 |
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38,932 |
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32,099 |
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| Software |
3 |
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9,977 |
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8,763 |
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| Leasehold improvements |
1-5 |
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33,579 |
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30,889 |
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| Construction in progress |
N/A |
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4,915 |
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4,647 |
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162,683 |
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145,319 |
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| Less: accumulated depreciation and amortization |
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(95,602) |
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(84,395) |
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$ |
67,081 |
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$ |
60,924 |
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Depreciation expense for the three months ended September 30, 2022 and 2021 was $5.1 million and $4.7 million, respectively. Depreciation expense for the nine months ended September 30, 2022 and 2021 was $14.7 million and $12.0 million, respectively.
In March 2022, the Company entered into a note receivable with a supplier for $10.0 million, which is included in other long-term assets on the consolidated balance sheet. Repayments of $2.0 million per year are due annually by March 31, in years 2024 through 2027, provided that certain production utilization targets for the prior year are met.
Accrued price protection liability consists of the following activity:
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Nine Months Ended September 30, |
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2022 |
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2021 |
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(in thousands) |
| Beginning balance |
$ |
40,509 |
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$ |
47,766 |
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| Charged as a reduction of revenue |
142,473 |
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60,488 |
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| Payments |
(66,391) |
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(58,843) |
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| Ending balance |
$ |
116,591 |
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$ |
49,411 |
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Accrued expenses and other current liabilities consist of the following:
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September 30, 2022 |
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December 31, 2021 |
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(in thousands) |
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| Accrued technology license payments |
$ |
5,878 |
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$ |
7,337 |
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| Accrued professional fees |
3,934 |
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3,651 |
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| Accrued engineering and production costs |
2,787 |
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2,934 |
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| Accrued restructuring |
224 |
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320 |
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| Accrued royalty |
1,346 |
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2,080 |
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| Short-term lease liabilities |
10,437 |
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8,888 |
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| Accrued customer credits |
3,118 |
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5,136 |
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| Income tax liability |
8,435 |
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7,105 |
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| Customer contract liabilities |
1,028 |
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|
1,044 |
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| Accrued obligations to customers for price adjustments |
45,954 |
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6,721 |
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| Accrued obligations to customers for stock rotation rights |
1,465 |
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2,847 |
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| Contingent consideration |
2,882 |
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— |
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| Other |
6,926 |
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9,205 |
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$ |
94,414 |
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$ |
57,268 |
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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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Pension and Other Defined Benefit Plan Obligation |
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Total |
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(in thousands) |
| Balance at December 31, 2021 |
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$ |
21 |
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$ |
2,104 |
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$ |
2,125 |
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| Other comprehensive loss before reclassifications, net of tax |
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(7,441) |
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— |
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(7,441) |
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| Balance at September 30, 2022 |
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$ |
(7,420) |
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$ |
2,104 |
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$ |
(5,316) |
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