| Balance Sheet Details |
Balance Sheet Details
Cash, cash equivalents and restricted cash consist of the following:
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March 31, 2023 |
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December 31, 2022 |
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(in thousands) |
| Cash and cash equivalents |
$ |
207,850 |
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$ |
187,353 |
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| Short-term restricted cash |
964 |
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|
982 |
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| Long-term restricted cash |
22 |
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22 |
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| Total cash, cash equivalents and restricted cash |
$ |
208,836 |
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$ |
188,357 |
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As of March 31, 2023 and December 31, 2022, cash and cash equivalents included money market funds of approximately $20.5 million and $0.4 million, respectively. As of March 31, 2023 and December 31, 2022, the Company had restricted cash of approximately $1.0 million and $1.0 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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March 31, 2023 |
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December 31, 2022 |
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(in thousands) |
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| Work-in-process |
$ |
88,654 |
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$ |
97,840 |
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| Finished goods |
60,931 |
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62,704 |
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$ |
149,585 |
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$ |
160,544 |
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Property and equipment, net consists of the following:
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Useful Life
(in Years) |
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March 31, 2023 |
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December 31, 2022 |
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(in thousands) |
| Furniture and fixtures |
5 |
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$ |
3,935 |
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$ |
3,924 |
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| Machinery and equipment |
3-5 |
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77,427 |
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74,258 |
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| Masks and production equipment |
2-5 |
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53,848 |
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50,970 |
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| Software |
3 |
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13,517 |
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10,111 |
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| Leasehold improvements |
1-5 |
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35,335 |
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34,236 |
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| Construction in progress |
N/A |
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532 |
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7,602 |
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184,594 |
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181,101 |
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| Less: accumulated depreciation and amortization |
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(106,903) |
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(102,083) |
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$ |
77,691 |
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$ |
79,018 |
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Depreciation expense for the three months ended March 31, 2023 and 2022 was $6.4 million and $4.8 million, respectively.
In March 2022, the Company entered into a note receivable with a supplier for $10.0 million, of which $2.0 million and $8.0 million are included in prepaid expenses and other current assets and other long-term assets, respectively, on the consolidated balance sheet as of March 31, 2023, and $10.0 million is included in other long-term assets as of December 31, 2022. Repayments of $2.0 million per year are due annually by March 31, from 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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Three Months Ended March 31, |
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2023 |
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2022 |
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(in thousands) |
| Beginning balance |
$ |
113,274 |
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$ |
40,509 |
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| Charged as a reduction of revenue |
28,536 |
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41,473 |
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| Payments |
(38,013) |
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(13,633) |
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| Ending balance |
$ |
103,797 |
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$ |
68,349 |
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Accrued expenses and other current liabilities consist of the following:
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March 31, 2023 |
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December 31, 2022 |
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(in thousands) |
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| Accrued technology license payments |
$ |
5,619 |
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$ |
7,402 |
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| Accrued professional fees |
3,451 |
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4,072 |
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| Accrued engineering and production costs |
2,089 |
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2,560 |
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| Accrued restructuring |
3,176 |
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1,082 |
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| Accrued royalty |
1,345 |
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1,662 |
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| Short-term lease liabilities |
10,063 |
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10,489 |
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| Accrued customer credits |
508 |
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304 |
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| Income tax liability |
12,840 |
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8,895 |
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| Customer contract liabilities |
1,072 |
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1,072 |
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| Accrued obligations to customers for price adjustments |
62,324 |
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52,392 |
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| Accrued obligations to customers for stock rotation rights |
739 |
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605 |
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| Contingent consideration - current portion |
3,000 |
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2,941 |
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| Other |
6,717 |
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6,679 |
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$ |
112,943 |
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$ |
100,155 |
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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, 2022 |
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$ |
(5,180) |
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$ |
4,159 |
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$ |
(1,021) |
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| Other comprehensive loss before reclassifications, net of tax |
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(192) |
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— |
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(192) |
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| Balance at March 31, 2023 |
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$ |
(5,372) |
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$ |
4,159 |
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$ |
(1,213) |
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