Balance Sheet Details (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Balance Sheet Related Disclosures [Abstract] |
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| Summary of Cash and Cash Equivalents |
Cash, cash equivalents and restricted cash consist of the following:
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March 31, 2024 |
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December 31, 2023 |
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(in thousands) |
| Cash and cash equivalents |
|
$ |
191,882 |
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$ |
187,288 |
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| Short-term restricted cash |
|
1,028 |
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|
1,051 |
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| Long-term restricted cash |
|
20 |
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|
17 |
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| Total cash, cash equivalents and restricted cash |
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$ |
192,930 |
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$ |
188,356 |
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| Summary of Restriction Cash |
Cash, cash equivalents and restricted cash consist of the following:
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March 31, 2024 |
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December 31, 2023 |
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|
(in thousands) |
| Cash and cash equivalents |
|
$ |
191,882 |
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|
$ |
187,288 |
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| Short-term restricted cash |
|
1,028 |
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|
1,051 |
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| Long-term restricted cash |
|
20 |
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|
17 |
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| Total cash, cash equivalents and restricted cash |
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$ |
192,930 |
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$ |
188,356 |
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| Summary of Inventory |
Inventory consists of the following:
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March 31, 2024 |
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December 31, 2023 |
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(in thousands) |
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| Work-in-process |
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$ |
58,676 |
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$ |
60,368 |
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| Finished goods |
|
37,449 |
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|
39,540 |
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$ |
96,125 |
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$ |
99,908 |
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| Summary of Property and Equipment |
Property and equipment, net consists of the following:
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Useful Life
(in Years) |
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March 31, 2024 |
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December 31, 2023 |
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(in thousands) |
| Furniture and fixtures |
5 |
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$ |
3,958 |
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$ |
3,995 |
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| Machinery and equipment |
3-5 |
|
78,070 |
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|
76,732 |
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| Masks and production equipment |
2-5 |
|
59,948 |
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|
54,240 |
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| Software |
3 |
|
11,590 |
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|
11,427 |
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| Leasehold improvements |
1-5 |
|
34,712 |
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|
35,867 |
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| Construction in progress |
N/A |
|
570 |
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|
348 |
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|
188,848 |
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|
182,609 |
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| Less: accumulated depreciation and amortization |
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(120,510) |
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(116,178) |
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$ |
68,338 |
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$ |
66,431 |
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| Summary of Price Protection Liability |
Accrued price protection liability consists of the following activity:
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Three Months Ended March 31, |
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2024 |
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2023 |
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(in thousands) |
| Beginning balance |
$ |
71,684 |
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$ |
113,274 |
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| Charged as a reduction of revenue |
12,132 |
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|
28,536 |
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| Payments |
(18,583) |
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|
(38,013) |
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| Ending balance |
$ |
65,233 |
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$ |
103,797 |
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| Summary of Accrued Expenses |
Accrued expenses and other current liabilities consist of the following:
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March 31, 2024 |
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December 31, 2023 |
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(in thousands) |
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| Accrued technology license payments |
$ |
4,540 |
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$ |
3,843 |
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| Accrued professional fees |
4,921 |
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|
3,736 |
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| Accrued engineering and production costs |
5,620 |
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|
2,861 |
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| Accrued restructuring |
21,603 |
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|
8,301 |
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| Accrued royalty |
348 |
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|
603 |
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| Short-term lease liabilities |
9,167 |
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|
9,132 |
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| Accrued customer credits |
5,564 |
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|
3,984 |
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| Income tax liability |
379 |
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|
521 |
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| Customer contract liabilities |
1,597 |
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|
1,597 |
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| Accrued obligations to customers for price adjustments |
36,811 |
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|
54,837 |
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| Accrued obligations to customers for stock rotation rights |
401 |
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|
349 |
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| Contingent consideration - current portion |
2,535 |
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|
2,462 |
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| Other |
4,646 |
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|
6,242 |
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$ |
98,132 |
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$ |
98,468 |
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| Summary of Accumulated Other Comprehensive Income (Loss) by Component |
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, 2023 |
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$ |
(5,059) |
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$ |
1,268 |
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$ |
(3,791) |
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| Other comprehensive income (loss) before reclassifications, net of tax |
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(1,782) |
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— |
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(1,782) |
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| Balance at March 31, 2024 |
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$ |
(6,841) |
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$ |
1,268 |
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$ |
(5,573) |
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