Balance Sheet Details (Tables)
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9 Months Ended |
Sep. 30, 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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September 30, 2024 |
|
December 31, 2023 |
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|
(in thousands) |
| Cash and cash equivalents |
|
$ |
148,476 |
|
|
$ |
187,288 |
|
| Short-term restricted cash |
|
993 |
|
|
1,051 |
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| Long-term restricted cash |
|
23 |
|
|
17 |
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| Total cash, cash equivalents and restricted cash |
|
$ |
149,492 |
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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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September 30, 2024 |
|
December 31, 2023 |
|
|
(in thousands) |
| Cash and cash equivalents |
|
$ |
148,476 |
|
|
$ |
187,288 |
|
| Short-term restricted cash |
|
993 |
|
|
1,051 |
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| Long-term restricted cash |
|
23 |
|
|
17 |
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| Total cash, cash equivalents and restricted cash |
|
$ |
149,492 |
|
|
$ |
188,356 |
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| Summary of Inventory |
Inventory consists of the following:
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September 30, 2024 |
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December 31, 2023 |
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(in thousands) |
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| Work-in-process |
|
$ |
54,909 |
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|
$ |
60,368 |
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| Finished goods |
|
41,154 |
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|
39,540 |
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|
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|
|
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$ |
96,063 |
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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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September 30, 2024 |
|
December 31, 2023 |
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|
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(in thousands) |
| Furniture and fixtures |
5 |
|
$ |
3,944 |
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|
$ |
3,995 |
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| Machinery and equipment |
3-5 |
|
80,641 |
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|
76,732 |
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| Masks and production equipment |
5 |
|
62,676 |
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|
54,240 |
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| Software |
3 |
|
11,194 |
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|
11,427 |
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| Leasehold improvements |
1-5 |
|
35,401 |
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|
35,867 |
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| Construction in progress |
N/A |
|
686 |
|
|
348 |
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|
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|
194,542 |
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|
182,609 |
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| Less: accumulated depreciation and amortization |
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|
(131,049) |
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|
(116,178) |
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$ |
63,493 |
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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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Nine Months Ended September 30, |
|
2024 |
|
2023 |
|
(in thousands) |
| Beginning balance |
$ |
71,684 |
|
|
$ |
113,274 |
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|
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| Charged as a reduction of revenue |
42,042 |
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|
50,092 |
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| Reversal of unclaimed rebates |
(15,272) |
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|
— |
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| Payments |
(53,982) |
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|
(91,723) |
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| Ending balance |
$ |
44,472 |
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|
$ |
71,643 |
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| Summary of Accrued Expenses |
Accrued expenses and other current liabilities consist of the following:
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September 30, 2024 |
|
December 31, 2023 |
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(in thousands) |
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| Accrued technology license payments |
$ |
3,627 |
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$ |
3,843 |
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| Accrued professional fees |
4,196 |
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|
3,736 |
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| Accrued engineering and production costs |
5,461 |
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|
2,861 |
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| Accrued restructuring |
15,610 |
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|
8,301 |
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| Accrued royalty |
403 |
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|
603 |
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| Short-term lease liabilities |
9,799 |
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|
9,132 |
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| Accrued customer credits |
3,705 |
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|
3,984 |
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| Income tax liability |
421 |
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|
521 |
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| Customer contract liabilities |
164 |
|
|
1,597 |
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| Accrued obligations to customers for price adjustments |
20,558 |
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|
54,837 |
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| Accrued obligations to customers for stock rotation rights |
167 |
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|
349 |
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| Contingent consideration - current portion |
2,600 |
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|
2,462 |
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| Other |
4,486 |
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|
6,242 |
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$ |
71,197 |
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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 |
|
|
$ |
(5,059) |
|
|
|
|
$ |
1,268 |
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|
$ |
(3,791) |
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| Other comprehensive loss before reclassifications, net of tax |
|
|
(61) |
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— |
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(61) |
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| Balance at September 30, 2024 |
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|
$ |
(5,120) |
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|
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|
$ |
1,268 |
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|
$ |
(3,852) |
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