Balance Sheet Details (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Balance Sheet Related Disclosures [Abstract] |
|
| Summary of Cash and Cash Equivalents |
Cash, cash equivalents and restricted cash consist of the following:
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December 31, 2024 |
|
December 31, 2023 |
|
(in thousands) |
| Cash and cash equivalents |
$ |
118,575 |
|
|
$ |
187,288 |
|
| Short-term restricted cash |
1,003 |
|
|
1,051 |
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| Long-term restricted cash |
25 |
|
|
17 |
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| Total cash, cash equivalents and restricted cash |
$ |
119,603 |
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|
$ |
188,356 |
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| Summary of Restricted Cash |
Cash, cash equivalents and restricted cash consist of the following:
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December 31, 2024 |
|
December 31, 2023 |
|
(in thousands) |
| Cash and cash equivalents |
$ |
118,575 |
|
|
$ |
187,288 |
|
| Short-term restricted cash |
1,003 |
|
|
1,051 |
|
| Long-term restricted cash |
25 |
|
|
17 |
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| Total cash, cash equivalents and restricted cash |
$ |
119,603 |
|
|
$ |
188,356 |
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| Summary of Inventory |
Inventory consists of the following:
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December 31, 2024 |
|
December 31, 2023 |
|
(in thousands) |
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| Work-in-process |
$ |
53,979 |
|
|
$ |
60,368 |
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| Finished goods |
36,364 |
|
|
39,540 |
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|
|
|
|
|
|
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$ |
90,343 |
|
|
$ |
99,908 |
|
|
| Summary of Property and Equipment, Net |
Property and equipment, net consists of the following:
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Useful Life
(in Years) |
|
December 31, 2024 |
|
December 31, 2023 |
|
|
|
(in thousands) |
| Furniture and fixtures |
5 |
|
$ |
3,937 |
|
|
$ |
3,995 |
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| Machinery and equipment |
3-5 |
|
80,804 |
|
|
76,732 |
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| Masks and production equipment |
5 |
|
63,803 |
|
|
54,240 |
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| Software |
3 |
|
11,178 |
|
|
11,427 |
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| Leasehold improvements |
1-5 |
|
34,981 |
|
|
35,867 |
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| Construction in progress |
N/A |
|
898 |
|
|
348 |
|
|
|
|
195,601 |
|
|
182,609 |
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| Less: accumulated depreciation and amortization |
|
|
(136,301) |
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|
(116,178) |
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|
|
|
$ |
59,300 |
|
|
$ |
66,431 |
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|
| Summary of Accrued Price Protection Liability |
Accrued price protection liability consists of the following activity:
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Year Ended December 31, |
|
2024 |
|
2023 |
|
(in thousands) |
| Beginning balance |
$ |
71,684 |
|
|
$ |
113,274 |
|
|
|
|
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| Charged as a reduction of revenue |
34,070 |
|
|
62,644 |
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| Reversal of unclaimed rebates |
(17,736) |
|
|
— |
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| Payments |
(44,617) |
|
|
(104,234) |
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| Ending balance |
$ |
43,401 |
|
|
$ |
71,684 |
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| Summary of Accrued Expenses and Other Current Liabilities |
Accrued expenses and other current liabilities consist of the following:
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|
December 31, 2024 |
|
December 31, 2023 |
|
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|
(in thousands) |
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| Accrued technology license payments |
$ |
4,336 |
|
|
$ |
3,843 |
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| Accrued professional fees |
7,103 |
|
|
3,736 |
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| Accrued engineering and production costs |
3,080 |
|
|
2,861 |
|
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| Accrued restructuring |
11,022 |
|
|
8,301 |
|
|
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| Accrued royalty |
438 |
|
|
603 |
|
|
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| Short-term lease liabilities |
9,413 |
|
|
9,132 |
|
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| Accrued customer credits |
1,011 |
|
|
3,984 |
|
|
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| Income tax liability |
745 |
|
|
521 |
|
|
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| Customer contract liabilities |
114 |
|
|
1,597 |
|
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| Accrued obligations to customers for price adjustments |
42,954 |
|
|
54,837 |
|
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| Accrued obligations to customers for stock rotation rights |
252 |
|
|
349 |
|
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| Contingent consideration – current portion |
2,600 |
|
|
2,462 |
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| Other |
4,340 |
|
|
6,242 |
|
|
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$ |
87,408 |
|
|
$ |
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 |
|
Total |
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(in thousands) |
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| 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 income (loss) before reclassifications, net of tax |
|
|
121 |
|
|
|
|
(206) |
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|
(85) |
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| Reclassification adjustments of unrealized gain (loss) on pension and other defined benefit plans, net of tax |
|
|
— |
|
|
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|
(2,685) |
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|
(2,685) |
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| Net current period other comprehensive income (loss) |
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|
121 |
|
|
|
|
(2,891) |
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|
(2,770) |
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| Balance at December 31, 2023 |
|
|
(5,059) |
|
|
|
|
1,268 |
|
|
(3,791) |
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| Other comprehensive income (loss) before reclassifications, net of tax |
|
|
(3,030) |
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|
|
|
(19) |
|
|
(3,049) |
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| Reclassification adjustments of unrealized gain (loss) on pension and other defined benefit plans, net of tax |
|
|
— |
|
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|
17 |
|
|
17 |
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| Net current period other comprehensive income (loss) |
|
|
(3,030) |
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|
(2) |
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|
(3,032) |
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| Balance at December 31, 2024 |
|
|
$ |
(8,089) |
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|
$ |
1,266 |
|
|
$ |
(6,823) |
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