| Balance Sheet Details |
Balance Sheet Details Cash, cash equivalents, and restricted cash consist of the following:
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December 31, 2019 |
|
December 31, 2018 |
|
(in thousands) |
Cash and cash equivalents |
$ |
92,708 |
|
|
$ |
73,142 |
|
Short-term restricted cash |
349 |
|
|
645 |
|
Long-term restricted cash |
60 |
|
|
404 |
|
Total cash, cash equivalents and restricted cash |
$ |
93,117 |
|
|
$ |
74,191 |
|
As of December 31, 2019 and December 31, 2018, cash and cash equivalents included $20.4 million and $0 of money market funds, respectively. As of December 31, 2019 and 2018, the Company has restricted cash of $0.4 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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December 31, 2019 |
|
December 31, 2018 |
|
(in thousands) |
Work-in-process |
$ |
14,525 |
|
|
$ |
17,618 |
|
Finished goods |
16,985 |
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|
24,120 |
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|
$ |
31,510 |
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|
$ |
41,738 |
|
Property and equipment consist of the following:
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Useful Life
(in Years)
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December 31, 2019 |
|
December 31, 2018 |
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|
|
(in thousands) |
Furniture and fixtures |
5 |
|
$ |
2,199 |
|
|
$ |
2,020 |
|
Machinery and equipment |
3-5 |
|
35,660 |
|
|
34,225 |
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Masks and production equipment |
2-5 |
|
15,209 |
|
|
12,645 |
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Software |
3 |
|
5,956 |
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|
5,675 |
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Leasehold improvements |
1-5 |
|
16,186 |
|
|
17,493 |
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Construction in progress |
N/A |
|
746 |
|
|
133 |
|
|
|
|
75,956 |
|
|
72,191 |
|
Less accumulated depreciation and amortization |
|
|
(59,343 |
) |
|
(53,787 |
) |
|
|
|
$ |
16,613 |
|
|
$ |
18,404 |
|
Depreciation expense for the years ended December 31, 2019, 2018, and 2017 was $7.3 million, $11.1 million, and $12.0 million, respectively.
Accrued price protection liability consists of the following activity:
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Years Ended December 31, |
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2019 |
|
2018 |
|
(in thousands) |
Beginning balance |
$ |
16,454 |
|
|
$ |
21,571 |
|
Charged as a reduction of revenue |
24,449 |
|
|
34,288 |
|
Reversal of unclaimed rebates |
(42 |
) |
|
(2,413 |
) |
Payments |
(28,304 |
) |
|
(36,992 |
) |
Ending balance |
$ |
12,557 |
|
|
$ |
16,454 |
|
Accrued expenses and other current liabilities consist of the following:
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December 31, 2019 |
|
December 31, 2018(1)
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|
(in thousands) |
Accrued technology license payments |
$ |
4,500 |
|
|
$ |
4,500 |
|
Accrued professional fees |
861 |
|
|
1,270 |
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Accrued engineering and production costs |
4,491 |
|
|
646 |
|
Accrued restructuring |
294 |
|
|
1,946 |
|
Accrued royalty |
923 |
|
|
980 |
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Short-term lease liabilities |
4,810 |
|
|
1,214 |
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Accrued customer credits |
832 |
|
|
1,204 |
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Income tax liability |
65 |
|
|
784 |
|
Customer contract liabilities |
107 |
|
|
71 |
|
Accrued obligations to customers for price adjustments |
8,382 |
|
|
7,558 |
|
Accrued obligations to customers for stock rotation rights |
1,410 |
|
|
1,494 |
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Other |
4,496 |
|
|
6,615 |
|
|
$ |
31,171 |
|
|
$ |
28,282 |
|
___________
(1) Due to the adoption of ASC 842 on January 1, 2019 with a cumulative effect adjustment to accumulated deficit, prior period amounts have not been adjusted to include short-term lease payment obligations.
The following table summarizes the balances in accumulated other comprehensive income (loss) by component:
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Cumulative Translation Adjustments |
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Interest Rate Hedge |
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Total |
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(in thousands) |
Balance at December 31, 2017 |
|
$ |
562 |
|
|
$ |
477 |
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|
$ |
1,039 |
|
Other comprehensive income (loss) before reclassifications, net of tax |
|
(1,572 |
) |
|
702 |
|
|
(870 |
) |
Net current period other comprehensive income (loss) |
|
(1,572 |
) |
|
702 |
|
|
(870 |
) |
Cumulative effect of adoption of new accounting principles |
|
103 |
|
|
— |
|
|
103 |
|
Balance at December 31, 2018 |
|
(907 |
) |
|
1,179 |
|
|
272 |
|
Other comprehensive income (loss) before reclassifications, net of tax |
|
160 |
|
|
(1,319 |
) |
|
(1,159 |
) |
Net current period other comprehensive income (loss) |
|
160 |
|
|
(1,319 |
) |
|
(1,159 |
) |
Balance at December 31, 2019 |
|
$ |
(747 |
) |
|
$ |
(140 |
) |
|
$ |
(887 |
) |
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