| Balance Sheet Details |
Balance Sheet Details
Cash, cash equivalents and restricted cash consist of the following:
|
|
|
|
|
|
|
|
|
|
March 31, 2018 |
|
December 31, 2017 |
|
(in thousands) |
Cash and cash equivalents |
$ |
55,645 |
|
|
$ |
71,872 |
|
Short-term restricted cash |
617 |
|
|
1,476 |
|
Long-term restricted cash |
1,071 |
|
|
1,064 |
|
Total cash, cash equivalents and restricted cash |
$ |
57,333 |
|
|
$ |
74,412 |
|
Inventory consists of the following:
|
|
|
|
|
|
|
|
|
|
March 31, 2018 |
|
December 31, 2017 |
|
(in thousands) |
Work-in-process |
$ |
21,102 |
|
|
$ |
21,823 |
|
Finished goods |
24,518 |
|
|
31,611 |
|
Inventory expected to be received from distributors as returns |
138 |
|
|
— |
|
|
$ |
45,758 |
|
|
$ |
53,434 |
|
Property and equipment, net consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
Useful Life
(in Years) |
|
March 31, 2018 |
|
December 31, 2017 |
|
|
|
(in thousands) |
Furniture and fixtures |
5 |
|
$ |
2,103 |
|
|
$ |
2,105 |
|
Machinery and equipment |
3-5 |
|
34,221 |
|
|
33,462 |
|
Masks and production equipment |
2 |
|
11,788 |
|
|
11,470 |
|
Software |
3 |
|
4,704 |
|
|
4,695 |
|
Leasehold improvements |
1-5 |
|
14,271 |
|
|
14,340 |
|
Construction in progress |
N/A |
|
1,980 |
|
|
639 |
|
|
|
|
69,067 |
|
|
66,711 |
|
Less accumulated depreciation and amortization |
|
|
(47,074 |
) |
|
(44,053 |
) |
|
|
|
$ |
21,993 |
|
|
$ |
22,658 |
|
Depreciation expense for the three months ended March 31, 2018 and 2017 was $3.1 million and $2.2 million, respectively.
Deferred revenue and deferred profit consist of the following:
|
|
|
|
|
|
|
|
|
|
March 31, 2018 |
|
December 31, 2017(1)
|
|
(in thousands) |
Deferred revenue—rebates |
$ |
— |
|
|
$ |
156 |
|
Deferred revenue—distributor transactions |
— |
|
|
5,341 |
|
Deferred cost of net revenue—distributor transactions |
— |
|
|
(1,135 |
) |
|
$ |
— |
|
|
$ |
4,362 |
|
__________
(1) Due to the adoption of ASC 606 using the modified retrospective method, prior period amounts have not been adjusted to reflect the change to recognize certain distributor sales upon sale to the distributor, or the sell-in method, from recognition upon the Company's sale to the distributors' end customers, or the sell-through method, which required the deferral of revenue and profit on such distributor sales.
Accrued price protection liability consists of the following activity:
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2018 |
|
2017 |
|
(in thousands) |
Beginning balance |
$ |
21,571 |
|
|
$ |
15,176 |
|
Charged as a reduction of revenue |
10,744 |
|
|
11,698 |
|
Reversal of unclaimed rebates |
(2,367 |
) |
|
— |
|
Payments |
(9,736 |
) |
|
(4,927 |
) |
Ending balance |
$ |
20,212 |
|
|
$ |
21,947 |
|
Accrued expenses and other current liabilities consist of the following:
|
|
|
|
|
|
|
|
|
|
March 31, 2018 |
|
December 31, 2017(1)
|
|
(in thousands) |
Accrued technology license payments |
$ |
4,500 |
|
|
$ |
4,500 |
|
Accrued professional fees |
857 |
|
|
1,497 |
|
Accrued engineering and production costs |
618 |
|
|
2,378 |
|
Accrued restructuring |
2,175 |
|
|
3,039 |
|
Accrued royalty |
1,027 |
|
|
1,206 |
|
Accrued leases—other |
1,129 |
|
|
1,105 |
|
Accrued customer credits |
1,315 |
|
|
2,667 |
|
Customer contract liabilities |
114 |
|
|
— |
|
Accrued obligations to customers for price adjustments |
10,729 |
|
|
— |
|
Accrued obligations to customers for stock rotation rights |
1,077 |
|
|
— |
|
Other |
2,172 |
|
|
3,914 |
|
|
$ |
25,713 |
|
|
$ |
20,306 |
|
___________
(1) Due to the adoption of ASC 606 using the modified retrospective method, prior period amounts have not been adjusted to include customer contract liabilities and accrued obligations to customers for price adjustments and stock rotation rights, which are now required to be estimated and disclosed at the time of sale.
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