| Balance Sheet Details |
Balance Sheet Details Cash, cash equivalents and restricted cash consist of the following:
|
|
|
|
|
|
|
|
|
|
September 30, 2019 |
|
December 31, 2018 |
|
(in thousands) |
Cash and cash equivalents |
$ |
66,115 |
|
|
$ |
73,142 |
|
Short-term restricted cash |
345 |
|
|
645 |
|
Long-term restricted cash |
64 |
|
|
404 |
|
Total cash, cash equivalents and restricted cash |
$ |
66,524 |
|
|
$ |
74,191 |
|
As of September 30, 2019 and December 31, 2018, cash and cash equivalents included $20.2 million and $0 of money market funds, respectively. As of September 30, 2019 and December 31, 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:
|
|
|
|
|
|
|
|
|
|
September 30, 2019 |
|
December 31, 2018 |
|
(in thousands) |
Work-in-process |
$ |
17,518 |
|
|
$ |
17,618 |
|
Finished goods |
20,124 |
|
|
24,120 |
|
|
$ |
37,642 |
|
|
$ |
41,738 |
|
Property and equipment, net consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
Useful Life
(in Years) |
|
September 30, 2019 |
|
December 31, 2018 |
|
|
|
(in thousands) |
Furniture and fixtures |
5 |
|
$ |
2,199 |
|
|
$ |
2,020 |
|
Machinery and equipment |
3-5 |
|
35,600 |
|
|
34,225 |
|
Masks and production equipment |
2-5 |
|
12,700 |
|
|
12,645 |
|
Software |
3 |
|
5,701 |
|
|
5,675 |
|
Leasehold improvements |
1-5 |
|
16,133 |
|
|
17,493 |
|
Construction in progress |
N/A |
|
883 |
|
|
133 |
|
|
|
|
73,216 |
|
|
72,191 |
|
Less accumulated depreciation and amortization |
|
|
(58,012 |
) |
|
(53,787 |
) |
|
|
|
$ |
15,204 |
|
|
$ |
18,404 |
|
Depreciation expense for the three months ended September 30, 2019 and 2018 was $1.7 million and $2.8 million, respectively. Depreciation expense for the nine months ended September 30, 2019 and 2018 was $5.6 million and $8.9 million, respectively.
Accrued price protection liability consists of the following activity:
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
2019 |
|
2018 |
|
(in thousands) |
Beginning balance |
$ |
16,454 |
|
|
$ |
21,571 |
|
Charged as a reduction of revenue |
19,884 |
|
|
25,848 |
|
Reversal of unclaimed rebates |
(719 |
) |
|
(2,412 |
) |
Payments |
(21,998 |
) |
|
(30,589 |
) |
Ending balance |
$ |
13,621 |
|
|
$ |
14,418 |
|
Accrued expenses and other current liabilities consist of the following:
|
|
|
|
|
|
|
|
|
|
September 30, 2019 |
|
December 31, 2018 |
|
(in thousands) |
Accrued technology license payments |
$ |
4,500 |
|
|
$ |
4,500 |
|
Accrued professional fees |
748 |
|
|
1,270 |
|
Accrued engineering and production costs |
1,625 |
|
|
646 |
|
Accrued restructuring |
303 |
|
|
1,946 |
|
Accrued royalty |
1,025 |
|
|
980 |
|
Short-term lease liabilities |
7,853 |
|
|
1,214 |
|
Accrued customer credits |
518 |
|
|
1,204 |
|
Income tax liability |
6 |
|
|
1,642 |
|
Customer contract liabilities |
71 |
|
|
71 |
|
Accrued obligations to customers for price adjustments |
6,437 |
|
|
7,558 |
|
Accrued obligations to customers for stock rotation rights |
1,750 |
|
|
1,494 |
|
Other |
2,269 |
|
|
995 |
|
|
$ |
27,105 |
|
|
$ |
23,520 |
|
The following table summarizes the change in balances of accumulated other comprehensive income (loss) by component:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative Translation Adjustments |
|
Interest Rate Hedge |
|
Total |
|
(in thousands) |
Balance at December 31, 2018 |
$ |
(907 |
) |
|
$ |
1,179 |
|
|
$ |
272 |
|
Current period other comprehensive income (loss) |
(167 |
) |
|
(1,273 |
) |
|
(1,440 |
) |
Balance at September 30, 2019 |
$ |
(1,074 |
) |
|
$ |
(94 |
) |
|
$ |
(1,168 |
) |
|