| Balance Sheet Details |
Balance Sheet Details Cash, cash equivalents and restricted cash consist of the following:
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March 31, 2020 |
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December 31, 2019 |
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(in thousands) |
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| Cash and cash equivalents |
$ |
98,373 |
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$ |
92,708 |
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| Short-term restricted cash |
10 |
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|
349 |
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| Long-term restricted cash |
57 |
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|
60 |
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| Total cash, cash equivalents and restricted cash |
$ |
98,440 |
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$ |
93,117 |
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As of March 31, 2020 and December 31, 2019, cash and cash equivalents included money market funds of approximately $20.4 million. As of March 31, 2020 and December 31, 2019, the Company has restricted cash of approximately $0.1 million and $0.4 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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March 31, 2020 |
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December 31, 2019 |
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(in thousands) |
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| Work-in-process |
$ |
14,485 |
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$ |
14,525 |
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| Finished goods |
16,603 |
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16,985 |
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$ |
31,088 |
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$ |
31,510 |
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Property and equipment, net consists of the following:
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Useful Life
(in Years) |
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March 31, 2020 |
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December 31, 2019 |
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(in thousands) |
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| Furniture and fixtures |
5 |
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$ |
2,206 |
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$ |
2,199 |
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| Machinery and equipment |
3-5 |
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36,851 |
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35,660 |
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| Masks and production equipment |
2-5 |
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15,194 |
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15,209 |
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| Software |
3 |
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6,118 |
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5,956 |
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| Leasehold improvements |
1-5 |
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15,255 |
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16,186 |
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| Construction in progress |
N/A |
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306 |
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746 |
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75,930 |
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75,956 |
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| Less: accumulated depreciation and amortization |
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(60,179) |
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(59,343) |
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$ |
15,751 |
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$ |
16,613 |
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Depreciation expense for the three months ended March 31, 2020 and 2019 was $1.6 million and $2.1 million, respectively.
Accrued price protection liability consists of the following activity:
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Three Months Ended March 31, |
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2020 |
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2019 |
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(in thousands) |
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| Beginning balance |
$ |
12,557 |
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$ |
16,454 |
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| Charged as a reduction of revenue |
1,399 |
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10,508 |
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| Payments |
(5,932) |
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(8,019) |
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| Ending balance |
$ |
8,024 |
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$ |
18,943 |
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Accrued expenses and other current liabilities consist of the following:
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March 31, 2020 |
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December 31, 2019 |
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(in thousands) |
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| Accrued technology license payments |
$ |
4,500 |
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$ |
4,500 |
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| Accrued professional fees |
2,715 |
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|
861 |
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| Accrued engineering and production costs |
2,068 |
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|
4,491 |
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| Accrued restructuring |
319 |
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|
294 |
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| Accrued royalty |
513 |
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|
923 |
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| Short-term lease liabilities |
4,751 |
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4,810 |
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| Accrued customer credits |
49 |
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|
832 |
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| Income tax liability |
109 |
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65 |
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| Customer contract liabilities |
14 |
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107 |
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| Accrued obligations to customers for price adjustments |
9,053 |
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8,382 |
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| Accrued obligations to customers for stock rotation rights |
1,572 |
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1,410 |
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| Other |
4,998 |
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4,496 |
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$ |
30,661 |
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$ |
31,171 |
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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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Interest Rate Hedge |
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Total |
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(in thousands) |
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| Balance at December 31, 2019 |
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$ |
(747) |
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$ |
(140) |
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$ |
(887) |
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| Current period other comprehensive income (loss) |
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(580) |
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(153) |
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(733) |
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| Balance at March 31, 2020 |
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$ |
(1,327) |
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$ |
(293) |
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$ |
(1,620) |
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