| Balance Sheet Details |
Balance Sheet Details
Cash, cash equivalents and restricted cash consist of the following:
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March 31, 2022 |
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December 31, 2021 |
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(in thousands) |
| Cash and cash equivalents |
$ |
151,111 |
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$ |
130,572 |
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| Short-term restricted cash |
105 |
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|
105 |
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| Long-term restricted cash |
1,037 |
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1,061 |
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| Total cash, cash equivalents and restricted cash |
$ |
152,253 |
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$ |
131,738 |
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As of March 31, 2022 and December 31, 2021, cash and cash equivalents included money market funds of approximately $0 and $20.4 million, respectively. As of March 31, 2022 and December 31, 2021, the Company had restricted cash of approximately $1.1 million and $1.2 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, 2022 |
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December 31, 2021 |
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(in thousands) |
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| Work-in-process |
$ |
74,191 |
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$ |
72,369 |
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| Finished goods |
64,850 |
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59,334 |
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$ |
139,041 |
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$ |
131,703 |
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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, 2022 |
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December 31, 2021 |
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(in thousands) |
| Furniture and fixtures |
5 |
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$ |
3,956 |
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$ |
3,917 |
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| Machinery and equipment |
3-5 |
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66,524 |
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65,004 |
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| Masks and production equipment |
2-5 |
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32,284 |
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32,099 |
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| Software |
3 |
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8,921 |
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8,763 |
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| Leasehold improvements |
1-5 |
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31,239 |
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30,889 |
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| Construction in progress |
N/A |
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5,891 |
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4,647 |
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148,815 |
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145,319 |
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| Less: accumulated depreciation and amortization |
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(88,793) |
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(84,395) |
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$ |
60,022 |
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$ |
60,924 |
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Depreciation expense for the three months ended March 31, 2022 and 2021 was $4.8 million and $3.7 million, respectively.
In March 2022, the Company entered into a note receivable with a supplier for $10.0 million, which is included in other long-term assets on the consolidated balance sheet. Repayments of $2.0 million per year is due annually by March 31, in years 2024 through 2027; provided that certain production utilization targets for the prior year are met.
Accrued price protection liability consists of the following activity:
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Three Months Ended March 31, |
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2022 |
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2021 |
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(in thousands) |
| Beginning balance |
$ |
40,509 |
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$ |
47,766 |
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| Charged as a reduction of revenue |
41,473 |
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24,423 |
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| Payments |
(13,633) |
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(17,160) |
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| Ending balance |
$ |
68,349 |
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$ |
55,029 |
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Accrued expenses and other current liabilities consist of the following:
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March 31, 2022 |
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December 31, 2021 |
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(in thousands) |
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| Accrued technology license payments |
$ |
5,988 |
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$ |
7,337 |
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| Accrued professional fees |
3,565 |
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3,651 |
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| Accrued engineering and production costs |
4,076 |
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2,934 |
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| Accrued restructuring |
295 |
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320 |
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| Accrued royalty |
1,911 |
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2,080 |
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| Short-term lease liabilities |
8,588 |
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8,888 |
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| Accrued customer credits |
1,932 |
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5,136 |
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| Income tax liability |
7,931 |
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7,105 |
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| Customer contract liabilities |
1,089 |
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1,044 |
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| Accrued obligations to customers for price adjustments |
29,226 |
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6,721 |
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| Accrued obligations to customers for stock rotation rights |
2,498 |
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2,847 |
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| Other |
8,454 |
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9,205 |
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$ |
75,553 |
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$ |
57,268 |
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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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Pension and Other Defined Benefit Plan Obligation |
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Total |
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(in thousands) |
| Balance at December 31, 2021 |
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$ |
21 |
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$ |
2,104 |
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$ |
2,125 |
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| Other comprehensive income (loss) before reclassifications, net of tax |
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(1,075) |
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— |
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(1,075) |
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| Balance at March 31, 2022 |
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$ |
(1,054) |
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$ |
2,104 |
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$ |
1,050 |
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