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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2022
Equity [Abstract] |
Stockholders' Equity | Note 6. Stockholders’ Equity Follow-on public offering On February 22, 2021, the Company completed a follow-on public offering, in which it issued and sold 1,500,000 shares of its common stock and MegaChips Corporation ("MegaChips"), the Company's largest stockholder, sold 1,500,000 of the Company’s common stock held by it, resulting in net proceeds to the Company of $181.6 million after deducting underwriting discounts and commissions of $8.6 million and deferred offering costs of $0.3 million. Equity Incentive Plans The following table summarizes the restricted stock unit award (“RSU”), performance based restricted stock unit awards ("PRSU"), and multi-year performance restricted stock units ("MYPSU") activity for the three months ended March 31, 2022:
|  | RSU |  |  | Grant Date |  |  | PRSU |  |  | Grant Date |  |  | MYPSU |  |  | Grant Date |
|  | Number of |  |  | Fair Value |  |  | Number of |  |  | Fair Value |  |  | Number of |  |  | Fair Value |
|  | Shares |  |  | per share |  |  | Shares |  |  | per share |  |  | Shares |  |  | per share |
Unvested at December 31, 2021 |  |  | 2,227,197 |  |  | $ | 40.6 |  |  |  | 58,954 |  |  | $ | 261.4 |  |  |  | — |  |  | $ | - |
Granted |  |  | 173,291 |  |  |  | 232.8 |  |  |  | 11,202 |  |  |  | 233.1 |  |  |  | 311,872 |  |  |  | 88.6 |
Vested |  |  | (217,358 | ) |  |  | 45.9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | (5,352 | ) |  |  | 117.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unvested at March 31, 2022 |  |  | 2,177,778 |  |  | $ | 55.1 |  |  |  | 70,156 |  |  | $ | 256.9 |  |  |  | 311,872 |  |  | $ | 88.6 |
On August 4, 2020, the Compensation Committee of the Company adopted and approved the Executive Bonus and Retention Plan (the “Bonus and Retention Plan”). In each of January and July 2021, the Compensation Committee approved target bonus amounts and performance goals for the first half and second half, respectively, of the fiscal year 2021 (the “2021 Goals”). In January 2022, the Compensation Committee approved target bonus amounts and performance goals for the first half of the fiscal year 2022 (the “1H2022 Goals”). The 2021 Goals and 1H2022 Goals are based on the achievement of revenue and Non-GAAP operating profit, as well as individual performance goals. The awards for the actual payouts are granted in the quarter following the end of the performance period. The target bonuses were granted based on a fixed dollar amount to be settled in RSUs on the vesting date and hence the awards have been classified as liability-based awards until settled. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statements. The liability of $0.5 million for 1H2022 Goals was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet as of March 31, 2022. In December 2021, the Compensation Committee of the Company approved PRSUs with performance goals for the year 2022 (the “PRSU 2022 Goals”). The PRSU 2022 Goals are based on the achievement of revenue. These grants are included in the RSU awards granted in the table above. In February 2022, the Compensation Committee of the Company approved and granted to certain of the Company’s executive officers MYPSUs with vesting based on achievement of stock price targets, which are measured based on the 60-trading day average per share closing price of the Company’s common stock on the Nasdaq Global Market during the performance periods of up to six years from the date of grant, subject to the continued service of the grantee through the vest date. The grant-date fair value of each MYPSU was determined using Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation included expected volatility of 44.4%, risk free rate of 1.83%, no expected dividend yield, expected term of six years and possible future stock prices over the performance period based on historical stock and market prices. The Company recognizes the expense related to the MYPSUs on a graded-vesting method over the requisite service period. Stock-Based Compensation The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Equity based awards |  |  |  |  |  |
Cost of revenue |  | $ | 638 |  |  | $ | 384 |
Research and development |  |  | 5,374 |  |  |  | 2,456 |
Selling, general and administrative |  |  | 7,736 |  |  |  | 3,335 |
|  | $ | 13,748 |  |  | $ | 6,175 |
Liability based awards - to be settled in equity |  |  |  |  |  |
Cost of revenue |  | $ | 19 |  |  | $ | 17 |
Research and development |  |  | 220 |  |  |  | 204 |
Selling, general and administrative |  |  | 293 |  |  |  | 264 |
|  | $ | 532 |  |  | $ | 485 |
Total stock-based compensation - equity and liability based |  | $ | 14,280 |  |  | $ | 6,660 |
Liability-based awards - cash settled |  |  |  |  |  |
Cost of revenue |  | $ | — |  |  | $ | 102 |
Research and development |  |  | — |  |  |  | 106 |
Selling, general and administrative |  |  | — |  |  |  | 108 |
|  | $ | — |  |  | $ | 316 |
Total stock-based compensation expense |  | $ | 14,280 |  |  | $ | 6,976 |
Stock-based compensation expense recorded to additional paid-in capital |  |  |  |  |  |
Equity based awards |  | $ | 13,748 |  |  | $ | 6,175 |
Liability based awards - settled in equity |  |  | 1,489 |  |  |  | 1,191 |
Total stock-based compensation expense recorded to additional paid-in capital |  | $ | 15,237 |  |  | $ | 7,366 |
As of March 31, 2022, there was $1 11.3 million, $15.5 million, $26.3 million and $1.0 million of unrecognized compensation costs related to RSUs granted, PRSUs granted, MYPSUs granted, and liability-based awards granted, respectively. The unrecognized compensation cost is expected to be recognized over a weighted average period of 3.2 years for RSUs, 4.0 years for PRSUs, 1.6 years for MYPSUs and 0.4 years for liability-based awards.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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