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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Taxes for Cayman and Non-Cayman Entities

The income (loss) before taxes for Cayman and Non-Cayman entities is as follows:

		Year Ended December 31
		2019				2020				2021
		US$				US$				US$
Cayman			(3,911	)			(17,067	)			(22,847	)
Non-Cayman			75,985				102,625				270,111
Income before taxes			72,074				85,558				247,264

Components of Income Tax Expense

The components of income tax provision (benefit) are as follows:

		Year Ended December 31
		2019				2020				2021
		US$				US$				US$
Current			6,558				6,479				49,005
Deferred			1,118				(667	)			(1,743	)
Income tax expense			7,676				5,812				47,262
Effective tax rate			10.7	%			6.8	%			19.1	%

Reconciliation of Income Tax Expense on Pretax Income at Statutory Rate and Income Tax Expense

The Company consists of a Cayman parent holding company with U.S. and other non-Cayman operations. The applicable Cayman statutory rate is zero for the Company for 2019, 2020, and 2021. A reconciliation of its income tax expense at the statutory rate and provision for income tax is shown below:

		Year Ended December 31
		2019				2020				2021
		US$				US$				US$
Tax expense at Cayman statutory rate			—				—				—
Differences between Cayman and other statutory tax rates			846				5,286				48,322
Permanent differences			4,109				1,441				(10,625	)
Temporary differences			638				(129	)			(400	)
Alternative minimum tax			1				1				1
Income tax on undistributed earnings			575				1,196				3,609
Net changes in income tax credit			3,917				20				1,261
Net changes in valuation allowance of deferred income tax assets			(1,820	)			2,439				1,066
Net operating loss carryforwards			(294	)			(1,180	)			180
Liabilities related to unrealized tax benefits			(171	)			(3,066	)			5,877
Adjustment of prior years’ taxes and others			(125	)			(196	)			(2,029	)
Income tax expense			7,676				5,812				47,262

Deferred Income Tax Assets (Liabilities)

Significant components of our deferred tax assets (liabilities) at the end of each period are as follows:

		December 31
		2020				2021
		US$				US$
Stock-based compensation			1,339				2,138
Allowance for sales return			324				365
Inventory reserve			1,925				1,918
Foreign currency translation			47				24
Property and equipment			(483	)			(343	)
Investment tax credits			4,512				3,251
Net operating loss carryforwards			16,754				18,654
Others			1,013				2,158
Valuation allowance			(20,816	)			(21,807	)
Net deferred tax assets			4,615				6,358

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows:

		Year Ended December 31
		2019				2020				2021
		US$				US$				US$
Balance, beginning of year			18,707				20,655				19,001
Increases in tax positions taken in current year			6,890				5,029				8,750
Decrease in tax position taken in prior year primarily related to the resolution of tax audit			(4,942	)			(6,683	)			(1,434	)
Balance, end of year			20,655				19,001				26,317

Summary of Major Jurisdictions and Tax Year Subject to Examination by Tax Authorities

The Company files income tax returns in the U.S. and foreign jurisdictions. The following table summarizes the Company’s major jurisdictions and tax year that remain subject to examination by tax authorities as of December 31, 2021:

Tax Jurisdiction		Tax Years
China		2018 and onward
Hong Kong		2018 and onward
Taiwan		2016 and onward
United States		2016 onward

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