Balance Sheet Details

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Cash, cash equivalents and restricted cash consist of the following:


	December 31, 2022		December 31, 2021
	(in thousands)
Cash and cash equivalents	$	187,353	$	130,572
Short-term restricted cash	982		105
Long-term restricted cash	22		1,061
Total cash, cash equivalents and restricted cash	$	188,357	$	131,738

As of December 31, 2022 and December 31, 2021, cash and cash equivalents included money market funds of approximately $0.4 million and $20.4 million, respectively. As of December 31, 2022 and December 31, 2021, the Company had restricted cash of approximately $1.0 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:


	December 31, 2022		December 31, 2021
	(in thousands)

Work-in-process	$	97,840	$	72,369
Finished goods	62,704		59,334


	$	160,544	$	131,703

Property and equipment, net consists of the following:


	Useful Life (in Years)	December 31, 2022		December 31, 2021
		(in thousands)
Furniture and fixtures	5	$	3,924	$	3,917
Machinery and equipment	3-5	74,258		65,004
Masks and production equipment	2-5	50,970		32,099
Software	3	10,111		8,763
Leasehold improvements	1-5	34,236		30,889
Construction in progress	N/A	7,602		4,647
		181,101		145,319
Less: accumulated depreciation and amortization		(102,083)		(84,395)
		$	79,018	$	60,924

Depreciation expense for the years ended December 31, 2022, 2021, and 2020 was $20.3 million, $17.7 million and $11.3 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 in the consolidated balance sheet. Repayments of $2.0 million per year are 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:


	Year Ended December 31,
	2022		2021
	(in thousands)
Beginning balance	$	40,509	$	47,766

Charged as a reduction of revenue	180,538		81,116

Payments	(107,773)		(88,373)
Ending balance	$	113,274	$	40,509

Accrued expenses and other current liabilities consist of the following:


	December 31, 2022		December 31, 2021
	(in thousands)


Accrued technology license payments	$	7,402	$	7,337
Accrued professional fees	4,072		3,651
Accrued engineering and production costs	2,560		2,934
Accrued restructuring	1,082		320
Accrued royalty	1,662		2,080
Short-term lease liabilities	10,489		8,888
Accrued customer credits	304		5,136
Income tax liability	8,895		7,105
Customer contract liabilities	1,072		1,044
Accrued obligations to customers for price adjustments	52,392		6,721
Accrued obligations to customers for stock rotation rights	605		2,847
Contingent consideration	2,941		—
Other	6,679		9,205
	$	100,155	$	57,268

The following table summarizes the change in balances of accumulated other comprehensive income (loss) by component:


		Cumulative Translation Adjustments		Pension and Other Defined Benefit Plan Obligation		Total
	(in thousands)
Balance at December 31, 2020		$	263	$	1,172	$	1,435
Other comprehensive income (loss) before reclassifications, net of tax		(242)		932		690



Balance at December 31, 2021		21		2,104		2,125
Other comprehensive income (loss) before reclassifications, net of tax		(5,201)		2,055		(3,146)



Balance at December 31, 2022		$	(5,180)	$	4,159	$	(1,021)