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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | The Company leases various facilities in the U.S., Asia and Europe under non-cancellable operating lease arrangements that expire on various dates through July 2027. These arrangements require the Company to pay certain operating expenses, such as taxes, repairs and insurance, and contain renewal and escalation clauses. The table below presents the Company’s right-of-use assets and lease liabilities as of December 31, 2024 (in thousands):
|  | As of December 31, 2024
Operating leases |
Right-of-use assets: |
| Other non-current assets | $ | 11,539 |  |
Total right-of-use assets | $ | 11,539 |  |
Lease liabilities: |
| Accrued liabilities | $ | 4,744 |  |
| Other non-current liabilities |  | 7,194 |  |
Total operating lease liabilities | $ | 11,938 |  |
The aggregate future lease payments for the Company’s operating leases as of December 31, 2024 were as follows (in thousands):
2025 | $ | 4,978 |  |
2026 | 4,913 |  |
2027 | 2,441 |  |
Total lease payments | 12,332 |  |
Less: imputed interest | (394) |  |
Present value of lease liabilities | $ | 11,938 |  |
The components of lease costs were as follows (in thousands):
|  |  |  | Year Ended December 31, 2024
Operating lease costs |  |  | $ | 4,314 |  |
Short-term lease costs |  |  |  |  | 536 |  |
Total lease costs |  |  |  |  | $ | 4,850 |  |
Average lease terms and discount rates for the Company’s operating leases were as follows (in thousands):
| As of December 31, 2024 |
Weighted-average remaining term (in years) | 2.5 |  |
Weighted-average discount rate | 3.18 |  | % |
Supplemental cash flow information for the Company’s operating leases were as follows (in thousands):
|  | Year Ended December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash flows from operating leases | $ | 5,403 |
Right-of-use assets obtained in exchange for new lease liabilities | $ | — |  |
Corporate Headquarters Lease On May 2, 2019, the Company entered into a sublease agreement (the “Sublease”) with Marvell Semiconductor, Inc. (“Sublandlord”) for its corporate headquarters and research and development space located at 2300 Orchard Parkway, San Jose, California, 95131 (the “Premises”). The term of the Sublease is approximately eight years and began on December 1, 2019, the date the Company commenced business operations at the Premises. The Sublease provides for monthly base rent of approximately $262,000 per month for the first year with annual increases thereafter. The total base rent through the end of the term of the Sublease will total approximately $33.8 million. In addition to base rent, the Company will also be responsible for operating and other facility expenses. The Company has accounted for the lease under ASC 842 and has a right-of-use asset of $11.5 million recorded in other non-current assets and has lease liabilities of $4.7 million and $7.2 million, recorded in accrued liabilities and other non-current liabilities, respectively, in the consolidated balance sheets as of December 31, 2024. The Company had a right-of-use asset of $16.4 million recorded in other non-current assets and has lease liabilities of $5.0 million and $11.8 million, recorded in accrued liabilities and other non-current liabilities, respectively, in the consolidated balance sheets as of December 31, 2023.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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