Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Silicon Motion Technology Corporation |
Entity Filer Category | Large Accelerated Filer |
Entity File Number | 000-51380 |
Entity Well-known Seasoned Issuer | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Voluntary Filers | No |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Address, Address Line One | Flat C, 19/F, Wing Cheong Commercial Building |
Entity Address, Address Line Two | Nos 19-25 Jervois Street |
Entity Address, Country | HK |
Entity Central Index Key | 0001329394 |
Entity Address, City or Town | Hong Kong Island |
Entity Incorporation, State or Country Code | E9 |
Entity Common Stock, Shares Outstanding | 132,215,732 |
Entity Address, Postal Zip Code | 0000 |
ICFR Auditor Attestation Flag | true |
Auditor Name | Deloitte & Touche |
Auditor Firm ID | 1060 |
Auditor Location | Taipei, Taiwan |
American Depositary Shares [Member] | |
Document Information [Line Items] | |
Security Exchange Name | NASDAQ |
Title of 12(b) Security | American Depositary Shares, each representing four ordinary shares |
Trading Symbol | SIMO |
Ordinary shares[Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary shares, par value US$0.01 per share |
No Trading Symbol Flag | true |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 690 N. McCarthy Blvd. Suite 200 |
Entity Address, Country | US |
Entity Address, City or Town | Milpitas |
Entity Address, State or Province | CA |
Contact Personnel Fax Number | 1 408 519 7101 |
Country Region | 1 |
City Area Code | 408 |
Local Phone Number | 519 7200 |
Entity Address, Postal Zip Code | 95035 |
Contact Personnel Name | Riyadh Lai |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 232,179 | $ 360,082 |
Notes and accounts receivable, net | 206,105 | 208,574 |
Inventories | 287,964 | 163,104 |
Restricted assets-current | 49,490 | 48,506 |
Prepaid expenses and other current assets | 12,184 | 37,846 |
Total current assets | 787,922 | 818,112 |
Long-term investments | 9,267 | 8,541 |
Property and equipment, net | 139,434 | 124,478 |
Deferred income tax assets, net | 8,884 | 6,358 |
Operating lease assets | 8,149 | 5,616 |
Other assets | 7,594 | 8,223 |
Total assets | 961,250 | 971,328 |
Current Liabilities | ||
Notes and accounts payable | 36,023 | 80,768 |
Income tax payable | 42,114 | 44,201 |
Refund liabilities | 6,471 | 3,882 |
Accrued expenses and other current liabilities | 99,260 | 152,668 |
Total current liabilities | 183,868 | 281,519 |
Other long-term liabilities | 44,781 | 32,177 |
Total liabilities | 228,649 | 313,696 |
Commitments and Contingencies (Note 17) | ||
Shareholders' Equity | ||
Ordinary Shares at US$0.01 par value per share Authorized: 500,000 thousand shares Issued and outstanding: 139,764 thousand shares in 2021 and 132,216 thousand shares in 2022 | 1,322 | 1,398 |
Additional paid-in capital | 303,564 | 294,656 |
Accumulated other comprehensive income (loss) | 2,595 | (540) |
Retained earnings | 425,120 | 412,129 |
Treasury Stock | (50,011) | |
Total shareholders' equity | 732,601 | 657,632 |
Total liabilities and shareholders' equity | $ 961,250 | $ 971,328 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Ordinary Shares, par value | $ 0.01 | $ 0.01 |
Ordinary Shares, Authorized | 500,000 | 500,000 |
Ordinary Shares, Issued | 132,216 | 139,764 |
Ordinary Shares, outstanding | 132,216 | 139,764 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
NET SALES | $ 945,921 | $ 922,100 | $ 539,521 |
COST OF SALES | 480,090 | 461,305 | 279,365 |
GROSS PROFIT | 465,831 | 460,795 | 260,156 |
OPERATING EXPENSES | |||
Research and development | 188,532 | 164,291 | 121,784 |
Sales and marketing | 31,537 | 28,813 | 24,805 |
General and administrative | 31,447 | 21,822 | 15,604 |
Impairment of goodwill | 0 | 0 | 17,489 |
Loss from settlement of litigation | 390 | 0 | 0 |
Total operating expenses | 251,906 | 214,926 | 179,682 |
OPERATING INCOME | 213,925 | 245,869 | 80,474 |
NON-OPERATING INCOME (EXPENSES) | |||
Loss from disposal of subsidiary | (293) | ||
Unrealized holding gain on investment | 896 | 0 | 0 |
Gain from disposal of short-term investments | 169 | ||
Interest income | 2,707 | 1,279 | 4,636 |
Foreign exchange gain (loss), net | (4,880) | 193 | 619 |
Interest expense | (71) | (11) | |
Other income (loss), net | 1 | (77) | (36) |
Total non-operating income (loss) | (1,347) | 1,395 | 5,084 |
INCOME BEFORE INCOME TAX | 212,578 | 247,264 | 85,558 |
INCOME TAX EXPENSE | 40,068 | 47,262 | 5,812 |
NET INCOME | $ 172,510 | $ 200,002 | $ 79,746 |
EARNINGS PER ORDINARY SHARE: | |||
Basic | $ 1.3 | $ 1.43 | $ 0.57 |
Diluted | $ 1.29 | $ 1.43 | $ 0.57 |
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING | |||
Basic (Thousands) | 133,027 | 139,405 | 139,421 |
Diluted (Thousands) | 133,553 | 139,968 | 139,910 |
EARNINGS PER ADS (one ADS equals four ordinary shares): | |||
Basic | $ 5.19 | $ 5.74 | $ 2.29 |
Diluted | $ 5.17 | $ 5.72 | $ 2.28 |
WEIGHTED AVERAGE ADS OUTSTANDING | |||
Basic (Thousands) | 33,257 | 34,851 | 34,855 |
Diluted (Thousands) | 33,388 | 34,992 | 34,978 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $ 172,510 | $ 200,002 | $ 79,746 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX EFFECT OF NIL | |||
Change in net foreign currency translation adjustments | 3,739 | (227) | 497 |
Change in deferred pension gain (loss) | (604) | 36 | (61) |
OTHER COMPREHENSIVE INCOME (LOSS) | 3,135 | (191) | 436 |
TOTAL COMPREHENSIVE INCOME | $ 175,645 | $ 199,811 | $ 80,182 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Ordinary Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (accumulated deficit) | Treasury Stock |
Beginning Balance at Dec. 31, 2019 | $ 536,784 | $ 1,391 | $ 265,210 | $ (785) | $ 270,968 | $ 0 |
Beginning Balance, shares at Dec. 31, 2019 | 139,110 | |||||
Net income | 79,746 | 79,746 | ||||
Other comprehensive income (loss) | 436 | 436 | ||||
Stock-based compensation expenses | 14,589 | 14,589 | ||||
Issuance of ordinary shares upon exercise of restricted stock units, shares | 1,564 | |||||
Issuance of ordinary shares upon exercise of restricted stock units | (22) | $ 16 | (38) | |||
Share repurchase | (25,044) | (25,044) | ||||
Treasury stock retired (Shares) | (2,506) | |||||
Treasury stock retired | $ (25) | (4,629) | (20,390) | 25,044 | ||
Dividends declared | (48,747) | (48,747) | ||||
Ending Balance at Dec. 31, 2020 | 557,742 | $ 1,382 | 275,132 | (349) | 281,577 | |
Ending Balance, shares at Dec. 31, 2020 | 138,168 | |||||
Net income | 200,002 | 200,002 | ||||
Other comprehensive income (loss) | (191) | (191) | ||||
Stock-based compensation expenses | 19,545 | 19,545 | ||||
Issuance of ordinary shares upon exercise of restricted stock units, shares | 1,596 | |||||
Issuance of ordinary shares upon exercise of restricted stock units | (5) | $ 16 | (21) | |||
Share repurchase | (50,011) | (50,011) | ||||
Dividends declared | (69,450) | (69,450) | ||||
Ending Balance at Dec. 31, 2021 | $ 657,632 | $ 1,398 | 294,656 | (540) | 412,129 | (50,011) |
Ending Balance, shares at Dec. 31, 2021 | 139,764 | 139,764 | ||||
Net income | $ 172,510 | 172,510 | ||||
Other comprehensive income (loss) | 3,135 | 3,135 | ||||
Stock-based compensation expenses | 26,661 | 26,661 | ||||
Issuance of ordinary shares upon exercise of restricted stock units, shares | 1,186 | |||||
Issuance of ordinary shares upon exercise of restricted stock units | (39) | $ 12 | (51) | |||
Share repurchase | (128,840) | (128,840) | ||||
Treasury stock retired (Shares) | (8,734) | |||||
Treasury stock retired | $ (88) | (17,702) | (161,061) | 178,851 | ||
Adjustment to dividends paid | 1,542 | 1,542 | ||||
Ending Balance at Dec. 31, 2022 | $ 732,601 | $ 1,322 | $ 303,564 | $ 2,595 | $ 425,120 | $ 0 |
Ending Balance, shares at Dec. 31, 2022 | 132,216 | 132,216 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||||||||||
Dividends declared, per share | $ 0 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.5 | $ 0.35 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 172,510 | $ 200,002 | $ 79,746 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 18,931 | 17,160 | 13,562 |
Loss on pension curtailment or settlement | 156 | 0 | 0 |
Gain from disposal of short-term investments | (169) | ||
Loss from disposal of subsidiary | 293 | ||
Unrealized holding gain on investment | (896) | 0 | 0 |
Stock-based compensation | 26,661 | 19,545 | 14,589 |
Loss on disposal of property and equipment | 7 | 208 | 143 |
Impairment of goodwill | 17,489 | ||
Deferred income taxes | (2,526) | (1,743) | (667) |
Changes in operating assets and liabilities: | |||
Short-term investments | 2,391 | ||
Notes and accounts receivable | 2,469 | (92,749) | (7,091) |
Inventories | (102,846) | (78,095) | (21,723) |
Prepaid expenses and other current assets | 3,648 | 1,230 | (5,031) |
Other assets | (974) | 35 | 172 |
Notes and accounts payable | (44,745) | 36,233 | 13,848 |
Refund liabilities | 2,589 | 1,777 | (154) |
Accrued expenses and other current liabilities | 676 | 26,394 | 7,328 |
Income tax payable | (2,087) | 37,315 | 4,421 |
Other liabilities | 10,319 | 7,386 | (1,918) |
Net cash provided by operating activities | 83,892 | 174,698 | 117,229 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of long-term investment | (3,507) | (2,000) | |
Purchase of property and equipment | (32,942) | (24,657) | (19,545) |
Net cash used in investing activities | (32,942) | (28,164) | (21,545) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Repayments of bank loan | (40,000) | (50,000) | |
Proceeds from bank loan | 40,000 | 50,000 | |
Dividends paid | (49,941) | (54,039) | (48,901) |
Share repurchase | (133,155) | (45,696) | (25,013) |
Net cash used in financing activities | (183,096) | (99,735) | (73,914) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (132,146) | 46,799 | 21,770 |
EFFECT OF EXCHANGE RATE CHANGES | 3,678 | (487) | (812) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR | 415,523 | 369,211 | 348,253 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF YEAR | 287,055 | 415,523 | 369,211 |
SUPPLEMENTAL INFORMATION | |||
Interest paid | 71 | 11 | |
Income taxes paid | 33,985 | 3,523 | 8,518 |
Non-Cash Investing and Financing Activities: | |||
Unpaid purchase of property and equipment included in accounts payable and accrued liabilities | 4,957 | 2,281 | 2,105 |
Dividend declared included in accrued expenses and accrued liabilities | $ 101 | $ 51,681 | $ 36,658 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations | 1. ORGANIZATION AND OPERATIONS Silicon Motion Technology Corporation (“SMTC”, collectively with its subsidiaries the “Company”) is the global leader in supplying NAND flash controllers for solid state storage devices. The Company is a world-leading supplier of SSD controllers for servers, PCs and other client devices and is a leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications. The Company also supplies customized high-performance and specialized industrial and automotive SSD solutions. Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs. For further information on Silicon Motion, visit us at www.siliconmotion.com. Merger Agreement with MaxLinear, Inc. On May 5, 2022, the Company entered into an Agreement and Plan of Merger, or the Merger Agreement, with MaxLinear Inc. (“MaxLinear”) and Shark Merger Sub, a wholly-owned subsidiary of MaxLinear, pursuant to which, among other things and subject to the terms and conditions thereof, MaxLinear agreed to acquire the Company pursuant to a statutory merger under the laws of the Cayman Islands of Shark Merger Sub with and into the Company, with the Company surviving the merger as a wholly-owned subsidiary of MaxLinear. MaxLinear is a provider of communications systems-on-chip, or SoC, solutions used in broadband, mobile and wireline infrastructure, data center, and industrial and multi-market applications. Under the terms of the Merger Agreement, the transaction consideration will consist of US$93.54 in cash and 0.388 shares of MaxLinear common stock for each American Depositary Share, or ADS, of the Company (other than ADSs representing certain customary excluded shares) and shares of MaxLinear common stock for each ordinary share of the Company not represented by ADSs (other than certain customary excluded shares), in each case, with cash in lieu of any fractional shares of MaxLinear common stock as set forth in the Merger Agreement. Upon closing of the transaction, the current MaxLinear stockholders are expected to own approximately of the combined company and former security holders of the Company are expected to own approximately of the combined company. Based on the closing price of MaxLinear shares on May 4, 2022, the implied value of the total transaction consideration for the Company is approximately billion. Pursuant to the Merger Agreement, MaxLinear will assume the Company’s vested and unvested employee stock-based compensation awards. The merger is not subject to any financing conditions but is pending satisfaction of customary closing conditions, including antitrust approval in the People’s Republic of China. On June 27, 2022, the waiting period under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) expired with respect to the pending merger. If the parties have not closed the merger by June 27, 2023, they will need to re-file under the HSR Act. On July 13, 2022, MaxLinear’s registration statement on Form S-4, which registered shares of MaxLinear common stock to be issued in the merger, was declared effective by the SEC. On August 31, 2022, the SMTC security holders approved the merger at an extraordinary general meeting. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of SMTC and its wholly-owned subsidiaries. The Company owns 100% of the outstanding shares in all of its subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. The actual results could differ from those estimates. Concentration of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to a significant concentration of credit risk consist principally of cash equivalents and accounts receivable. Cash and cash equivalents are maintained with high quality financial institutions, the composition and maturities of which are regularly monitored by management. The Company believes that the concentration of credit risk in its trade receivables is substantially mitigated by the Company’s credit evaluation process, relatively short collection terms and the high level of credit worthiness of its customers. The Company performs ongoing credit evaluations of its customers’ financial conditions and limits the amount of credit extended based upon payment history and the customer’s current credit worthiness. The Company regularly reviews the allowance for bad debt and doubtful accounts or expected losses during the accounts receivable collection process by considering factors, such as historical write-off Historically, a relatively small number of customers have accounted for a significant portion of our net revenue. Sales to one customer in 2020, and two customers in 2021 and 2022 accounted for 10% or more of our net revenue, representing 24%, 36% and 45% of our net revenue in 2020, 2021 and 2022, respectively. In 2020, the significant customer was Micron. In 2021, the significant customers were Intel and Micron and in 2022, were Micron and SK Hynix. The Company’s top ten customers in 2020, 2021 and 2022 accounted for approximately 71%, 76% and 81% of net sales, respectively. Fair Value of Financial Instruments The carrying amount of the Company’s financial instruments, including cash and cash equivalents, notes and accounts receivable and notes and accounts payables approximates fair value due to the short-term maturity of the instruments. Long-term investments in listed companies over which we do not exercise significant influence are recorded at fair value, and any changes in fair value are recognized in net income. Long-term investments in privately-held companies with no readily determinable market value are recorded using the cost method, since the cost of obtaining verifiable fair value is unreasonably high. These investments are measured at cost less impairment, if any, plus or minus any changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Any resulting change in carrying amount would be reflected in net income. The Company’s long-term liabilities approximate their fair values as they contain interest rates that vary according to market interest rates. Fair value is the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that assets or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the Company. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 — Use unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Use observable inputs other than Level 1 prices such as quoted prices for identical or similar instruments in markets that are not active, quoted prices for similar instruments in active markets, and model- based valuation in which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Use inputs that are generally unobservable and reflect the use of significant management judgments and estimates. Cash Equivalents The Company considers all highly liquid instruments acquired with a remaining maturity of three months or less when purchased to be cash equivalents. In addition, time deposits with maturities ranging from more than three months to one year qualify as cash equivalents because they can be readily converted into known amounts of cash without advance notice with the principal protected and not subject to penalty in an early withdrawal. Allowance for Doubtful Accounts An allowance for doubtful accounts is provided based on a review of the collectability of accounts receivables. The Company determines the amount of allowance for doubtful accounts by examining the historical collection experience, current trends in the credit quality of its customers and its internal credit policies as well as current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect a customer’s ability to pay. Inventories Inventories Long-term Investments Investee companies over which the Company had the ability to exercise significant influence but did not have a controlling interest and was the primary beneficiary were accounted for using the equity method. Significant influence was generally considered to exist when the Company had an ownership interest in the voting shares of the investee between 20% and 50% and other factors, such as representation in the investee’s board of directors, voting rights and the impact of commercial arrangements, were considered in determining whether the equity method of accounting was appropriate. Under this method of accounting, the Company recorded its proportionate share of the net earnings or losses of equity method investees and a corresponding increase or decrease to the investment balances. The Company evaluated its equity method investments for impairment whenever events or changes in circumstances indicated that the carrying amounts of such investments might not be recoverable. Long-term investments in listed companies over which we do not exercise significant influence are recorded at fair value, and any changes in fair value are recognized in net income. The Company elected to record equity investments of the privately-held companies without readily determinable fair values and not accounted for by the equity method at cost less impairment and adjusted for subsequent changes in fair value. Property and Equipment Property and Depreciation is computed using the straight-line method over estimated useful lives that range as follows: buildings — 25 to 50 years; machinery and equipment — 2 to 6 years; furniture and fixtures — 3 to 8 years; software — 1 to 5 years; leasehold and buildings improvement — the shorter of the estimated useful life or lease term, which is generally 2 to 6 years. Land is not depreciated. Depreciation expense on property and equipment were approximately US$13,562 thousand, US$17,160 thousand and US$18,931 thousand for the years ended December 31, 2020, 2021 and 2022, respectively. Upon the sale or other disposal of property and equipment, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is credited or charged to operating income. Lease The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) expense for these leases is recognized on a straight line basis over the lease term. Goodwill Goodwill is the excess of the purchase price paid over the fair value of the net tangible and intangible assets acquired in a business combination. Impairment of Goodwill and Long-Lived Assets The Company evaluates the recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying value may not be recoverable. The determination of recoverability is based on an estimate of undiscounted cash flows expected to result from the use of an asset and its eventual disposition. The estimate of cash flows is based upon, among other things, certain assumptions about expected future operating performance, growth rates and other factors. Estimates of undiscounted cash flows may differ from actual cash flows due to, among other things, technological changes, economic conditions, changes to the business model or changes in operating performance. If the sum of the undiscounted cash flows is less than the carrying value, an impairment loss is recognized, measured as the amount by which the carrying value exceeds the fair value of the asset. Fair value is determined by reference to quoted market prices, if available, or discounted cash flows, as appropriate. See Note 8, “Goodwill,” regarding impairment testing in fiscal year 2020. The Company monitors the recoverability of goodwill recorded in connection with acquisitions, by reporting unit, annually, or sooner if events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company conducts its annual impairment test of goodwill on November 30. Reporting units may be operating segments as a whole or an operation one level below an operating segment, referred to as a component. Estimating fair value is performed by utilizing various valuation approaches, such as income approach or market approach. The total of all reporting unit fair values is also compared to the Company’s market capitalization plus control premium for reasonableness. See Note 8, “Goodwill,” regarding impairment testing. Other Assets Other assets primarily consist of deposits for building construction and office leases. Restricted Assets Restricted assets consist of restricted cash and cash set aside as collateral for obtaining foundry capacity. Other long-term liabilities Other long-term liabilities primarily consist of deposit from construction in progress, noncurrent lease liabilities and unrecognized tax benefit. Revenue Recognition The Company recognizes revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Under the revenue recognition standard of Accounting Standards Codification Topic 606, Revenue from Contracts with Customer (ASC 606), the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. The Company enters into contracts that may include products that are capable of being distinct and accounted for as separate performance obligations. To date, the majority of the revenue has been generated by sales associated with products, where a single performance obligation is identified in general. Revenue from services has been insignificant. Performance obligations associated with product sales transactions are generally satisfied when control passes to customers upon shipment or the written acceptance of the customers. Accordingly, product revenue is recognized at a point in time when control of the asset is transferred to the customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a product to a customer in an amount that reflects the consideration to which it is entitled in exchange for those goods. Some of the Company’s sales are made to distributors and revenue is recognized when control of a product passes to the distributor upon shipment and terms and payment by the distributor are not contingent on resale of the product. The Company grants certain distributors limited rights of return and price protection rights on unsold products. The return rights are generally limited to five percent of the monetary value of products purchased within the preceding six months, provided that the distributor places a corresponding restocking order of equal or greater value. An allowance for sales returns for distributors and all customers is recorded at the time of sale based on historical returns information available, management’s judgment and any known factors at the time the financial statements are prepared that would significantly affect the allowance. Price protection rights are based on the inventory of products the distributors have on hand at the date the price protection is offered. Actual price adjustments to distributors incurred by the Company have been minimal. The Company provides warranty for its products. Warranty returns have been infrequent and relate to defective or off-specification parts. Research and Development Research and development costs are expensed as incurred. Research and development expense consists primarily of personnel-related expenses, including stock-based compensation, as well as product masks, IP licensing, design tool and testing costs, equipment depreciation, amortization of intangible assets and an allocated portion of occupancy costs. Income Taxes The provision for income tax represents income tax paid and payable for the current year plus changes in the deferred income tax assets and liabilities during the years. Deferred income tax assets are recognized for net operating loss carryforwards, research and development credits, and temporary differences. The Company believes that uncertainty exists regarding the realizability of certain deferred income tax assets and, accordingly, has established a valuation allowance for those deferred income tax assets to the extent the realizability is not deemed to be more likely than not. Deferred income tax assets and liabilities are measured using enacted tax rates. The Company utilizes a two steps approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained in a dispute with taxing authorities, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense. Foreign Currency Transactions Foreign currency transactions are recorded at the rates of exchange in effect when the transaction occurs. Gains or losses, resulting from the application of different foreign exchange rates when cash in foreign currency is converted into the entities’ functional currency, or when foreign currency receivables and payables are settled, are credited or charged to income in the period of conversion or settlement. At the balance sheet date, assets and liabilities denominated in foreign currencies are remeasured based on prevailing exchange rates and any resulting gains or losses are credited or charged to income. Translation of Foreign Currency Financial Statements The reporting currency of the Company is the U.S. dollars. The functional currency of some of the Company’s subsidiaries is the local currency of the respective entity. Accordingly, the financial statements of the foreign subsidiaries were translated into U.S. dollars at the following exchange rates: assets and liabilities — current rate on the balance sheet date; shareholders’ equity — historical rates; income and expenses — average rate during the period. The resulting translation adjustment is recorded as a separate component of comprehensive income. Comprehensive Income (Loss) Comprehensive income and loss represents net income (loss) plus the results of certain changes in shareholders’ equity during a period from non-owner Year Ended December 31, 2020 Year Ended December 31, 2021 Year Ended December 31, 2022 US$ US$ US$ Foreign Defined Accumulated Foreign Defined Accumulated Foreign Defined Accumulated Beginning balance (92 ) (693 ) (785 ) 405 (754 ) (349 ) 178 (718 ) (540 ) Current-period change 497 (61 ) 436 (227 ) 36 (191 ) 3,739 (604 ) 3,135 Ending balance 405 (754 ) (349 ) 178 (718 ) (540 ) 3,917 (1,322 ) 2,595 Legal Contingencies The Company is regularly involved in various claims and legal proceedings. Periodically, the Company revi ews accrues a liability for the estimated loss. Because of unce rt Earnings Per Share Basic earnings per share are computed by dividing net earnings attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share are computed by dividing ne Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718 Compensation — Stock Compensation. The value of our restricted stock units is based on the fair value of our shares on the date of grant and expensed over the vesting period. The fair value of RSUs is measured based on the grant date share price, less the present value of expected dividends during the vesting period, discounted at a risk-free interest rate. Treasury Stock Treasury stock is stated at cost and shown as a reduction to shareholders’ equity. The Company retires ordinary shares repurchased. Accordingly, upon retirement the excess of the purchase price over par value is allocated between additional paid-in Recent Accounting Pronouncements In July 2021, the FASB issued an accounting update, which requires lessors to classify leases as operating leases if they have variable lease payments that do not depend on an index or rate and would have selling losses at lease commencement if they were classified as sales-type or direct financing leases. This amendment is effective for fiscal years beginning after December 15, 2021. Early adoption is permitted. The adoption of this amendment did not have a material impact on the Company’s results of operations, financial position, cash flows or financial statement disclosures. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | 3. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH December 31 2021 2022 US$ US$ Cash and deposits in bank 135,099 70,787 Time deposits 189,544 143,267 Repurchase agreements 35,439 18,125 Total cash and cash equivalents 360,082 232,179 Restricted cash 55,441 54,876 415,523 287,055 |
Notes and Accounts Receivable
Notes and Accounts Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Notes and Accounts Receivable | 4. NOTES AND ACCOUNTS RECEIVABLE December 31 2021 2022 US$ US$ Trade accounts receivable 209,114 206,674 Allowance for doubtful accounts (540 ) (569 ) 208,574 206,105 The changes in the allowances are summarized as follows: Year Ended December 31 2020 2021 2022 US$ US$ US$ Allowances for doubtful accounts Balance, beginning of year 1,617 1,561 540 Additions (reversals) charged to expense, net 15 (21 ) 29 Write-offs (71 ) (1,000 ) — Balance, end of year 1,561 540 569 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. INVENTORIES The components of inventories are as follows: December 31 2021 2022 US$ US$ Finished goods 39,896 98,307 Work in process 56,146 111,530 Raw materials 67,062 78,127 163,104 287,964 The Company wrote down US$6,883 thousand, US$5,689 thousand and US$15,833 thousand in 2020, 2021 and 2022, respectively, for obsolete or unmarketable inventory. |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Long-Term Investments | 6. LONG-TERM INVESTMENTS As of December 31, 2021 and 2022, the Company held equity investments in several privately-held companies with the carrying value as follows: Percentage December 31 2021 2022 2021 2022 US$ US$ Equity securities measured at cost: Cashido Corp. (Cashido) 0.6 % 0.6 % — — Vastview Technology, Corp. (Vastview) 2.9 % 2.9 % — — Kinara, Inc (Kinara) 14.4 % 14.1 % 6,500 6,500 BIWIN Storage Technology Corp.(BIWIN) 0.3 % — 2,041 — 8,541 6,500 Marketable equity securities: BIWIN Storage Technology Corp.(BIWIN) — 0.3 % — 2,767 8,541 9,267 In June 2018, the Company invested US$3,000 thousand in the preferred stock of Kinara which is accounted for under the cost method. Kinara , er In July 2021, the Company invested US$2,041 thousand in the common stock of BIWIN, which is a leading module maker in China focusing on solid state storage devices and is one of our customers and was listed on the Science and Technology Innovation Board of Shanghai Stock Exchange in December 2022. The Company had an unrealized holding gain of US$896 thousand as of December 31, 2022. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 7. PROPERTY AND EQUIPMENT December 31 2021 2022 US$ US$ Cost: Land 68,243 68,243 Buildings 30,006 29,314 Machinery and equipment 44,128 56,995 Furniture and fixtures 8,254 8,737 Leasehold and buildings improvement 8,680 9,057 Software 41,621 45,333 Total 200,932 217,679 Accumulated depreciation: Buildings 5,840 6,356 Machinery and equipment 28,567 36,283 Furniture and fixtures 6,017 6,333 Leasehold and buildings improvement 7,156 7,689 Software 35,143 41,503 82,723 98,164 Prepayment and construction in progress 6,269 19,919 124,478 139,434 In April 2006, the Company leased a property located in Taipei, Taiwan to a third party. The lessee has been renewing annually and last renewed in March 2023. Net carrying value of the properties as of December 31, 2021 and 2022, was US$636 thousand and US$617 thousand, respectively. Annual rental income from the lease is US$44 thousand. In January 2022, the Company leased out a property located in Shanghai, China to a third party for three years starting on September 30, 2022. Net carrying value of the propert y In September 2018, the Company paid US$58,931 thousand to acquir e la |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 8. GOODWILL Goodwill is not amortized, but instead is reviewed and tested for impairment at least annually and whenever events or circumstances occur which indicate that goodwill might be impaired. Goodwill that resulted from the Company’s acquisition of Shannon Systems in 2015 and Bigtera in 2017 were US$33,204 thousand and US$625 thousand, respectively. Goodwill is tested for impairment annually on November 30. Total goodwill was nil as of December 31, 2020 after recognizing an impairment charge for the Shannon reporting unit. The Company applied a one-step to December 31 2020 US$ Cost Disposal of Accumulated Foreign Net Goodwill 100,129 (25,117 ) (74,974 ) (38 ) — |
Short-Term Bank Loans
Short-Term Bank Loans | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Short-Term Bank Loans | 9. SHORT-TERM BANK LOANS The Company has a US dollar bank revolver credit facilities from which it drew down and repaid US$ thousand The interest expenses for the years ended December 31, 2020, 2021 and 2022 were US$11 thousand, nil and US$71 thousand, respectively. |
Refund Liabilities
Refund Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Refund Liabilities | 10. REFUND LIABILITIES December 31 2021 2022 US$ US$ Refund liabilities 3,882 6,471 Estimated sales returns and other allowances are made and adjusted based on historical experience and the consideration of varying contractual terms. The changes in the refund liabilities are summarized as follows: Year Ended December 31 2021 2022 US$ US$ Refund liabilities Balance, beginning of year 2,105 3,882 Additions 9,825 19,196 Actual sales return and discount (8,048 ) (16,607 ) Balance, end of year 3,882 6,471 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 11. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES December 31 2021 2022 US$ US$ Wages and bonus 53,677 53,987 Dividends 52,175 691 License fees and royalties 10,066 7,145 Research and development payable 6,949 9,355 Fixture 6,471 1,683 Treasury stock 4,315 — Lease liabilities – current portion 2,899 3,204 Equipment 2,739 2,311 Professional fees 1,994 3,986 Contract liabilities 2,399 6,909 Others 8,984 9,989 152,668 99,260 |
Pension Plan
Pension Plan | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pension Plan | 12. PENSION PLAN SMI Taiwan, the Company’s largest operating company, is a Taiwan registered company and subject to Taiwan’s Labor Pension Act (the “New Act”), which became effective on July 1, 2005, and the pension mechanism under the New Act is deemed a defined contribution plan. The employees who were subject to the Labor Standards Law prior to July 1, 2005 (the “Old Act”) could choose to be subject to the pension mechanism under the New Act or continue to be subject to the pension mechanism under the Old Act. For those employees who were subject to the Old Act and still work for the Company after July 1, 2005 and have chosen to be subject to the Old Act, their seniority as of July 1, 2005 were maintained. The New Act prescribes that the rate of contribution by an employer to employees’ pension accounts per month will not be less than New . The Company provides a defined benefit plan to the employees of SMI Taiwan under the Old Act that offers benefits based on an employee’s length of service and average monthly salary for the six-month two-year For employees under defined contribution pension plans, pension costs are recorded based on the actual contributions made to employees’ individual pension accounts. For employees under defined benefit pension plans, pension costs are recorded based on actuarial calculations. Determining the cost associated with such benefits is dependent on various actuarial assumptions, including discount rate, expected return on plan assets, compensation increase, employee mortality and turnover rates. The Company reviewed its actuarial assumptions at the measurement date on December 31 every year. The effect of modifications to assumptions is recorded in accumulated other comprehensive loss and amortized to net periodic cost over future periods using the corridor method. The Company believes that assumptions utilized in recording its obligations under its plans are reasonable based on its experience and market conditions. Independent actuaries perform the required calculations to determine expense in accordance with U.S. GAAP. Actual results may differ from the actuarial assumptions and are generally accumulated and amortized into earnings over future periods. The net periodic costs are recognized as employees render services necessary to earn the benefits. The changes in benefits obligation and plan assets and the reconciliation of funded status are as follows: December 31 2020 2021 2022 US$ US$ US$ Change in benefit obligation Projected benefit obligation at beginning of year 1,754 1,716 1,803 Service cost 5 35 13 Interest cost 5 20 14 Actuarial loss (gain) (8 ) 142 (205 ) Benefits paid (40 ) (110 ) (1,236 ) Settlement — — (145 ) Projected benefit obligation at end of year 1,716 1,803 244 Change in plan assets Fair value of plan assets at beginning of year 1,487 1,551 1,639 Actual return on plan assets 49 48 120 Employer contributions 49 70 50 Benefits paid (34 ) (30 ) (1,257 ) Fair value of plan assets at end of year 1,551 1,639 552 Funded status recognized as an other liabilities (165 ) (164 ) 308 Amounts recognized in accumulated other comprehensive income consist of the following: Year Ended December 31 2020 2021 2022 US$ US$ US$ Net loss 754 718 1,322 Total recognized in accumulated other comprehensive income 754 718 1,322 The accumulated benefit obligation for all defined benefit pension plans was US$1,008 thousand, US$1,085 thousand and US$162 thousand at December 31, 2020, 2021 and 2022, respectively. The components of net periodic benefit cost are as follows: Year Ended December 31 2020 2021 2022 US$ US$ US$ Service cost 5 35 13 Interest cost 5 20 14 Projected return (29 ) (33 ) (30 ) Amortization of unrecognized net transition obligation and unrecognized net actuarial gain 37 34 35 Curtailment or settlement loss — — 156 Net periodic benefit cost 18 56 188 Other changes in plan assets and benefit obligation recognized in other comprehensive loss: 2020 2021 2022 US$ US$ US$ Recognize the decrease in net gain (loss) 61 (36 ) 604 Total recognized in other comprehensive loss (income) 61 (36 ) 604 The estimated net gain for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is US$24 thousand. Expected benefit payments: US$ 2023 3 2024 17 2025 5 2026 5 2027 5 2028 and thereafter 106 The actuarial assumptions to determine the benefit obligations are as follows: 2020 2021 2022 Weighted-average assumptions used to determine benefit obligations: Discount rate 0.50 % 0.75 % 1.75 % Rate of compensation increase 4.00 % 4.00 % 4.50 % Weighted-average assumptions used to determine net projected benefit cost: Discount rate 0.50 % 0.75 % 1.75 % Expected long-term return on plan assets 2.00 % 2.00 % 3.00 % Rate of compensation increase 4.00 % 4.00 % 4.50 % |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. INCOME TAXES Income Tax Provision The income (loss) before taxes for Cayman and Non-Cayman Year Ended December 31 2020 2021 2022 US$ US$ US$ Cayman (17,067 ) (22,847 ) (39,449 ) Non-Cayman 102,625 270,111 252,027 Income before taxes 85,558 247,264 212,578 The components of income tax provision (benefit) were as follows: Year Ended December 31 2020 2021 2022 US$ US$ US$ Current 6,479 49,005 42,594 Deferred (667 ) (1,743 ) (2,526 ) Income tax expense 5,812 47,262 40,068 Effective tax rate 6.8 % 19.1 % 18.8 % The Company’s business operations are primarily located in China, Hong Kong, Macau, Taiwan and the US, where statutory and effective tax rates in each jurisdiction are different, and our consolidated effective tax rate could change from period-to-period 21%. For the year ended December 2020, the Company’s effective tax rate was 6.8%, lower than 19.1% and 18.8% in 2021 and 2022 due to changes in proportional income earned by operations in key jurisdictions. Recent changes in tax policies will result in higher effective tax rates for the Company beginning in 2021. Effective tax rates in each jurisdiction are generally lower than statutory rates due to tax credits for research and development and other tax incentive programs and are determined by different government policies in each of the jurisdictions where the Company operates. The Company consists of a Cayman parent holding company with U.S. and other non-Cayman Year Ended December 31 2020 2021 2022 US$ US$ US$ Tax expense at Cayman statutory rate — — — Differences between Cayman and other statutory tax rates 5,286 48,322 38,696 Permanent differences 1,441 (10,625 ) (3,377 ) Temporary differences (129 ) (400 ) (1,091 ) Alternative minimum tax 1 1 1 Income tax on undistributed earnings 1,196 3,609 1,874 Net changes in income tax credit 20 1,261 (38 ) Net changes in valuation allowance of deferred income tax assets 2,439 1,066 (302 ) Net operating loss carryforwards (1,180 ) 180 1,668 Liabilities related to unrealized tax benefits (3,066 ) 5,877 11,036 Adjustment of prior years’ taxes and others (196 ) (2,029 ) (8,399 ) Income tax expense 5,812 47,262 40,068 Deferred and Current Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets (liabilities) at the end of each period are as follows: December 31 2021 2022 US$ US$ Stock-based compensation 2,138 3,058 Allowance for sales return 365 1,000 Inventory reserve 1,918 2,428 Foreign currency translation 24 (48 ) Property and equipment (343 ) (576 ) Investment tax credits 3,251 3,290 Net operating loss carryforwards 18,654 18,057 Others 2,158 1,838 Valuation allowance (21,807 ) (20,163 ) Net deferred tax assets 6,358 8,884 The valuation allowance shown in the table above relates to net operating loss carryforwards, tax credits and temporary differences for which the Company believes that realization is uncertain. Valuation allowance increased by US$ As of December 31, 2022, the Company’s U.S. federal net operating loss carryforwards for federal income tax purposes were approximately US$27,802 thousand as of December 31, 2022, expiring at various times starting from 2023 through 2037 for federal losses generated through December 31, 2017, if not utilized. As a result of the U.S. Tax Cuts and Jobs Act (TCJA), all federal net operating losses of US$13,002 thousand that are generated beginning January 1, 2018 and beyond will carryforward indefinitely. As of December 31, 2022, the Company’s U.S. federal and state research and development tax credit carryforwards for federal and state income tax purposes were approximately US$1,948 thousand and US$1,342 thousand, respectively. If not utilized, the federal tax credit carryforwards will expire starting in 2042, while the state tax credit carryforward has no expiration date in California. Current U.S. federal and California state laws include substantial restrictions on the utilization of net operating losses and credits in the event of an “ownership change” of a corporation. Accordingly, the Company’s ability to utilize net operating loss and tax credit carryforwards may be limited as a result of such “ownership change”. Such a limitation could result in the expiration of carryforwards before they are utilized. As of December 31, 2022, the Company had accumulated undistributed earnings from a foreign subsidiary of US$487 million. No deferred tax liability was recorded in respect of those amounts as these earnings are considered indefinitely reinvested. It is not practicable to estimate the amount of unrecognized deferred tax liabilities for these undistributed foreign earnings. Unrecognized Tax Benefit A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows: Year Ended December 31 2020 2021 2022 US$ US$ US$ Balance, beginning of year 20,655 19,001 26,317 Increases in tax positions taken in current year 5,029 8,750 13,705 Decrease in tax position taken in prior year primarily related to the resolution of tax audit (6,683 ) (1,434 ) (2,917 ) Balance, end of year 19,001 26,317 37,105 At December 31, 2022, the Company had US$37,105 thousand of unrecognized tax benefits that if recognized would affect the effective tax rate. For the years ended December 31, 2020, 2021 and 2022, the total amount of interest expense and penalties related to uncertain tax positions recorded in the provision for income tax expense was approximately US$430 thousand, US$1,040 thousand and US$1,037 thousand, respectively. The total amount of accrued interest and penalties recognized as of December 31, 2021 and 2022 was US$6,368 thousand and US$6,777 thousand, respectively. The Company does not expect uncertain tax positions to change in the next twelve months, except in the case of settlements with tax authorities, the likelihood and timing of which are difficult to estimate. The Company files inco Tax Jurisdiction Tax Years China 2019 and onward Hong Kong 2019 and onward Taiwan 2017 and onward United States 2017 onward |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Federal Home Loan Banks [Abstract] | |
Shareholders' Equity | 14. SHAREHOLDERS’ EQUITY Dividends The Company’s quarterly dividends payments are as follows: 2020 2021 2022 Dividends Amount Dividends Amount Dividends Amount First quarter $ 0.0875 $ 12,301 $ 0.0875 $ 12,222 $ 0.1250 $ 17,216 Second quarter 0.0875 12,301 0.0875 12,224 0.1250 16,523 Third quarter 0.0875 12,303 0.0875 12,227 0.1250 16,526 Fourth quarter 0.0875 12,089 0.1250 17,469 — — $ 48,994 $ 54,142 $ 50,265 On November 2, 2015, the board of directors began declaring an annual dividend payable in four quarterly installments. The board of directors declared annual dividends of US$ In accordance with the Merger Agreement with Maxlinear, the Company agreed to discontinue declaration of additional dividends. Share Repurchase On November 21, 2018, the board of directors of the Company authorized the repurchase of up to US$200 million of the Company’s ADSs over a 24 month period. On October 26, 2020, the board of directors of the Company authorized the extension of the expiration of this program to November 21, 2021. On December 7, 2021, the board of directors of the Company authorized the repurchase of up to US$200 million of the Company’s ADSs over a 6 month period. For the years ended December 31, 2020, 2021 and 2022, the Company repurchased 626 thousand, 556 thousand and 1,627 thousand ADSs for a total cost of US$25,044 thousand, US$50,011 thousand and US$128,840 thousand, respectively. The weighted average purchase price per ADS repurchased was US$39.93, US$89.87 and US$79.18 in 2020, 2021 and 2022, respectively. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plan | 15. EQUITY INCENTIVE PLAN 2015 Equity Incentive Plan Restricted stock units are converted into shares of the Company’s ordinary shares upon vesting on one-for-one considered non-vested On June 3, 2015, the Company adopted its 2015 Equity Incentive Plan (“the 2015 Plan”). The 2015 Plan provides for the grant of stock options, stock bonuses, restricted stock awards, restricted stock units and stock appreciation rights, which may be granted to employees (including officers), directors and consultants. The 2015 Plan reserved 20,000 thousand shares of ordinary shares for issuance upon exercise of stock options and restricted stock units. Restricted Stock Units Activity The following is a summary of, the 2015 Plan, which includes restricted stock units: Unit Available for grant at January 1, 2020 14,260 Restricted stock units granted (1,692 ) Restricted stock units forfeited 57 Available for grant at December 31, 2020 12,625 Restricted stock units granted (2,326 ) Restricted stock units forfeited 134 Available for grant at December 31, 2021 10,433 Restricted stock units granted (902 ) Restricted stock units forfeited 49 Available for grant at December 31, 2022 9,580 The related tax effect for stock-based compensation benefit (expense) were US$11 thousand, US$(155) thousand and US$2 thousand for 2020, 2021 and 2022, respectively. The related tax effect for stock-based compensation expense for restricted stock units exercised during 2020, 2021 and 2022 was US$2,188 thousand, US$2,767 thousand and US$3,957 thousand, respectively. The related tax effect was determined using applicable tax rates. Restricted Stock Units A summary of the status of restricted stock units and changes is as follows: Number of Non-vested Weighted Weight Non-vested 1,643 8.08 0.29 Restricted stock units granted 1,692 9.40 Restricted stock units vested (1,564 ) 8.02 Restricted stock units forfeited (57 ) 9.31 Non-vested 1,714 9.37 0.31 Restricted stock units granted 2,326 17.62 Restricted stock units vested (1,596 ) 9.31 Restricted stock units forfeited (134 ) 14.99 Non-vested 2,310 17.37 1.57 Restricted stock units granted 902 19.56 Restricted stock units vested (1,186 ) 17.61 Restricted stock units forfeited (49 ) 17.18 Non-vested 1,977 17.89 0.66 As of December 31, 2022, there was US$13,690 thousand of total unrecognized compensation cost related to restricted stock units granted under the 2015 Plan. Stock-based Compensation Expense The following table shows total stock-based compensation expense included in the Consolidated Statements of Income for the years ended December 31, 2020, 2021 and 2022. Year Ended December 31 2020 2021 2022 US$ US$ US$ Cost of sales 253 389 597 Research and development 10,132 12,864 18,678 Sales and marketing 1,759 2,366 2,736 General and administrative 2,445 3,926 4,650 14,589 19,545 26,661 |
Lease
Lease | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease | 16. LEASE Operating Leases The Company entered into various operating lease agreements, which consist of real property and office equipment with lease periods expiring between fiscal years 2022 and 2027. The Company recognized leased assets in operating lease assets of US$5,616 and US$8,149 thousand and corresponding accrued expenses and other current liabilities of US$2,899 and US$3,204 thousand, and other long-term Future minimum lease payments under the operating leases as of December 31, 2022, were as follows: Operating Lease Obligations Fiscal Year: 2023 $ 3,338 2024 1,967 2025 1,285 2026 1,295 2027 478 Total 8,363 Less imputed interest 251 Present value of net future minimum lease payments 8,112 Less operating lease liabilities-current 3,204 Long-term operating lease liabilities $ 4,908 Operating lease expenses for the years ended December 31, 2020, 2021 and 2022 are US$4,261 thousand, US$4,574 thousand, and US$4,820 thousand, respectively. For the supplemental cash flow information related to lease, the cash paid for amounts included in the measurement of operating lease liabilities was US$3,226 thousand, US$3,502 thousand and US$3,642 thousand for the year ended December 31, 2020, 2021 and 2022, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. COMMITMENTS AND CONTINGENCIES Office Building Construction On February 18, 2021, the Company won a bid with a third-party to build an office building in Taipei and entered into a property development agreement in May 2021, at which time it delivered a US$5,322 thousand performance bond secured by a certificate of deposit. Based on the terms of the property development agreement, the Company is required to complete construction within three years after the construction license is approved. Litigation From time to time, the Company is subject to threats of litigation or actual litigation in the ordinary course of business, some of which may be material. On April 5, 2022, Rampart Asset Management LLC, commenced a patent infringement lawsuit against the Company in the United States District Court of the Eastern District of Texas, Marshall Divisions. On October 31, 2022, the parties settled and the Company paid Rampart US$390 thousand. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 18. SEGMENT INFORMATION The Company is the global leader and pioneer in developing NAND flash controllers for solid state storage devices. The Company currently operates as one reportable segment. The chief operating decision maker (“CODM”) is the Chief Executive Officer. The fact that the Company operates in only one reportable segment is because the decisions on allocation of resources and other operational decisions are made by the CODM based on his direct involvement with the Company’s operations and product development. The Company groups its products into two categories, based on the markets in which they may be used. The following summarizes the Company’s revenue by product category: Year Ended December 31 2020 2021 2022 US$ US$ US$ Mobile Storage 532,682 910,569 926,760 Others 6,839 11,531 19,161 539,521 922,100 945,921 Revenue is attributed to a geographic area based on the bill-to Year Ended December 31 2020 2021 2022 US$ US$ US$ Taiwan 95,023 159,575 156,205 United States 42,099 53,517 128,844 Korea 24,261 21,569 113,757 China 154,789 286,605 248,301 Malaysia 46,319 73,264 26,375 Singapore 97,813 219,214 141,383 Others 79,217 108,356 131,056 539,521 922,100 945,921 Major customers representing at least 10% of net sales are as follows: Year Ended December 31 2020 2021 2022 US$ % US$ % US$ % Intel * * 94,781 10 * * Micron 127,708 24 243,204 26 235,934 25 SK Hynix * * * * 191,873 20 * Less than 10% Long-lived assets (property and equipment, net) by geographic area are as follows: Year Ended December 31 2020 2021 2022 US$ US$ US$ Taiwan 102,420 111,341 127,733 China 2,770 12,518 11,028 Others 306 619 673 105,496 124,478 139,434 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of SMTC and its wholly-owned subsidiaries. The Company owns 100% of the outstanding shares in all of its subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. The actual results could differ from those estimates. |
Concentration of Credit Risk and Significant Customers | Concentration of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to a significant concentration of credit risk consist principally of cash equivalents and accounts receivable. Cash and cash equivalents are maintained with high quality financial institutions, the composition and maturities of which are regularly monitored by management. The Company believes that the concentration of credit risk in its trade receivables is substantially mitigated by the Company’s credit evaluation process, relatively short collection terms and the high level of credit worthiness of its customers. The Company performs ongoing credit evaluations of its customers’ financial conditions and limits the amount of credit extended based upon payment history and the customer’s current credit worthiness. The Company regularly reviews the allowance for bad debt and doubtful accounts or expected losses during the accounts receivable collection process by considering factors, such as historical write-off Historically, a relatively small number of customers have accounted for a significant portion of our net revenue. Sales to one customer in 2020, and two customers in 2021 and 2022 accounted for 10% or more of our net revenue, representing 24%, 36% and 45% of our net revenue in 2020, 2021 and 2022, respectively. In 2020, the significant customer was Micron. In 2021, the significant customers were Intel and Micron and in 2022, were Micron and SK Hynix. The Company’s top ten customers in 2020, 2021 and 2022 accounted for approximately 71%, 76% and 81% of net sales, respectively. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amount of the Company’s financial instruments, including cash and cash equivalents, notes and accounts receivable and notes and accounts payables approximates fair value due to the short-term maturity of the instruments. Long-term investments in listed companies over which we do not exercise significant influence are recorded at fair value, and any changes in fair value are recognized in net income. Long-term investments in privately-held companies with no readily determinable market value are recorded using the cost method, since the cost of obtaining verifiable fair value is unreasonably high. These investments are measured at cost less impairment, if any, plus or minus any changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Any resulting change in carrying amount would be reflected in net income. The Company’s long-term liabilities approximate their fair values as they contain interest rates that vary according to market interest rates. Fair value is the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that assets or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the Company. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 — Use unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Use observable inputs other than Level 1 prices such as quoted prices for identical or similar instruments in markets that are not active, quoted prices for similar instruments in active markets, and model- based valuation in which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Use inputs that are generally unobservable and reflect the use of significant management judgments and estimates. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid instruments acquired with a remaining maturity of three months or less when purchased to be cash equivalents. In addition, time deposits with maturities ranging from more than three months to one year qualify as cash equivalents because they can be readily converted into known amounts of cash without advance notice with the principal protected and not subject to penalty in an early withdrawal. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts An allowance for doubtful accounts is provided based on a review of the collectability of accounts receivables. The Company determines the amount of allowance for doubtful accounts by examining the historical collection experience, current trends in the credit quality of its customers and its internal credit policies as well as current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect a customer’s ability to pay. |
Inventories | Inventories Inventories |
Long-term Investments | Long-term Investments Investee companies over which the Company had the ability to exercise significant influence but did not have a controlling interest and was the primary beneficiary were accounted for using the equity method. Significant influence was generally considered to exist when the Company had an ownership interest in the voting shares of the investee between 20% and 50% and other factors, such as representation in the investee’s board of directors, voting rights and the impact of commercial arrangements, were considered in determining whether the equity method of accounting was appropriate. Under this method of accounting, the Company recorded its proportionate share of the net earnings or losses of equity method investees and a corresponding increase or decrease to the investment balances. The Company evaluated its equity method investments for impairment whenever events or changes in circumstances indicated that the carrying amounts of such investments might not be recoverable. Long-term investments in listed companies over which we do not exercise significant influence are recorded at fair value, and any changes in fair value are recognized in net income. The Company elected to record equity investments of the privately-held companies without readily determinable fair values and not accounted for by the equity method at cost less impairment and adjusted for subsequent changes in fair value. |
Property and Equipment | Property and Equipment Property and Depreciation is computed using the straight-line method over estimated useful lives that range as follows: buildings — 25 to 50 years; machinery and equipment — 2 to 6 years; furniture and fixtures — 3 to 8 years; software — 1 to 5 years; leasehold and buildings improvement — the shorter of the estimated useful life or lease term, which is generally 2 to 6 years. Land is not depreciated. Depreciation expense on property and equipment were approximately US$13,562 thousand, US$17,160 thousand and US$18,931 thousand for the years ended December 31, 2020, 2021 and 2022, respectively. Upon the sale or other disposal of property and equipment, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is credited or charged to operating income. |
Lease | Lease The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) expense for these leases is recognized on a straight line basis over the lease term. |
Goodwill | Goodwill Goodwill is the excess of the purchase price paid over the fair value of the net tangible and intangible assets acquired in a business combination. |
Impairment of Goodwill and Long-Lived Assets | Impairment of Goodwill and Long-Lived Assets The Company evaluates the recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying value may not be recoverable. The determination of recoverability is based on an estimate of undiscounted cash flows expected to result from the use of an asset and its eventual disposition. The estimate of cash flows is based upon, among other things, certain assumptions about expected future operating performance, growth rates and other factors. Estimates of undiscounted cash flows may differ from actual cash flows due to, among other things, technological changes, economic conditions, changes to the business model or changes in operating performance. If the sum of the undiscounted cash flows is less than the carrying value, an impairment loss is recognized, measured as the amount by which the carrying value exceeds the fair value of the asset. Fair value is determined by reference to quoted market prices, if available, or discounted cash flows, as appropriate. See Note 8, “Goodwill,” regarding impairment testing in fiscal year 2020. The Company monitors the recoverability of goodwill recorded in connection with acquisitions, by reporting unit, annually, or sooner if events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company conducts its annual impairment test of goodwill on November 30. Reporting units may be operating segments as a whole or an operation one level below an operating segment, referred to as a component. Estimating fair value is performed by utilizing various valuation approaches, such as income approach or market approach. The total of all reporting unit fair values is also compared to the Company’s market capitalization plus control premium for reasonableness. See Note 8, “Goodwill,” regarding impairment testing. |
Other Assets | Other Assets Other assets primarily consist of deposits for building construction and office leases. |
Restricted Assets | Restricted Assets Restricted assets consist of restricted cash and cash set aside as collateral for obtaining foundry capacity. |
Other long-term liabilities | Other long-term liabilities Other long-term liabilities primarily consist of deposit from construction in progress, noncurrent lease liabilities and unrecognized tax benefit. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Under the revenue recognition standard of Accounting Standards Codification Topic 606, Revenue from Contracts with Customer (ASC 606), the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. The Company enters into contracts that may include products that are capable of being distinct and accounted for as separate performance obligations. To date, the majority of the revenue has been generated by sales associated with products, where a single performance obligation is identified in general. Revenue from services has been insignificant. Performance obligations associated with product sales transactions are generally satisfied when control passes to customers upon shipment or the written acceptance of the customers. Accordingly, product revenue is recognized at a point in time when control of the asset is transferred to the customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a product to a customer in an amount that reflects the consideration to which it is entitled in exchange for those goods. Some of the Company’s sales are made to distributors and revenue is recognized when control of a product passes to the distributor upon shipment and terms and payment by the distributor are not contingent on resale of the product. The Company grants certain distributors limited rights of return and price protection rights on unsold products. The return rights are generally limited to five percent of the monetary value of products purchased within the preceding six months, provided that the distributor places a corresponding restocking order of equal or greater value. An allowance for sales returns for distributors and all customers is recorded at the time of sale based on historical returns information available, management’s judgment and any known factors at the time the financial statements are prepared that would significantly affect the allowance. Price protection rights are based on the inventory of products the distributors have on hand at the date the price protection is offered. Actual price adjustments to distributors incurred by the Company have been minimal. The Company provides warranty for its products. Warranty returns have been infrequent and relate to defective or off-specification parts. |
Research and Development | Research and Development Research and development costs are expensed as incurred. Research and development expense consists primarily of personnel-related expenses, including stock-based compensation, as well as product masks, IP licensing, design tool and testing costs, equipment depreciation, amortization of intangible assets and an allocated portion of occupancy costs. |
Income Taxes | Income Taxes The provision for income tax represents income tax paid and payable for the current year plus changes in the deferred income tax assets and liabilities during the years. Deferred income tax assets are recognized for net operating loss carryforwards, research and development credits, and temporary differences. The Company believes that uncertainty exists regarding the realizability of certain deferred income tax assets and, accordingly, has established a valuation allowance for those deferred income tax assets to the extent the realizability is not deemed to be more likely than not. Deferred income tax assets and liabilities are measured using enacted tax rates. The Company utilizes a two steps approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained in a dispute with taxing authorities, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense. |
Foreign Currency Transactions | Foreign Currency Transactions Foreign currency transactions are recorded at the rates of exchange in effect when the transaction occurs. Gains or losses, resulting from the application of different foreign exchange rates when cash in foreign currency is converted into the entities’ functional currency, or when foreign currency receivables and payables are settled, are credited or charged to income in the period of conversion or settlement. At the balance sheet date, assets and liabilities denominated in foreign currencies are remeasured based on prevailing exchange rates and any resulting gains or losses are credited or charged to income. |
Translation of Foreign Currency Financial Statements | Translation of Foreign Currency Financial Statements The reporting currency of the Company is the U.S. dollars. The functional currency of some of the Company’s subsidiaries is the local currency of the respective entity. Accordingly, the financial statements of the foreign subsidiaries were translated into U.S. dollars at the following exchange rates: assets and liabilities — current rate on the balance sheet date; shareholders’ equity — historical rates; income and expenses — average rate during the period. The resulting translation adjustment is recorded as a separate component of comprehensive income. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income and loss represents net income (loss) plus the results of certain changes in shareholders’ equity during a period from non-owner Year Ended December 31, 2020 Year Ended December 31, 2021 Year Ended December 31, 2022 US$ US$ US$ Foreign Defined Accumulated Foreign Defined Accumulated Foreign Defined Accumulated Beginning balance (92 ) (693 ) (785 ) 405 (754 ) (349 ) 178 (718 ) (540 ) Current-period change 497 (61 ) 436 (227 ) 36 (191 ) 3,739 (604 ) 3,135 Ending balance 405 (754 ) (349 ) 178 (718 ) (540 ) 3,917 (1,322 ) 2,595 |
Legal Contingencies | Legal Contingencies The Company is regularly involved in various claims and legal proceedings. Periodically, the Company revi ews accrues a liability for the estimated loss. Because of unce rt |
Earnings Per Share | Earnings Per Share Basic earnings per share are computed by dividing net earnings attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share are computed by dividing ne |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718 Compensation — Stock Compensation. The value of our restricted stock units is based on the fair value of our shares on the date of grant and expensed over the vesting period. The fair value of RSUs is measured based on the grant date share price, less the present value of expected dividends during the vesting period, discounted at a risk-free interest rate. |
Treasury Stock | Treasury Stock Treasury stock is stated at cost and shown as a reduction to shareholders’ equity. The Company retires ordinary shares repurchased. Accordingly, upon retirement the excess of the purchase price over par value is allocated between additional paid-in |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In July 2021, the FASB issued an accounting update, which requires lessors to classify leases as operating leases if they have variable lease payments that do not depend on an index or rate and would have selling losses at lease commencement if they were classified as sales-type or direct financing leases. This amendment is effective for fiscal years beginning after December 15, 2021. Early adoption is permitted. The adoption of this amendment did not have a material impact on the Company’s results of operations, financial position, cash flows or financial statement disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following table presents the components of accumulated other comprehensive income (loss) as of December 31, 2020, 2021 and 2022: Year Ended December 31, 2020 Year Ended December 31, 2021 Year Ended December 31, 2022 US$ US$ US$ Foreign Defined Accumulated Foreign Defined Accumulated Foreign Defined Accumulated Beginning balance (92 ) (693 ) (785 ) 405 (754 ) (349 ) 178 (718 ) (540 ) Current-period change 497 (61 ) 436 (227 ) 36 (191 ) 3,739 (604 ) 3,135 Ending balance 405 (754 ) (349 ) 178 (718 ) (540 ) 3,917 (1,322 ) 2,595 |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Details of Cash, Cash Equivalents, and Restricted Cash | December 31 2021 2022 US$ US$ Cash and deposits in bank 135,099 70,787 Time deposits 189,544 143,267 Repurchase agreements 35,439 18,125 Total cash and cash equivalents 360,082 232,179 Restricted cash 55,441 54,876 415,523 287,055 |
Notes and Accounts Receivable (
Notes and Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Summary of Notes and Accounts Receivable | December 31 2021 2022 US$ US$ Trade accounts receivable 209,114 206,674 Allowance for doubtful accounts (540 ) (569 ) 208,574 206,105 |
Changes in Allowances | The changes in the allowances are summarized as follows: Year Ended December 31 2020 2021 2022 US$ US$ US$ Allowances for doubtful accounts Balance, beginning of year 1,617 1,561 540 Additions (reversals) charged to expense, net 15 (21 ) 29 Write-offs (71 ) (1,000 ) — Balance, end of year 1,561 540 569 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventories are as follows: December 31 2021 2022 US$ US$ Finished goods 39,896 98,307 Work in process 56,146 111,530 Raw materials 67,062 78,127 163,104 287,964 |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Long-Term Investments | As of December 31, 2021 and 2022, the Company held equity investments in several privately-held companies with the carrying value as follows: Percentage December 31 2021 2022 2021 2022 US$ US$ Equity securities measured at cost: Cashido Corp. (Cashido) 0.6 % 0.6 % — — Vastview Technology, Corp. (Vastview) 2.9 % 2.9 % — — Kinara, Inc (Kinara) 14.4 % 14.1 % 6,500 6,500 BIWIN Storage Technology Corp.(BIWIN) 0.3 % — 2,041 — 8,541 6,500 Marketable equity securities: BIWIN Storage Technology Corp.(BIWIN) — 0.3 % — 2,767 8,541 9,267 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | December 31 2021 2022 US$ US$ Cost: Land 68,243 68,243 Buildings 30,006 29,314 Machinery and equipment 44,128 56,995 Furniture and fixtures 8,254 8,737 Leasehold and buildings improvement 8,680 9,057 Software 41,621 45,333 Total 200,932 217,679 Accumulated depreciation: Buildings 5,840 6,356 Machinery and equipment 28,567 36,283 Furniture and fixtures 6,017 6,333 Leasehold and buildings improvement 7,156 7,689 Software 35,143 41,503 82,723 98,164 Prepayment and construction in progress 6,269 19,919 124,478 139,434 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | December 31 2020 US$ Cost Disposal of Accumulated Foreign Net Goodwill 100,129 (25,117 ) (74,974 ) (38 ) — |
Refund Liabilities (Tables)
Refund Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Change in Refund Liabilities | December 31 2021 2022 US$ US$ Refund liabilities 3,882 6,471 Estimated sales returns and other allowances are made and adjusted based on historical experience and the consideration of varying contractual terms. The changes in the refund liabilities are summarized as follows: Year Ended December 31 2021 2022 US$ US$ Refund liabilities Balance, beginning of year 2,105 3,882 Additions 9,825 19,196 Actual sales return and discount (8,048 ) (16,607 ) Balance, end of year 3,882 6,471 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | December 31 2021 2022 US$ US$ Wages and bonus 53,677 53,987 Dividends 52,175 691 License fees and royalties 10,066 7,145 Research and development payable 6,949 9,355 Fixture 6,471 1,683 Treasury stock 4,315 — Lease liabilities – current portion 2,899 3,204 Equipment 2,739 2,311 Professional fees 1,994 3,986 Contract liabilities 2,399 6,909 Others 8,984 9,989 152,668 99,260 |
Pension Plan (Tables)
Pension Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Changes in Benefits Obligation and Plan Assets and Reconciliation of Funded Status | December 31 2020 2021 2022 US$ US$ US$ Change in benefit obligation Projected benefit obligation at beginning of year 1,754 1,716 1,803 Service cost 5 35 13 Interest cost 5 20 14 Actuarial loss (gain) (8 ) 142 (205 ) Benefits paid (40 ) (110 ) (1,236 ) Settlement — — (145 ) Projected benefit obligation at end of year 1,716 1,803 244 Change in plan assets Fair value of plan assets at beginning of year 1,487 1,551 1,639 Actual return on plan assets 49 48 120 Employer contributions 49 70 50 Benefits paid (34 ) (30 ) (1,257 ) Fair value of plan assets at end of year 1,551 1,639 552 Funded status recognized as an other liabilities (165 ) (164 ) 308 |
Amounts Recognized in Accumulated Other Comprehensive Income | Amounts recognized in accumulated other comprehensive income consist of the following: Year Ended December 31 2020 2021 2022 US$ US$ US$ Net loss 754 718 1,322 Total recognized in accumulated other comprehensive income 754 718 1,322 |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows: Year Ended December 31 2020 2021 2022 US$ US$ US$ Service cost 5 35 13 Interest cost 5 20 14 Projected return (29 ) (33 ) (30 ) Amortization of unrecognized net transition obligation and unrecognized net actuarial gain 37 34 35 Curtailment or settlement loss — — 156 Net periodic benefit cost 18 56 188 |
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Loss | Other changes in plan assets and benefit obligation recognized in other comprehensive loss: 2020 2021 2022 US$ US$ US$ Recognize the decrease in net gain (loss) 61 (36 ) 604 Total recognized in other comprehensive loss (income) 61 (36 ) 604 |
Expected Benefit Payments | Expected benefit payments: US$ 2023 3 2024 17 2025 5 2026 5 2027 5 2028 and thereafter 106 |
Actuarial Assumptions to Determine Benefit Obligations | The actuarial assumptions to determine the benefit obligations are as follows: 2020 2021 2022 Weighted-average assumptions used to determine benefit obligations: Discount rate 0.50 % 0.75 % 1.75 % Rate of compensation increase 4.00 % 4.00 % 4.50 % Weighted-average assumptions used to determine net projected benefit cost: Discount rate 0.50 % 0.75 % 1.75 % Expected long-term return on plan assets 2.00 % 2.00 % 3.00 % Rate of compensation increase 4.00 % 4.00 % 4.50 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Year Ended December 31 2020 2021 2022 US$ US$ US$ Cayman (17,067 ) (22,847 ) (39,449 ) Non-Cayman 102,625 270,111 252,027 Income before taxes 85,558 247,264 212,578 |
Components of Income Tax Expense | The components of income tax provision (benefit) were as follows: Year Ended December 31 2020 2021 2022 US$ US$ US$ Current 6,479 49,005 42,594 Deferred (667 ) (1,743 ) (2,526 ) Income tax expense 5,812 47,262 40,068 Effective tax rate 6.8 % 19.1 % 18.8 % |
Deferred Income Tax Assets (Liabilities) | Significant components of our deferred tax assets (liabilities) at the end of each period are as follows: December 31 2021 2022 US$ US$ Stock-based compensation 2,138 3,058 Allowance for sales return 365 1,000 Inventory reserve 1,918 2,428 Foreign currency translation 24 (48 ) Property and equipment (343 ) (576 ) Investment tax credits 3,251 3,290 Net operating loss carryforwards 18,654 18,057 Others 2,158 1,838 Valuation allowance (21,807 ) (20,163 ) Net deferred tax assets 6,358 8,884 |
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 2020 2021 2022 US$ US$ US$ Balance, beginning of year 20,655 19,001 26,317 Increases in tax positions taken in current year 5,029 8,750 13,705 Decrease in tax position taken in prior year primarily related to the resolution of tax audit (6,683 ) (1,434 ) (2,917 ) Balance, end of year 19,001 26,317 37,105 |
Summary of Major Jurisdictions and Tax Year Subject to Examination by Tax Authorities | The Company files inco Tax Jurisdiction Tax Years China 2019 and onward Hong Kong 2019 and onward Taiwan 2017 and onward United States 2017 onward |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Federal Home Loan Banks [Abstract] | |
Cash Dividends Declared Per Ordinary Share | The Company’s quarterly dividends payments are as follows: 2020 2021 2022 Dividends Amount Dividends Amount Dividends Amount First quarter $ 0.0875 $ 12,301 $ 0.0875 $ 12,222 $ 0.1250 $ 17,216 Second quarter 0.0875 12,301 0.0875 12,224 0.1250 16,523 Third quarter 0.0875 12,303 0.0875 12,227 0.1250 16,526 Fourth quarter 0.0875 12,089 0.1250 17,469 — — $ 48,994 $ 54,142 $ 50,265 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option and Restricted Stock Units Activity | The following is a summary of, the 2015 Plan, which includes restricted stock units: Unit Available for grant at January 1, 2020 14,260 Restricted stock units granted (1,692 ) Restricted stock units forfeited 57 Available for grant at December 31, 2020 12,625 Restricted stock units granted (2,326 ) Restricted stock units forfeited 134 Available for grant at December 31, 2021 10,433 Restricted stock units granted (902 ) Restricted stock units forfeited 49 Available for grant at December 31, 2022 9,580 |
Summary of Restricted Stock Units and Changes | A summary of the status of restricted stock units and changes is as follows: Number of Non-vested Weighted Weight Non-vested 1,643 8.08 0.29 Restricted stock units granted 1,692 9.40 Restricted stock units vested (1,564 ) 8.02 Restricted stock units forfeited (57 ) 9.31 Non-vested 1,714 9.37 0.31 Restricted stock units granted 2,326 17.62 Restricted stock units vested (1,596 ) 9.31 Restricted stock units forfeited (134 ) 14.99 Non-vested 2,310 17.37 1.57 Restricted stock units granted 902 19.56 Restricted stock units vested (1,186 ) 17.61 Restricted stock units forfeited (49 ) 17.18 Non-vested 1,977 17.89 0.66 |
Stock-based Compensation Expense | The following table shows total stock-based compensation expense included in the Consolidated Statements of Income for the years ended December 31, 2020, 2021 and 2022. Year Ended December 31 2020 2021 2022 US$ US$ US$ Cost of sales 253 389 597 Research and development 10,132 12,864 18,678 Sales and marketing 1,759 2,366 2,736 General and administrative 2,445 3,926 4,650 14,589 19,545 26,661 |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of minimum lease payments under the operating lease | Future minimum lease payments under the operating leases as of December 31, 2022, were as follows: Operating Lease Obligations Fiscal Year: 2023 $ 3,338 2024 1,967 2025 1,285 2026 1,295 2027 478 Total 8,363 Less imputed interest 251 Present value of net future minimum lease payments 8,112 Less operating lease liabilities-current 3,204 Long-term operating lease liabilities $ 4,908 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Revenue by Product Category | The Company groups its products into two categories, based on the markets in which they may be used. The following summarizes the Company’s revenue by product category: Year Ended December 31 2020 2021 2022 US$ US$ US$ Mobile Storage 532,682 910,569 926,760 Others 6,839 11,531 19,161 539,521 922,100 945,921 |
Revenue by Geographic Area | Revenue is attributed to a geographic area based on the bill-to Year Ended December 31 2020 2021 2022 US$ US$ US$ Taiwan 95,023 159,575 156,205 United States 42,099 53,517 128,844 Korea 24,261 21,569 113,757 China 154,789 286,605 248,301 Malaysia 46,319 73,264 26,375 Singapore 97,813 219,214 141,383 Others 79,217 108,356 131,056 539,521 922,100 945,921 |
Major customers representing at least 10% of net sales | Major customers representing at least 10% of net sales are as follows: Year Ended December 31 2020 2021 2022 US$ % US$ % US$ % Intel * * 94,781 10 * * Micron 127,708 24 243,204 26 235,934 25 SK Hynix * * * * 191,873 20 * Less than 10% |
Long-Lived Assets (Property and Equipment, Net) by Geographic Area | Long-lived assets (property and equipment, net) by geographic area are as follows: Year Ended December 31 2020 2021 2022 US$ US$ US$ Taiwan 102,420 111,341 127,733 China 2,770 12,518 11,028 Others 306 619 673 105,496 124,478 139,434 |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) - Merger Agreement [Member] - Maxlinear Inc [Member] | 12 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Organization and Operations [Line Items] | |
Business Combination, Consideration Transferred | $ 4,300,000,000 |
MaxLinear Stockholders [Member] | |
Organization and Operations [Line Items] | |
Percentage Of Ownership Interests Held In Combined Entity | 86% |
Former Security Holders [Member] | |
Organization and Operations [Line Items] | |
Percentage Of Ownership Interests Held In Combined Entity | 14% |
American Depositary Shares [Member] | |
Organization and Operations [Line Items] | |
Payments to Acquire Businesses, Gross | $ 93,540 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 0.388 |
Common Stock [Member] | |
Organization and Operations [Line Items] | |
Payments to Acquire Businesses, Gross | $ 23,385 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 0.097 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Customer shares | Dec. 31, 2021 USD ($) Customer shares | Dec. 31, 2020 USD ($) Customer shares | |
Significant Accounting Policies [Line Items] | |||
Subsidiary ownership percentage | 100% | ||
Number of customers accounted for 10% or more sales | Customer | 2 | 2 | 1 |
Depreciation and amortization of property & equipment | $ | $ 18,931 | $ 17,160 | $ 13,562 |
Evaluation of tax benefits realized upon settlement | 50% | ||
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Short term investment maturity period | 3 months | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Short term investment maturity period | 1 year | ||
Net sales | Customers accounted for 10% or more | Top Ten Customers [Member] | |||
Significant Accounting Policies [Line Items] | |||
Major customers percentage of net sales | 81% | 76% | 71% |
Net sales | Customers accounted for 10% or more | Two Customers [Member] | |||
Significant Accounting Policies [Line Items] | |||
Major customers percentage of net sales | 45% | 36% | 24% |
Employee Stock Option And Restricted Stock Units [Member] | |||
Significant Accounting Policies [Line Items] | |||
The effect of dilutive securities of employee stock options and restricted stock units | 526 | 563 | 489 |
Employee Stock Option And Restricted Stock Units [Member] | American Depositary Shares [Member] | |||
Significant Accounting Policies [Line Items] | |||
The effect of dilutive securities of employee stock options and restricted stock units | 131 | 141 | 123 |
Software | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property plant and equipment estimated useful life | 1 year | ||
Software | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property plant and equipment estimated useful life | 5 years | ||
Buildings | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property plant and equipment estimated useful life | 25 years | ||
Buildings | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property plant and equipment estimated useful life | 50 years | ||
Machinery and Equipment | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property plant and equipment estimated useful life | 2 years | ||
Machinery and Equipment | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property plant and equipment estimated useful life | 6 years | ||
Furniture and Fixtures | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property plant and equipment estimated useful life | 3 years | ||
Furniture and Fixtures | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property plant and equipment estimated useful life | 8 years | ||
Leasehold And Building Improvement | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property plant and equipment estimated useful life | 2 years | ||
Leasehold And Building Improvement | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property plant and equipment estimated useful life | 6 years |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets and Liabilities Eliminated upon Consolidation [Abstract] | |||
Beginning balance, Foreign currency items | $ 178 | $ 405 | $ (92) |
Current-period change, Foreign currency items | 3,739 | (227) | 497 |
Ending balance, Foreign currency items | 3,917 | 178 | 405 |
Beginning balance, Defined benefit pension plans | (718) | (754) | (693) |
Current-period change, Defined benefit pension plans | (604) | 36 | (61) |
Ending balance, Defined benefit pension plans | (1,322) | (718) | (754) |
Beginning balance, Accumulated other comprehensive income (loss) | (540) | (349) | (785) |
Current-period change, Accumulated other comprehensive income (loss) | 3,135 | (191) | 436 |
Ending balance, Accumulated other comprehensive income (loss) | $ 2,595 | $ (540) | $ (349) |
Details of Cash, Cash Equivalen
Details of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and deposits in bank | $ 70,787 | $ 135,099 | ||
Time deposits | 143,267 | 189,544 | ||
Repurchase agreements | 18,125 | 35,439 | ||
Total cash and cash equivalents | 232,179 | 360,082 | ||
Restricted cash | 54,876 | 55,441 | ||
Total cash ,cash equivalents, and restricted cash | $ 287,055 | $ 415,523 | $ 369,211 | $ 348,253 |
Summary of Notes and Accounts R
Summary of Notes and Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||||
Trade accounts receivable | $ 206,674 | $ 209,114 | ||
Allowance for doubtful accounts | (569) | (540) | $ (1,561) | $ (1,617) |
Notes and accounts receivable, net | $ 206,105 | $ 208,574 |
Change In Allowances (Detail)
Change In Allowances (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowances for doubtful accounts | |||
Balance, beginning of year | $ 540 | $ 1,561 | $ 1,617 |
Additions (reversals) charged to expense, net | 29 | (21) | 15 |
Write-offs | 0 | (1,000) | (71) |
Balance, end of year | $ 569 | $ 540 | $ 1,561 |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 98,307 | $ 39,896 |
Work in process | 111,530 | 56,146 |
Raw materials | 78,127 | 67,062 |
Inventory, Net | $ 287,964 | $ 163,104 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |||
Inventory written down | $ 15,833 | $ 5,689 | $ 6,883 |
Long-Term Investments - Equity
Long-Term Investments - Equity Investments with Carrying Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Equity and Cost Investments [Line Items] | ||
Long-term investments | $ 9,267 | $ 8,541 |
Equity Securities [Member] | ||
Schedule of Equity and Cost Investments [Line Items] | ||
Long-term investments | $ 6,500 | $ 8,541 |
Cashido Corp. (Cashido) | ||
Schedule of Equity and Cost Investments [Line Items] | ||
Equity Investments Percentage of Ownership | 0.60% | 0.60% |
Vastview Technology, Corp. (Vastview) | ||
Schedule of Equity and Cost Investments [Line Items] | ||
Equity Investments Percentage of Ownership | 2.90% | 2.90% |
BIWIN Storage Technology Corp.(BIWIN) | ||
Schedule of Equity and Cost Investments [Line Items] | ||
Long-term investments | $ 0 | $ 2,041 |
Equity Investments Percentage of Ownership | 0% | 0.30% |
BIWIN Storage Technology Corp.(BIWIN) | Equity Securities [Member] | ||
Schedule of Equity and Cost Investments [Line Items] | ||
Long-term investments | $ 2,767 | $ 0 |
Equity Investments Percentage of Ownership | 0.30% | |
Kinara, Inc (Kinara) | ||
Schedule of Equity and Cost Investments [Line Items] | ||
Long-term investments | $ 6,500 | $ 6,500 |
Equity Investments Percentage of Ownership | 14.10% | 14.40% |
Long-term Investment - Addition
Long-term Investment - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | |||
Mar. 31, 2020 | Jul. 31, 2021 | May 31, 2021 | Jun. 30, 2018 | |
Simple Agreement For Future Equity [Member] | ||||
Schedule of Equity and Cost Investments [Line Items] | ||||
Invested in common stock | $ 2,000 | $ 1,500 | ||
Deep Vision, Inc (Deep Vision) | ||||
Schedule of Equity and Cost Investments [Line Items] | ||||
Invested in common stock | $ 3,000 | |||
BIWIN Storage Technology Corp.(BIWIN) [Member] | ||||
Schedule of Equity and Cost Investments [Line Items] | ||||
Invested in common stock | $ 2,041 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Land | $ 68,243 | $ 68,243 | |
Buildings | 29,314 | 30,006 | |
Machinery and equipment | 56,995 | 44,128 | |
Furniture and fixtures | 8,737 | 8,254 | |
Leasehold and buildings improvement | 9,057 | 8,680 | |
Software | 45,333 | 41,621 | |
Total | 217,679 | 200,932 | |
Accumulated Depreciation | 98,164 | 82,723 | |
Prepayment and construction in progress | 19,919 | 6,269 | |
Property, Plant and Equipment, Net | 139,434 | 124,478 | $ 105,496 |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated Depreciation | 41,503 | 35,143 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated Depreciation | 6,356 | 5,840 | |
Machinery and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated Depreciation | 36,283 | 28,567 | |
Furniture and Fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated Depreciation | 6,333 | 6,017 | |
Leasehold and buildings improvement | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated Depreciation | $ 7,689 | $ 7,156 |
Property And Equipment - Additi
Property And Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Net carrying value of leased properties | $ 617 | $ 636 | |
Annual lease and rental income from operating lease | 44 | ||
Shanghai Property [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Net carrying value of leased properties | 3,284 | ||
Annual lease and rental income from operating lease | $ 157 | ||
Term of Contract | 3 years | ||
Land | Taiwan | |||
Property, Plant and Equipment [Line Items] | |||
Total consideration | $ 58,931 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 03, 2017 | Jul. 01, 2015 | |
Goodwill and Intangible Assets Disclosure [Line Items] | ||||||
Goodwill impairment | $ 17,489 | $ 0 | $ 0 | $ 17,489 | ||
Shannon Systems | ||||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||||
Goodwill | $ 33,204 | |||||
Bigtera | ||||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||||
Goodwill | $ 625 |
Schedule of Goodwill (Detail)
Schedule of Goodwill (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Cost | $ 100,129 |
Disposal of FCI | (25,117) |
Accumulated Impairment | (74,974) |
Foreign Currency Adjustment | $ (38) |
Short-Term Bank Loans - Additio
Short-Term Bank Loans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | |||
Proceeds from bank loan | $ 40,000 | $ 50,000 | |
Repayments of bank debt | 40,000 | 50,000 | |
Interest expense | $ 71 | $ 0 | $ 11 |
Interest rate | 4.55% | 0.78% |
Refund Liabilities - Summary of
Refund Liabilities - Summary of Refund Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Liabilities [Abstract] | ||
Refund liabilities | $ 6,471 | $ 3,882 |
Refund Liabilities - Summary _2
Refund Liabilities - Summary of Change in Refund Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Liabilities [Abstract] | ||
Balance, beginning of year | $ 3,882 | $ 2,105 |
Additions | 19,196 | 9,825 |
Actual sales return and discount | (16,607) | (8,048) |
Balance, end of year | $ 6,471 | $ 3,882 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Wages and bonus | $ 53,987 | $ 53,677 |
Dividends | 691 | 52,175 |
License fees and royalties | 7,145 | 10,066 |
Research and development payable | 9,355 | 6,949 |
Fixture | 1,683 | 6,471 |
Treasury stock | 0 | 4,315 |
Lease liabilities – current portion | 3,204 | 2,899 |
Equipment | 2,311 | 2,739 |
Professional fees | 3,986 | 1,994 |
Contract liabilities | 6,909 | 2,399 |
Others | 9,989 | 8,984 |
Accrued expenses and other current liabilities | $ 99,260 | $ 152,668 |
Pension Plan - Additional Infor
Pension Plan - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Accumulated benefit obligation | $ 162 | $ 1,085 | $ 1,008 | |
Estimated amortization of net gain from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year | 24 | |||
Employer contributions | 50 | 70 | 49 | |
Subsequent Event [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employer contributions | $ 0 | |||
SMI Taiwan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Contributions and Recognized Pension Costs under Labor Pension Act | $ 3,317 | $ 2,652 | $ 2,109 | |
Contributions Based on Percentage Employee Salaries under Labor Standards Law | 2% | |||
SMI Taiwan | Minimum | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Percentage of Contribution by an Employer to Employees Pension | 6% |
Changes in Benefits Obligation
Changes in Benefits Obligation and Plan Assets and Reconciliation of Funded Status (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in benefit obligation | |||
Projected benefit obligation at beginning of year | $ 1,803 | $ 1,716 | $ 1,754 |
Service cost | 13 | 35 | 5 |
Interest cost | 14 | 20 | 5 |
Actuarial loss (gain) | (205) | 142 | (8) |
Benefits paid | (1,236) | (110) | (40) |
Settlement | (145) | 0 | 0 |
Projected benefit obligation at end of year | 244 | 1,803 | 1,716 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 1,639 | 1,551 | 1,487 |
Actual return on plan assets | 120 | 48 | 49 |
Employer contributions | 50 | 70 | 49 |
Benefits paid | (1,257) | (30) | (34) |
Fair value of plan assets at end of year | 552 | 1,639 | 1,551 |
Funded status recognized as an other liabilities | $ 308 | $ (164) | $ (165) |
Amounts Recognized in Accumulat
Amounts Recognized in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Retirement Benefits [Abstract] | ||||
Net loss | $ 1,322 | $ 718 | $ 754 | |
Total recognized in accumulated other comprehensive income | $ 1,322 | $ 718 | $ 754 | $ 693 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Periodic Benefit Cost: | |||
Service cost | $ 13 | $ 35 | $ 5 |
Interest cost | 14 | 20 | 5 |
Projected return on plan assets | (30) | (33) | (29) |
Curtailment or settlement loss | 156 | 0 | 0 |
Amortization of unrecognized net transition obligation and unrecognized net actuarial gain | 35 | 34 | 37 |
Net periodic benefit cost | $ 188 | $ 56 | $ 18 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | Interest Expense |
Other Changes in Plan Assets an
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss): | |||
Recognize the decrease in net gain (loss) | $ 604 | $ (36) | $ 61 |
Total recognized in other comprehensive loss (income) | $ 604 | $ (36) | $ 61 |
Expected Benefit Payments (Deta
Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Retirement Benefits [Abstract] | |
2023 | $ 3 |
2024 | 17 |
2025 | 5 |
2026 | 5 |
2027 | 5 |
2028 and thereafter | $ 106 |
Actuarial Assumptions to Determ
Actuarial Assumptions to Determine Benefit Obligations (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted-average assumptions used to determine benefit obligations: | |||
Discount rate | 1.75% | 0.75% | 0.50% |
Rate of compensation increase | 4.50% | 4% | 4% |
Weighted-average assumptions used to determine net projected benefit cost: | |||
Discount rate | 1.75% | 0.75% | 0.50% |
Expected long-term return on plan assets | 3% | 2% | 2% |
Rate of compensation increase | 4.50% | 4% | 4% |
Components of Income Tax Expens
Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 42,594 | $ 49,005 | $ 6,479 |
Deferred | (2,526) | (1,743) | (667) |
Income tax expense | $ 40,068 | $ 47,262 | $ 5,812 |
Effective tax rate | 18.80% | 19.10% | 6.80% |
Income (loss) Before Income Tax
Income (loss) Before Income Taxes for Domestic and Foreign Entities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Cayman | $ (39,449) | $ (22,847) | $ (17,067) |
Non-Cayman | 252,027 | 270,111 | 102,625 |
Income before taxes | $ 212,578 | $ 247,264 | $ 85,558 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax Credit Carryforward [Line Items] | ||||
Change in valuation allowance | $ (1,644) | $ 991 | ||
Accumulated undistributed earnings from a foreign subsidiary | 487,000 | |||
Deferred tax liability on undistributed foreign earnings | 0 | |||
Unrecognized tax benefit | 37,105 | 26,317 | $ 19,001 | $ 20,655 |
Total amount of interest expense and penalties | 1,037 | 1,040 | $ 430 | |
Total amount of accrued interest and penalties | $ 6,777 | $ 6,368 | ||
Effective Income Tax Rate Reconciliation, Percent | 18.80% | 19.10% | 6.80% | |
Minimum | ||||
Tax Credit Carryforward [Line Items] | ||||
Corporate income tax rate | 12% | |||
Maximum | ||||
Tax Credit Carryforward [Line Items] | ||||
Corporate income tax rate | 21% | |||
Foreign Tax Authority | Internal Revenue Service (IRS) [Member] | Tax Year 2017 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Net operating loss carryforwards for income tax purposes | $ 27,802 | |||
Foreign Tax Authority | Internal Revenue Service (IRS) [Member] | Tax Year 2018 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Net operating loss carryforwards for income tax purposes | $ 13,002 | |||
Operating loss carryforward expiration year description | carryforward indefinitely. | |||
Foreign Tax Authority | Maximum | Internal Revenue Service (IRS) [Member] | Tax Year 2017 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal net operating loss carryforwards expiration year | 2037 | |||
Foreign Tax Authority | Research And Development | Internal Revenue Service (IRS) [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Deferred tax assets tax credit carryforwards | $ 1,948 | |||
Tax credit carryforward expiration year for federal | 2042 | |||
State and Local Jurisdiction [Member] | Minimum | Internal Revenue Service (IRS) [Member] | Tax Year 2017 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal net operating loss carryforwards expiration year | 2023 | |||
State and Local Jurisdiction [Member] | Research And Development | ||||
Tax Credit Carryforward [Line Items] | ||||
Deferred tax assets tax credit carryforwards | $ 1,342 | |||
Tax credit carryforward expiration year for state | no expiration date in California |
Reconciliation of Income Tax Ex
Reconciliation of Income Tax Expense on Pretax Income at Statutory Rate and Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation Of Income Taxes [Line Items] | |||
Differences between Cayman and foreign statutory tax rates | $ 38,696 | $ 48,322 | $ 5,286 |
Permanent differences | (3,377) | (10,625) | 1,441 |
Temporary differences | (1,091) | (400) | (129) |
Alternative minimum tax | 1 | 1 | 1 |
Income tax on undistributed earnings | 1,874 | 3,609 | 1,196 |
Net changes in income tax credit | (38) | 1,261 | 20 |
Net changes in valuation allowance of deferred income tax assets | (302) | 1,066 | 2,439 |
Net operating loss carryforwards | 1,668 | 180 | (1,180) |
Liabilities related to unrealized tax benefits | 11,036 | 5,877 | (3,066) |
Adjustment of prior years' taxes and others | (8,399) | (2,029) | (196) |
Income tax expense | 40,068 | 47,262 | 5,812 |
Cayman Islands Tax Information Authority [Member] | |||
Reconciliation Of Income Taxes [Line Items] | |||
Tax expense at statutory rate |
Deferred Income Tax Assets (lia
Deferred Income Tax Assets (liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Stock-based compensation | $ 3,058 | $ 2,138 |
Allowance for sales return | 1,000 | 365 |
Inventory reserve | 2,428 | 1,918 |
Foreign currency translation | (48) | 24 |
Property and equipment | (576) | (343) |
Investment tax credits | 3,290 | 3,251 |
Net operating loss carryforwards | 18,057 | 18,654 |
Others | 1,838 | 2,158 |
Valuation allowance | (20,163) | (21,807) |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 8,884 | $ 6,358 |
Reconciliation of Unrecognized
Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Balance, beginning of year | $ 26,317 | $ 19,001 | $ 20,655 |
Increases in tax positions taken in current year | 13,705 | 8,750 | 5,029 |
Decrease in tax position taken in prior year primarily related to the resolution of tax audit | (2,917) | (1,434) | (6,683) |
Balance, end of year | $ 37,105 | $ 26,317 | $ 19,001 |
Summary of Major Jurisdictions
Summary of Major Jurisdictions and Tax Year Subject to Examination Tax Authorities (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
China | |
Income Tax Examination [Line Items] | |
Years Subject to Income Tax Examination | 2019 and onward |
HONG KONG | |
Income Tax Examination [Line Items] | |
Years Subject to Income Tax Examination | 2019 and onward |
Taiwan | |
Income Tax Examination [Line Items] | |
Years Subject to Income Tax Examination | 2017 and onward |
United States | |
Income Tax Examination [Line Items] | |
Years Subject to Income Tax Examination | 2017 onward |
Cash Dividends Declared Per Ord
Cash Dividends Declared Per Ordinary Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends [Abstract] | |||||||||||||||
Dividend Per Share | $ 0 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.5 | $ 0.35 | |
Amount | $ 0 | $ 16,526 | $ 16,523 | $ 17,216 | $ 17,469 | $ 12,227 | $ 12,224 | $ 12,222 | $ 12,089 | $ 12,303 | $ 12,301 | $ 12,301 | $ 50,265 | $ 54,142 | $ 48,994 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Oct. 25, 2021 | Oct. 26, 2020 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 21, 2018 | |
Retained Earnings Adjustments [Line Items] | ||||||||||||||||||
Dividend declared | $ 0 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.0875 | $ 0.5 | $ 0.35 | ||||
Annual Dividend [Member] | ||||||||||||||||||
Retained Earnings Adjustments [Line Items] | ||||||||||||||||||
Dividend declared | $ 2 | $ 1.4 | ||||||||||||||||
Quarterly Dividend [Member] | ||||||||||||||||||
Retained Earnings Adjustments [Line Items] | ||||||||||||||||||
Dividend declared | $ 0.5 | $ 0.35 | ||||||||||||||||
American Depositary Shares [Member] | ||||||||||||||||||
Retained Earnings Adjustments [Line Items] | ||||||||||||||||||
ADSs repurchased during period, shares | 1,627 | 556 | 626 | |||||||||||||||
ADSs repurchased during period, cost | $ 128,840 | $ 50,011 | $ 25,044 | |||||||||||||||
Average purchase price per ADS | $ 79.18 | $ 89.87 | $ 39.93 | |||||||||||||||
American Depositary Shares [Member] | Maximum | ||||||||||||||||||
Retained Earnings Adjustments [Line Items] | ||||||||||||||||||
Repurchase of shares | $ 200,000 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 03, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Tax effect for stock-based compensation benefit (expense) for option and restricted stock units exercised | $ 2 | $ (155) | $ 11 | |
Employee Stock Options And Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Tax effect for stock-based compensation benefit (expense) for option and restricted stock units exercised | $ 3,957 | $ 2,767 | $ 2,188 | |
2015 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Ordinary shares authorized | 20,000,000 | |||
2015 Equity Incentive Plan | Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Conversion ratio of restricted stock unit to ordinary shares | one-for-one basis | |||
The 2005 Plan and The 2015 Plan | Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost related to non-vested share-based compensation | $ 13,690 |
Summary of Stock Option and Res
Summary of Stock Option and Restricted Stock Units Activity (Detail) - The 2005 Plan and The 2015 Plan - Employee Stock Options And Restricted Stock Units [Member] - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Available for grant at beginning date | 10,433 | 12,625 | 14,260 |
Restricted stock units granted | (902) | (2,326) | (1,692) |
Restricted stock units forfeited | 49 | 134 | 57 |
Available for grant at ending balance | 9,580 | 10,433 | 12,625 |
Summary of Status of Restricted
Summary of Status of Restricted Stock Units and Changes (Detail) - Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Nonvested Stock Units | ||||
Nonvested at beginning period | 2,310 | 1,714 | 1,643 | |
Restricted stock units granted | 902 | 2,326 | 1,692 | |
Restricted stock units vested | (1,186) | (1,596) | (1,564) | |
Restricted stock units forfeited | (49) | (134) | (57) | |
Nonvested at ending period | 1,977 | 2,310 | 1,714 | 1,643 |
Weighted Average Grant Date Fair Value | ||||
Nonvested at beginning period | $ 17.37 | $ 9.37 | $ 8.08 | |
Restricted stock units granted | 19.56 | 17.62 | 9.4 | |
Restricted stock units vested | 17.61 | 9.31 | 8.02 | |
Restricted stock units forfeited | 17.18 | 14.99 | 9.31 | |
Nonvested at ending period | $ 17.89 | $ 17.37 | $ 9.37 | $ 8.08 |
Weighted Average Remaining Recognition Period (Years) | ||||
Nonvested at ending period | 7 months 28 days | 1 year 6 months 25 days | 3 months 21 days | 3 months 14 days |
Table of Stock-based Compensati
Table of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $ 26,661 | $ 19,545 | $ 14,589 |
Cost of Sales | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 597 | 389 | 253 |
Research and Development Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 18,678 | 12,864 | 10,132 |
Selling and Marketing Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 2,736 | 2,366 | 1,759 |
General and Administrative Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $ 4,650 | $ 3,926 | $ 2,445 |
Lease - Additional Information
Lease - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Leased Assets [Line Items] | |||
Lease Expense | $ 4,820 | $ 4,574 | $ 4,261 |
Operating Lease Payments | 3,642 | 3,502 | $ 3,226 |
Operating lease right of use assets | 8,149 | $ 5,616 | |
Operating lease liabilities accrued current | 3,204 | ||
Operating lease liabilitites long term | $ 4,908 | ||
Other Noncurrent Liabilities [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease right of use assets | $ 8,149 | $ 5,616 | |
Operating lease weighted average remaining lease term | 3 years 1 month 20 days | 2 years 5 months 4 days | |
Operating lease weighted average discount rate | 2.38% | 3.65% | |
Accounting Standards Update 2016-02 [Member] | Other Current Liabilities [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease liabilities accrued current | $ 3,204 | $ 2,899 | |
Accounting Standards Update 2016-02 [Member] | Other Noncurrent Liabilities [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease liabilitites long term | $ 4,908 | $ 2,987 |
Lease - Schedule Of Future Mini
Lease - Schedule Of Future Minimum Rental Payments For Operating Leases (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 3,338 |
2024 | 1,967 |
2025 | 1,285 |
2026 | 1,295 |
2027 | 478 |
Total | 8,363 |
Less imputed interest | 251 |
Present value of net future minimum lease payments | 8,112 |
Less operating lease liabilities-current | 3,204 |
Long-term operating lease liabilities | $ 4,908 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Liabilities, Current |
Commitments And Contingencies -
Commitments And Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 18, 2021 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Line Items] | ||
Litigation Settlement, Amount Awarded from Other Party | $ 5,322 | |
Loss Contingency, Estimated Recovery from Third Party | Office Building Construction On February 18, 2021, the Company won a bid with a third-party to build an office building in Taipei and entered into a property development agreement in May 2021, at which time it delivered a US$5,322 thousand performance bond secured by a certificate of deposit. Based on the terms of the property development agreement, the Company is required to complete construction within three years after the construction license is approved. Litigation From time to time, the Company is subject to threats of litigation or actual litigation in the ordinary course of business, some of which may be material. On April 5, 2022, Rampart Asset Management LLC, commenced a patent infringement lawsuit against the Company in the United States District Court of the Eastern District of Texas, Marshall Divisions. On October 31, 2022, the parties settled and the Company paid Rampart US$390 thousand. | |
Rampart Asset Management LLC [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Amount paid to counterparty | $ 390 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segment Reporting [Abstract] | |
Reportable segment | 1 |
Revenue by Product Category (De
Revenue by Product Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
NET SALES | $ 945,921 | $ 922,100 | $ 539,521 |
Mobile Storage | |||
Segment Reporting Information [Line Items] | |||
NET SALES | 926,760 | 910,569 | 532,682 |
Others | |||
Segment Reporting Information [Line Items] | |||
NET SALES | $ 19,161 | $ 11,531 | $ 6,839 |
Revenue by Geographic Area (Det
Revenue by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
NET SALES | $ 945,921 | $ 922,100 | $ 539,521 |
Taiwan | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
NET SALES | 156,205 | 159,575 | 95,023 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
NET SALES | 128,844 | 53,517 | 42,099 |
Korea | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
NET SALES | 113,757 | 21,569 | 24,261 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
NET SALES | 248,301 | 286,605 | 154,789 |
Malaysia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
NET SALES | 26,375 | 73,264 | 46,319 |
Singapore | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
NET SALES | 141,383 | 219,214 | 97,813 |
Others | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
NET SALES | $ 131,056 | $ 108,356 | $ 79,217 |
Major customers representing at
Major customers representing at least 10% of net sales (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Major Customer [Line Items] | |||
NET SALES | $ 945,921 | $ 922,100 | $ 539,521 |
Net sales | Customers accounted for 10% or more | Intel | |||
Revenue, Major Customer [Line Items] | |||
NET SALES | $ 94,781 | ||
Major customers, percentage of net sales | 10% | ||
Net sales | Customers accounted for 10% or more | Micron | |||
Revenue, Major Customer [Line Items] | |||
NET SALES | $ 235,934 | $ 243,204 | $ 127,708 |
Major customers, percentage of net sales | 25% | 26% | 24% |
Net sales | Customers accounted for 10% or more | SK Hynix | |||
Revenue, Major Customer [Line Items] | |||
NET SALES | $ 191,873 | ||
Major customers, percentage of net sales | 20% |
Long-lived Assets (Property And
Long-lived Assets (Property And Equipment, net) by Geographic Area (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property and equipment, net | $ 139,434 | $ 124,478 | $ 105,496 |
Taiwan | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property and equipment, net | 127,733 | 111,341 | 102,420 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property and equipment, net | 11,028 | 12,518 | 2,770 |
Others | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property and equipment, net | $ 673 | $ 619 | $ 306 |