Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | SiTime Corporation | |
Entity Central Index Key | 0001451809 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock Shares Outstanding | 21,286,493 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | SITM | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-39135 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 02-0713868 | |
Entity Address, Address Line One | 5451 Patrick Henry Drive | |
Entity Address, City or Town | Santa Clara | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95054 | |
City Area Code | 408 | |
Local Phone Number | 328-4400 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 580,291 | $ 559,461 |
Accounts receivable, net | 38,724 | 38,376 |
Inventories | 34,383 | 23,630 |
Prepaid expenses and other current assets | 7,381 | 4,476 |
Total current assets | 660,779 | 625,943 |
Property and equipment, net | 51,920 | 37,902 |
Intangible assets, net | 4,303 | 5,977 |
Right-of-use assets, net | 11,486 | 8,194 |
Other assets | 5,475 | 193 |
Total assets | 733,963 | 678,209 |
Current liabilities: | ||
Accounts payable | 21,619 | 13,103 |
Accrued expenses and other current liabilities | 21,998 | 24,282 |
Total current liabilities | 43,617 | 37,385 |
Lease liabilities | 8,997 | 6,398 |
Other non-current liabilities | 1,065 | 1,929 |
Total liabilities | 53,679 | 45,712 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Common stock, $0.0001 par value - 200,000 shares authorized; 21,286 and 20,825 shares issued and outstanding at June 30, 2022 and December 31, 2021 | 2 | 2 |
Additional paid-in capital | 692,402 | 663,614 |
Accumulated deficit | (12,120) | (31,119) |
Total stockholders’ equity | 680,284 | 632,497 |
Total liabilities and stockholders’ equity | $ 733,963 | $ 678,209 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares, issued | 21,286,000 | 20,825,000 |
Common stock, shares, outstanding | 21,286,000 | 20,825,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 79,418 | $ 44,496 | $ 149,671 | $ 80,038 |
Cost of revenue | 26,744 | 17,669 | 51,763 | 34,393 |
Gross profit | 52,674 | 26,827 | 97,908 | 45,645 |
Operating expenses: | ||||
Research and development | 22,017 | 12,067 | 42,612 | 23,247 |
Selling, general and administrative | 18,376 | 12,686 | 36,954 | 23,809 |
Total operating expenses | 40,393 | 24,753 | 79,566 | 47,056 |
Income (loss) from operations | 12,281 | 2,074 | 18,342 | (1,411) |
Interest income | 803 | 803 | ||
Other expense | (173) | (28) | (26) | (68) |
Income (loss) before income taxes | 12,911 | 2,046 | 19,119 | (1,479) |
Income tax expense | (52) | (23) | (120) | (63) |
Net income (loss) | 12,859 | 2,023 | 18,999 | (1,542) |
Net income (loss) attributable to common stockholders and comprehensive income (loss) | $ 12,859 | $ 2,023 | $ 18,999 | $ (1,542) |
Net income (loss) per share attributable to common stockholders, basic | $ 0.61 | $ 0.11 | $ 0.90 | $ (0.08) |
Net income (loss) per share attributable to common stockholders, diluted | $ 0.57 | $ 0.10 | $ 0.84 | $ (0.08) |
Weighted-average shares used to compute basic net income (loss) per share | 21,148 | 18,942 | 21,035 | 18,408 |
Weighted-average shares used to compute diluted net income (loss) per share | 22,721 | 20,893 | 22,736 | 18,408 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | At-The-Market Offering | Follow-on Public Offering | Common Stock | Common Stock At-The-Market Offering | Common Stock Follow-on Public Offering | Additional Paid-in Capital | Additional Paid-in Capital At-The-Market Offering | Additional Paid-in Capital Follow-on Public Offering | Accumulated Deficit |
Beginning Balance at Dec. 31, 2020 | $ 109,880 | $ 2 | $ 173,274 | $ (63,396) | ||||||
Beginning Balance, Shares at Dec. 31, 2020 | 17,150 | |||||||||
Stock-based compensation expense | 14,000 | 14,000 | ||||||||
Net income (loss) | (1,542) | (1,542) | ||||||||
Issuance of common stock net of underwriting discounts and commissions and other offering costs | $ 181,588 | $ 181,588 | ||||||||
Issuance of common stock net of underwriting discounts and commissions and other offerings costs, Shares | 1,500 | |||||||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares | 411 | |||||||||
Ending Balance at Jun. 30, 2021 | 303,926 | $ 2 | 368,862 | (64,938) | ||||||
Ending Balance, Shares at Jun. 30, 2021 | 19,061 | |||||||||
Beginning Balance at Mar. 31, 2021 | 295,269 | $ 2 | 362,228 | (66,961) | ||||||
Beginning Balance, Shares at Mar. 31, 2021 | 18,840 | |||||||||
Stock-based compensation expense | 6,634 | 6,634 | ||||||||
Net income (loss) | 2,023 | 2,023 | ||||||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares | 221 | |||||||||
Ending Balance at Jun. 30, 2021 | 303,926 | $ 2 | 368,862 | (64,938) | ||||||
Ending Balance, Shares at Jun. 30, 2021 | 19,061 | |||||||||
Beginning Balance at Dec. 31, 2021 | $ 632,497 | $ 2 | 663,614 | (31,119) | ||||||
Beginning Balance, Shares at Dec. 31, 2021 | 20,825 | 20,825 | ||||||||
Stock-based compensation expense | $ 25,650 | 25,650 | ||||||||
Net income (loss) | 18,999 | 18,999 | ||||||||
Issuance of common stock net of underwriting discounts and commissions and other offering costs | $ 20,080 | $ 20,080 | ||||||||
Issuance of common stock net of underwriting discounts and commissions and other offerings costs, Shares | 100 | |||||||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings | (16,942) | (16,942) | ||||||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares | 361 | |||||||||
Ending Balance at Jun. 30, 2022 | $ 680,284 | $ 2 | 692,402 | (12,120) | ||||||
Ending Balance, Shares at Jun. 30, 2022 | 21,286 | 21,286 | ||||||||
Beginning Balance at Mar. 31, 2022 | $ 653,874 | $ 2 | 678,851 | (24,979) | ||||||
Beginning Balance, Shares at Mar. 31, 2022 | 21,042 | |||||||||
Stock-based compensation expense | 10,413 | 10,413 | ||||||||
Net income (loss) | 12,859 | 12,859 | ||||||||
Issuance of common stock net of underwriting discounts and commissions and other offering costs | $ 20,080 | $ 20,080 | ||||||||
Issuance of common stock net of underwriting discounts and commissions and other offerings costs, Shares | 100 | |||||||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings | (16,942) | (16,942) | ||||||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares | 144 | |||||||||
Ending Balance at Jun. 30, 2022 | $ 680,284 | $ 2 | $ 692,402 | $ (12,120) | ||||||
Ending Balance, Shares at Jun. 30, 2022 | 21,286 | 21,286 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 18,999 | $ (1,542) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Depreciation and amortization expense | 5,269 | 3,544 |
Stock-based compensation expense | 26,092 | 14,149 |
Changes in assets and liabilities: | ||
Accounts receivable, net | (348) | (1,350) |
Related party accounts receivable | (1,675) | |
Inventories | (10,753) | (6,143) |
Prepaid expenses and other assets | (1,702) | 47 |
Accounts payable | 1,266 | 2,448 |
Accrued expenses and other liabilities | (3,486) | 912 |
Net cash provided by operating activities | 35,337 | 10,390 |
Cash flows from investing activities | ||
Purchase of property and equipment | (17,241) | (11,388) |
Cash paid for intangibles | (404) | (577) |
Net cash used in investing activities | (17,645) | (11,965) |
Cash flows from financing activities | ||
Tax withholding paid on behalf of employees for net share settlement | (16,942) | |
Proceeds from public offering | 20,592 | 181,928 |
Payments for offering costs | (512) | (340) |
Net cash provided by financing activities | 3,138 | 181,588 |
Net increase in cash and cash equivalents | 20,830 | 180,013 |
Cash and cash equivalents | ||
Beginning of period | 559,461 | 73,525 |
End of period | 580,291 | 253,538 |
Supplemental disclosure of cash flow information | ||
Income taxes paid | 37 | 1 |
Supplemental disclosure of noncash flow information | ||
Unpaid property and equipment | 2,687 | 1,644 |
Unpaid intangibles, net | 484 | |
Right-of-use assets acquired under operating leases | $ 4,356 | $ 238 |
The Company and Basis of Presen
The Company and Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
The Company and Basis of Presentation | Note 1. The Company and Basis of Presentation SiTime Corporation (the “Company”) was incorporated in the State of Delaware in December 2003. The Company is a provider of precision timing solutions. The Company primarily supplies oscillator products that comprise a MEMS resonator and clock IC that is integrated into a package, as well as standalone resonators. The Company has also started to sample clock ICs. The Company’s products are designed to address a wide range of applications across a broad array of end markets. The Company operates a fabless business model and leverages its global network of distributors to address the broad set of end markets that it serves. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments of a normal, recurring nature, which are necessary to state fairly the financial information included therein. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in SiTime Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain prior year amounts have been reclassified to conform to the current year presentation. Coronavirus Disease (“the COVID-19 pandemic”) The COVID-19 pandemic has continued to impact the Company's workforce and the operations of its customers and suppliers during 2022. In response to the ongoing COVID-19 pandemic and related government measures, the Company implemented safety measures to protect its employees and contractors at its locations around the world. As the COVID-19 pandemic continues, the timing and overall demand of the Company's products and availability of supply chain may negatively and materially impact the Company's business operations and financial results. To date, the Company has experienced minimal impact from any supplier disruption resulting from the COVID-19 pandemic, however, due to the changing nature and continuing uncertainty around the COVID-19 pandemic, the Company's ability to predict the impact of the COVID-19 pandemic on its business and financial results in future periods remains limited. The Company continues to actively monitor the effects and potential impacts of the COVID-19 pandemic on its business and may take further actions altering its business operations that it determines to be in the best interests of its employees, customers, partners, suppliers, and stakeholders, or as required by federal, state, or local authorities. It is not clear what the potential effects any such alterations or modifications may have on the Company's business, including the effects on its customers, employees, operations, and prospects, or on the financial results for 2022 and beyond. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Significant Accounting Policies The Company’s significant accounting policies are disclosed in the Company’s audited consolidated financial statements and related notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2021. There had been no changes to these accounting policies. Recent Accounting Pronouncements There are no new accounting pronouncements that are pending to be adopted by the Company. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Note 2. Net Income (Loss) Per Share The following table summarizes the computation of basic and diluted net loss (income) per share attributable to common stockholders of the Company: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands, except per share data) Net income (loss) attributable to common stockholders $ 12,859 $ 2,023 $ 18,999 $ ( 1,542 ) Weighted-average shares outstanding Weighted average shares used to compute basic net income (loss) per share 21,148 18,942 21,035 18,408 Dilutive effect of employee equity incentive plans 1,573 1,951 1,701 — Weighted average shares used to compute diluted net income (loss) per share 22,721 20,893 22,736 18,408 Net income (loss) attributable to common stockholders per share, basic $ 0.61 $ 0.11 $ 0.90 $ ( 0.08 ) Net income (loss) attributable to common stockholders per share, diluted $ 0.57 $ 0.10 $ 0.84 $ ( 0.08 ) Potential dilutive securities include dilutive common shares from share-based awards attributable to the assumed exercise of restricted stock unit awards using the treasury stock method. Under the treasury stock method, potential common shares outstanding are not included in the computation of diluted net income per share if their effect is anti-dilutive. Anti-dilutive potential shares from share-based awards are excluded from the calculation of diluted earnings per share if either their exercise price exceeded the average market price during the period or the share-based awards were determined to be anti-dilutive based on applying the treasury stock method. During the three months ended June 30, 2022 and 2021 , the Company had 231,349 and 5,198 potential shares from share-based awards that are anti-dilutive, respectively. During the six months ended June 30, 2022 and 2021 , the Company had 211,667 and 2,078,581 potential shares from share-based awards that are anti-dilutive, respectively. Anti-dilutive potential shares from share-based awards are excluded from the calculation of diluted loss per share for the six months ended June 30, 2021 due to the net loss reported in this period. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3. Fair Value Measurements The carrying amounts of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable, accrued liabilities, and other current liabilities, approximate their fair values due to their short maturities. On June 30, 2022 and December 31, 2021, cash balances in bank checking and savings accounts of $ 89.1 million and $ 339.3 million, respectively, were valued using Level 1 of the fair value hierarchy. On June 30, 2022 and December 31, 2021, highly liquid money market funds and treasury bills of $ 491.2 million and $ 220.2 million, respectively, were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in cash equivalents. |
Balance Sheets Components
Balance Sheets Components | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheets Components | Note 4. Balance Sheet Components Accounts Receivable, net Accounts receivable, net consisted of the following: As of June 30, 2022 December 31, 2021 (in thousands) Accounts receivable, gross $ 38,774 $ 38,426 Allowance for credit losses ( 50 ) ( 50 ) Accounts receivable, net $ 38,724 $ 38,376 Inventories Inventories consisted of the following: As of June 30, 2022 December 31, 2021 (in thousands) Raw materials $ 3,779 $ 1,841 Work in progress 23,854 16,963 Finished goods 6,750 4,826 Total inventories $ 34,383 $ 23,630 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: As of June 30, 2022 December 31, 2021 (in thousands) Prepaid expenses $ 3,923 $ 2,398 Other current assets 3,458 2,078 Total prepaid expenses and other current assets $ 7,381 $ 4,476 Property and Equipment, Net Property and equipment, net consisted of the following: As of June 30, 2022 December 31, 2021 (in thousands) Lab and manufacturing equipment $ 59,925 $ 44,283 Computer equipment 2,392 1,977 Furniture and fixtures 463 433 Construction in progress 8,645 7,100 Leasehold improvements 5,956 5,211 77,381 59,004 Accumulated depreciation ( 25,461 ) ( 21,102 ) Total property and equipment, net $ 51,920 $ 37,902 Depreciation expense related to property and equipment was $ 2.4 million and $ 1.4 million for the three months ended June 30, 2022 and 2021, respectively, and $ 4.5 million and $ 2.5 million for the six months ended June 30, 2022 and 2021, respectively. Intangible Assets, Net Intangible assets, net consisted of the following: As of June 30, 2022 December 31, 2021 (in thousands) Gross Assets Accumulated Amortization Net Assets Gross Assets Accumulated Amortization Net Assets Internal use software $ 9,434 $ ( 8,633 ) $ 801 $ 9,434 $ ( 8,633 ) $ 801 Purchased intangibles 10,749 ( 7,247 ) 3,502 11,703 ( 6,527 ) 5,176 Intangible assets $ 20,183 $ ( 15,880 ) $ 4,303 $ 21,137 $ ( 15,160 ) $ 5,977 Amortization expense for intangible assets was $ 0.4 million and $ 0.5 million for the three months ended June 30, 2022 and 2021, respectively, and $ 0.7 million and $ 1.0 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, the Company had $ 0.8 million of intangibles that were still in development stage and were not being amortized, with the amortization beginning in July 2022 when the related product is placed in production. The estimated aggregate future amortization expense for intangible assets in development stage and subject to amortization as of June 30, 2022 is summarized as below: (in thousands) 2022 (remainder) $ 947 2023 1,876 2024 1,182 2025 228 2026 and beyond 70 $ 4,303 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of June 30, 2022 December 31, 2021 (in thousands) Accrued payroll and related benefits $ 5,990 $ 7,237 Revenue reserves 2,450 2,194 Deferred non-recurring engineering services 3,409 5,666 Short term lease liability 2,205 1,336 Accrued customer rebates 2,654 3,107 Other accrued expenses 5,290 4,742 Total accrued expenses and other current liabilities $ 21,998 $ 24,282 The Company recorded reduction of research and development expenses related to non-recurring engineering service arrangements in the condensed consolidated statement of operations of $ 2.8 million and $ 0.1 million during the three months ended June 30, 2022 and 2021 , respectively, and $ 4.8 million and $ 0.1 million during the six months ended June 30, 2022 and 2021, respectively. Through June 30, 2022, the Company had recorded $ 2.7 million of accrued customer rebates as contra revenue under a customer agreement. In July 2022, the Company subsequently entered into an agreement with the customer to waive the accrued customer rebate through June 30, 2022. The Company will recognize this waiver as revenue in July 2022. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | Note 5. Leases The Company leases real estate property under operating leases. The Company leases office space in California, Michigan, Malaysia, Japan, Taiwan, the Netherlands, and Ukraine all under non-cancellable operating leases with various expiration dates through April 2027 . In January 2021, the Company signed an amendment to its Santa Clara, California office space lease where the lessor provided the Company lease incentives of $ 0.4 million and extended the term of the lease by three months . The amendment was accounted as a single modified lease and the remaining payments were remeasured using an updated discount rate. During the six months ended June 30, 2022 , the Company commenced six operating leases with 2 to 7 year lease terms, and recorded right-of-use assets of $ 4.4 million, current lease liabilities of $ 0.8 million, and long-term lease liabilities of $ 3.7 million upon the commencement of these leases. The remaining lease terms vary from a couple months to 7 years . For certain of its leases the Company has options to extend the lease term for periods varying from one to five years . These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. The Company also has variable lease payments that are primarily comprised of common area maintenance and utility charges. The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet as of June 30, 2022: As of June 30, 2022 December 31, 2021 (in thousands) Right-of-use assets $ 11,486 $ 8,194 Lease liabilities included in accrued expenses and other current liabilities 2,205 1,336 Lease liabilities - non-current 8,997 6,398 Total operating lease liabilities $ 11,202 $ 7,734 Weighted-average remaining lease term (years) 4.6 5.0 Weighted-average discount rate 4.3 % 4.5 % The table below presents certain information related to the lease costs for operating leases for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Operating lease cost $ 692 $ 567 $ 1,261 $ 882 Short-term lease cost 299 86 833 164 Variable lease cost 260 82 354 165 Total lease cost $ 1,251 $ 735 $ 2,448 $ 1,211 Cash paid for operating lease liabilities was $ 1.2 million and $ 0.8 million for the six months ended June 30, 2022 and 2021, respectively. Operating Lease Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of June 30, 2022: (in thousands) Remainder of 2022 $ 1,259 2023 2,781 2024 2,701 2025 2,576 2026 2,242 2027 and beyond 837 Total minimum lease payments 12,396 Less: amount of lease payments representing interest ( 1,194 ) Present value of future minimum lease payments 11,202 Less: current obligations under leases ( 2,205 ) Long-term lease liabilities $ 8,997 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Note 6. Stockholders’ Equity Follow-on public offerings On February 22, 2021, the Company completed a follow-on public offering, in which it issued and sold 1,500,000 shares of its common stock, resulting in net proceeds to the Company of $ 181.6 million after deducting underwriting discounts and commissions of $ 8.6 million and deferred offering costs of $ 0.3 million. On November 10, 2021 the Company completed a follow-on public offering, in which it issued and sold 1,300,000 shares of its common stock , resulting in net proceeds to the Company of $ 279.0 million after deducting underwriting discounts and commissions of $ 13.2 million and deferred offering costs of $ 0.3 million. At-The-Market offering On May 4, 2022, the Company entered into a Sales Agreement ("Sales Agreement"), with Stifel, Nicolaus & Company, Incorporated ("Stifel"), under which the Company may offer and sell from time to time at its sole discretion, up to an aggregate of 800,000 shares of its common stock, par value $ 0.0001 per share, through Stifel as its sales agent. The Company intends to use the net proceeds from the shares of common stock offered and sold to primarily replenish funds expended to satisfy anticipated tax withholding and remittance obligations related to the net settlement upon vesting of restricted stock unit awards (“RSU”) granted to employees under the equity incentive plans. The Company has filed a prospectus supplement pursuant to the Sales Agreement for the offer and sale of up to an aggregate of 800,000 shares of its common stock. Subject to the terms and conditions of the Sales Agreement, Stifel will sell the common stock from time to time, based upon instructions from the Company. The Company agreed to pay Stifel a commission of up to 3 % of the gross sales proceeds of any common stock sold through Stifel under the Sales Agreement. During the three months ended June 30, 2022 , the Company sold 100,000 shares of its common stock to Stifel under the Sales Agreement at a weighted average price of $ 205.91 per share resulting in net proceeds to the Company of $ 20.1 million, after deducting underwriting discounts and commissions of $ 0.4 million and deferred offering costs of $ 0.1 million. Equity Incentive Plans The following table summarizes the RSU, performance based restricted stock unit awards ("PRSU"), and multi-year performance restricted stock units ("MYPSU") activity for the three and six months ended June 30, 2022: RSU Grant Date PRSU Grant Date MYPSU Grant Date Number of Fair Value Number of Fair Value Number of Fair Value Shares per share Shares per share Shares per share Unvested at December 31, 2021 2,227,197 $ 40.6 58,954 $ 261.4 — $ - Granted 173,291 232.7 11,202 233.1 311,872 88.6 Vested ( 217,358 ) 45.8 — — — — Forfeited ( 5,352 ) 117.3 — — — — Unvested at March 31, 2022 2,177,778 $ 55.1 70,156 $ 256.9 311,872 $ 88.6 Granted 104,555 217.7 — — — — Vested ( 214,327 ) 45.3 — — — — Forfeited ( 21,962 ) 89.5 — — — — Unvested at June 30, 2022 2,046,044 $ 62.2 70,156 $ 256.9 311,872 $ 88.6 On August 4, 2020, the Compensation Committee of the Company adopted and approved the Executive Bonus and Retention Plan (the “Bonus and Retention Plan”). In each of January and July 2021, the Compensation Committee approved target bonus amounts and performance goals for the first half and second half, respectively, of the fiscal year 2021 (the “2021 Goals”). In January 2022, the Compensation Committee approved target bonus amounts and performance goals for the first half of the fiscal year 2022 (the “1H2022 Goals”). The 2021 Goals and 1H2022 Goals are based on the achievement of revenue and Non-GAAP operating profit, as well as individual performance goals. The awards for the actual payouts are granted in the quarter following the end of the performance period. The target bonuses were granted based on a fixed dollar amount to be settled in RSUs on the vesting date and hence the awards have been classified as liability-based awards until settled. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statements. The liability of $ 1.3 million for 1H2022 Goals was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet as of June 30, 2022. In April 2022, the Company approved a bonus plan for certain employees. The target bonuses are granted based on a fixed dollar amount to be settled in RSUs in the quarter following the end of the performance period. Due to the fixed dollar amount targets, the awards have been classified as liability-based awards until settled. Once settled, these awards are reflected as RSU granted in the above table. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statements. The liability of $ 0.6 million was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet as of June 30, 2022. In December 2021, the Compensation Committee of the Company approved PRSUs with performance goals for the year 2022 (the “PRSU 2022 Goals”). The PRSU 2022 Goals are based on the achievement of revenue. These grants are included in the PRSU awards granted in the table above. In February 2022, the Compensation Committee of the Company approved and granted to certain of the Company’s executive officers MYPSUs with vesting based on achievement of stock price targets, which are measured based on the 60-trading day average per share closing price of the Company’s common stock on the Nasdaq Global Market during the performance periods of up to six years from the date of grant, subject to the continued service of the grantee through the vest date. The grant-date fair value of each MYPSU was determined using Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation included expected volatility of 44.4 %, risk free rate of 1.83 %, no expected dividend yield, expected term of six years and possible future stock prices over the performance period based on historical stock and market prices. The Company recognizes the expense related to the MYPSUs on a graded-vesting method over the requisite service period. Stock-Based Compensation The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Equity based awards Cost of revenue $ 283 $ 428 $ 921 $ 812 Research and development 4,325 2,531 9,700 4,987 Selling, general and administrative 5,805 3,675 13,541 7,010 $ 10,413 $ 6,634 $ 24,162 $ 12,809 Liability based awards - to be settled in equity Cost of revenue $ 44 $ 33 $ 63 $ 50 Research and development 668 328 888 532 Selling, general and administrative 685 494 979 758 $ 1,397 $ 855 $ 1,930 $ 1,340 Total stock-based compensation - equity and liability based $ 11,810 $ 7,489 $ 26,092 $ 14,149 Liability-based awards - cash settled Cost of revenue $ — $ — $ — $ 102 Research and development — 37 — 143 Selling, general and administrative — — — 108 $ — $ 37 $ — $ 353 Total stock-based compensation expense $ 11,810 $ 7,526 $ 26,092 $ 14,502 Stock-based compensation expense recorded to additional paid-in capital Equity based awards $ 10,413 $ 6,634 $ 24,162 $ 12,809 Liability based awards - settled in equity — — 1,488 1,191 Total stock-based compensation expense recorded to additional paid-in capital $ 10,413 $ 6,634 $ 25,650 $ 14,000 The following table presents the unrecognized compensation costs and related weighted average period of recognition as of June 30, 2022: As of June 30, 2022 Unrecognized Compensation Costs (in millions) Weighted Average Period of Recognition (in years) RSUs $ 120.3 2.4 PRSUs $ - - MYPSUs $ 23.9 1.5 Liability-based awards $ 0.5 0.4 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes The quarterly provision for income taxes is based on applying the estimated annual effective tax rate to the year to date pre-tax income (loss), plus any discrete items. The Company updates its estimate of its annual effective tax rate at the end of each quarterly period. The estimate takes into account annual forecasted income (loss) before income taxes, the geographic mix of income (loss) before income taxes and any significant permanent tax items. The following table presents the provision for income taxes and the effective tax rates for the three and six months ended June 30, 2022 and 2021 : Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Income (loss) before income taxes $ 12,911 $ 2,046 $ 19,119 $ ( 1,479 ) Income tax expense ( 52 ) ( 23 ) ( 120 ) ( 63 ) Effective tax rate 0 % 1 % 1 % 4 % The Company’s effective tax rate may vary from the U.S. federal statutory tax rate due to the change in the mix of earnings in tax jurisdictions with different statutory rates, benefits related to tax credits and the tax impact of non-deductible expenses, existence of full valuation allowance on its deferred tax assets, and other permanent differences between income (loss) before income taxes and taxable income (loss). A valuation allowance is established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company regularly assesses its valuation allowance against deferred tax assets on a jurisdiction by jurisdiction basis. The Company considers all available positive and negative evidence, including future reversals of temporary differences, projected future taxable income, tax planning strategies and recent financial results. Based on management’s assessment of the realizability of deferred tax assets, the Company continues to maintain a full valuation reserve on its deferred tax assets as of June 30, 2022 . The income tax provision was less than $ 0.1 million for both the three months ended June 30, 2022 and 2021, and $ 0.1 million for both the six months ended June 30, 2022 and 2021. The effective tax rate for the three months ended June 30, 2022 was less than 1 %, compared to 1 % for the three months ended June 30, 2021, and was 1 % and 4 % for the six months ended June 30, 2022 and 2021, respectively. The provision for income taxes primarily comes from the foreign subsidiaries’ local country obligations. The U.S. effective tax rate is less than 1 % and is due to minimum state tax. There is no federal provision for income taxes because the Company has incurred operating losses since inception and has projected an operating loss in the current year. The Company's tax provision for income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. Each quarter, the Company updates its estimate of the annual effective tax rate and makes a year-to-date adjustment to the provision. As of June 30, 2022 and December 31, 2021, the Company had $ 2.4 million and $ 2.4 million, respectively, of total unrecognized tax benefits. If the Company is able to eventually recognize these uncertain tax positions, none of the unrecognized benefit would reduce the Company’s effective tax rate due to the full valuation allowance on the Company’s deferred tax assets. The Company’s policy is to record interest and penalties related to unrecognized tax benefits as income tax expense. For the three and six months ended June 30, 2022 and 2021 , the Company had immaterial amounts related to the accrual of interest and penalties. |
Segment, Geographic and Custome
Segment, Geographic and Customer Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment, Geographic and Customer Information | Note 8. Segment, Geographic and Customer Information The Company operates in one reportable segment related to the design, development, and sale of precision timing solutions. Revenue by geographic area is presented based upon the ship-to location of the original equipment manufacturers, the contract manufacturers, or the distributors who purchased the Company’s products. For sales to the distributors, their geographic location may be different from the geographic locations of the ultimate end customers. The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Taiwan $ 24,545 $ 12,009 $ 47,617 $ 28,501 Hong Kong 17,345 17,557 31,878 28,991 United States 8,826 2,808 16,020 4,042 Other 28,702 12,122 54,156 18,504 Total $ 79,418 $ 44,496 $ 149,671 $ 80,038 Revenue from sales to three of the Company's distributors accounted for 16 %, 13 %, and 11 % of its consolidated revenues for the three months ended June 30, 2022 , and 16 %, 16 %, and 13 % of its consolidated revenues for the three months ended June 30, 2021 . Revenue from sales to the largest end customer through a distributor accounted for 14 % and 15 % for the three months ended June 30, 2022 and 2021 , respectively. The Company's end customers predominantly purchase the Company's products from distributors. No other distributors or customers accounted for 10% or more of the Company's consolidated revenues for the three months ended June 30, 2022 and 2021, respectively. Revenue from sales to three of the Company's distributors accounted for 15 %, 15 %, and 11 % of its consolidated revenues for the six months ended June 30, 2022 , and 24 %, 15 %, and 14 % of its consolidated revenues for the six months ended June 30, 2021 . Revenue from sales to the largest end customer through a distributor accounted for 16 % and 25 % for the six months ended June 30, 2022 and 2021 , respectively. No other distributors or customers accounted for 10% or more of the Company's consolidated revenues for the six months ended June 30, 2022 and 2021, respectively. The following table sets forth the Company’s total property and equipment and intangible assets attributable to operations by country as of the periods presented: As of June 30, 2022 December 31, 2021 United States 50 % 57 % Malaysia 33 % 31 % Taiwan 6 % 5 % Other 11 % 7 % |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies Legal Matters From time to time, the Company may be a party to various litigation claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with legal counsel, the need to record a liability for litigation and contingencies. Accrual estimates are recorded when and if it is determined that such a liability for litigation and contingencies are both probable and reasonably estimable. Indemnification The Company is a party to a variety of agreements pursuant to which it may be obligated to indemnify other parties to such agreements with respect to certain matters. Typically, these obligations arise in the context of contracts that the Company has entered into, under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations and covenants or terms and conditions related to such matters as the sale and/or delivery of its products, title to assets sold, certain intellectual property claims, defective products, specified environmental matters, and certain income taxes. Further, the Company’s obligations under these agreements may be limited in terms of time, amount, or the scope of its responsibility and in some instances, the Company may have recourse against third-parties for certain payments made under these agreements. It is not possible to predict the maximum potential amount of future payments under these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, the Company has had no material indemnification claims under these agreements. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10. Related Party Transactions The Company entered into an agreement with MegaChips Corporation ("MegaChips"), whereby the Company appointed MegaChips as a non-exclusive sales representative of its products in Japan. The Company sold products through MegaChips to distributors, resellers, or direct customers in Japan. The Company paid MegaChips a fixed percentage of the revenue as sales commission, which was recorded as commission expense and included in sales and marketing in the consolidated statements of operations and comprehensive loss. In connection with the Company's efforts to contract directly with distributors in Japan, the Company entered into a termination agreement with MegaChips pursuant to which the Company and MegaChips mutually terminated the Distribution Agreement effective November 3, 2021. The Company also entered into a service and secondment agreement with MegaChips LSI USA Corporation, a wholly owned subsidiary of MegaChips, in 2020 that terminated on August 31, 2021 . MegaChips is the largest stockholder of the Company and held approximately 23.5 % and 24.0 % of the Company’s outstanding common stock as of June 30, 2022 and December 31, 2021, respectively. In May 2021, the Company signed a consulting agreement with Akira Takata, a member of the Board of Directors of the Company, to provide sales consulting services through December 31, 2021, for which he received monthly cash fees of $ 5,000 , reimbursement of expenses, and an equity award of 500 RSUs that fully vested on November 20, 2021 . In December 2021, the Company signed an amendment to extend the consulting agreement with Mr. Takata through December 31, 2022 , for which he continues to receive monthly cash fees, reimbursement of expenses, and an equity award of 300 RSUs that fully vest on N ovember 20, 202 2 . The following is a summary of significant balances, transactions and payments with the related parties and affiliates. Three Months Ended June 30, Six Months Ended June 30, Transactions 2022 2021 2022 2021 (in thousands) MegaChips Sales through distribution agreement $ — $ 4,415 $ — $ 6,270 Commission expense — 184 — 261 Affiliates Consulting fees 41 38 105 125 Three Months Ended June 30, Six Months Ended June 30, Payments 2022 2021 2022 2021 (in thousands) (in thousands) MegaChips Cash paid for commissions $ — $ 184 $ — $ 261 Affiliates Cash paid for consulting fees 41 38 105 125 |
The Company and Basis of Pres_2
The Company and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Coronavirus Disease ("the COVID-19 pandemic") | Coronavirus Disease (“the COVID-19 pandemic”) The COVID-19 pandemic has continued to impact the Company's workforce and the operations of its customers and suppliers during 2022. In response to the ongoing COVID-19 pandemic and related government measures, the Company implemented safety measures to protect its employees and contractors at its locations around the world. As the COVID-19 pandemic continues, the timing and overall demand of the Company's products and availability of supply chain may negatively and materially impact the Company's business operations and financial results. To date, the Company has experienced minimal impact from any supplier disruption resulting from the COVID-19 pandemic, however, due to the changing nature and continuing uncertainty around the COVID-19 pandemic, the Company's ability to predict the impact of the COVID-19 pandemic on its business and financial results in future periods remains limited. The Company continues to actively monitor the effects and potential impacts of the COVID-19 pandemic on its business and may take further actions altering its business operations that it determines to be in the best interests of its employees, customers, partners, suppliers, and stakeholders, or as required by federal, state, or local authorities. It is not clear what the potential effects any such alterations or modifications may have on the Company's business, including the effects on its customers, employees, operations, and prospects, or on the financial results for 2022 and beyond. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies are disclosed in the Company’s audited consolidated financial statements and related notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2021. There had been no changes to these accounting policies. |
Recently Accounting Pronouncements | Recent Accounting Pronouncements There are no new accounting pronouncements that are pending to be adopted by the Company. |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss (Income) per Share | The following table summarizes the computation of basic and diluted net loss (income) per share attributable to common stockholders of the Company: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands, except per share data) Net income (loss) attributable to common stockholders $ 12,859 $ 2,023 $ 18,999 $ ( 1,542 ) Weighted-average shares outstanding Weighted average shares used to compute basic net income (loss) per share 21,148 18,942 21,035 18,408 Dilutive effect of employee equity incentive plans 1,573 1,951 1,701 — Weighted average shares used to compute diluted net income (loss) per share 22,721 20,893 22,736 18,408 Net income (loss) attributable to common stockholders per share, basic $ 0.61 $ 0.11 $ 0.90 $ ( 0.08 ) Net income (loss) attributable to common stockholders per share, diluted $ 0.57 $ 0.10 $ 0.84 $ ( 0.08 ) |
Balance Sheets Components (Tabl
Balance Sheets Components (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following: As of June 30, 2022 December 31, 2021 (in thousands) Accounts receivable, gross $ 38,774 $ 38,426 Allowance for credit losses ( 50 ) ( 50 ) Accounts receivable, net $ 38,724 $ 38,376 |
Schedule of Inventory | Inventories consisted of the following: As of June 30, 2022 December 31, 2021 (in thousands) Raw materials $ 3,779 $ 1,841 Work in progress 23,854 16,963 Finished goods 6,750 4,826 Total inventories $ 34,383 $ 23,630 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: As of June 30, 2022 December 31, 2021 (in thousands) Prepaid expenses $ 3,923 $ 2,398 Other current assets 3,458 2,078 Total prepaid expenses and other current assets $ 7,381 $ 4,476 |
Schedule of Property and Equipment Net | Property and equipment, net consisted of the following: As of June 30, 2022 December 31, 2021 (in thousands) Lab and manufacturing equipment $ 59,925 $ 44,283 Computer equipment 2,392 1,977 Furniture and fixtures 463 433 Construction in progress 8,645 7,100 Leasehold improvements 5,956 5,211 77,381 59,004 Accumulated depreciation ( 25,461 ) ( 21,102 ) Total property and equipment, net $ 51,920 $ 37,902 |
Schedule of Intangible Assets, Net | Intangible assets, net consisted of the following: As of June 30, 2022 December 31, 2021 (in thousands) Gross Assets Accumulated Amortization Net Assets Gross Assets Accumulated Amortization Net Assets Internal use software $ 9,434 $ ( 8,633 ) $ 801 $ 9,434 $ ( 8,633 ) $ 801 Purchased intangibles 10,749 ( 7,247 ) 3,502 11,703 ( 6,527 ) 5,176 Intangible assets $ 20,183 $ ( 15,880 ) $ 4,303 $ 21,137 $ ( 15,160 ) $ 5,977 |
Schedule of Future Amortization Expense for Intangible Assets | The estimated aggregate future amortization expense for intangible assets in development stage and subject to amortization as of June 30, 2022 is summarized as below: (in thousands) 2022 (remainder) $ 947 2023 1,876 2024 1,182 2025 228 2026 and beyond 70 $ 4,303 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: As of June 30, 2022 December 31, 2021 (in thousands) Accrued payroll and related benefits $ 5,990 $ 7,237 Revenue reserves 2,450 2,194 Deferred non-recurring engineering services 3,409 5,666 Short term lease liability 2,205 1,336 Accrued customer rebates 2,654 3,107 Other accrued expenses 5,290 4,742 Total accrued expenses and other current liabilities $ 21,998 $ 24,282 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Summary of Lease Related Assets and Liabilities | The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet as of June 30, 2022: As of June 30, 2022 December 31, 2021 (in thousands) Right-of-use assets $ 11,486 $ 8,194 Lease liabilities included in accrued expenses and other current liabilities 2,205 1,336 Lease liabilities - non-current 8,997 6,398 Total operating lease liabilities $ 11,202 $ 7,734 Weighted-average remaining lease term (years) 4.6 5.0 Weighted-average discount rate 4.3 % 4.5 % |
Summary of Lease Costs | The table below presents certain information related to the lease costs for operating leases for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Operating lease cost $ 692 $ 567 $ 1,261 $ 882 Short-term lease cost 299 86 833 164 Variable lease cost 260 82 354 165 Total lease cost $ 1,251 $ 735 $ 2,448 $ 1,211 |
Summary of Undiscounted Cash Flows | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of June 30, 2022: (in thousands) Remainder of 2022 $ 1,259 2023 2,781 2024 2,701 2025 2,576 2026 2,242 2027 and beyond 837 Total minimum lease payments 12,396 Less: amount of lease payments representing interest ( 1,194 ) Present value of future minimum lease payments 11,202 Less: current obligations under leases ( 2,205 ) Long-term lease liabilities $ 8,997 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Restricted Stock Unit Award ("RSU") and Performance Based Restricted Stock Unit Awards ("PRSU") and Multi-year Performance Restricted Stock Units ("MYPSU") Activity (Details) | The following table summarizes the RSU, performance based restricted stock unit awards ("PRSU"), and multi-year performance restricted stock units ("MYPSU") activity for the three and six months ended June 30, 2022: RSU Grant Date PRSU Grant Date MYPSU Grant Date Number of Fair Value Number of Fair Value Number of Fair Value Shares per share Shares per share Shares per share Unvested at December 31, 2021 2,227,197 $ 40.6 58,954 $ 261.4 — $ - Granted 173,291 232.7 11,202 233.1 311,872 88.6 Vested ( 217,358 ) 45.8 — — — — Forfeited ( 5,352 ) 117.3 — — — — Unvested at March 31, 2022 2,177,778 $ 55.1 70,156 $ 256.9 311,872 $ 88.6 Granted 104,555 217.7 — — — — Vested ( 214,327 ) 45.3 — — — — Forfeited ( 21,962 ) 89.5 — — — — Unvested at June 30, 2022 2,046,044 $ 62.2 70,156 $ 256.9 311,872 $ 88.6 |
Schedule of Stock-based Compensation Expense Amounts Included in Condensed Consolidated Statement of Operations | The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Equity based awards Cost of revenue $ 283 $ 428 $ 921 $ 812 Research and development 4,325 2,531 9,700 4,987 Selling, general and administrative 5,805 3,675 13,541 7,010 $ 10,413 $ 6,634 $ 24,162 $ 12,809 Liability based awards - to be settled in equity Cost of revenue $ 44 $ 33 $ 63 $ 50 Research and development 668 328 888 532 Selling, general and administrative 685 494 979 758 $ 1,397 $ 855 $ 1,930 $ 1,340 Total stock-based compensation - equity and liability based $ 11,810 $ 7,489 $ 26,092 $ 14,149 Liability-based awards - cash settled Cost of revenue $ — $ — $ — $ 102 Research and development — 37 — 143 Selling, general and administrative — — — 108 $ — $ 37 $ — $ 353 Total stock-based compensation expense $ 11,810 $ 7,526 $ 26,092 $ 14,502 Stock-based compensation expense recorded to additional paid-in capital Equity based awards $ 10,413 $ 6,634 $ 24,162 $ 12,809 Liability based awards - settled in equity — — 1,488 1,191 Total stock-based compensation expense recorded to additional paid-in capital $ 10,413 $ 6,634 $ 25,650 $ 14,000 |
Summary of Unrecognized Compensation Costs and Related Weighted Average Period Of Recognition | The following table presents the unrecognized compensation costs and related weighted average period of recognition as of June 30, 2022: As of June 30, 2022 Unrecognized Compensation Costs (in millions) Weighted Average Period of Recognition (in years) RSUs $ 120.3 2.4 PRSUs $ - - MYPSUs $ 23.9 1.5 Liability-based awards $ 0.5 0.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes and Effective Tax Rates | The following table presents the provision for income taxes and the effective tax rates for the three and six months ended June 30, 2022 and 2021 : Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Income (loss) before income taxes $ 12,911 $ 2,046 $ 19,119 $ ( 1,479 ) Income tax expense ( 52 ) ( 23 ) ( 120 ) ( 63 ) Effective tax rate 0 % 1 % 1 % 4 % |
Segment, Geographic and Custo_2
Segment, Geographic and Customer Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Country | The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Taiwan $ 24,545 $ 12,009 $ 47,617 $ 28,501 Hong Kong 17,345 17,557 31,878 28,991 United States 8,826 2,808 16,020 4,042 Other 28,702 12,122 54,156 18,504 Total $ 79,418 $ 44,496 $ 149,671 $ 80,038 |
Schedule of Property and Equipment and Intangible Assets Attributable to Operations | The following table sets forth the Company’s total property and equipment and intangible assets attributable to operations by country as of the periods presented: As of June 30, 2022 December 31, 2021 United States 50 % 57 % Malaysia 33 % 31 % Taiwan 6 % 5 % Other 11 % 7 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Summary of Significant Balances, Transactions and Payments with Related Parties and Affiliates | The following is a summary of significant balances, transactions and payments with the related parties and affiliates. Three Months Ended June 30, Six Months Ended June 30, Transactions 2022 2021 2022 2021 (in thousands) MegaChips Sales through distribution agreement $ — $ 4,415 $ — $ 6,270 Commission expense — 184 — 261 Affiliates Consulting fees 41 38 105 125 Three Months Ended June 30, Six Months Ended June 30, Payments 2022 2021 2022 2021 (in thousands) (in thousands) MegaChips Cash paid for commissions $ — $ 184 $ — $ 261 Affiliates Cash paid for consulting fees 41 38 105 125 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Computation of Basic and Diluted Net Loss (Income) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to common stockholders | $ 12,859 | $ 2,023 | $ 18,999 | $ (1,542) |
Weighted-average shares outstanding | ||||
Weighted average shares used to compute basic net income (loss) per share | 21,148 | 18,942 | 21,035 | 18,408 |
Dilutive effect of employee equity incentive plans | 1,573 | 1,951 | 1,701 | |
Weighted average shares used to compute diluted net income (loss) per share | 22,721 | 20,893 | 22,736 | 18,408 |
Net income (loss) attributable to common stockholders per share, basic | $ 0.61 | $ 0.11 | $ 0.90 | $ (0.08) |
Net income (loss) attributable to common stockholders per share, diluted | $ 0.57 | $ 0.10 | $ 0.84 | $ (0.08) |
Net Income (Loss) Per Share (Ad
Net Income (Loss) Per Share (Additional Information) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive weighted shares | 231,349 | 5,198 | 211,667 | 2,078,581 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - Level 1 - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash balances in bank | $ 89.1 | $ 339.3 |
Highly liquid money market funds | $ 491.2 | |
Treasury bills | $ 220.2 |
Balance Sheets Components - Sch
Balance Sheets Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Accounts receivable, gross | $ 38,774 | $ 38,426 |
Allowance for credit losses | (50) | (50) |
Accounts receivable, net | $ 38,724 | $ 38,376 |
Balance Sheets Components - S_2
Balance Sheets Components - Schedule of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 3,779 | $ 1,841 |
Work in progress | 23,854 | 16,963 |
Finished goods | 6,750 | 4,826 |
Total inventories | $ 34,383 | $ 23,630 |
Balance Sheets Components - S_3
Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid expenses | $ 3,923 | $ 2,398 |
Other current assets | 3,458 | 2,078 |
Total prepaid expenses and other current assets | $ 7,381 | $ 4,476 |
Balance Sheets Components - S_4
Balance Sheets Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 77,381 | $ 59,004 |
Accumulated depreciation | (25,461) | (21,102) |
Total property and equipment, net | 51,920 | 37,902 |
Lab and Manufacturing Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 59,925 | 44,283 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,392 | 1,977 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 463 | 433 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 8,645 | 7,100 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 5,956 | $ 5,211 |
Balance Sheets Components - Add
Balance Sheets Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Depreciation expense | $ 2,400 | $ 1,400 | $ 4,500 | $ 2,500 | |
Amortization expense for intangible assets | 400 | 500 | 700 | 1,000 | |
Intangibles Assets not amortized | 800 | 800 | |||
Reduction in research and development expenses | 22,017 | 12,067 | 42,612 | 23,247 | |
Accrued customer rebates | 2,654 | 2,654 | $ 3,107 | ||
Non-recurring Engineering Service Arrangements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Reduction in research and development expenses | $ 2,800 | $ 100 | $ 4,800 | $ 100 |
Balance Sheets Components - S_5
Balance Sheets Components - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 20,183 | $ 21,137 |
Accumulated amortization | (15,880) | (15,160) |
Intangible assets, net | 4,303 | 5,977 |
Internal use software | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 9,434 | 9,434 |
Accumulated amortization | (8,633) | (8,633) |
Intangible assets, net | 801 | 801 |
Purchased intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 10,749 | 11,703 |
Accumulated amortization | (7,247) | (6,527) |
Intangible assets, net | $ 3,502 | $ 5,176 |
Balance Sheets Components - S_6
Balance Sheets Components - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2022 (remainder) | $ 947 | |
2023 | 1,876 | |
2024 | 1,182 | |
2025 | 228 | |
2026 and beyond | 70 | |
Intangible assets, net | $ 4,303 | $ 5,977 |
Balance Sheets Components - S_7
Balance Sheets Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued payroll and related benefits | $ 5,990 | $ 7,237 |
Revenue reserves | 2,450 | 2,194 |
Deferred non-recurring engineering services | 3,409 | 5,666 |
Short term lease liability | 2,205 | 1,336 |
Accrued customer rebates | 2,654 | 3,107 |
Other accrued expenses | 5,290 | 4,742 |
Total accrued expenses and other current liabilities | $ 21,998 | $ 24,282 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Lease Disclosure [Line Items] | |||
Operating lease right-of use asset | $ 11,486 | $ 8,194 | |
Current lease liabilities | 2,205 | 1,336 | |
Long-term lease liabilities | 8,997 | 6,398 | |
Operating lease liability | 11,202 | $ 7,734 | |
Cash paid for operating lease liabilities | $ 1,200 | $ 800 | |
Office Space | |||
Lease Disclosure [Line Items] | |||
Lease term expiration date | Apr. 30, 2027 | ||
Lease incentives received | $ 400 | ||
Lease option to extend | The remaining lease terms vary from a couple months to 7 years. For certain of its leases the Company has options to extend the lease term for periods varying from one to five years. | ||
Extended term of leases | 3 months | ||
Option to extend | true | ||
Three Operating Leases Commenced in March Two Thousand Twenty Two | |||
Lease Disclosure [Line Items] | |||
Operating lease right-of use asset | $ 4,400 | ||
Current lease liabilities | 800 | ||
Long-term lease liabilities | $ 3,700 | ||
Maximum | |||
Lease Disclosure [Line Items] | |||
Lease term | 7 years | ||
Operating lease, renewal term | 5 years | ||
Maximum | Three Operating Leases Commenced in March Two Thousand Twenty Two | |||
Lease Disclosure [Line Items] | |||
Lease term | 7 years | ||
Minimum | |||
Lease Disclosure [Line Items] | |||
Operating lease, renewal term | 1 year | ||
Minimum | Three Operating Leases Commenced in March Two Thousand Twenty Two | |||
Lease Disclosure [Line Items] | |||
Lease term | 2 years |
Leases - Summary of Lease Relat
Leases - Summary of Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Right-of-use assets, net | $ 11,486 | $ 8,194 |
Lease liabilities included in accrued expenses and other current liabilities | 2,205 | 1,336 |
Long-term lease liabilities | 8,997 | 6,398 |
Total operating lease liabilities | $ 11,202 | $ 7,734 |
Weighted-average remaining lease term (years) | 4 years 7 months 6 days | 5 years |
Weighted-average discount rate | 4.30% | 4.50% |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 692 | $ 567 | $ 1,261 | $ 882 |
Short-term lease cost | 299 | 86 | 833 | 164 |
Variable lease cost | 260 | 82 | 354 | 165 |
Total lease cost | $ 1,251 | $ 735 | $ 2,448 | $ 1,211 |
Leases - Summary of Undiscounte
Leases - Summary of Undiscounted Cash Flows (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Remainder of 2022 | $ 1,259 | |
2023 | 2,781 | |
2024 | 2,701 | |
2025 | 2,576 | |
2026 | 2,242 | |
2027 and beyond | 837 | |
Total minimum lease payments | 12,396 | |
Less: amount of lease payments representing interest | (1,194) | |
Total operating lease liabilities | 11,202 | $ 7,734 |
Less: current obligations under leases | (2,205) | (1,336) |
Long-term lease liabilities | $ 8,997 | $ 6,398 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Restricted Stock Unit Award ("RSU") and Performance Based Restricted Stock Unit Awards ("PRSU") and Multi-year Performance Restricted Stock Units ("MYPSU") Activity (Details) - $ / shares | 3 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | |
Restricted Stock Units RSU | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Unvested Beginning Balance | 2,177,778 | 2,227,197 |
Number of Shares, Granted | 104,555 | 173,291 |
Number of Shares, Vested | (214,327) | (217,358) |
Number of Shares, Forfeited | (21,962) | (5,352) |
Number of Shares, Unvested Ending Balance | 2,046,044 | 2,177,778 |
Grant Date Fair Value per share, Unvested Beginning Balance | $ 55.1 | $ 40.6 |
Grant Date Fair Value per share, Granted | 217.7 | 232.7 |
Grant Date Fair Value per share, Vested | 45.3 | 45.8 |
Grant Date Fair Value per share, Forfeited | 89.5 | 117.3 |
Grant Date Fair Value per share, Unvested Ending Balance | $ 62.2 | $ 55.1 |
Performance Restricted Stock Unit Award PRSU | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Unvested Beginning Balance | 70,156 | 58,954 |
Number of Shares, Granted | 11,202 | |
Number of Shares, Unvested Ending Balance | 70,156 | 70,156 |
Grant Date Fair Value per share, Unvested Beginning Balance | $ 256.9 | $ 261.4 |
Grant Date Fair Value per share, Granted | 233.1 | |
Grant Date Fair Value per share, Unvested Ending Balance | $ 256.9 | $ 256.9 |
Multi-year Performance Restricted Stock Unit Award MYPSU | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Unvested Beginning Balance | 311,872 | |
Number of Shares, Granted | 311,872 | |
Number of Shares, Unvested Ending Balance | 311,872 | 311,872 |
Grant Date Fair Value per share, Unvested Beginning Balance | $ 88.6 | |
Grant Date Fair Value per share, Granted | $ 88.6 | |
Grant Date Fair Value per share, Unvested Ending Balance | $ 88.6 | $ 88.6 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
May 04, 2022 | Nov. 10, 2021 | Feb. 22, 2021 | Feb. 28, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||
Accrued expenses and other current liabilities | $ 21,998 | $ 24,282 | ||||
First Half of 2022 Goals | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Accrued expenses and other current liabilities | 1,300 | |||||
Restricted Stock Units RSU | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized compensation costs | $ 120,300 | |||||
Unrecognized compensation cost is expected weighted average period | 2 years 4 months 24 days | |||||
Liability-based Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Accrued expenses and other current liabilities | $ 600 | |||||
Unrecognized compensation costs | $ 500 | |||||
Unrecognized compensation cost is expected weighted average period | 4 months 24 days | |||||
Multi-year Performance Restricted Stock Unit Award MYPSU | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized compensation costs | $ 23,900 | |||||
Unrecognized compensation cost is expected weighted average period | 1 year 6 months | |||||
Stock price target achievement period | 60-trading day | |||||
Expected volatility | 44.40% | |||||
Risk free rate | 1.83% | |||||
Expected dividend yield | 0% | |||||
Expected term | 6 years | |||||
Maximum | Multi-year Performance Restricted Stock Unit Award MYPSU | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Performance period of common stock | six years | |||||
Follow-on Public Offering | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares | 1,300,000 | 1,500,000 | ||||
Proceeds from public offering, net of underwriting discounts and commissions | $ 279,000 | $ 181,600 | ||||
Payments for underwriting discounts and commissions | 13,200 | 8,600 | ||||
Deferred offering costs | $ 300 | $ 300 | ||||
Stifel | At-The-Market Issuance Sales Agreement | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares | 800,000 | 100,000 | ||||
Proceeds from public offering, net of underwriting discounts and commissions | $ 20,100 | |||||
Payments for underwriting discounts and commissions | 400 | |||||
Deferred offering costs | $ 100 | |||||
Common stock, shares authorized | 800,000 | |||||
Common stock, par value | $ 0.0001 | |||||
Shares issued price per share | $ 205.91 | |||||
Percentage of sales commission from common stock sold | 3% |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Stock-based Compensation Expense Amounts Included in Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 11,810 | $ 7,526 | $ 26,092 | $ 14,502 |
Additional Paid-in Capital | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 10,413 | 6,634 | 25,650 | 14,000 |
Equity Based Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 10,413 | 6,634 | 24,162 | 12,809 |
Equity Based Awards | Additional Paid-in Capital | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 10,413 | 6,634 | 24,162 | 12,809 |
Equity Based Awards | Cost of Revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 283 | 428 | 921 | 812 |
Equity Based Awards | Selling, General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 5,805 | 3,675 | 13,541 | 7,010 |
Equity Based Awards | Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 4,325 | 2,531 | 9,700 | 4,987 |
Liability Based Awards to be Settled in Equity | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 685 | 494 | 979 | 758 |
Liability Based Awards to be Settled in Equity | Cost of Revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 44 | 33 | 63 | 50 |
Liability Based Awards to be Settled in Equity | Selling, General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1,397 | 855 | 1,930 | 1,340 |
Liability Based Awards to be Settled in Equity | Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 668 | 328 | 888 | 532 |
Equity and Liability Based Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 11,810 | 7,489 | 26,092 | 14,149 |
Liability-based Awards | Additional Paid-in Capital | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,488 | 1,191 | ||
Liability Based Awards - Cash Settled | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 37 | 353 | ||
Liability Based Awards - Cash Settled | Cost of Revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 102 | |||
Liability Based Awards - Cash Settled | Selling, General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 108 | |||
Liability Based Awards - Cash Settled | Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 37 | $ 143 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Unrecognized Compensation Costs and Related Weighted Average Period of Recognition (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Costs | $ 120.3 |
Weighted Average Period of Recognition (in years) | 2 years 4 months 24 days |
MYPSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Costs | $ 23.9 |
Weighted Average Period of Recognition (in years) | 1 year 6 months |
Liability-based Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Costs | $ 0.5 |
Weighted Average Period of Recognition (in years) | 4 months 24 days |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes and Effective Tax Rates (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income (loss) before income taxes | $ 12,911 | $ 2,046 | $ 19,119 | $ (1,479) |
Income tax expense | $ (52) | $ (23) | $ (120) | $ (63) |
Effective tax rate | 0% | 1% | 1% | 4% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Income Tax [Line Items] | |||||
Unrecognized tax benefits | $ 2,400 | $ 2,400 | $ 2,400 | ||
Effective tax rate | 0% | 1% | 1% | 4% | |
Income tax provision | $ 52 | $ 23 | $ 120 | $ 63 | |
Maximum | |||||
Income Tax [Line Items] | |||||
Effective tax rate | 1% | ||||
Income tax provision | $ 100 | $ 100 | |||
U.S. effective tax rate | 1% |
Segment, Geographic and Custo_3
Segment, Geographic and Customer Information - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 Distributor | Jun. 30, 2021 Distributor | Jun. 30, 2022 Distributor Segment | Jun. 30, 2021 Distributor | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | Segment | 1 | |||
Revenue Benchmark | Distributor Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Number of distributors accounted for 10% or more of revenues | 0 | 0 | 0 | 0 |
Revenue Benchmark | Customer Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Number of customers accounted for 10% or more of revenues | 0 | 0 | 0 | 0 |
Revenue Benchmark | Distributor One | Distributor Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Sales revenue percentage | 16% | 16% | 15% | 24% |
Revenue Benchmark | Distributor One | Customer Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Sales revenue percentage | 14% | 15% | 16% | 25% |
Revenue Benchmark | Distributor Two | Distributor Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Sales revenue percentage | 13% | 16% | 15% | 15% |
Revenue Benchmark | Distributor Three | Distributor Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Sales revenue percentage | 11% | 13% | 11% | 14% |
Segment, Geographic and Custo_4
Segment, Geographic and Customer Information - Schedule of Revenue by Country (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 79,418 | $ 44,496 | $ 149,671 | $ 80,038 |
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 79,418 | 44,496 | 149,671 | 80,038 |
Taiwan | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 24,545 | 12,009 | 47,617 | 28,501 |
Hong Kong | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 17,345 | 17,557 | 31,878 | 28,991 |
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 8,826 | 2,808 | 16,020 | 4,042 |
Other | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 28,702 | $ 12,122 | $ 54,156 | $ 18,504 |
Segment, Geographic and Custo_5
Segment, Geographic and Customer Information - Schedule of Property and Equipment and Intangible Assets Attributable to Operations (Details) | Jun. 30, 2022 | Dec. 31, 2021 |
United States | ||
Segment Reporting Information [Line Items] | ||
Percentage of long lived assets | 50% | 57% |
Malaysia | ||
Segment Reporting Information [Line Items] | ||
Percentage of long lived assets | 33% | 31% |
Taiwan | ||
Segment Reporting Information [Line Items] | ||
Percentage of long lived assets | 6% | 5% |
Other | ||
Segment Reporting Information [Line Items] | ||
Percentage of long lived assets | 11% | 7% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Aug. 31, 2021 | Dec. 31, 2021 | May 31, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | |
Restricted Stock Units RSU | |||||
Related Party Transaction [Line Items] | |||||
Equity award, granted | 104,555 | 173,291 | |||
MegaChips | |||||
Related Party Transaction [Line Items] | |||||
Agreement termination date | Aug. 31, 2021 | ||||
MegaChips | Si Time Corporation | |||||
Related Party Transaction [Line Items] | |||||
Percentage of outstanding common stock held | 24% | 23.50% | |||
Akira Takata | |||||
Related Party Transaction [Line Items] | |||||
Sales consulting services fee | $ 5,000 | ||||
Agreement extension date | Dec. 31, 2022 | ||||
Akira Takata | Restricted Stock Units RSU | |||||
Related Party Transaction [Line Items] | |||||
Equity award, granted | 300 | 500 | |||
Equity award, vesting date | Nov. 20, 2022 | Nov. 20, 2021 |
Related Party Transactions - Su
Related Party Transactions - Summary of Significant Balances, Transactions and Payments with Related Parties and Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
MegaChips | ||||
Related Party Transaction [Line Items] | ||||
Sales through distribution agreement | $ 4,415 | $ 6,270 | ||
Commission expense | 184 | 261 | ||
Cash paid for commissions | 184 | 261 | ||
Affliates | ||||
Related Party Transaction [Line Items] | ||||
Consulting fees | $ 41 | 38 | $ 105 | 125 |
Cash paid for consulting fees | $ 41 | $ 38 | $ 105 | $ 125 |