Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39135 | |
Entity Registrant Name | SiTime Corporation | |
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 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | SITM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 22,456,407 | |
Entity Central Index Key | 0001451809 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 16,711 | $ 34,603 |
Short-term investments in held-to-maturity securities | 551,398 | 529,494 |
Accounts receivable, net | 25,182 | 41,229 |
Inventories | 64,539 | 57,650 |
Prepaid expenses and other current assets | 9,071 | 6,091 |
Total current assets | 666,901 | 669,067 |
Property and equipment, net | 55,916 | 58,772 |
Intangible assets, net | 5,665 | 5,205 |
Right-of-use assets, net | 8,854 | 10,848 |
Other assets | 10,351 | 6,724 |
Total assets | 747,687 | 750,616 |
Current liabilities: | ||
Accounts payable | 12,320 | 14,881 |
Accrued expenses and other current liabilities | 18,960 | 18,913 |
Total current liabilities | 31,280 | 33,794 |
Lease liabilities | 6,065 | 8,149 |
Other non-current liabilities | 0 | 193 |
Total liabilities | 37,345 | 42,136 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Common stock, $0.0001 par value - 200,000 shares authorized; 22,456 and 21,702 shares issued and outstanding at September 30, 2023 and December 31, 2022 | 2 | 2 |
Additional paid-in capital | 778,742 | 716,343 |
Accumulated deficit | (68,402) | (7,865) |
Total stockholders’ equity | 710,342 | 708,480 |
Total liabilities and stockholders’ equity | $ 747,687 | $ 750,616 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000 | 200,000 |
Common stock, shares issued (in shares) | 22,456 | 21,702 |
Common stock, shares outstanding (in shares) | 22,456 | 21,702 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 35,520 | $ 73,095 | $ 101,590 | $ 222,766 |
Cost of revenue | 15,603 | 25,799 | 43,195 | 77,563 |
Gross profit | 19,917 | 47,296 | 58,395 | 145,203 |
Operating expenses: | ||||
Research and development | 23,647 | 23,878 | 74,671 | 66,490 |
Selling, general and administrative | 21,447 | 19,886 | 63,456 | 56,839 |
Total operating expenses | 45,094 | 43,764 | 138,127 | 123,329 |
Income (loss) from operations | (25,177) | 3,532 | (79,732) | 21,874 |
Interest income | 7,333 | 2,492 | 19,629 | 3,295 |
Other expense, net | (232) | (238) | (292) | (264) |
Income (loss) before income taxes | (18,076) | 5,786 | (60,395) | 24,905 |
Income tax expense | (49) | (3) | (142) | (123) |
Net income (loss) | (18,125) | 5,783 | (60,537) | 24,782 |
Net income (loss) attributable to common stockholders and comprehensive income (loss) | $ (18,125) | $ 5,783 | $ (60,537) | $ 24,782 |
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) | $ (0.81) | $ 0.27 | $ (2.74) | $ 1.17 |
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) | $ (0.81) | $ 0.26 | $ (2.74) | $ 1.09 |
Weighted-average shares used to compute basic net income (loss) per share (in shares) | 22,326 | 21,353 | 22,065 | 21,143 |
Weighted-average shares used to compute diluted net income (loss) per share (in shares) | 22,326 | 22,614 | 22,065 | 22,688 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2021 | 20,825 | |||
Beginning balance at Dec. 31, 2021 | $ 632,497 | $ 2 | $ 663,614 | $ (31,119) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation expense | 42,051 | 42,051 | ||
Net income (loss) | 24,782 | 24,782 | ||
Issuance of common stock in connection with At-The-Marker offering net of underwriting discounts and commissions and other offerings costs (in shares) | 125 | |||
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs | 22,998 | 22,998 | ||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares) | 486 | |||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings | (27,886) | (27,886) | ||
Ending balance (in shares) at Sep. 30, 2022 | 21,436 | |||
Ending balance at Sep. 30, 2022 | 694,442 | $ 2 | 700,777 | (6,337) |
Beginning balance (in shares) at Jun. 30, 2022 | 21,286 | |||
Beginning balance at Jun. 30, 2022 | 680,284 | $ 2 | 692,402 | (12,120) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation expense | 16,400 | 16,400 | ||
Net income (loss) | 5,783 | 5,783 | ||
Issuance of common stock in connection with At-The-Marker offering net of underwriting discounts and commissions and other offerings costs (in shares) | 25 | |||
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs | 2,919 | 2,919 | ||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares) | 125 | |||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings | (10,944) | (10,944) | ||
Ending balance (in shares) at Sep. 30, 2022 | 21,436 | |||
Ending balance at Sep. 30, 2022 | $ 694,442 | $ 2 | 700,777 | (6,337) |
Beginning balance (in shares) at Dec. 31, 2022 | 21,702 | 21,702 | ||
Beginning balance at Dec. 31, 2022 | $ 708,480 | $ 2 | 716,343 | (7,865) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation expense | 59,493 | 59,493 | ||
Net income (loss) | (60,537) | (60,537) | ||
Issuance of common stock in connection with At-The-Marker offering net of underwriting discounts and commissions and other offerings costs (in shares) | 300 | |||
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs | 33,898 | 33,898 | ||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares) | 454 | |||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings | $ (30,992) | (30,992) | ||
Ending balance (in shares) at Sep. 30, 2023 | 22,456 | 22,456 | ||
Ending balance at Sep. 30, 2023 | $ 710,342 | $ 2 | 778,742 | (68,402) |
Beginning balance (in shares) at Jun. 30, 2023 | 22,210 | |||
Beginning balance at Jun. 30, 2023 | 708,267 | $ 2 | 758,542 | (50,277) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation expense | 19,316 | 19,316 | ||
Net income (loss) | (18,125) | (18,125) | ||
Issuance of common stock in connection with At-The-Marker offering net of underwriting discounts and commissions and other offerings costs (in shares) | 100 | |||
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs | 12,535 | 12,535 | ||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares) | 146 | |||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings | $ (11,651) | (11,651) | ||
Ending balance (in shares) at Sep. 30, 2023 | 22,456 | 22,456 | ||
Ending balance at Sep. 30, 2023 | $ 710,342 | $ 2 | $ 778,742 | $ (68,402) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (60,537) | $ 24,782 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Depreciation and amortization expense | 11,736 | 8,497 |
Stock-based compensation expense | 59,225 | 41,795 |
Unrealized interest on held to maturity securities | (19,181) | (2,241) |
Changes in assets and liabilities: | ||
Accounts receivable, net | 16,047 | (6,520) |
Inventories | (6,889) | (21,755) |
Prepaid expenses and other assets | (6,608) | (949) |
Accounts payable | (2,850) | (2,729) |
Accrued expenses and other liabilities | 135 | (5,935) |
Net cash provided by (used in) operating activities | (8,922) | 34,945 |
Cash flows from investing activities | ||
Purchase of held to maturity securities | (925,089) | (519,937) |
Proceeds from maturity of held to maturity securities | 922,365 | 0 |
Purchase of property and equipment | (6,106) | (25,004) |
Cash paid for intangibles | (3,046) | (2,969) |
Net cash used in investing activities | (11,876) | (547,910) |
Cash flows from financing activities | ||
Tax withholding paid on behalf of employees for net share settlement | (30,992) | (27,886) |
Proceeds from public offering | 34,818 | 23,685 |
Payments for offering costs | (920) | (687) |
Net cash provided by (used in) financing activities | 2,906 | (4,888) |
Net decrease in cash and cash equivalents | (17,892) | (517,853) |
Cash and cash equivalents | ||
Beginning of period | 34,603 | 559,461 |
End of period | 16,711 | 41,608 |
Supplemental disclosure of cash flow information | ||
Income taxes paid | 159 | 40 |
Supplemental disclosure of noncash investing and financing activities | ||
Unpaid property and equipment | 1,641 | 1,830 |
Right-of-use assets acquired under operating leases | $ 0 | $ 4,599 |
The Company and Basis of Presen
The Company and Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
The Company and Basis of Presentation | The Company and Basis of Presentation SiTime Corporation (the “Company”) was incorporated in the State of Delaware in December 2003. The Company is a leading provider of precision timing solutions to the global electronics industry, providing the timing functionality that is needed for electronics to operate reliably and correctly. The Company's products have been 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. The accompanying interim condensed consolidated financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X, and should be read in conjunction with the Company's audited consolidated financial statements and related notes thereto filed with the U.S. Securities and Exchange Commission (SEC) on Form 10-K for the fiscal year ended December 31, 2022. The interim financial statements are unaudited, but reflect all adjustments which are, in the opinion of management, of a normal, recurring nature necessary to provide a fair statement of results for the interim periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023, for any future year, or for any other future interim period. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Coronavirus Disease (“the COVID-19 pandemic”) The COVID-19 pandemic continued to impact the Company's workforce and the operations of its customers and suppliers during 2022. In response to the COVID-19 pandemic and related government measures, the Company implemented safety measures to protect its employees and contractors at its locations around the world. The COVID-19 pandemic has not had a significant impact on the Company in 2023. 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, 2022. There have been no changes to these accounting policies through September 30, 2023. Recent Accounting Pronouncements There are currently no new accounting pronouncements with a future effective date that are considered material, or could be material, to us. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common stockholders of the Company: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except per share data) Net income (loss) attributable to common stockholders $ (18,125) $ 5,783 $ (60,537) $ 24,782 Weighted-average shares outstanding Weighted average shares used to compute basic net income (loss) per share 22,326 21,353 22,065 21,143 Dilutive effect of employee equity incentive plans — 1,261 — 1,545 Weighted average shares used to compute diluted net income (loss) per share 22,326 22,614 22,065 22,688 Net income (loss) attributable to common stockholders per share, basic $ (0.81) $ 0.27 $ (2.74) $ 1.17 Net income (loss) attributable to common stockholders per share, diluted $ (0.81) $ 0.26 $ (2.74) $ 1.09 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 September 30, 2023 and 2022, the Company had 960,848 potential shares and 365,102 potential shares from share-based awards that are anti-dilutive, respectively. During the nine months ended September 30, 2023 and 2022, the Company had 1,143,888 and 265,235 potential shares from share-based awards that are anti-dilutive, respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Cash equivalents On September 30, 2023 and December 31, 2022, highly liquid money market funds of $0.5 million and $3.0 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. Short-term investments in held-to-maturity securities |
Balance Sheets Components
Balance Sheets Components | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheets Components | Balance Sheet Components Accounts Receivable, net Accounts receivable, net consisted of the following: As of September 30, 2023 December 31, 2022 (in thousands) Accounts receivable, gross $ 25,232 $ 41,279 Allowance for credit losses (50) (50) Accounts receivable, net $ 25,182 $ 41,229 Inventories Inventories consisted of the following: As of September 30, 2023 December 31, 2022 (in thousands) Raw materials $ 18,725 $ 17,518 Work in progress 36,469 33,687 Finished goods 9,345 6,445 Total inventories $ 64,539 $ 57,650 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: As of September 30, 2023 December 31, 2022 (in thousands) Prepaid expenses $ 3,139 $ 3,118 Other current assets 5,932 2,973 Total prepaid expenses and other current assets $ 9,071 $ 6,091 Property and Equipment, net Property and equipment, net consisted of the following: As of September 30, 2023 December 31, 2022 (in thousands) Lab and manufacturing equipment $ 78,622 $ 73,220 Computer equipment 3,488 3,170 Furniture and fixtures 673 509 Construction in progress 6,357 5,967 Leasehold improvements 7,792 7,129 96,932 89,995 Accumulated depreciation (41,016) (31,223) Total property and equipment, net $ 55,916 $ 58,772 Depreciation expense related to property and equipment was $3.3 million and $2.7 million for the three months ended September 30, 2023 and 2022, respectively, and $9.8 million and $7.2 million for the nine months ended September 30, 2023 and 2022, respectively. Intangible Assets, net Intangible assets, net consisted of the following: As of September 30, 2023 December 31, 2022 (in thousands) Gross Assets Accumulated Amortization Net Assets Gross Assets Accumulated Amortization Net Assets Internal use software $ 9,434 $ (9,133) $ 301 $ 9,434 $ (8,833) $ 601 Purchased software 14,839 (9,475) 5,364 12,583 (7,979) 4,604 Intangible assets $ 24,273 $ (18,608) $ 5,665 $ 22,017 $ (16,812) $ 5,205 Amortization expense for intangible assets was $0.7 million and $0.5 million for the three months ended September 30, 2023 and 2022, respectively, and $1.9 million and $1.3 million for the nine months ended September 30, 2023 and 2022, respectively. The estimated aggregate future amortization expense for intangible assets subject to amortization as of September 30, 2023 is summarized as below: (in thousands) 2023 (remainder) $ 660 2024 1,965 2025 954 2026 616 2027 409 2028 and beyond 1,061 $ 5,665 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of September 30, 2023 December 31, 2022 (in thousands) Accrued payroll and related benefits $ 5,754 $ 6,109 Revenue reserves 3,047 1,840 Deferred non-recurring engineering services 3,053 2,689 Short term lease liability 2,572 2,485 Other accrued expenses 4,534 5,790 Total accrued expenses and other current liabilities $ 18,960 $ 18,913 The Company recorded reductions to research and development expenses related to non-recurring engineering service arrangements in the condensed consolidated statements of operations of $0.2 million and $2.9 million during the three months ended September 30, 2023 and 2022, respectively, and $1.9 million and $7.7 million during the nine months ended September 30, 2023 and 2022, respectively. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company leases real estate property under operating leases. The Company leases office space in California, Michigan, Malaysia, Japan, Taiwan, the Netherlands, Finland, and Ukraine all under non-cancellable operating leases with various expiration dates through May 2029. The remaining lease terms vary from a few months to 6 years. For certain of its leases the Company has options to extend the lease term for periods varying from one The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: As of September 30, 2023 December 31, 2022 (in thousands) Right-of-use assets $ 8,854 $ 10,848 Lease liabilities included in accrued expenses and other current liabilities 2,572 2,485 Lease liabilities - non-current 6,065 8,149 Total operating lease liabilities $ 8,637 $ 10,634 Weighted-average remaining lease term (years) 3.3 4.0 Weighted-average discount rate 4.5 % 4.6 % The table below presents certain information related to the lease costs for operating leases for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Operating lease cost $ 754 $ 710 $ 2,272 $ 1,970 Short-term lease cost 209 381 521 1,213 Variable lease cost 194 212 632 566 Total lease cost $ 1,157 $ 1,303 $ 3,425 $ 3,749 Cash paid for operating lease liabilities was $0.8 million and $0.6 million for the three months ended September 30, 2023 and 2022, respectively. Cash paid for operating lease liabilities was $2.3 million and $1.8 million for the nine months ended September 30, 2023 and 2022, 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 condensed consolidated balance sheet as of September 30, 2023: (in thousands) Remainder of 2023 $ 637 2024 3,016 2025 2,688 2026 2,167 2027 627 2028 and beyond 190 Total minimum lease payments 9,325 Less: amount of lease payments representing interest (688) Present value of future minimum lease payments 8,637 Less: current obligations under leases (2,572) Long-term lease liabilities $ 6,065 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity 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 September 30, 2023, the Company sold 100,000 shares of its common stock through Stifel under the Sales Agreement at a weighted average price of $128.42 per share resulting in net proceeds to the Company of $12.5 million, after deducting underwriting discounts and commissions of $0.2 million and deferred offering costs of $0.1 million. During the nine months ended September 30, 2023, the Company sold 300,000 shares of its common stock through Stifel under the Sales Agreement at a weighted average price of $116.06 per share resulting in net proceeds to the Company of $33.9 million, after deducting underwriting discounts and commissions of $0.7 million and deferred offering costs of $0.2 million. Equity Incentive Plans The following table summarizes the RSU, performance based restricted stock units ("PRSU"), and multi-year performance restricted stock units ("MYPSU") activity for the three and nine months ended September 30, 2023: RSU Grant Date PRSU Grant Date MYPSU Grant Date Unvested at December 31, 2022 1,717,994 $ 73.6 58,954 $ 261.4 311,872 $ 88.6 Granted 368,363 123.1 122,466 145.5 — — Vested (234,633) 56.6 — — — — Forfeited (27,792) 67.4 (58,954) 261.4 — — Unvested at March 31, 2023 1,823,932 $ 82.8 122,466 $ 145.5 311,872 $ 88.6 Granted 60,333 111.3 — — — — Vested (254,997) 66.5 — — — — Forfeited (55,170) 177.3 (6,106) 145.5 — — Unvested at June 30, 2023 1,574,098 $ 88.9 116,360 $ 145.5 311,872 $ 88.6 Granted 55,099 124.7 — — — — Vested (240,774) 54.0 — — — — Forfeited (10,502) 162.6 — — — — Unvested at September 30, 2023 1,377,921 $ 95.9 116,360 $ 145.5 311,872 $ 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”). The Compensation Committee approved target bonus amounts and performance goals for the second half of the fiscal year 2022 (the “2022 Goals”) in August 2022 and approved the achievement of the 2022 Goals in February 2023. Actual payouts for the 2022 Goals ranged from 44% to 89% of target, based on performance. In February 2023, the Compensation Committee approved target bonus amounts for the fiscal year 2023 (the "2023 Goals"). The 2022 Goals and the 2023 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 $0.6 million for 2023 Goals and $0.8 million for 2022 Goals was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 respectively. 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 were based on the achievement of a revenue goal. These grants were not earned and were cancelled in February 2023. 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. 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 $0.8 million and $0.8 million was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 respectively. In February 2023 and March 2023, the Compensation Committee of the Company approved PRSUs for the year 2023 with performance goals based on the achievement of revenue over a one year performance period (the “PRSU 2023 Goals”) and achievement of relative total stockholder return with a two year performance period (the "2023 TSR PRSU Goals"). The grant-date fair value of each PRSU with 2023 TSR PRSU Goals was determined using Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation included expected volatility of 84.0% and 83.8%, risk free rate of 4.67% and 4.05%, no expected dividend yield and expected term of 1.9 years and 1.8 years for the awards approved in February 2023 and March 2023 respectively. The Company recognizes the expense related to the PRSUs with PRSU 2023 Goals and PRSUs with 2023 TSR PRSU Goals on a graded-vesting method over the requisite performance period. These grants are included in the PRSU awards granted in the table above. 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 Nine Months Ended 2023 2022 2023 2022 (in thousands) Equity based awards Cost of revenue $ 725 $ 337 $ 2,050 $ 1,259 Research and development 7,375 6,934 24,386 16,634 Selling, general and administrative 10,385 7,199 29,940 20,740 $ 18,485 $ 14,470 $ 56,376 $ 38,633 Liability based awards - to be settled in equity Cost of revenue $ 23 $ 28 $ 51 $ 91 Research and development 481 663 1,484 1,550 Selling, general and administrative 540 542 1,314 1,521 $ 1,044 $ 1,233 $ 2,849 $ 3,162 Total stock-based compensation - equity and liability based $ 19,529 $ 15,703 $ 59,225 $ 41,795 Stock-based compensation expense recorded to additional paid-in capital Equity based awards $ 18,485 $ 14,470 $ 56,376 $ 38,633 Liability based awards - settled in equity 831 1,930 3,117 3,418 Total stock-based compensation expense recorded to additional paid-in capital $ 19,316 $ 16,400 $ 59,493 $ 42,051 The following table presents the unrecognized compensation costs and related weighted average period of recognition as of September 30, 2023: As of September 30, 2023 Unrecognized Compensation Costs (in millions) Weighted Average Period of Recognition (in years) RSUs $ 111.4 1.9 PRSUs $ 7.4 1.4 MYPSUs $ 12.2 1.3 Liability-based awards $ 1.1 0.2 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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, 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 before income taxes, the geographic mix of income 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 nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Income (loss) before income taxes $ (18,076) $ 5,786 $ (60,395) $ 24,905 Income tax expense (49) (3) (142) (123) Effective tax rate 0 % 0 % 0 % 0 % 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 before income taxes and taxable income. 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 September 30, 2023. The income tax provision was less than $0.1 million for both the three and nine months ended September 30, 2023 and 2022. The effective tax rate was less than 1% for both the three and nine months ended September 30, 2023 and 2022. 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 as the Company has sufficient carryfoward of net operating losses to offset any operating income earned since inception and has projected an operating loss in the current year. As of September 30, 2023 and December 31, 2022, the Company had $2.3 million and $2.3 million, respectively, of total unrecognized tax benefits. If the Company is able to eventually recognize these uncertain tax positions, none of the unrecognized benefits 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 nine months ended September 30, 2023 and 2022, the Company recorded immaterial amounts related to the accrual of interest and penalties. |
Segment, Geographic and Custome
Segment, Geographic and Customer Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment, Geographic and Customer Information | Segment, Geographic and Customer Information The Company operates in one reportable segment related to the sale of precision timing solutions to the global electronics industry. Revenue by geographic area is presented based upon the ship-to location of the customers who purchased the Company’s products which 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 Nine Months Ended 2023 2022 2023 2022 (in thousands) Taiwan $ 13,181 $ 26,730 $ 29,085 $ 74,347 Hong Kong 8,673 16,547 21,519 48,425 United States 3,868 10,157 15,493 26,177 Singapore 3,110 5,965 10,558 17,094 Other 6,688 13,696 24,935 56,723 Total $ 35,520 $ 73,095 $ 101,590 $ 222,766 The following table sets forth the Company’s total property and equipment attributable to operations by country as of the periods presented: As of September 30, 2023 December 31, 2022 (in thousands) United States $ 23,614 $ 24,211 Malaysia 15,665 18,524 Taiwan 6,453 5,570 Other 10,184 10,467 $ 55,916 $ 58,772 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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, and specified environmental matters. 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 | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsMegaChips Corporation is the largest stockholder of the Company and held approximately 20.9% and 23.0% of the Company’s outstanding common stock as of September 30, 2023 and December 31, 2022, 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 continued to receive the monthly cash fees and reimbursement of expenses, and an equity award of 300 RSUs that fully vested on November 20, 2022. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 30, 2023, the Company entered into a Master Framework Agreement (the “Master Framework Agreement”) with Ningbo Aura Semiconductor Co., Ltd., a limited liability company incorporated under the laws of People’s Republic of China, Aura Semiconductor Pvt. Ltd., a company incorporated under the laws of India, Shaoxing Yuanfang Semiconductor Co Ltd., a limited liability company incorporated under the laws of People’s Republic of China (“PRC”), Aura Semiconductor Limited, a limited company incorporated and existing under the laws of Hong Kong, and Aim Core Holdings Limited, a company organized and existing under the laws of British Virgin Islands (each an “Aura Entity” and collectively, the “Aura Entities”), pursuant to which the Company agreed to purchase certain assets of the Aura Entities and license certain intellectual property of the Aura Entities relating to the timing products of the Aura Entities. The Master Framework Agreement provides the Company with an exclusive worldwide, irrevocable, perpetual, and transferable license to certain intellectual property of the Aura Entities and to use, make, have made, sell and offer for sale (whether directly or indirectly), import, and otherwise exploit, commercialize, and dispose of any product or services using such intellectual property (the “License”). The intellectual property that is the subject of the License relates to the timing products of the Aura Entities. The intellectual property underlying the License which will be delivered on an ongoing and periodic basis commencing on the closing date through July 2025. The purchase price for the transaction will be approximately $148 million in cash, with approximately $36 million being paid at closing and the remaining amounts being paid on a periodic basis upon and subject to the Aura Entities delivering to the Company products that meet certain specified criteria and contain the licensed intellectual property. The consideration payable for the transaction also includes potential earnout payments based on agreed multiples of net revenue generated by sales by the Company of products containing licensed intellectual property through calendar year 2028, up to a maximum amount of $120 million. The transaction is subject to closing conditions and is currently expected to close by the end of fiscal year 2023. |
The Company and Basis of Pres_2
The Company and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Coronavirus Disease ("the COVID-19 pandemic") | Coronavirus Disease (“the COVID-19 pandemic”) The COVID-19 pandemic continued to impact the Company's workforce and the operations of its customers and suppliers during 2022. In response to the COVID-19 pandemic and related government measures, the Company implemented safety measures to protect its employees and contractors at its locations around the world. The COVID-19 pandemic has not had a significant impact on the Company in 2023. |
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. |
Recently Accounting Pronouncements | Recent Accounting Pronouncements There are currently no new accounting pronouncements with a future effective date that are considered material, or could be material, to us. |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Income (Loss) per Share | The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common stockholders of the Company: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except per share data) Net income (loss) attributable to common stockholders $ (18,125) $ 5,783 $ (60,537) $ 24,782 Weighted-average shares outstanding Weighted average shares used to compute basic net income (loss) per share 22,326 21,353 22,065 21,143 Dilutive effect of employee equity incentive plans — 1,261 — 1,545 Weighted average shares used to compute diluted net income (loss) per share 22,326 22,614 22,065 22,688 Net income (loss) attributable to common stockholders per share, basic $ (0.81) $ 0.27 $ (2.74) $ 1.17 Net income (loss) attributable to common stockholders per share, diluted $ (0.81) $ 0.26 $ (2.74) $ 1.09 |
Balance Sheets Components (Tabl
Balance Sheets Components (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following: As of September 30, 2023 December 31, 2022 (in thousands) Accounts receivable, gross $ 25,232 $ 41,279 Allowance for credit losses (50) (50) Accounts receivable, net $ 25,182 $ 41,229 |
Schedule of Inventory | Inventories consisted of the following: As of September 30, 2023 December 31, 2022 (in thousands) Raw materials $ 18,725 $ 17,518 Work in progress 36,469 33,687 Finished goods 9,345 6,445 Total inventories $ 64,539 $ 57,650 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: As of September 30, 2023 December 31, 2022 (in thousands) Prepaid expenses $ 3,139 $ 3,118 Other current assets 5,932 2,973 Total prepaid expenses and other current assets $ 9,071 $ 6,091 |
Schedule of Property and Equipment Net | Property and equipment, net consisted of the following: As of September 30, 2023 December 31, 2022 (in thousands) Lab and manufacturing equipment $ 78,622 $ 73,220 Computer equipment 3,488 3,170 Furniture and fixtures 673 509 Construction in progress 6,357 5,967 Leasehold improvements 7,792 7,129 96,932 89,995 Accumulated depreciation (41,016) (31,223) Total property and equipment, net $ 55,916 $ 58,772 |
Schedule of Intangible Assets, Net | Intangible assets, net consisted of the following: As of September 30, 2023 December 31, 2022 (in thousands) Gross Assets Accumulated Amortization Net Assets Gross Assets Accumulated Amortization Net Assets Internal use software $ 9,434 $ (9,133) $ 301 $ 9,434 $ (8,833) $ 601 Purchased software 14,839 (9,475) 5,364 12,583 (7,979) 4,604 Intangible assets $ 24,273 $ (18,608) $ 5,665 $ 22,017 $ (16,812) $ 5,205 |
Schedule of Future Amortization Expense for Intangible Assets | The estimated aggregate future amortization expense for intangible assets subject to amortization as of September 30, 2023 is summarized as below: (in thousands) 2023 (remainder) $ 660 2024 1,965 2025 954 2026 616 2027 409 2028 and beyond 1,061 $ 5,665 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: As of September 30, 2023 December 31, 2022 (in thousands) Accrued payroll and related benefits $ 5,754 $ 6,109 Revenue reserves 3,047 1,840 Deferred non-recurring engineering services 3,053 2,689 Short term lease liability 2,572 2,485 Other accrued expenses 4,534 5,790 Total accrued expenses and other current liabilities $ 18,960 $ 18,913 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Summary of Lease Related Assets and Liabilities | The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: As of September 30, 2023 December 31, 2022 (in thousands) Right-of-use assets $ 8,854 $ 10,848 Lease liabilities included in accrued expenses and other current liabilities 2,572 2,485 Lease liabilities - non-current 6,065 8,149 Total operating lease liabilities $ 8,637 $ 10,634 Weighted-average remaining lease term (years) 3.3 4.0 Weighted-average discount rate 4.5 % 4.6 % |
Summary of Lease Costs | The table below presents certain information related to the lease costs for operating leases for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Operating lease cost $ 754 $ 710 $ 2,272 $ 1,970 Short-term lease cost 209 381 521 1,213 Variable lease cost 194 212 632 566 Total lease cost $ 1,157 $ 1,303 $ 3,425 $ 3,749 |
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 condensed consolidated balance sheet as of September 30, 2023: (in thousands) Remainder of 2023 $ 637 2024 3,016 2025 2,688 2026 2,167 2027 627 2028 and beyond 190 Total minimum lease payments 9,325 Less: amount of lease payments representing interest (688) Present value of future minimum lease payments 8,637 Less: current obligations under leases (2,572) Long-term lease liabilities $ 6,065 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
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 units ("PRSU"), and multi-year performance restricted stock units ("MYPSU") activity for the three and nine months ended September 30, 2023: RSU Grant Date PRSU Grant Date MYPSU Grant Date Unvested at December 31, 2022 1,717,994 $ 73.6 58,954 $ 261.4 311,872 $ 88.6 Granted 368,363 123.1 122,466 145.5 — — Vested (234,633) 56.6 — — — — Forfeited (27,792) 67.4 (58,954) 261.4 — — Unvested at March 31, 2023 1,823,932 $ 82.8 122,466 $ 145.5 311,872 $ 88.6 Granted 60,333 111.3 — — — — Vested (254,997) 66.5 — — — — Forfeited (55,170) 177.3 (6,106) 145.5 — — Unvested at June 30, 2023 1,574,098 $ 88.9 116,360 $ 145.5 311,872 $ 88.6 Granted 55,099 124.7 — — — — Vested (240,774) 54.0 — — — — Forfeited (10,502) 162.6 — — — — Unvested at September 30, 2023 1,377,921 $ 95.9 116,360 $ 145.5 311,872 $ 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 Nine Months Ended 2023 2022 2023 2022 (in thousands) Equity based awards Cost of revenue $ 725 $ 337 $ 2,050 $ 1,259 Research and development 7,375 6,934 24,386 16,634 Selling, general and administrative 10,385 7,199 29,940 20,740 $ 18,485 $ 14,470 $ 56,376 $ 38,633 Liability based awards - to be settled in equity Cost of revenue $ 23 $ 28 $ 51 $ 91 Research and development 481 663 1,484 1,550 Selling, general and administrative 540 542 1,314 1,521 $ 1,044 $ 1,233 $ 2,849 $ 3,162 Total stock-based compensation - equity and liability based $ 19,529 $ 15,703 $ 59,225 $ 41,795 Stock-based compensation expense recorded to additional paid-in capital Equity based awards $ 18,485 $ 14,470 $ 56,376 $ 38,633 Liability based awards - settled in equity 831 1,930 3,117 3,418 Total stock-based compensation expense recorded to additional paid-in capital $ 19,316 $ 16,400 $ 59,493 $ 42,051 |
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 September 30, 2023: As of September 30, 2023 Unrecognized Compensation Costs (in millions) Weighted Average Period of Recognition (in years) RSUs $ 111.4 1.9 PRSUs $ 7.4 1.4 MYPSUs $ 12.2 1.3 Liability-based awards $ 1.1 0.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Income (loss) before income taxes $ (18,076) $ 5,786 $ (60,395) $ 24,905 Income tax expense (49) (3) (142) (123) Effective tax rate 0 % 0 % 0 % 0 % |
Segment, Geographic and Custo_2
Segment, Geographic and Customer Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 Nine Months Ended 2023 2022 2023 2022 (in thousands) Taiwan $ 13,181 $ 26,730 $ 29,085 $ 74,347 Hong Kong 8,673 16,547 21,519 48,425 United States 3,868 10,157 15,493 26,177 Singapore 3,110 5,965 10,558 17,094 Other 6,688 13,696 24,935 56,723 Total $ 35,520 $ 73,095 $ 101,590 $ 222,766 |
Schedule of Property and Equipment Attributable to Operations | The following table sets forth the Company’s total property and equipment attributable to operations by country as of the periods presented: As of September 30, 2023 December 31, 2022 (in thousands) United States $ 23,614 $ 24,211 Malaysia 15,665 18,524 Taiwan 6,453 5,570 Other 10,184 10,467 $ 55,916 $ 58,772 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to common stockholders | $ (18,125) | $ 5,783 | $ (60,537) | $ 24,782 |
Weighted average shares used to compute basic net income (loss) per share (in shares) | 22,326 | 21,353 | 22,065 | 21,143 |
Dilutive effect of employee equity incentive plans (in shares) | 0 | 1,261 | 0 | 1,545 |
Weighted average shares used to compute diluted net income (loss) per share (in shares) | 22,326 | 22,614 | 22,065 | 22,688 |
Net income (loss) attributable to common stockholders per share, basic (in dollars per share) | $ (0.81) | $ 0.27 | $ (2.74) | $ 1.17 |
Net income (loss) attributable to common stockholders per share, diluted (in dollars per share) | $ (0.81) | $ 0.26 | $ (2.74) | $ 1.09 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive weighted shares (in shares) | 960,848 | 365,102 | 1,143,888 | 265,235 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Treasury bills, maturity period | 6 months | 6 months |
Short-term investments in held-to-maturity securities, at amortized cost | $ 551,398 | $ 529,494 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Highly liquid money market funds | 500 | 3,000 |
Short-term investments in held-to-maturity securities, at amortized cost, excluding accrued interest | 545,500 | 524,400 |
Short-term investments in held-to-maturity securities, gross accrued interest | 5,900 | 5,100 |
Short-term investments in held-to-maturity securities, at amortized cost | $ 551,400 | $ 529,500 |
Balance Sheets Components - Sch
Balance Sheets Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts receivable, gross | $ 25,232 | $ 41,279 |
Allowance for credit losses | (50) | (50) |
Accounts receivable, net | $ 25,182 | $ 41,229 |
Balance Sheets Components - S_2
Balance Sheets Components - Schedule of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials | $ 18,725 | $ 17,518 |
Work in progress | 36,469 | 33,687 |
Finished goods | 9,345 | 6,445 |
Total inventories | $ 64,539 | $ 57,650 |
Balance Sheets Components - S_3
Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid expenses | $ 3,139 | $ 3,118 |
Other current assets | 5,932 | 2,973 |
Total prepaid expenses and other current assets | $ 9,071 | $ 6,091 |
Balance Sheets Components - S_4
Balance Sheets Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 96,932 | $ 89,995 |
Accumulated depreciation | (41,016) | (31,223) |
Total property and equipment, net | 55,916 | 58,772 |
Lab and manufacturing equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 78,622 | 73,220 |
Computer equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,488 | 3,170 |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 673 | 509 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 6,357 | 5,967 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 7,792 | $ 7,129 |
Balance Sheets Components - Add
Balance Sheets Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Finite Lived Intangible Assets [Line Items] | ||||
Depreciation expense | $ 3,300 | $ 2,700 | $ 9,800 | $ 7,200 |
Amortization expense for intangible assets | 700 | 500 | 1,900 | 1,300 |
Reduction in research and development expenses | 23,647 | 23,878 | 74,671 | 66,490 |
Non-recurring Engineering Service Arrangements | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Reduction in research and development expenses | $ 200 | $ 2,900 | $ 1,900 | $ 7,700 |
Balance Sheets Components - S_5
Balance Sheets Components - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | $ 24,273 | $ 22,017 |
Accumulated Amortization | (18,608) | (16,812) |
Net Assets | 5,665 | 5,205 |
Internal use software | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 9,434 | 9,434 |
Accumulated Amortization | (9,133) | (8,833) |
Net Assets | 301 | 601 |
Purchased software | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 14,839 | 12,583 |
Accumulated Amortization | (9,475) | (7,979) |
Net Assets | $ 5,364 | $ 4,604 |
Balance Sheets Components - S_6
Balance Sheets Components - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
2023 (remainder) | $ 660 | |
2024 | 1,965 | |
2025 | 954 | |
2026 | 616 | |
2027 | 409 | |
2028 and beyond | 1,061 | |
Net Assets | $ 5,665 | $ 5,205 |
Balance Sheets Components - S_7
Balance Sheets Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued payroll and related benefits | $ 5,754 | $ 6,109 |
Revenue reserves | 3,047 | 1,840 |
Deferred non-recurring engineering services | 3,053 | 2,689 |
Short term lease liability | $ 2,572 | $ 2,485 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total accrued expenses and other current liabilities | Total accrued expenses and other current liabilities |
Other accrued expenses | $ 4,534 | $ 5,790 |
Total accrued expenses and other current liabilities | $ 18,960 | $ 18,913 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lessor, Lease, Description [Line Items] | ||||
Cash paid for operating lease liabilities | $ 0.8 | $ 0.6 | $ 2.3 | $ 1.8 |
Minimum | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating lease, renewal term | 1 year | 1 year | ||
Maximum | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease term | 6 years | 6 years | ||
Operating lease, renewal term | 5 years | 5 years |
Leases - Summary of Lease Relat
Leases - Summary of Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Right-of-use assets, net | $ 8,854 | $ 10,848 |
Lease liabilities included in accrued expenses and other current liabilities | 2,572 | 2,485 |
Long-term lease liabilities | 6,065 | 8,149 |
Total operating lease liabilities | $ 8,637 | $ 10,634 |
Weighted-average remaining lease term (years) | 3 years 3 months 18 days | 4 years |
Weighted-average discount rate | 4.50% | 4.60% |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 754 | $ 710 | $ 2,272 | $ 1,970 |
Short-term lease cost | 209 | 381 | 521 | 1,213 |
Variable lease cost | 194 | 212 | 632 | 566 |
Total lease cost | $ 1,157 | $ 1,303 | $ 3,425 | $ 3,749 |
Leases - Summary of Undiscounte
Leases - Summary of Undiscounted Cash Flows (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Remainder of 2023 | $ 637 | |
2024 | 3,016 | |
2025 | 2,688 | |
2026 | 2,167 | |
2027 | 627 | |
2028 and beyond | 190 | |
Total minimum lease payments | 9,325 | |
Less: amount of lease payments representing interest | (688) | |
Total operating lease liabilities | 8,637 | $ 10,634 |
Less: current obligations under leases | (2,572) | (2,485) |
Long-term lease liabilities | $ 6,065 | $ 8,149 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
May 04, 2022 | Mar. 31, 2023 | Feb. 28, 2023 | Feb. 28, 2022 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | |||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Deferred offering costs | $ 920 | $ 687 | ||||||
Accrued expenses and other current liabilities | $ 18,960 | 18,960 | $ 18,913 | |||||
2022 Goals | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Accrued expenses and other current liabilities | 800 | |||||||
2023 Goals | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Accrued expenses and other current liabilities | 600 | 600 | ||||||
Multi-Year Performance Restricted Stock Unit Award (MYPSU) | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
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 | |||||||
Liability-based awards | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Accrued expenses and other current liabilities | $ 800 | $ 800 | $ 800 | |||||
Performance Restricted Stock Unit Award (PRSU) | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Performance period | 1 year | |||||||
Total Stockholder Performance Restricted Stock Unit Award (TSR PRSU) | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Expected volatility | 83.80% | 84% | ||||||
Risk free rate | 4.05% | 4.67% | ||||||
Expected dividend yield | 0% | 0% | ||||||
Expected term | 1 year 9 months 18 days | 1 year 10 months 24 days | ||||||
Performance period | 2 years | |||||||
Minimum | 2022 Goals | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Bonus and retention plan actual payout ranges | 44% | 44% | ||||||
Maximum | 2022 Goals | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Bonus and retention plan actual payout ranges | 89% | 89% | ||||||
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 | |||||||
At-The-Market Issuance Sales Agreement | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock, shares authorized (in shares) | 800,000 | |||||||
Common stock, par value (in dollars per share) | $ 0.0001 | |||||||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs (in shares) | 800,000 | 100,000 | 300,000 | |||||
Percentage of sales commission from common stock sold | 3% | |||||||
Shares issued, price per share (in dollars per share) | $ 128.42 | $ 116.06 | ||||||
Proceeds from public offering, net of underwriting discounts and commissions | $ 12,500 | $ 33,900 | ||||||
Payments for underwriting discounts and commissions | 200 | 700 | ||||||
Deferred offering costs | $ 100 | $ 200 |
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 | ||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | |
Restricted Stock Units (RSU) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, beginning balance (in shares) | 1,574,098 | 1,823,932 | 1,717,994 |
Granted (in shares) | 55,099 | 60,333 | 368,363 |
Vested (in shares) | (240,774) | (254,997) | (234,633) |
Forfeited (in shares) | (10,502) | (55,170) | (27,792) |
Number of Shares, ending balance (in shares) | 1,377,921 | 1,574,098 | 1,823,932 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Grant Date Fair Value per share, beginning balance (in dollars per share) | $ 88.9 | $ 82.8 | $ 73.6 |
Grant Date Fair Value per share, Granted (in dollars per share) | 124.7 | 111.3 | 123.1 |
Grant Date Fair Value per share, Vested (in dollars per share) | 54 | 66.5 | 56.6 |
Grant Date Fair Value per share, Forfeited (in dollars per share) | 162.6 | 177.3 | 67.4 |
Grant Date Fair Value per share, ending balance (in dollars per share) | $ 95.9 | $ 88.9 | $ 82.8 |
Performance Restricted Stock Unit Award (PRSU) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, beginning balance (in shares) | 116,360 | 122,466 | 58,954 |
Granted (in shares) | 0 | 0 | 122,466 |
Vested (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | 0 | (6,106) | (58,954) |
Number of Shares, ending balance (in shares) | 116,360 | 116,360 | 122,466 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Grant Date Fair Value per share, beginning balance (in dollars per share) | $ 145.5 | $ 145.5 | $ 261.4 |
Grant Date Fair Value per share, Granted (in dollars per share) | 0 | 0 | 145.5 |
Grant Date Fair Value per share, Vested (in dollars per share) | 0 | 0 | 0 |
Grant Date Fair Value per share, Forfeited (in dollars per share) | 0 | 145.5 | 261.4 |
Grant Date Fair Value per share, ending balance (in dollars per share) | $ 145.5 | $ 145.5 | $ 145.5 |
Multi-Year Performance Restricted Stock Unit Award (MYPSU) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, beginning balance (in shares) | 311,872 | 311,872 | 311,872 |
Granted (in shares) | 0 | 0 | 0 |
Vested (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | 0 | 0 | 0 |
Number of Shares, ending balance (in shares) | 311,872 | 311,872 | 311,872 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Grant Date Fair Value per share, beginning balance (in dollars per share) | $ 88.6 | $ 88.6 | $ 88.6 |
Grant Date Fair Value per share, Granted (in dollars per share) | 0 | 0 | 0 |
Grant Date Fair Value per share, Vested (in dollars per share) | 0 | 0 | 0 |
Grant Date Fair Value per share, Forfeited (in dollars per share) | 0 | 0 | 0 |
Grant Date Fair Value per share, ending balance (in dollars per share) | $ 88.6 | $ 88.6 | $ 88.6 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Additional Paid-in Capital | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 19,316 | $ 16,400 | $ 59,493 | $ 42,051 |
Equity Based Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 18,485 | 14,470 | 56,376 | 38,633 |
Equity Based Awards | Additional Paid-in Capital | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 18,485 | 14,470 | 56,376 | 38,633 |
Equity Based Awards | Cost of revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 725 | 337 | 2,050 | 1,259 |
Equity Based Awards | Research and development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 7,375 | 6,934 | 24,386 | 16,634 |
Equity Based Awards | Selling, general and administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 10,385 | 7,199 | 29,940 | 20,740 |
Liability Based Awards to be Settled in Equity | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1,044 | 1,233 | 2,849 | 3,162 |
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 | 23 | 28 | 51 | 91 |
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 | 481 | 663 | 1,484 | 1,550 |
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 | 540 | 542 | 1,314 | 1,521 |
Equity and Liability Based Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 19,529 | 15,703 | 59,225 | 41,795 |
Liability-based awards | Additional Paid-in Capital | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 831 | $ 1,930 | $ 3,117 | $ 3,418 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Unrecognized Compensation Costs and Related Weighted Average Period of Recognition (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Compensation Costs (in millions) | $ 111.4 |
Weighted Average Period of Recognition (in years) | 1 year 10 months 24 days |
PRSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Compensation Costs (in millions) | $ 7.4 |
Weighted Average Period of Recognition (in years) | 1 year 4 months 24 days |
MYPSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Compensation Costs (in millions) | $ 12.2 |
Weighted Average Period of Recognition (in years) | 1 year 3 months 18 days |
Liability-based awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Compensation Costs (in millions) | $ 1.1 |
Weighted Average Period of Recognition (in years) | 2 months 12 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income (loss) before income taxes | $ (18,076) | $ 5,786 | $ (60,395) | $ 24,905 |
Income tax expense | $ (49) | $ (3) | $ (142) | $ (123) |
Effective tax rate | 0% | 0% | 0% | 0% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Income Tax [Line Items] | |||||
Income tax provision | $ 49 | $ 3 | $ 142 | $ 123 | |
Effective tax rate | 0% | 0% | 0% | 0% | |
Unrecognized tax benefits | $ 2,300 | $ 2,300 | $ 2,300 | ||
Maximum | |||||
Income Tax [Line Items] | |||||
Income tax provision | $ 100 | $ 100 | $ 100 | $ 100 | |
Effective tax rate | 1% | 1% | 1% | 1% | |
U.S. effective tax rate | 1% |
Segment, Geographic and Custo_3
Segment, Geographic and Customer Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Segment, Geographic and Custo_4
Segment, Geographic and Customer Information - Schedule of Revenue by Country (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 35,520 | $ 73,095 | $ 101,590 | $ 222,766 |
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 35,520 | 73,095 | 101,590 | 222,766 |
Taiwan | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 13,181 | 26,730 | 29,085 | 74,347 |
Hong Kong | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 8,673 | 16,547 | 21,519 | 48,425 |
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,868 | 10,157 | 15,493 | 26,177 |
Singapore | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,110 | 5,965 | 10,558 | 17,094 |
Other | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 6,688 | $ 13,696 | $ 24,935 | $ 56,723 |
Segment, Geographic and Custo_5
Segment, Geographic and Customer Information - Schedule of Property and Equipment Attributable to Operations (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 55,916 | $ 58,772 |
United States | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 23,614 | 24,211 |
Malaysia | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 15,665 | 18,524 |
Taiwan | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 6,453 | 5,570 |
Other | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 10,184 | $ 10,467 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Dec. 31, 2021 | May 31, 2021 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Restricted Stock Units (RSU) | ||||||
Related Party Transaction [Line Items] | ||||||
Equity award, granted (in shares) | 55,099 | 60,333 | 368,363 | |||
Related Party | MegaChips | Si Time Corporation | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of outstanding common stock held | 20.90% | 23% | ||||
Related Party | Akira Takata | ||||||
Related Party Transaction [Line Items] | ||||||
Sales consulting services fee, monthly | $ 5,000 | |||||
Related Party | Akira Takata | Restricted Stock Units (RSU) | ||||||
Related Party Transaction [Line Items] | ||||||
Equity award, granted (in shares) | 300 | 500 |
Subsequent Events (Details)
Subsequent Events (Details) - Master Framework Agreement - USD ($) $ in Millions | 2 Months Ended | |
Oct. 30, 2023 | Dec. 31, 2023 | |
Scenario Forecast | ||
Subsequent Event [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 36 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Business Combination, Price of Acquisition, Expected | $ 148 | |
Business Combination, Contingent Consideration, Liability | $ 120 |