Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
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 | Non-accelerated Filer | |
Entity Common Stock Shares Outstanding | 16,940,154 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 69,208 | $ 63,418 |
Accounts receivable, net | 17,224 | 17,659 |
Related party accounts receivable | 738 | 1,073 |
Inventories | 15,208 | 11,911 |
Prepaid expenses and other current assets | 2,975 | 5,601 |
Total current assets | 105,353 | 99,662 |
Property and equipment, net | 10,859 | 9,288 |
Intangible assets, net | 2,103 | 4,489 |
Right-of-use assets, net | 9,220 | 9,790 |
Other assets | 162 | 162 |
Total assets | 127,697 | 123,391 |
Current liabilities: | ||
Accounts payable | 7,473 | 3,869 |
Accrued expenses and other current liabilities | 10,092 | 8,442 |
Loan obligations | 41,000 | |
Total current liabilities | 17,565 | 53,311 |
Lease liabilities | 7,309 | 7,940 |
Total liabilities | 24,874 | 61,251 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Common stock, $0.0001 par value - 200,000 shares authorized; 16,940 and 14,968 shares issued and outstanding at September 30, 2020 and December 31, 2019 | 2 | 2 |
Additional paid-in capital | 168,208 | 116,162 |
Accumulated deficit | (65,387) | (54,024) |
Total stockholders’ equity | 102,823 | 62,140 |
Total liabilities and stockholders’ equity | $ 127,697 | $ 123,391 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
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 | 16,940,000 | 14,968,000 |
Common stock, shares, outstanding | 16,940,000 | 14,968,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 32,667 | $ 25,325 | $ 75,882 | $ 55,985 |
Cost of revenue | 15,765 | 13,178 | 39,021 | 29,875 |
Gross profit | 16,902 | 12,147 | 36,861 | 26,110 |
Operating expenses: | ||||
Research and development | 8,484 | 5,778 | 22,906 | 17,846 |
Selling, general and administrative | 8,978 | 4,869 | 24,642 | 14,167 |
Total operating expenses | 17,462 | 10,647 | 47,548 | 32,013 |
(Loss) income from operations | (560) | 1,500 | (10,687) | (5,903) |
Interest expense | (110) | (426) | (726) | (1,320) |
Other income (expense), net | 3 | 5 | 51 | (16) |
(Loss) income before income taxes | (667) | 1,079 | (11,362) | (7,239) |
Income tax expense | (1) | (1) | ||
Net (loss) income | (667) | 1,079 | (11,363) | (7,240) |
Net (loss) income attributable to common stockholders and comprehensive (loss) income | $ (667) | $ 1,079 | $ (11,363) | $ (7,240) |
Net (loss) income per share attributable to common stockholders, basic and diluted | $ (0.04) | $ 0.11 | $ (0.72) | $ (0.72) |
Weighted-average shares used to compute basic and diluted net (loss) income per share | 16,818 | 10,000 | 15,737 | 10,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning Balance at Dec. 31, 2018 | $ 11,015 | $ 1 | $ 58,431 | $ (47,417) |
Beginning Balance, Shares at Dec. 31, 2018 | 10,000 | |||
Net (loss) income | (7,240) | (7,240) | ||
Ending Balance at Sep. 30, 2019 | 3,775 | $ 1 | 58,431 | (54,657) |
Ending Balance, Shares at Sep. 30, 2019 | 10,000 | |||
Beginning Balance at Jun. 30, 2019 | 2,696 | $ 1 | 58,431 | (55,736) |
Beginning Balance, Shares at Jun. 30, 2019 | 10,000 | |||
Net (loss) income | 1,079 | 1,079 | ||
Ending Balance at Sep. 30, 2019 | 3,775 | $ 1 | 58,431 | (54,657) |
Ending Balance, Shares at Sep. 30, 2019 | 10,000 | |||
Beginning Balance at Dec. 31, 2019 | $ 62,140 | $ 2 | 116,162 | (54,024) |
Beginning Balance, Shares at Dec. 31, 2019 | 14,968 | 14,968 | ||
Stock-based compensation expense | $ 9,749 | 9,749 | ||
Net (loss) income | (11,363) | (11,363) | ||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and other offering costs | 45,789 | 45,789 | ||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and other offerings costs, Shares | 1,525 | |||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings | (3,492) | (3,492) | ||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares | 447 | |||
Ending Balance at Sep. 30, 2020 | $ 102,823 | $ 2 | 168,208 | (65,387) |
Ending Balance, Shares at Sep. 30, 2020 | 16,940 | 16,940 | ||
Beginning Balance at Jun. 30, 2020 | $ 99,569 | $ 2 | 164,287 | (64,720) |
Beginning Balance, Shares at Jun. 30, 2020 | 16,716 | |||
Stock-based compensation expense | 3,919 | 3,919 | ||
Net (loss) income | (667) | (667) | ||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings | 2 | 2 | ||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares | 224 | |||
Ending Balance at Sep. 30, 2020 | $ 102,823 | $ 2 | $ 168,208 | $ (65,387) |
Ending Balance, Shares at Sep. 30, 2020 | 16,940 | 16,940 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (11,363) | $ (7,240) |
Adjustments to reconcile net loss to net cash provided by operating activities | ||
Depreciation and amortization expense | 4,966 | 6,159 |
Non-cash operating lease cost | 1,230 | 968 |
Stock-based compensation expense | 10,129 | |
Impairment of internal-use software | 959 | |
Changes in assets and liabilities: | ||
Accounts receivable, net | 435 | 1,908 |
Related party accounts receivable | 335 | 573 |
Inventories | (3,481) | 7,367 |
Prepaid expenses and other assets | 2,625 | (1,825) |
Accounts payable | 3,820 | (621) |
Accrued expenses and other liabilities | 2,108 | (1,489) |
Lease liabilities | (1,921) | (918) |
Net cash provided by operating activities | 9,842 | 4,882 |
Cash flows from investing activities | ||
Purchase of property and equipment | (3,912) | (832) |
Cash paid for intangibles | (1,437) | (1,378) |
Net cash used in investing activities | (5,349) | (2,210) |
Cash flows from financing activities | ||
Proceeds from public offering, net of underwriting discounts and commissions and other offering costs | 45,789 | (1,329) |
Tax withholding paid on behalf of employees for net share settlement | (3,492) | |
Proceeds from loans from financial institutions | 35,000 | |
Principal payments on loans to financial institutions | (76,000) | |
Net cash provided by (used in) financing activities | 1,297 | (1,329) |
Net increase in cash and cash equivalents | 5,790 | 1,343 |
Cash and cash equivalents | ||
Beginning of period | 63,418 | 7,889 |
End of period | 69,208 | 9,232 |
Supplemental disclosure of cash flow information | ||
Interest paid during the period | 799 | 1,258 |
Income taxes paid | 1 | 1 |
Supplemental disclosure of noncash flow information | ||
Unpaid property and equipment | 420 | 120 |
Unpaid deferred offering costs | 461 | |
Right-of-use assets acquired under operating leases | $ 382 | $ 10,763 |
The Company and Basis of Presen
The Company and Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
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 silicon timing systems. The Company primarily supplies oscillator products that are comprised of 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 and resellers 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, 2019. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The Company was a wholly-owned subsidiary of MegaChips Corporation (“MegaChips”), a fabless semiconductor company based in Japan and traded on the Tokyo Stock Exchange, until the Company completed its initial public offering in November 2019. On June 16, 2020, we completed a follow-on public offering, in which we issued and sold 1,525,000 shares of our common stock and MegaChips sold 2,500,000 of our common stock held by them MegaChips remains the largest stockholder of the Company and held approximately 44.3% of the Company’s outstanding common stock as of September 30, 2020. Outbreak of Coronavirus Disease 2019 (“the COVID-19 pandemic”) On March 11, 2020, the World Health Organization characterized the outbreak of the coronavirus disease known as COVID-19 as a global pandemic and recommended containment and mitigation measures. On March 13, 2020, the United States declared a national emergency concerning the outbreak, and several states and municipalities have declared public health emergencies. To combat the spread of the COVID-19 pandemic, the United States and other foreign countries in which the Company operates have imposed measures such as quarantines and “shelter-in-place” orders that are restricting business operations and travel and requiring individuals to work from home (“WFH”), which has impacted all aspects of the Company’s business as well as those of the third-parties we rely upon for our manufacturing, assembly, testing, shipping and other operations. The global health crisis caused by the COVID-19 pandemic has negatively impacted business activity across the globe and has impacted the Company's employees and operations. The inputs into the Company’s judgments and estimates consider the economic implications of the COVID-19 pandemic, as the Company knows them, on the Company’s critical and significant accounting estimates. The extent to which the COVID-19 pandemic may impact the Company’s business will depend on future developments, which are highly uncertain and as such, the Company is not able to estimate the future effects of the COVID-19 pandemic on its employees, customers, suppliers, results of operations, financial condition, or liquidity for fiscal year 2020. Reporting Calendar The Company’s fiscal year begins on January 1 of the year stated and ends on December 31 of the same year. The Company reports its results on a calendar year basis. 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, 2019. There had been no changes to these accounting policies except for the recently adopted accounting guidance as discussed below. Recently Adopted Accounting Guidance In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use-software. The adoption of this standard on January 1, 2020 did not have any impact on the Company's consolidated financial position, results of operations and cash flows. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements in Topic 820. The adoption of this standard on January 1, 2020 did not have any impact on the Company's disclosures. New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. The new standard will be effective for fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial position, results of operations and cash flows. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the credit loss model from an incurred loss approach to an expected loss approach. It requires the application of a current expected credit loss (“CECL”) impairment model to financial assets measured at amortized cost (including trade accounts receivable) and certain off-balance-sheet credit exposures. Under the CECL model, lifetime expected credit losses on such financial assets are measured and recognized at each reporting date based on historical, current, and forecasted information. The standard also changes the impairment model for available-for-sale debt securities, eliminating the concept of other than temporary impairment and requiring credit losses to be recorded through an allowance for credit losses. The amount of the allowance for credit losses for available-for-sale debt securities is limited to the amount by which fair value is below amortized cost. The standard is effective for interim and annual periods beginning after December 15, 2022. A modified retrospective adoption method is required, with a cumulative-effect adjustment to the opening retained earnings balance in the period of adoption. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. |
Net Loss (Income) Per Share
Net Loss (Income) Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss (Income) Per Share | Note 2. Net Loss (Income) Per Share The following table summarizes the computation of basic and diluted net loss (income) per share attributable to common stockholder of the Company: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands, except per share data) Net (loss) income attributable to common stockholders $ (667 ) $ 1,079 $ (11,363 ) $ (7,240 ) Weighted-average shares outstanding 16,818 10,000 15,737 10,000 Weighted average shares used to compute basic and diluted net (loss) income per share 16,818 10,000 15,737 10,000 Net (loss) income attributable to common stockholders per share, basic and diluted $ (0.04 ) $ 0.11 $ (0.72 ) $ (0.72 ) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
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, short-term debt obligations, and other current liabilities, approximate their fair values due to their short maturities. At September 30, 2020 and December 31, 2019, cash balances in bank checking and savings accounts of $14.1 million and $28.4 million, respectively were valued using Level 1 of the fair value hierarchy. At September 30, 2020 and December 31, 2019, highly liquid money market funds of $55.1 million and $35.0 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. |
Balance Sheets Components
Balance Sheets Components | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 December 31, 2019 (in thousands) Accounts receivables, gross $ 17,274 $ 17,788 Allowance for doubtful accounts (50 ) (129 ) Accounts receivables, net $ 17,224 $ 17,659 Inventory Inventory consisted of the following: As of September 30, 2020 December 31, 2019 (in thousands) Raw materials $ 1,382 $ 304 Work in progress 11,937 8,160 Finished goods 1,889 3,447 Total inventories $ 15,208 $ 11,911 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: As of September 30, 2020 December 31, 2019 (in thousands) Advance to suppliers $ — $ 3,338 Prepaid expenses 1,921 1,279 Other current assets 1,054 984 Total prepaid and other current assets $ 2,975 $ 5,601 Property and Equipment, Net Property and equipment, net As of September 30, 2020 December 31, 2019 (in thousands) Lab Equipment $ 20,706 $ 17,376 Computer Equipment 1,028 800 Furniture and fixtures 241 241 Construction in Progress 921 221 Leasehold improvements 4,086 4,074 26,982 22,712 Accumulated depreciation (16,123 ) (13,424 ) Total property and equipment, net $ 10,859 $ 9,288 Depreciation expense related to property and equipment was $1.0 million, $2.7 million, $0.9 million, and $2.4 Intangible Assets, Net Intangible assets, net consisted As of September 30, 2020 December 31, 2019 (in thousands) Internal use software $ 9,338 $ 10,022 Purchased intangibles 5,334 4,793 14,672 14,815 Accumulated amortization (12,569 ) (10,326 ) Intangible assets, net $ 2,103 $ 4,489 Amortization expense for intangible assets was $ 0.3 As of September 30, 2020, the Company had $ 0.7 (in thousands) 2020 (remainder) $ 317 2021 1,177 2022 469 2023 140 $ 2,103 Accrued Expenses and Other Current Liabilities Accrued expenses and other As of September 30, 2020 December 31, 2019 (in thousands) Accrued payroll and related benefits $ 3,963 $ 1,880 Price adjustment and other revenue reserves 1,789 1,222 Short term lease liability 1,243 1,874 Other accrued expenses 3,097 3,466 Total accrued expenses and other current liabilities $ 10,092 $ 8,442 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | Note 5. Leases The Company leases The Company also leases office space in Michigan, Malaysia, Japan, the Netherlands, and Ukraine all under non-cancellable operating leases with various expiration dates through December 2026. The remaining lease terms vary from a few months to 6 years. For 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. As of September 30, 2020, the Company did not have any leases that had not yet commenced. The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet as of September 30, 2020: As of September 30, 2020 December 31, 2019 (in thousands) Right-of-use assets $ 9,220 $ 9,790 Lease liabilities included in accrued expenses and other current liabilities 1,243 1,874 Lease liabilities - non-current 7,309 7,940 Total operating lease liabilities $ 8,552 $ 9,814 Weighted-average remaining lease term (years) 6.1 7.1 Weighted-average discount rate 4.2 % 4.1 % The table below presents certain information related to the lease costs for operating leases for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) Operating lease cost $ 418 $ 352 $ 1,269 $ 1,006 Short-term lease cost 88 93 253 221 Variable lease cost 37 225 193 390 Total lease cost $ 543 $ 670 $ 1,715 $ 1,617 Cash paid for operating lease liabilities was $0.3 million, $1.9 million, $2.0 million and $2.7 million, respectively for the three and nine months ended September 30, 2020 and 2019. The cash paid for three and nine months ended September 30, 2019, includes $1.6 million of prepaid lease payments. The Company sub-leased a portion of its Santa Clara facility through March 31, 2019 and received $0.1 million in sub-lease income for the nine months ended September 30, 2019, which was included in the short-term lease cost above. 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 September 30, 2020: (in thousands) 2020 $ 275 2021 1,567 2022 1,595 2023 1,489 2024 1,532 2025 and beyond 3,194 Total minimum lease payments 9,652 Less: amount of lease payments representing interest (1,100 ) Present value of future minimum lease payments 8,552 Less: current obligations under leases (1,243 ) Long-term lease liabilities $ 7,309 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Note 6. Stockholders’ Equity On June 16, 2020, we completed a follow-on public offering, in which we issued and sold 1,525,000 shares of our common stock and MegaChips sold 2,500,000 of our common stock held by them . Equity Incentive Plans The following table RSU Grant Date CRSU Grant Date Number of Fair Value Number of Fair Value Shares per share Shares per share Balance at December 31, 2019 2,989,322 $ 13.0 — $ - Granted 206,026 20.9 — — Vested (149,141 ) 13.2 — — Forfeited (130,939 ) 13.5 — — Balance at March 31, 2020 2,915,268 $ 13.5 — $ - Granted 130,640 33.8 4,780 22.2 Vested (183,910 ) 14.0 (3,290 ) 20.9 Forfeited (17,860 ) 13.8 — 13.8 Balance at June 30, 2020 2,844,138 $ 14.4 1,490 $ 25.2 Granted 133,825 51.4 3,524 46.9 Vested (224,179 ) 16.8 (4,130 ) 41.5 Forfeited (19,980 ) 15.0 — — Balance at September 30, 2020 2,733,804 $ 16.0 884 $ 26.9 On August 4, 2020, the Compensation Committee of the Company adopted and approved the Executive Bonus and Retention Plan (the “Bonus and Retention Plan”) with target bonus amounts and performance goals for the second half of the fiscal year 2020 (the “2020 Goals”). The 2020 Goals are based on the achievement of revenue and Non-GAAP operating profit for the second half of 2020, as well as individual performance goals. The target bonuses were granted based on a fixed dollar amount to be settled in restricted stock units on the vesting date and hence the awards have been classified as liability-based awards. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statement. The liability of $0.4 million was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet. In the three and nine months ended September 30, 2020, the Company granted cash based RSUs (the “CRSU”) as part of an employee bonus plan. Generally, such units are granted quarterly and fully vest at the end of the quarter they are granted except units granted to new hires that have a one-year cliff vesting. Such awards have also been classified as liability-based awards. For the nine months ended September 30, 2020, the Company issued 447 ,077 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Equity awards (in thousands) Cost of revenue $ 34 $ — $ 119 $ — Research and development 1,100 — 3,016 — Selling, general and administrative 2,785 — 6,614 — $ 3,919 $ — $ 9,749 $ — Liability-based awards Cost of revenue $ 98 $ — $ 138 $ — Research and development 285 — 383 — Selling, general and administrative 338 — 392 — $ 721 $ — $ 913 $ — Total stock-based compensation expense $ 4,640 $ — $ 10,662 $ — As of September 30, 2020, there was $ 41 is 3.67 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes The quarterly provision for (benefit from) 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. On March 27, 2020, the “Coronavirus Aid, Relief, and Economic Security Act” (“CARES Act”) was signed into law. The new legislation includes a number of income tax provisions applicable to individuals and businesses. Due to historical net operating losses incurred in the U.S., the CARES Act did not have material impacts on the Company’s condensed consolidated financial statements as of September 30, 2020. The Company continues to examine the elements of the CARES Act and the impact it may have on its financial statements. The following table presents the provision for income taxes and the effective tax rates for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) (Loss) income before income taxes $ (667 ) $ 1,079 $ (11,362 ) $ (7,239 ) Provision (benefit) for income tax — — (1 ) (1 ) 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, 2020. As of September 30, 2020 and December 31, 2019, the Company had $ 2.2 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, 2020 and 2019, the Company had immaterial amounts related to the accrual of interest and penalties. |
Segment, Geographic and Custome
Segment, Geographic and Customer Information | 9 Months Ended |
Sep. 30, 2020 | |
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 silicon timing systems solutions. Revenue by geographic area are 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) Taiwan $ 16,126 $ 11,934 $ 34,099 $ 26,830 Hong Kong 9,209 4,442 19,530 11,047 United States 2,263 1,412 5,938 3,880 Other 5,069 7,537 16,315 14,228 Total $ 32,667 $ 25,325 $ 75,882 $ 55,985 The Company’s long-lived assets in the U.S. attributable to operations as of September 30, 2020 and December 31, 2019 were 96% and 97%, respectively, of total property and equipment and intangible assets. Revenue from sales to three of the Company's distributors accounted for 30.3%, 15.8%, and 14.6% of its consolidated revenues for the three months ended September 30, 2020. Revenue from sales to three of the Company's distributors accounted for 23.0%, 19.7% and 14.0% of its consolidated revenues for the nine months ended September 30, 2020. Revenue from sales to one end customer accounted for 44.6% and 36.3% for the three and nine months ended September 30, 2020. No other distributors or customers accounted for 10% or more of the Company's consolidated revenues for the three months or nine months ended September 30, 2020. Revenue from sales to four of the Company's distributors accounted for 27.5%, 16.9%, 15.3% and 11.7% of its consolidated revenues for the three months ended September 30, 2019. Revenue from sales to three of the Company's distributors accounted for 23.1%, 19.3% and 18.2% of its consolidated revenues for the nine months ended September 30, 2019. Revenue from sales to one end customer accounted for 34.1% and 35.4% for the three and nine months ended September 30, 2019. No other distributors or customers accounted for 10% or more of the Company's consolidated revenues for the three months or nine months ended September 30, 2019 |
Debt Obligations
Debt Obligations | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Note 9. Debt Obligations The Company has As of September 30, 2020, the Company was in compliance with all of the financial covenants under its debt agreement with MUFG. Debt obligations as of September 30, 2020 and December 31, 2019 consisted of the following: As of September 30, 2020 December 31, 2019 (in thousands) Revolving line of credit: MUFG $ — $ 41,000 Balance — 41,000 Less: Current portion of long-term debt — (41,000 ) Long-term debt $ — $ — As of December 31, 2019, debt obligations were as follows (dollars in thousands): Lender Loan Start Date Loan Amount Annual Interest Rate Maturity Date MUFG 12/19/2019 $ 38,000 2.97 % 6/10/2020 MUFG 8/23/2019 3,000 3.10 % 2/19/2020 $ 41,000 On June 10, 2020, the $38.0 million loan with MUFG matured, at which time the Company renewed the loan for $23.0 million at an interest rate of 1.39% through June 24, 2020. On June 24, 2020, the loan was further extended through July 24, 2020 at an interest rate of 1.45%. On July 24, 2020, the Company paid down all outstanding loans with MUFG of $35.0 million of which $12.0 million of loans were prepaid with a penalty of $0.1 million. E |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. 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. No accruals for loss contingencies or recognition of actual losses have been recorded in any of the periods presented. In March 2019, VTT Technical Research Centre of Finland, Ltd. ("VTT") filed suit in the United States District Court for the Northern District of California alleging infringement by the Company of a patent relating to specific combinations of features set forth in U.S. Patent No. 8,558,643. The complaint sought unspecified monetary damages and injunctive relief. On January 22, 2020, the Company participated in a mediation that had been ordered by the Court. The case was not resolved at the mediation. A Markman Hearing was held on May 15, 2020 relating to a number of different disputed claim terms, and on July 9, 2020 the Court issued a Markman Order relating to those disputed claim terms. Among its determinations, the Court found that one of the disputed claim terms was indefinite, as well as any claim that had this claim term in it. On July 17, 2020, the Court issued a judgment finding all claims of U.S. Patent No. 8,558,643 invalid, based upon its Markman Order. VTT filed a Notice of Appeal of the Court's judgment with the US Court of Appeals for the Federal Circuit and is expected to file its opening brief by November 19, 2020 and the Company is expected to file its response brief by January 28, 2020. The Company has not accrued for a loss contingency relating to such matter as the potential loss is currently not 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 | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 11. Related Party Transactions The Company entered into an agreement with MegaChips, whereby the Company appointed MegaChips as the exclusive sales representative of its products in Japan. The Company sells products through MegaChips to distributors, resellers, or direct customers in Japan. The Company pays MegaChips is the largest stockholder of the Company and held approximately 44.3% and 66.8% of the Company’s outstanding common stock as of September 30, 2020 and December 31, 2019, respectively In the three and nine months ended September 30, 2020, the Company entered into an asset purchase agreement with MegaChips Corporation. In the nine months ended September 30, 2020 the Company entered into an equipment purchase agreement with MegaChips Taiwan Corporation, a wholly-owned subsidiary of MegaChips Corporation. In the nine months ended September 30, 2020 the Company entered into a services and secondment agreement with MegaChips LSI USA Corporation, a wholly-owned subsidiary of MegaChips Corporation. See Note 9, “Debt Obligations” for more information regarding the Company’s loan agreement with MegaChips. The following is a summary of significant balances, transactions and payments with the related parties and affiliates. As of September 30, 2020 December 31, 2019 (in thousands) MegaChips Accounts receivable $ 738 $ 1,073 Prepaid expenses and other current assets — 18 Accounts payable 29 220 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) MegaChips Sales $ 1,544 $ 1,418 $ 4,274 $ 3,232 License expense — 68 148 68 Commission expense 64 59 176 127 Affiliates Consulting fees 87 — 262 — Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) (in thousands) MegaChips Cash paid for commissions $ 64 $ 59 $ 176 $ 127 Cash paid for licenses — — 25 91 Affiliates Cash paid for consulting fees 87 — 262 — |
The Company and Basis of Pres_2
The Company and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Outbreak of Coronavirus Disease 2019 (“the COVID-19 pandemic”) | Outbreak of Coronavirus Disease 2019 (“the COVID-19 pandemic”) On March 11, 2020, the World Health Organization characterized the outbreak of the coronavirus disease known as COVID-19 as a global pandemic and recommended containment and mitigation measures. On March 13, 2020, the United States declared a national emergency concerning the outbreak, and several states and municipalities have declared public health emergencies. To combat the spread of the COVID-19 pandemic, the United States and other foreign countries in which the Company operates have imposed measures such as quarantines and “shelter-in-place” orders that are restricting business operations and travel and requiring individuals to work from home (“WFH”), which has impacted all aspects of the Company’s business as well as those of the third-parties we rely upon for our manufacturing, assembly, testing, shipping and other operations. The global health crisis caused by the COVID-19 pandemic has negatively impacted business activity across the globe and has impacted the Company's employees and operations. The inputs into the Company’s judgments and estimates consider the economic implications of the COVID-19 pandemic, as the Company knows them, on the Company’s critical and significant accounting estimates. The extent to which the COVID-19 pandemic may impact the Company’s business will depend on future developments, which are highly uncertain and as such, the Company is not able to estimate the future effects of the COVID-19 pandemic on its employees, customers, suppliers, results of operations, financial condition, or liquidity for fiscal year 2020. |
Reporting Calendar | Reporting Calendar The Company’s fiscal year begins on January 1 of the year stated and ends on December 31 of the same year. The Company reports its results on a calendar year basis. |
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, 2019. There had been no changes to these accounting policies except for the recently adopted accounting guidance as discussed below. |
Accounting Standards Recently Adopted/Not Yet Adopted | Recently Adopted Accounting Guidance In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use-software. The adoption of this standard on January 1, 2020 did not have any impact on the Company's consolidated financial position, results of operations and cash flows. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements in Topic 820. The adoption of this standard on January 1, 2020 did not have any impact on the Company's disclosures. New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. The new standard will be effective for fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial position, results of operations and cash flows. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the credit loss model from an incurred loss approach to an expected loss approach. It requires the application of a current expected credit loss (“CECL”) impairment model to financial assets measured at amortized cost (including trade accounts receivable) and certain off-balance-sheet credit exposures. Under the CECL model, lifetime expected credit losses on such financial assets are measured and recognized at each reporting date based on historical, current, and forecasted information. The standard also changes the impairment model for available-for-sale debt securities, eliminating the concept of other than temporary impairment and requiring credit losses to be recorded through an allowance for credit losses. The amount of the allowance for credit losses for available-for-sale debt securities is limited to the amount by which fair value is below amortized cost. The standard is effective for interim and annual periods beginning after December 15, 2022. A modified retrospective adoption method is required, with a cumulative-effect adjustment to the opening retained earnings balance in the period of adoption. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. |
Net Loss (Income) Per Share (Ta
Net Loss (Income) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 stockholder of the Company: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands, except per share data) Net (loss) income attributable to common stockholders $ (667 ) $ 1,079 $ (11,363 ) $ (7,240 ) Weighted-average shares outstanding 16,818 10,000 15,737 10,000 Weighted average shares used to compute basic and diluted net (loss) income per share 16,818 10,000 15,737 10,000 Net (loss) income attributable to common stockholders per share, basic and diluted $ (0.04 ) $ 0.11 $ (0.72 ) $ (0.72 ) |
Balance Sheets Components (Tabl
Balance Sheets Components (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following: As of September 30, 2020 December 31, 2019 (in thousands) Accounts receivables, gross $ 17,274 $ 17,788 Allowance for doubtful accounts (50 ) (129 ) Accounts receivables, net $ 17,224 $ 17,659 |
Schedule of Inventory | Inventory consisted of the following: As of September 30, 2020 December 31, 2019 (in thousands) Raw materials $ 1,382 $ 304 Work in progress 11,937 8,160 Finished goods 1,889 3,447 Total inventories $ 15,208 $ 11,911 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: As of September 30, 2020 December 31, 2019 (in thousands) Advance to suppliers $ — $ 3,338 Prepaid expenses 1,921 1,279 Other current assets 1,054 984 Total prepaid and other current assets $ 2,975 $ 5,601 |
Schedule of Property and Equipment Net | Property and equipment, net As of September 30, 2020 December 31, 2019 (in thousands) Lab Equipment $ 20,706 $ 17,376 Computer Equipment 1,028 800 Furniture and fixtures 241 241 Construction in Progress 921 221 Leasehold improvements 4,086 4,074 26,982 22,712 Accumulated depreciation (16,123 ) (13,424 ) Total property and equipment, net $ 10,859 $ 9,288 |
Schedule of Intangible Assets, Net | Intangible assets, net consisted As of September 30, 2020 December 31, 2019 (in thousands) Internal use software $ 9,338 $ 10,022 Purchased intangibles 5,334 4,793 14,672 14,815 Accumulated amortization (12,569 ) (10,326 ) Intangible assets, net $ 2,103 $ 4,489 |
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 September 30, 2020 is summarized as below: (in thousands) 2020 (remainder) $ 317 2021 1,177 2022 469 2023 140 $ 2,103 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other As of September 30, 2020 December 31, 2019 (in thousands) Accrued payroll and related benefits $ 3,963 $ 1,880 Price adjustment and other revenue reserves 1,789 1,222 Short term lease liability 1,243 1,874 Other accrued expenses 3,097 3,466 Total accrued expenses and other current liabilities $ 10,092 $ 8,442 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020: As of September 30, 2020 December 31, 2019 (in thousands) Right-of-use assets $ 9,220 $ 9,790 Lease liabilities included in accrued expenses and other current liabilities 1,243 1,874 Lease liabilities - non-current 7,309 7,940 Total operating lease liabilities $ 8,552 $ 9,814 Weighted-average remaining lease term (years) 6.1 7.1 Weighted-average discount rate 4.2 % 4.1 % |
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, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) Operating lease cost $ 418 $ 352 $ 1,269 $ 1,006 Short-term lease cost 88 93 253 221 Variable lease cost 37 225 193 390 Total lease cost $ 543 $ 670 $ 1,715 $ 1,617 |
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 September 30, 2020: (in thousands) 2020 $ 275 2021 1,567 2022 1,595 2023 1,489 2024 1,532 2025 and beyond 3,194 Total minimum lease payments 9,652 Less: amount of lease payments representing interest (1,100 ) Present value of future minimum lease payments 8,552 Less: current obligations under leases (1,243 ) Long-term lease liabilities $ 7,309 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Equity awards (in thousands) Cost of revenue $ 34 $ — $ 119 $ — Research and development 1,100 — 3,016 — Selling, general and administrative 2,785 — 6,614 — $ 3,919 $ — $ 9,749 $ — Liability-based awards Cost of revenue $ 98 $ — $ 138 $ — Research and development 285 — 383 — Selling, general and administrative 338 — 392 — $ 721 $ — $ 913 $ — Total stock-based compensation expense $ 4,640 $ — $ 10,662 $ — |
RSU and CRSU | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Restricted Stock Unit Award ("RSU") and Cash Restricted Stock Unit Award (''CRSU'') Activity (Details) | The following table RSU Grant Date CRSU Grant Date Number of Fair Value Number of Fair Value Shares per share Shares per share Balance at December 31, 2019 2,989,322 $ 13.0 — $ - Granted 206,026 20.9 — — Vested (149,141 ) 13.2 — — Forfeited (130,939 ) 13.5 — — Balance at March 31, 2020 2,915,268 $ 13.5 — $ - Granted 130,640 33.8 4,780 22.2 Vested (183,910 ) 14.0 (3,290 ) 20.9 Forfeited (17,860 ) 13.8 — 13.8 Balance at June 30, 2020 2,844,138 $ 14.4 1,490 $ 25.2 Granted 133,825 51.4 3,524 46.9 Vested (224,179 ) 16.8 (4,130 ) 41.5 Forfeited (19,980 ) 15.0 — — Balance at September 30, 2020 2,733,804 $ 16.0 884 $ 26.9 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) (Loss) income before income taxes $ (667 ) $ 1,079 $ (11,362 ) $ (7,239 ) Provision (benefit) for income tax — — (1 ) (1 ) Effective tax rate 0 % 0 % 0 % 0 % |
Segment, Geographic and Custo_2
Segment, Geographic and Customer Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) Taiwan $ 16,126 $ 11,934 $ 34,099 $ 26,830 Hong Kong 9,209 4,442 19,530 11,047 United States 2,263 1,412 5,938 3,880 Other 5,069 7,537 16,315 14,228 Total $ 32,667 $ 25,325 $ 75,882 $ 55,985 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Debt obligations as of September 30, 2020 and December 31, 2019 consisted of the following: As of September 30, 2020 December 31, 2019 (in thousands) Revolving line of credit: MUFG $ — $ 41,000 Balance — 41,000 Less: Current portion of long-term debt — (41,000 ) Long-term debt $ — $ — |
Schedule of Debt Obligations | As of December 31, 2019, debt obligations were as follows (dollars in thousands): Lender Loan Start Date Loan Amount Annual Interest Rate Maturity Date MUFG 12/19/2019 $ 38,000 2.97 % 6/10/2020 MUFG 8/23/2019 3,000 3.10 % 2/19/2020 $ 41,000 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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. As of September 30, 2020 December 31, 2019 (in thousands) MegaChips Accounts receivable $ 738 $ 1,073 Prepaid expenses and other current assets — 18 Accounts payable 29 220 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) MegaChips Sales $ 1,544 $ 1,418 $ 4,274 $ 3,232 License expense — 68 148 68 Commission expense 64 59 176 127 Affiliates Consulting fees 87 — 262 — Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) (in thousands) MegaChips Cash paid for commissions $ 64 $ 59 $ 176 $ 127 Cash paid for licenses — — 25 91 Affiliates Cash paid for consulting fees 87 — 262 — |
The Company and Basis of Pres_3
The Company and Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions | Jun. 16, 2020 | Sep. 30, 2020 |
Follow-on Public Offering | ||
Significant Accounting Policies [Line Items] | ||
Proceeds from public offering, net of underwriting discounts and commissions | $ 45.8 | |
Payments for underwriting discounts and commissions | 2.7 | |
Deferred offering costs | $ 0.3 | |
SiTime Corporation | Follow-on Public Offering | ||
Significant Accounting Policies [Line Items] | ||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares | 1,525,000 | |
MegaChips | Follow-on Public Offering | ||
Significant Accounting Policies [Line Items] | ||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares | 2,500,000 | |
MegaChips | SiTime Corporation | ||
Significant Accounting Policies [Line Items] | ||
Percentage of outstanding common stock held | 44.30% |
Net Loss (Income) Per Share - S
Net Loss (Income) 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net (loss) income attributable to common stockholders | $ (667) | $ 1,079 | $ (11,363) | $ (7,240) |
Weighted-average shares used to compute basic and diluted net (loss) income per share | 16,818 | 10,000 | 15,737 | 10,000 |
Net (loss) income attributable to common stockholders per share, basic and diluted | $ (0.04) | $ 0.11 | $ (0.72) | $ (0.72) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - Level 1 - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash balances in bank | $ 14.1 | $ 28.4 |
Highly liquid money market funds | $ 55.1 | $ 35 |
Balance Sheets Components - Sch
Balance Sheets Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts Receivable Net Current [Abstract] | ||
Accounts receivables, gross | $ 17,274 | $ 17,788 |
Allowance for doubtful accounts | (50) | (129) |
Accounts receivables, net | $ 17,224 | $ 17,659 |
Balance Sheets Components - S_2
Balance Sheets Components - Schedule of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,382 | $ 304 |
Work in progress | 11,937 | 8,160 |
Finished goods | 1,889 | 3,447 |
Total inventories | $ 15,208 | $ 11,911 |
Balance Sheets Components - S_3
Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Advance to suppliers | $ 3,338 | |
Prepaid expenses | $ 1,921 | 1,279 |
Other current assets | 1,054 | 984 |
Total prepaid and other current assets | $ 2,975 | $ 5,601 |
Balance Sheets Components - S_4
Balance Sheets Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 26,982 | $ 22,712 |
Accumulated depreciation | (16,123) | (13,424) |
Total property and equipment, net | 10,859 | 9,288 |
Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 20,706 | 17,376 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,028 | 800 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 241 | 241 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 921 | 221 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 4,086 | $ 4,074 |
Balance Sheets Components - Add
Balance Sheets Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Balance Sheet Related Disclosures [Line Items] | ||||
Depreciation expense | $ 1,000 | $ 2,700 | $ 900 | $ 2,400 |
Amortization expense for intangible assets | 300 | $ 2,300 | 1,200 | $ 3,700 |
Impairment of internal-use software | 959 | |||
Intangibles Assets not amortized | 700 | 700 | ||
Research and Development Expense | ||||
Balance Sheet Related Disclosures [Line Items] | ||||
Impairment of internal-use software | $ 800 | $ 1,000 |
Balance Sheets Components - S_5
Balance Sheets Components - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 14,672 | $ 14,815 |
Accumulated amortization | (12,569) | (10,326) |
Intangible assets, net | 2,103 | 4,489 |
Internal use software | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 9,338 | 10,022 |
Purchased intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 5,334 | $ 4,793 |
Balance Sheets Components - S_6
Balance Sheets Components - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract] | ||
2020 (remainder) | $ 317 | |
2021 | 1,177 | |
2022 | 469 | |
2023 | 140 | |
Intangible assets, net | $ 2,103 | $ 4,489 |
Balance Sheets Components - S_7
Balance Sheets Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Aug. 04, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | |||
Accrued payroll and related benefits | $ 3,963 | $ 1,880 | |
Price adjustment and other revenue reserves | 1,789 | 1,222 | |
Short term lease liability | 1,243 | 1,874 | |
Other accrued expenses | 3,097 | 3,466 | |
Total accrued expenses and other current liabilities | $ 10,092 | $ 400 | $ 8,442 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Lease Disclosure [Line Items] | ||||
Leases not yet commenced | Company did not have any leases that had not yet commenced. | |||
Cash paid for operating lease liabilities | $ 0.3 | $ 2 | $ 1.9 | $ 2.7 |
Prepaid lease payments | $ 1.6 | 1.6 | ||
Sublease income | $ 0.1 | |||
Office Space | ||||
Lease Disclosure [Line Items] | ||||
Lease term expiration date | Dec. 31, 2026 | |||
Lease option to extend | The remaining lease terms vary from a few months to 6 years. For its leases the Company has options to extend the lease term for periods varying from one to five years. | |||
Option to extend | true | |||
Office Space | Maximum | ||||
Lease Disclosure [Line Items] | ||||
Lease term | 6 years | 6 years | ||
Operating lease, renewal term | 5 years | 5 years | ||
Office Space | Minimum | ||||
Lease Disclosure [Line Items] | ||||
Operating lease, renewal term | 1 year | 1 year |
Leases - Summary of Lease Relat
Leases - Summary of Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Right-of-use assets, net | $ 9,220 | $ 9,790 |
Lease liabilities included in accrued expenses and other current liabilities | 1,243 | 1,874 |
Lease liabilities - non-current | 7,309 | 7,940 |
Total operating lease liabilities | $ 8,552 | $ 9,814 |
Weighted-average remaining lease term (years) | 6 years 1 month 6 days | 7 years 1 month 6 days |
Weighted-average discount rate | 4.20% | 4.10% |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 418 | $ 352 | $ 1,269 | $ 1,006 |
Short-term lease cost | 88 | 93 | 253 | 221 |
Variable lease cost | 37 | 225 | 193 | 390 |
Total lease cost | $ 543 | $ 670 | $ 1,715 | $ 1,617 |
Leases - Summary of Undiscounte
Leases - Summary of Undiscounted Cash Flows (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 275 | |
2021 | 1,567 | |
2022 | 1,595 | |
2023 | 1,489 | |
2024 | 1,532 | |
2025 and beyond | 3,194 | |
Total minimum lease payments | 9,652 | |
Less: amount of lease payments representing interest | (1,100) | |
Total operating lease liabilities | 8,552 | $ 9,814 |
Less: current obligations under leases | (1,243) | (1,874) |
Long-term lease liabilities | $ 7,309 | $ 7,940 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ in Thousands | Jun. 16, 2020 | Sep. 30, 2020 | Aug. 04, 2020 | Dec. 31, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Accrued expenses and other current liabilities | $ 10,092 | $ 400 | $ 8,442 | |
Issued of common stock | 447,077 | |||
Restricted Stock Units RSU | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized compensation costs | $ 41,300 | |||
Liability-based Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized compensation costs | $ 1,100 | |||
Unrecognized compensation cost is expected weighted average period | 5 months 8 days | |||
Equity Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized compensation cost is expected weighted average period | 3 years 8 months 1 day | |||
New Hires | Cash Restricted Stock Unit Award CRSU | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage actual payouts | 0.00% | |||
Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage actual payouts | 150.00% | |||
SiTime Corporation | 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 | 1,525,000 | |||
MegaChips | 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 | 2,500,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Restricted Stock Unit Award ("RSU") and Cash Restricted Stock Unit Award (''CRSU'') Activity (Details) - $ / shares | 3 Months Ended | ||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Restricted Stock Units RSU | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Beginning Balance | 2,844,138 | 2,915,268 | 2,989,322 |
Number of Shares, Granted | 133,825 | 130,640 | 206,026 |
Number of Shares, Vested | (224,179) | (183,910) | (149,141) |
Number of Shares, Forfeited | (19,980) | (17,860) | (130,939) |
Number of Shares, Ending Balance | 2,733,804 | 2,844,138 | 2,915,268 |
Grant Date Fair Value per share, Beginning Balance | $ 14.4 | $ 13.5 | $ 13 |
Grant Date Fair Value per share, Granted | 51.4 | 33.8 | 20.9 |
Grant Date Fair Value per share, Vested | 16.8 | 14 | 13.2 |
Grant Date Fair Value per share, Forfeited | 15 | 13.8 | 13.5 |
Grant Date Fair Value per share, Ending Balance | $ 16 | $ 14.4 | $ 13.5 |
Cash Restricted Stock Unit Award CRSU | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Beginning Balance | 1,490 | ||
Number of Shares, Granted | 3,524 | 4,780 | |
Number of Shares, Vested | (4,130) | (3,290) | |
Number of Shares, Ending Balance | 884 | 1,490 | |
Grant Date Fair Value per share, Beginning Balance | $ 25.2 | ||
Grant Date Fair Value per share, Granted | 46.9 | $ 22.2 | |
Grant Date Fair Value per share, Vested | 41.5 | 20.9 | |
Grant Date Fair Value per share, Forfeited | 13.8 | ||
Grant Date Fair Value per share, Ending Balance | $ 26.9 | $ 25.2 |
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, 2020 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 4,640 | $ 10,662 |
Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 3,919 | 9,749 |
Liability-based Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 721 | 913 |
Cost of Revenue | Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 34 | 119 |
Cost of Revenue | Liability-based Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 98 | 138 |
Research and Development | Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 1,100 | 3,016 |
Research and Development | Liability-based Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 285 | 383 |
Selling, General and Administrative | Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 2,785 | 6,614 |
Selling, General and Administrative | Liability-based Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 338 | $ 392 |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
(Loss) income before income taxes | $ (667) | $ 1,079 | $ (11,362) | $ (7,239) |
Provision (benefit) for income tax | $ (1) | $ (1) | ||
Effective tax rate | 0.00% | 0.00% | 0.00% | 0.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits | $ 2.2 | $ 2.2 |
Segment, Geographic and Custo_3
Segment, Geographic and Customer Information - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020DistributorCustomer | Sep. 30, 2019DistributorCustomer | Sep. 30, 2020SegmentDistributorCustomer | Sep. 30, 2019DistributorCustomer | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | Segment | 1 | ||||
Percentage of long lived assets | 96.00% | 96.00% | 97.00% | ||
Revenue Benchmark | Distributor Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Number of distributors accounted for 10% or more of revenues | Distributor | 0 | 0 | 0 | 0 | |
Revenue Benchmark | Customer Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenue percentage | 44.60% | 34.10% | 36.30% | 35.40% | |
Number of customers accounted for 10% or more of revenues | Customer | 0 | 0 | 0 | 0 | |
Revenue Benchmark | Distributor One | Distributor Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenue percentage | 30.30% | 27.50% | 23.00% | 23.10% | |
Revenue Benchmark | Distributor Two | Distributor Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenue percentage | 15.80% | 16.90% | 19.70% | 19.30% | |
Revenue Benchmark | Distributor Three | Distributor Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenue percentage | 14.60% | 15.30% | 14.00% | 18.20% | |
Revenue Benchmark | Distributor Four | Distributor Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenue percentage | 11.70% |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 32,667 | $ 25,325 | $ 75,882 | $ 55,985 |
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 32,667 | 25,325 | 75,882 | 55,985 |
Taiwan | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 16,126 | 11,934 | 34,099 | 26,830 |
Hong Kong | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 9,209 | 4,442 | 19,530 | 11,047 |
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,263 | 1,412 | 5,938 | 3,880 |
Other | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 5,069 | $ 7,537 | $ 16,315 | $ 14,228 |
Debt Obligations - Additional I
Debt Obligations - Additional Information (Details) - USD ($) | Jul. 24, 2020 | Jun. 24, 2020 | Jun. 10, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Line Of Credit Facility [Line Items] | |||||
Weighted average interest rate on short term borrowings outstanding | 1.42% | ||||
Loan Amount | $ 41,000,000 | ||||
Repayment of outstanding loan | $ 76,000,000 | ||||
Line of credit guarantee termination date | Jun. 30, 2020 | ||||
MUFG | |||||
Line Of Credit Facility [Line Items] | |||||
Loan Amount | 41,000,000 | ||||
MUFG | 2.97% Loan Maturing on 6/10/2020 | |||||
Line Of Credit Facility [Line Items] | |||||
Loan Amount | $ 38,000,000 | $ 38,000,000 | |||
Debt instrument, interest rate | 2.97% | ||||
Maturity Date | Jun. 10, 2020 | ||||
MUFG | 1.39% Loan Maturing on 6/24/2020 | |||||
Line Of Credit Facility [Line Items] | |||||
Loan Amount | $ 23,000,000 | ||||
Debt instrument, interest rate | 1.39% | ||||
Maturity Date | Jun. 24, 2020 | ||||
MUFG | 1.45% Loan Maturing on 7/24/2020 | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument, interest rate | 1.45% | ||||
Maturity Date | Jul. 24, 2020 | ||||
Repayment of outstanding loan | $ 23,000,000 | ||||
Revolving Line of Credit | MUFG | |||||
Line Of Credit Facility [Line Items] | |||||
Repayment of outstanding loan | 35,000,000 | ||||
Line of credit prepaid amount | 12,000,000 | ||||
Line of credit, prepayment penalties | $ 100,000 | ||||
Line of credit | $ 50,000,000 | ||||
Revolving Line of Credit | SMBC | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit | 20,000,000 | ||||
Line of credit facility, remaining borrowing capacity | 0 | ||||
Revolving Line of Credit | MegaChips | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit | 30,000,000 | ||||
Line of credit facility, remaining borrowing capacity | $ 0 |
Debt Obligations - Schedule of
Debt Obligations - Schedule of Long Term Debt (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Short term portion of total debt | $ 41,000 |
Less: Current portion of long-term debt | (41,000) |
MUFG | |
Debt Instrument [Line Items] | |
Short term portion of total debt | $ 41,000 |
Debt Obligations - Schedule o_2
Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Jun. 10, 2020 | |
Debt Instrument [Line Items] | ||
Loan Amount | $ 41,000 | |
MUFG | ||
Debt Instrument [Line Items] | ||
Loan Amount | $ 41,000 | |
MUFG | 2.97% Loan Maturing on 6/10/2020 | ||
Debt Instrument [Line Items] | ||
Loan Start Date | Dec. 19, 2019 | |
Loan Amount | $ 38,000 | $ 38,000 |
Annual Interest Rate | 2.97% | |
Maturity Date | Jun. 10, 2020 | |
MUFG | 3.10% Loan Maturing on 2/19/2020 | ||
Debt Instrument [Line Items] | ||
Loan Start Date | Aug. 23, 2019 | |
Loan Amount | $ 3,000 | |
Annual Interest Rate | 3.10% | |
Maturity Date | Feb. 19, 2020 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | Sep. 30, 2020 | Dec. 31, 2019 |
MegaChips | SiTime Corporation | ||
Related Party Transaction [Line Items] | ||
Percentage of outstanding common stock held | 44.30% | 66.80% |
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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||||
Related party accounts receivable | $ 738 | $ 738 | $ 1,073 | ||
MegaChips | |||||
Related Party Transaction [Line Items] | |||||
Related party accounts receivable | 738 | 738 | 1,073 | ||
Prepaid expenses and other current assets | 18 | ||||
Accounts payable | 29 | 29 | $ 220 | ||
Sales | 1,544 | $ 1,418 | 4,274 | $ 3,232 | |
License expense | 68 | 148 | 68 | ||
Commission expense | 64 | 59 | 176 | 127 | |
Cash paid for commissions | 64 | $ 59 | 176 | 127 | |
Cash paid for licenses | 25 | $ 91 | |||
Affliates | |||||
Related Party Transaction [Line Items] | |||||
Consulting fees | 87 | 262 | |||
Cash paid for consulting fees | $ 87 | $ 262 |