Vizio Holding (VZIO) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-40271
Entity Registrant Name	VIZIO HOLDING CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-4185335
Entity Address, Address Line One	39 Tesla
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
City Area Code	949
Local Phone Number	428-2525
Entity Address, Postal Zip Code	92618
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	VZIO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001835591
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		117,635,809
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,814,638
Class C common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 265.9	$ 331.6
Short-term investments	59.1	0
Accounts receivable, net	339.6	375.1
Other receivables due from related parties	0.8	5.1
Inventories	34.1	11.9
Income tax receivable	29.1	26.2
Prepaid and other current assets	55.6	84.8
Total current assets	784.2	834.7
Property, equipment and software, net	19.5	10.3
Goodwill	44.8	44.8
Deferred income taxes	30.5	30.4
Other assets	21.1	15.6
Total assets	900.1	935.8
Current liabilities:
Accounts payable due to related parties	166.3	224.8
Accounts payable	115.4	118.9
Accrued expenses	192.6	185.8
Accrued royalties	43.7	56.8
Other current liabilities	5.2	4.8
Total current liabilities	523.2	591.1
Other long-term liabilities	20.4	14.1
Total liabilities	543.6	605.2
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock	0	0
Common stock	0	0
Additional paid-in capital	356	323.3
Accumulated other comprehensive loss	(0.3)	(0.2)
Retained earnings	0.8	7.5
Total stockholders’ equity	356.5	330.6
Total liabilities and stockholders' equity	$ 900.1	$ 935.8

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	1,350,000,000	1,350,000,000
Class A common stock
Stockholders’ equity:
Common stock, issued (in shares)	121,300,000	116,400,000
Common stock, outstanding (in shares)	117,500,000	113,200,000
Class B common stock
Stockholders’ equity:
Common stock, issued (in shares)	76,800,000	76,800,000
Common stock, outstanding (in shares)	76,800,000	76,800,000
Class C common stock
Stockholders’ equity:
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net revenue:
Total net revenue	$ 435	$ 588.3	$ 1,329.3	$ 1,495.1
Cost of goods sold:
Total cost of goods sold	354.9	505.4	1,102.5	1,246
Gross profit:
Total gross profit	80.1	82.9	226.8	249.1
Operating expenses:
Selling, general and administrative	54.8	79.9	167.5	208.4
Marketing	8.8	8.1	31.3	22.4
Research and development	10.8	8.8	29.4	25.9
Depreciation and amortization	1	0.7	2.8	2
Total operating expenses	75.4	97.5	231	258.7
Income (loss) from operations	4.7	(14.6)	(4.2)	(9.6)
Interest income, net	0.4	0.1	0.4	0.2
Other income (expense), net	0.1	0	(0.6)	(0.2)
Total non-operating income (expense)	0.5	0.1	(0.2)	0
Income (loss) before income taxes	5.2	(14.5)	(4.4)	(9.6)
Provision for income taxes	3.2	4.1	2.3	19.6
Net income (loss)	$ 2	$ (18.6)	$ (6.7)	$ (29.2)
Net income (loss) attributable to Class A and Class B stockholders:
Basic (in dollars per share)	$ 0.01	$ (0.10)	$ (0.03)	$ (0.17)
Diluted (in dollars per share)	$ 0.01	$ (0.10)	$ (0.03)	$ (0.17)
Weighted-average Class A and Class B common shares outstanding:
Basic (in shares)	193.8	182.8	192.6	171.1
Diluted (in shares)	200.2	182.8	192.6	171.1
Device
Net revenue:
Total net revenue	$ 307	$ 502.5	$ 987.9	$ 1,291.6
Cost of goods sold:
Total cost of goods sold	305.8	476.9	974.8	1,185.7
Gross profit:
Total gross profit	1.2	25.6	13.1	105.9
Platform+
Net revenue:
Total net revenue	128	85.8	341.4	203.5
Cost of goods sold:
Total cost of goods sold	49.1	28.5	127.7	60.3
Gross profit:
Total gross profit	$ 78.9	$ 57.3	$ 213.7	$ 143.2

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other comprehensive income (loss)
Net income (loss)	$ 2	$ (18.6)	$ (6.7)	$ (29.2)
Foreign currency translation adjustments	(0.1)	0.1	(0.1)	(0.9)
Comprehensive income (loss)	$ 1.9	$ (18.5)	$ (6.8)	$ (30.1)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions		Total	Preferred Stock		Common Stock Class A common stock		Common Stock Class B common stock		Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2020	[1]		0.1		150.8	[2]	0	[2]
Beginning balance at Dec. 31, 2020		$ 149.3	$ 2.6	[1]					$ 98.9	$ 0.9	$ 46.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense		97.5							97.5
Shares issued pursuant to incentive award plans, net of withholding taxes (in shares)	[1],[2]				3.6
Shares issued pursuant to incentive award plans, net of withholding taxes		(51.4)							(51.4)
Accretion of preferred stock dividends		(0.1)									(0.1)
Adjustment to IPO costs		(13.7)
Payment of accumulated preferred stock dividends		(0.6)	$ (0.6)	[1]							0
Conversion of Series A preferred stock upon IPO (in shares)	[1]		0.1		30.3	[2]
Conversion of Series A preferred stock upon IPO		0	$ (2)	[1]					2
Exchange of Class A shares for Class B (in shares)	[1],[2]				98.3		98.3
Sale of common stock in IPO, net of underwriting fees and other offering costs (in shares)	[1],[2]				7.6
Sale of common stock in IPO, net of underwriting fees and other offering costs		145							145
Forfeit of RSA awards upon IPO (in shares)	[1],[2]				(5)
Foreign currency translation		(0.9)								(0.9)
Net income (loss)		(29.2)									(29.2)
Ending balance (in shares) at Sep. 30, 2021	[1]		0		89	[2]	98.3	[2]
Ending balance at Sep. 30, 2021		309.6	$ 0	[1]					292	0	17.6
Beginning balance (in shares) at Jun. 30, 2021	[1]		0		86.6	[2]	98.3	[2]
Beginning balance at Jun. 30, 2021		303.2	$ 0	[1]					267.1	(0.1)	36.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense		37							37
Shares issued pursuant to incentive award plans, net of withholding taxes (in shares)	[1],[2]				2.4
Shares issued pursuant to incentive award plans, net of withholding taxes		(12)							(12)
Adjustment to IPO costs		(0.1)							(0.1)
Foreign currency translation		0.1								0.1
Net income (loss)		(18.6)									(18.6)
Ending balance (in shares) at Sep. 30, 2021	[1]		0		89	[2]	98.3	[2]
Ending balance at Sep. 30, 2021		309.6	$ 0	[1]					292	0	17.6
Beginning balance (in shares) at Dec. 31, 2021	[1]		0		113.2	[2]	76.8	[2]
Beginning balance at Dec. 31, 2021		330.6	$ 0	[1]					323.3	(0.2)	7.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense		34							34
Shares issued pursuant to incentive award plans, net of withholding taxes (in shares)	[1],[2]				4.3
Shares issued pursuant to incentive award plans, net of withholding taxes		(1.3)							(1.3)
Foreign currency translation		(0.1)								(0.1)
Net income (loss)		(6.7)									(6.7)
Ending balance (in shares) at Sep. 30, 2022	[1]		0		117.5	[2]	76.8	[2]
Ending balance at Sep. 30, 2022		356.5	$ 0	[1]					356	(0.3)	0.8
Beginning balance (in shares) at Jun. 30, 2022	[1]		0		116.6	[2]	76.8	[2]
Beginning balance at Jun. 30, 2022		341.4	$ 0	[1]					342.8	(0.2)	(1.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense		11							11
Shares issued pursuant to incentive award plans, net of withholding taxes (in shares)	[1],[2]				0.9
Shares issued pursuant to incentive award plans, net of withholding taxes		2.2							2.2
Foreign currency translation		(0.1)								(0.1)
Net income (loss)		2									2
Ending balance (in shares) at Sep. 30, 2022	[1]		0		117.5	[2]	76.8	[2]
Ending balance at Sep. 30, 2022		$ 356.5	$ 0	[1]					$ 356	$ (0.3)	$ 0.8
[1]There were no shares of Preferred Stock or Class C common stock issued or outstanding as of September 30, 2022 and December 31, 2021.[2]As of September 30, 2022 and December 31, 2021, the par value on common stock outstanding was $19 thousand and $19 thousand, respectively, and are not shown in the table above.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Common Stock
Par value on common stock outstanding	$ 19	$ 19

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ (6.7)	$ (29.2)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2.8	2
Amortization of premium and discount on investments	(0.3)	0
Change in fair value of investment securities	0.7	0
Deferred income taxes	(0.2)	1.2
Share-based compensation expense	34	97.9
Change in allowance for doubtful accounts	(0.1)	0.2
Changes in operating assets and liabilities:
Accounts receivable	35.5	48.7
Other receivables due from related parties	4.3	(0.1)
Inventories	(22.2)	(13.1)
Income taxes receivable	(2.9)	(12.8)
Prepaid and other current assets	29	(27)
Other assets	(4.3)	1.3
Accounts payable due to related parties	(58.5)	57
Accounts payable	(3.5)	(37.3)
Accrued expenses	6.8	3.6
Accrued royalties	(13.1)	(15.2)
Other current liabilities	0.3	(0.6)
Other long-term liabilities	6.2	(0.9)
Net cash provided by operating activities	7.8	75.7
Cash flows from investing activities:
Purchase of property and equipment	(11.7)	(3.6)
Purchase of investments	(60.5)	(0.2)
Net cash used in investing activities	(72.2)	(3.8)
Cash flows from financing activities:
Proceeds from the exercise of stock options	10.7	6.7
Payment of dividends on Series A convertible preferred stock	0	(0.6)
Proceeds from IPO, net of $10.7 in direct offering costs	0	148
Payments of other offering costs	0	(2.9)
Withholding taxes paid on behalf of employees on net settled share-based awards	(12)	(53.9)
Net cash (used in) provided by financing activities	(1.3)	97.3
Effects of exchange rate changes on cash and cash equivalents	0	(1)
Net (decrease) increase in cash and cash equivalents	(65.7)	168.2
Cash and cash equivalents at beginning of period	331.6	207.7
Cash and cash equivalents at end of period	265.9	375.9
Supplemental disclosure of cash flow information:
Cash paid for income taxes	4.2	29.7
Cash paid for interest	0.2	0.2
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	6.1	0
Cash paid for amounts included in the measurement of operating lease liabilities	2.5	0.7
Payment to taxing authority in connection with shares directly withheld from employees not yet made	0	4
IPO costs not yet paid	$ 0	$ 0.3

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
IPO
Offering costs	$ 10.7

Organization and Nature of Busi

Organization and Nature of Business	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	Organization and Nature of Business Founded and headquartered in Orange County, California, the mission of VIZIO Holding Corp. (NYSE: VZIO) (the “Company”) is to deliver immersive entertainment and compelling lifestyle enhancements that make its products the center of the Connected Home. The Company is driving the future of televisions through its integrated platform of cutting-edge Smart TVs and powerful operating system. The Company also offers a portfolio of innovative sound bars that deliver consumers an elevated audio experience. Our products are sold to retailers and through online channels throughout the United States. The Company’s platform gives content providers more ways to distribute their content and advertisers more tools to connect with the right audience. “VIZIO,” “we,” “us,” “our,” and the “Company” refer collectively to VIZIO Holding Corp. and its subsidiaries unless expressly indicated or the context otherwise requires. In 2020, the Company launched Platform+, which is comprised of SmartCast, the Company’s award-winning Smart TV operating system, which enables a fully integrated entertainment solution, and Inscape, which powers its data intelligence and services. SmartCast delivers content and applications through an easy-to-use interface. It supports leading streaming apps and hosts the Company’s own free ad-supported video app, WatchFree+. The Company provides broad support for third-party voice platforms and second screen experiences to offer additional interactive features and experiences. The Company purchases all of its products from manufacturers based in Asia. Since inception, the Company had purchased a portion of its televisions from one manufacturer who holds a noncontrolling interest in the Company through its ownership of Class A common stock; however, recently the Company has not made any material purchases from this manufacturer. Since 2012, the Company has purchased a portion of its televisions fro m three manufacturers who are affiliates of an investor who holds a noncontrolling interest in the Company through its ownership of Class A common stock. These manufacturers do not have any significant voting privileges, nor sufficient seats on the Board of Directors that would enable them to significantly influence any of the Company’s strategic or operating decisions. All transactions executed with the aforementioned manufacturers are presented as related party transactions. Impact of COVID-19 Since the first quarter of 2020, the Coronavirus Disease 2019 (“COVID-19”) pandemic, and the responses to it have impacted the Company. During much of 2020 and early 2021, the Company experienced increased demand for its products due to the combined impact of stay at home orders and fiscal stimulus. Due to the surge in demand and supply chain and logistical partners operating at limited capacity, the Company encountered reduced channel inventory levels at several retailers during 2021. While the Company has replenished its channel inventory, new COVID-19 variants and potential lockdown measures in China, could lead to future supply chain and logistics challenges.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation The Company has prepared these accompanying unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). These unaudited condensed consolidated financial statements include the accounts of VIZIO and all subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company considers the U.S. dollar as its reporting currency. The functional currency of most of the foreign subsidiaries is the U.S. dollar. Translation adjustments for subsidiaries where the functional currency is its local currency are included in other comprehensive income (loss). Foreign currency transaction gains (losses) resulting from exchange rate fluctuation on transactions denominated in a currency other than the functional currency are reported in the condensed consolidated statements of operations. The condensed consolidated balance sheet as of December 31, 2021 and included herein was derived from the audited financial statements as of the same date. The Company has condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K. In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2022. Reclassifications The Company has reclassified Research and development costs from Selling, general and administrative amounts for the three and nine months ended September 30, 2021, to conform to the current year presentation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates and assumptions. Significant items subject to such estimates and assumptions include the allowances for doubtful accounts and sales returns, reserves for excess and obsolete inventory, accrued price protection and rebates, accrued royalties, share-based compensation, valuation of deferred tax assets and other contingencies. Supplier and customer concentrations also increase the degree of uncertainty inherent in these estimates and assumptions. There have been no material changes to the Company's significant accounting policies from its Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Net Revenue

Net Revenue	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Net Revenue	Net Revenue The Company derives revenue primarily from the sale of televisions and sound bars, advertising and data services. Revenue is recognized when control of the promised goods or services is transferred to the Company’s retailers, in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company applies a five-step approach as defined in Financial Accounting Standards Board (“FASB”) ASC 606, Revenue from Contracts with Customers (Topic 606), in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. The Company disaggregates net revenue by (i) Device net revenue, and (ii) Platform+ net revenue, as it believes it best depicts how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company sells products to certain retailers under terms that allow them to receive price protection on future sell-through price reductions and may provide for limited rights of return, discounts and advertising credits. The revenue recognized from the contract liabilities consists of the Company satisfying performance obligations during the normal course of business. The Company has recorded $18.8 million of contract assets , which are recorded in Prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets as of September 30, 2022. There were no material contract assets as of December 31, 2021 . Contract assets represent differences in the timing of billing compared to revenue recognized. Additionally, no costs associated with obtaining contracts with customers were capitalized, nor any costs associated with fulfilling its contracts. All costs to obtain contracts were expensed as incurred as a practical expedient. Significant Customers The Company is a wholesale distributor of televisions and other home entertainment products, which are sold to leading retailers and wholesale clubs in North America, primarily in the United States. The Company’s sales can be impacted by consumer spending and the cyclical nature of the retail industry. The following customers account for more than 10% of net revenue: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net revenue: Customer A 36 % 39 % 38 % 39 % Customer B 10 13 8 13 Customer C 10 14 12 13 Customer D 8 10 10 10

Investments

Investments	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The Company purchased U.S. Treasury bills with in the current reporting period which are recorded in Short-term investments in the accompanying condensed consolidated balance sheets. W e are classifying these securities as held-to-maturity as management has the intent and ability to hold to maturity and as such, are carried at amortized cost. As of September 30, 2022, the maturity dates of all U.S Treasury bills were within 12 months. We review these securities for other-than-temporary impairment at least quarterly or when there are changes in credit risk or other potential valuation concerns. During the three and nine months ended September 30, 2022, the Company did not recognize any impairment losses related to these securities. There were no such securities as of December 31, 2021. The following table summarizes the Company’s short-term investments: September 30, 2022 Maturity Amortized Costs Gross Unrealized Gains Gross Unrealized Losses Estimated fair value (In millions) U.S. Treasury bills 1 year or less $ 59.1 $ — $ (0.2) $ 58.9 Total $ 59.1 $ — $ (0.2) $ 58.9

Accounts Receivable

Accounts Receivable	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable consists of the following: September 30, December 31, (In millions) Accounts receivable $ 339.6 $ 375.2 Allowance for doubtful accounts — (0.1) Total accounts receivable, net of allowances $ 339.6 $ 375.1 The Company maintains credit insurance on certain accounts receivable balances to mitigate collection risk for these customers. The Company evaluates all accounts receivable for the allowance for doubtful accounts. During the three and nine months ended September 30, 2022, the Company recorded a reduction in bad debt expense of $2.8 million and $0.1 million, respectively, due to a recovery. During the three months ended September 30, 2021, the Company recorded a reduction in bad debt expense of $0.5 million due to a recovery. During the nine months ended September 30, 2021, the Company recorded bad debt expense of $0.2 million. The following customers account for more than 10% of accounts receivable: September 30, December 31, Net receivables: Customer A 39 % 44 % Customer B 9 10 Customer C 10 10

Inventories

Inventories	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: September 30, December 31, (In millions) Inventory on hand $ 23.8 $ 5.3 Inventory in transit 10.3 6.6 Total inventory $ 34.1 $ 11.9 Significant Manufacturers The Company purchases a significant amount of its product inventory from certain manufacturers. The inventory is purchased under standard product supply agreements that outline the terms of the product delivery. Once all aspects of the product are agreed upon, the manufacturers are then responsible for transporting the product to their warehouses located in the United States. The manufacturers are considered the importers of record and are required to insure the product as it is shipped to the warehouses. The title and risk of loss of the product passes to the Company upon shipment from the manufacturer’s warehouse in the United States to the customer. The product supply agreement stipulates that the manufacturer will (i) generally reimburse the Company for at least a portion of the price protection or sales concessions negotiated between the Company and customers on product purchased, and (ii) indemnify the Company against all liability resulting from valid and enforceable patent infringement with regard to product purchased under the agreement except if such infringement arises out of the Company’s modification or misuse of the product. The Company has the following significant concentrations related to suppliers: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Inventory purchases: Supplier A — related party 43 % 37 % 46 % 40 % Supplier B 25 25 23 29 Supplier C 12 6 13 9 Supplier D — related party 13 23 9 12 The Company is currently reliant upon these manufacturers for products. Although the Company can obtain products from other sources, the loss of a significant manufacturer could have a material impact on the Company’s financial condition and results of operations as the products that are being purchased may not be available on the same terms from another manufacturer. The Company has also recorded other receivables of $1.9 million and $5.6 million due from the manufacturers as of September 30, 2022 and December 31, 2021, respectively. The other receivable balances are attributable to price protection and customer allowances as well as accrued royalties due in connection with the settlement of certain patent infringement cases for units shipped, which are indemnified by the Company’s manufacturers and are recognized at the time the aforementioned liabilities are incurred. The net effect is recorded in the condensed consolidated statements of operations as a reduction to cost of goods sold. Recycling costs The Company incurs recycling costs in order to comply with electronic waste recycling programs within certain states. These fees are assessed by the states using current market share and actual costs incurred on administration of such programs and are expensed as incurred. Recycling costs were $2.2 million and $3.7 million for the three and nine months ended September 30, 2022, respectively, and $1.8 million and $5.8 million for the three and nine months ended September 30, 2021, respectively, and are recorded in cost of goods sold in the accompanying condensed consolidated statements of operations.

Property, Equipment and Softwar

Property, Equipment and Software, Net	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property, Equipment and Software, Net	Property, Equipment and Software, Net Property, equipment and software, net consist of the following: September 30, December 31, (In millions) Building $ 10.1 $ 10.1 Machinery and equipment 2.0 1.6 Leasehold improvements 4.2 3.6 Furniture and fixtures 4.7 3.2 Computer and software 17.6 22.7 Construction in progress 3.4 — Total property, equipment and software 42.0 41.2 Less accumulated depreciation and amortization (22.5) (30.9) Total property, equipment and software, net $ 19.5 $ 10.3 Depreciation and amortization expense was $1.0 million and $2.5 million for the three and nine months ended September 30, 2022, respectively. Depreciation and amortization expense was $0.5 million and $1.5 million for the three and nine months ended September 30, 2021, respectively. During the three and nine months ended September 30, 2022, the Company capitalized software development costs of $0.8 million and $5.3 million, respectively. During the three and nine months ended September 30, 2021, the Company capitalized software development costs of $0.3 million and $1.6 million, respectively. During the three and nine months ended September 30, 2022, amortization of capitalized software development costs was $0.7 million and $2.1 million, respectively. During the three and nine months ended September 30, 2021, amortization of capitalized software development costs was $0.7 million and $2.1 million, respectively, and are recorded in costs of goods sold in the accompanying condensed consolidated statements of operations. The Company’s long lived assets are primarily located within the United States. During the three months ended September 30, 2022, we wrote off fully depreciated assets in the amount of $10.8 million from Computer and software.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses The Company’s accrued expenses consisted of the following: September 30, December 31, (In millions) Accrued price protection $ 51.6 $ 67.2 Accrued other customer related expenses 46.0 48.4 Accrued supplier/partner related expenses 49.8 39.2 Accrued payroll expenses 35.4 21.6 Accrued other expenses 9.8 9.4 Total accrued expenses $ 192.6 $ 185.8 The Company periodically grants certain sales discounts and incentives to customers, such as rebates and price protection, which are treated as variable consideration for purposes of determining the transaction price. In certain instances, the Company will, in turn, negotiate with its manufacturers for reimbursement of a portion of the incentives so that the manufacturers are responsible for absorbing some of the rebates and price protection. The Company’s procedures for estimating customer allowances recorded as a reduction of revenue are based upon historical experience, as adjusted for the current environment, and management judgment. Customer allowances are accrued for when the related product sale is recognized. The accrued customer allowances are presented on the condensed consolidated balance sheets in Accrued expenses and recorded in the condensed consolidated statements of operations as a reduction of Net revenue.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock As of September 30, 2022, the Company had 100.0 million shares of undesignated preferred stock authorized but not issued with rights and preferences determined by the Company’s Board of Directors at the time of issuance of such shares. Common Stock The Company has three classes of authorized common stock, Class A common stock, Class B common stock and Class C common stock. Equity Incentive Plans The Company has two equity incentive plans, the 2017 Incentive Award Plan (as amended, the “2017 Plan”) and the 2007 Incentive Award Plan (the “2007 Plan,” and collectively, the “Plans”). The 2017 Plan replaced the 2007 Plan. Under the 2017 Plan, the Company is permitted to grant stock options, restricted stock units (“RSUs”) and restricted stock. The primary purpose of the 2017 Plan is to enhance the Company’s ability to attract, motivate, and retain the services of qualified employees, officers, and directors. Stock Option Awards A summary of the Company’s stock option activity under the Plans as of September 30, 2022, is presented below: Number of Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In millions, except years and per share amounts) Outstanding at December 31, 2021 14.4 $ 6.80 6.8 $ 181.4 Granted 4.9 8.97 Exercised (2.9) 3.32 Forfeited and expired (1.2) 10.97 Cancelled (0.5) $ 8.60 Outstanding at September 30, 2022 14.7 $ 7.79 7.2 $ 41.1 Options vested and exercisable at September 30, 2022 7.6 $ 5.19 5.6 $ 35.6 The following presents the weighted-average grant date fair value for stock option awards granted during the nine months ended September 30, 2022 and September 30, 2021. September 30, 2022 September 30, 2021 Weighted average grant date fair value of stock options granted during the period $ 3.98 $ 9.22 The grant date fair values of stock options are estimated using the Black-Scholes-Merton option pricing model. The following provides information on the weighted-average assumptions used for stock options granted during the three and nine months ended September 30, 2022 and September 30, 2021 (shares in millions): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Number of options granted 0.2 0.1 4.9 2.8 Volatility 59.7 % 44.0 % 45.7 % 43.0 % Expected term (years) 6.25 6.25 6.25 6.25 Dividend yield 0.4 % 0.8 % 0.8 % 1.1 % Risk-free interest rate 3.3 % 1.1 % 2.8 % 1.1 % Fair value of common stock $ 10.79 $ 19.80 $ 8.97 $ 21.19 Fair market value per option determined using a Black-Scholes-Merton Option pricing model for purposes of determining compensation expense $ 6.13 $ 7.99 $ 3.98 $ 9.22 RSUs The grant date fair values of the Company's RSUs are determined based on the fair value of the Company's common stock on the date of grant. A summary of the Company’s activity related to RSUs as of September 30, 2022 is presented below: Number of Shares Weighted Average Grant Date Fair Value (In millions) Outstanding at December 31, 2021 4.1 $ 20.45 Granted 5.2 9.55 Vested (1.9) 19.55 Forfeited (1.0) 17.90 Cancelled (0.2) 8.60 Outstanding at September 30, 2022 6.2 $ 12.39 Share-based Compensation Expense Total share-based compensation expense was $11.0 million and $34.0 million for the three and nine months ended September 30, 2022, respectively. Total share-based compensation expense was $37.3 million and $97.9 million for the three and nine months ended September 30, 2021, respectively. For the three and nine months ended September 30, 2022, $0.0 million and $0.6 million is included in Cost of goods sold, respectively, and $0.2 million and $1.0 million is included in Research and development expense, respectively, with the remaining amount included in Selling, general and administrative expense in the condensed consolidated statements of operations. For the three and nine months ended September 30, 2021, approximately $0.4 million and $0.7 million was included in Cost of goods sold, respectively, and $0.7 million and $1.1 million was included in Research and development expense, respectively, and the rest was included in Selling, general and administrative expense. In August 2022, the Company entered into partial equity award cancellation agreements with three employees, which cancelled portions of stock options covering 0.5 million shares of the Company’s common stock and 0.2 million RSUs. The cancelled portions of these awards were unvested. The partial cancellation of these options and RSUs resulted in $3.2 million of additional share-based compensation expense being recognized related to the remaining unrecognized compensation. As of September 30, 2022, the Company had $110.9 million of unrecognized compensation costs related to share-based payments, which the Company expects to recognize over a weighted average vesting period of approximately 2.6 years.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share The Company computes earnings per share (“EPS”) of Class A and Class B common shares using the two-class method for participating securities. Basic earnings per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of Class A and Class B common shares outstanding during the period. Participating securities are excluded from basic weighted-average common shares outstanding. Diluted earnings per share represents net income (loss) divided by the weighted-average number of common shares outstanding, inclusive of the effect of potential common shares, if dilutive. For the three months ended September 30, 2022, the potential dilutive shares relate to the dilutive effect of outstanding stock options and RSUs. For the nine months ended September 30, 2022 and the three and nine months ended September 30, 2021, potentially dilutive shares were considered antidilutive given the net loss for the period. Basic and diluted earnings per share and the weighted-average shares outstanding have been computed for all periods as shown below: Three Months Ended 2022 2021 Class A Class B Class A Class B Numerator: (In millions, except per share amounts) Net income (loss) attributable to common stockholders - basic and diluted $ 1.2 $ 0.8 $ (9.4) $ (9.2) Denominator: Weighted-average common shares outstanding - basic 117.0 76.8 92.7 90.1 Weighted-average effect of dilutive securities - employee stock options 6.4 — — — Weighted-average common shares outstanding - diluted 123.4 76.8 92.7 90.1 Net income (loss) per share attributable to Class A and Class B common stockholders: Basic $ 0.01 $ 0.01 $ (0.10) $ (0.10) Diluted $ 0.01 $ 0.01 $ (0.10) $ (0.10) Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS 4.0 11.4 Nine Months Ended 2022 2021 Class A Class B Class A Class B Numerator: (In millions, except per share amounts) Net loss attributable to common stockholders - basic and diluted $ (4.0) $ (2.7) $ (18.4) $ (11.1) Denominator: Weighted-average common shares outstanding - basic and diluted 115.8 76.8 106.9 64.2 Net loss per share attributable to Class A and Class B common stockholders: Basic $ (0.03) $ (0.03) $ (0.17) $ (0.17) Diluted $ (0.03) $ (0.03) $ (0.17) $ (0.17) Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS 21.1 10.0

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company recorded a tax provision of $3.2 million, resulting in an effective tax rate of 60.9%, and $4.1 million, resulting in an effective tax rate of (27.9)%, for the three months ended September 30, 2022 and September 30, 2021, respectively. The Company recorded a tax provision of $2.3 million, resulting in an effective tax rate of (50.9)%, and $19.6 million, resulting in an effective tax rate of (205.6)%, for the nine months ended September 30, 2022 and September 30, 2021, respectively. For the three and nine months ended September 30, 2022, the effective tax rate differs from the statutory tax rate of 21% primarily due to the approximately $0.7 million and $4.1 million, respectively, in permanent book-to-tax difference for the share-based compensation expense deduction limited on certain executive officers as a publicly held corporation. The tax provision for the nine months ended September 30, 2022 includes a net income tax benefit of $2.0 million for discrete items primarily due to excess tax benefits relating to share-based compensation.

Accrued Royalties

Accrued Royalties	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued Royalties	Accrued Royalties A summary of future commitments on royalty obligations as of September 30, 2022 is as follows: September 30, 2022 (In millions) 2022 (remaining) $ 2.2 2023 8.4 2024 5.2 2025 3.0 2026 and thereafter 0.5 Total $ 19.3 For potential future settlements related to historical sales for which the Company does not expect to be reimbursed, a reserve of $22.7 million and $32.5 million has been recorded as of September 30, 2022 and December 31, 2021, respectively, as part of Accrued royalties in the condensed consolidated balance sheets. Any patent infringement lawsuit in which the Company is not indemnified is expensed when management determines that it is probable that a liability has been incurred and the amount is estimable. Refundable deposits from suppliers of $21.0 million and $24.3 million have been recorded as of September 30, 2022 and December 31, 2021, respectively, which are presented within Accrued royalties in the condensed consolidated balance sheets. In the ordinary course of business, the Company is currently party to, and management anticipates the Company will continue to be party to various claims and suits including disputes arising over intellectual property rights and other matters. The Company intends to vigorously defend against such claims and suits; however, the ultimate outcome of such claims may remain unknown for some time. Based on all of the information available to date, management does not believe that there are any claims or suits that would have a material adverse effect on the Company’s financial condition, results of operations, or liquidity.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	Leases The Company has various non-cancelable operating leases for its corporate and satellite offices primarily in the United States. These leases expire at various times through 2027. The table below presents supplemental balance sheet information related to the Company’s operating leases as follows: Classification September 30, December 31, Assets: (In millions) Right-of-use asset Other assets $ 13.7 $ 8.9 Liabilities: Current portion of lease liabilities Other current liabilities $ 3.2 $ 2.4 Long term portion of lease liabilities Other long-term liabilities $ 11.5 $ 6.5 Weighted-average remaining lease term (years) 4.4 4.2 Weighted-average discount rate (percentage) 4.7 % 3.7 % Operating lease costs were $1.2 million and $4.1 million for the three and nine months ended September 30, 2022, respectively. Operating lease costs were $1.0 million and $2.8 million for the three and nine months ended September 30, 2021, respectively. The table below reconciles the undiscounted cash flows of the operating leases for each of the first five years, and total of the remaining years, to the operating lease liabilities recorded on the condensed consolidated balance sheets as of September 30, 2022. September 30, 2022 (In millions) 2022 (remainder) $ 1.0 2023 4.0 2024 3.7 2025 3.4 2026 3.0 2027 and thereafter 1.4 Total minimum lease payments 16.5 Less imputed interest (1.8) Total lease liabilities $ 14.7

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Volume Commitments Certain product supply agreements include a volume supply commitment on up to 13 weeks of inventory forecasted by the Company. Management provides periodic forecasts to manufacturers at which time they consider the first 13 weeks of supply to be committed. As of September 30, 2022, no liabilities were recorded related to this supply commitment. Revolving Credit Facility On April 13, 2016, the Company entered into a Loan and Security Agreement with Bank of America, N.A. and on April 13, 2021 the agreement was amended (“Credit Agreement”) to extend the maturity date to April 13, 2024. Under the Credit Agreement, Bank of America, N.A. agreed to provide the Company with a revolving credit line of up to $50.0 million for the purposes of repurchasing certain outstanding shares of common stock held by a related party supplier and other general business requirements, including working capital. The Company’s indebtedness to Bank of America, N.A. under the credit agreement is collateralized by substantially all of the Company’s assets. The Credit Agreement also included (i) an update to provide for use of a LIBOR successor rate, (ii) a change in the definition of Availability Reserve and Borrowing Base, and (iii) an extension of the termination date to April 13, 2024. For both the three and nine months ended September 30, 2022, there were no draws on the line of credit and the Company was in compliance with all debt covenants. Legal Matters On August 20, 2021, Maxell, Ltd. and Maxell Holdings, Ltd. (collectively, “Maxell”) filed a complaint in United States District Court for the Central District of California against the Company alleging the Company's TVs infringe several of their patents related to various television-related technologies. See Maxell, Ltd., et al. v. VIZIO, Inc., Case No. 2:21-cv-6758 (C.D. Cal.). This case is in the pleadings stage. The Company disputes the claims and intends to defend the lawsuit vigorously. Additionally, on September 15, 2022, Maxell filed a complaint with the International Trade Commission against the Company alleging the Company's TVs infringe several of its patents related to various television-related technologies. On October 18, 2022, the International Trade Commission instituted an investigation based on Maxell’s complaint. See In the Matter of Certain Smart Televisions, Inv. No. 337-TA-1338. This investigation is in the initial stage. The Company disputes the claims and intends to defend the investigation vigorously.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 24, 2022, DivX, LLC filed a complaint with the International Trade Commission against Amazon.com, Inc. and the Company alleging certain Amazon.com, Inc.’s products and the Company's TVs infringe several of its patents related to certain streaming media-related technologies. See In the Matter of Certain Video Processing Devices and Components Thereof, Inv. No. 337-TA-___ (investigation number pending). On October 24, 2022, DivX, LLC also filed a companion complaint in United States District Court for the Central District of California against the Company alleging the Company's TVs infringe the same patents. See DivX, LLC v. VIZIO, Inc., Case No. 8:22-cv-01955 (C.D. Cal.). These matters are in the initial stages. The Company disputes the claims and intends to defend the matters vigorously.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Consolidation - Presentation	The Company has prepared these accompanying unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). These unaudited condensed consolidated financial statements include the accounts of VIZIO and all subsidiaries.The condensed consolidated balance sheet as of December 31, 2021 and included herein was derived from the audited financial statements as of the same date. The Company has condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K. In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2022.
Basis of Consolidation - Consolidation	All intercompany transactions and balances have been eliminated in consolidation.
Basis of Consolidation - Foreign Currency	The Company considers the U.S. dollar as its reporting currency. The functional currency of most of the foreign subsidiaries is the U.S. dollar. Translation adjustments for subsidiaries where the functional currency is its local currency are included in other comprehensive income (loss). Foreign currency transaction gains (losses) resulting from exchange rate fluctuation on transactions denominated in a currency other than the functional currency are reported in the condensed consolidated statements of operations.
Reclassifications	Reclassifications The Company has reclassified Research and development costs from Selling, general and administrative amounts for the three and nine months ended September 30, 2021, to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates and assumptions. Significant items subject to such estimates and assumptions include the allowances for doubtful accounts and sales returns, reserves for excess and obsolete inventory, accrued price protection and rebates, accrued royalties, share-based compensation, valuation of deferred tax assets and other contingencies. Supplier and customer concentrations also increase the degree of uncertainty inherent in these estimates and assumptions.
Net Revenue	Net Revenue The Company derives revenue primarily from the sale of televisions and sound bars, advertising and data services. Revenue is recognized when control of the promised goods or services is transferred to the Company’s retailers, in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company applies a five-step approach as defined in Financial Accounting Standards Board (“FASB”) ASC 606, Revenue from Contracts with Customers (Topic 606), in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. The Company disaggregates net revenue by (i) Device net revenue, and (ii) Platform+ net revenue, as it believes it best depicts how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company sells products to certain retailers under terms that allow them to receive price protection on future sell-through price reductions and may provide for limited rights of return, discounts and advertising credits. The revenue recognized from the contract liabilities consists of the Company satisfying performance obligations during the normal course of business. The Company has recorded $18.8 million of contract assets , which are recorded in Prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets as of September 30, 2022. There were no material contract assets as of December 31, 2021 . Contract assets represent differences in the timing of billing compared to revenue recognized. Additionally, no costs associated with obtaining contracts with customers were capitalized, nor any costs associated with fulfilling its contracts. All costs to obtain contracts were expensed as incurred as a practical expedient.

Net Revenue (Tables)

Net Revenue (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Concentration Risk	The following customers account for more than 10% of net revenue: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net revenue: Customer A 36 % 39 % 38 % 39 % Customer B 10 13 8 13 Customer C 10 14 12 13 Customer D 8 10 10 10 The following customers account for more than 10% of accounts receivable: September 30, December 31, Net receivables: Customer A 39 % 44 % Customer B 9 10 Customer C 10 10 The Company has the following significant concentrations related to suppliers: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Inventory purchases: Supplier A — related party 43 % 37 % 46 % 40 % Supplier B 25 25 23 29 Supplier C 12 6 13 9 Supplier D — related party 13 23 9 12

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of Debt Securities, Held-to-Maturity	The following table summarizes the Company’s short-term investments: September 30, 2022 Maturity Amortized Costs Gross Unrealized Gains Gross Unrealized Losses Estimated fair value (In millions) U.S. Treasury bills 1 year or less $ 59.1 $ — $ (0.2) $ 58.9 Total $ 59.1 $ — $ (0.2) $ 58.9

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable consists of the following: September 30, December 31, (In millions) Accounts receivable $ 339.6 $ 375.2 Allowance for doubtful accounts — (0.1) Total accounts receivable, net of allowances $ 339.6 $ 375.1
Schedule of Concentration Risk	The following customers account for more than 10% of net revenue: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net revenue: Customer A 36 % 39 % 38 % 39 % Customer B 10 13 8 13 Customer C 10 14 12 13 Customer D 8 10 10 10 The following customers account for more than 10% of accounts receivable: September 30, December 31, Net receivables: Customer A 39 % 44 % Customer B 9 10 Customer C 10 10 The Company has the following significant concentrations related to suppliers: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Inventory purchases: Supplier A — related party 43 % 37 % 46 % 40 % Supplier B 25 25 23 29 Supplier C 12 6 13 9 Supplier D — related party 13 23 9 12

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: September 30, December 31, (In millions) Inventory on hand $ 23.8 $ 5.3 Inventory in transit 10.3 6.6 Total inventory $ 34.1 $ 11.9
Schedule of Concentration Risk	The following customers account for more than 10% of net revenue: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net revenue: Customer A 36 % 39 % 38 % 39 % Customer B 10 13 8 13 Customer C 10 14 12 13 Customer D 8 10 10 10 The following customers account for more than 10% of accounts receivable: September 30, December 31, Net receivables: Customer A 39 % 44 % Customer B 9 10 Customer C 10 10 The Company has the following significant concentrations related to suppliers: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Inventory purchases: Supplier A — related party 43 % 37 % 46 % 40 % Supplier B 25 25 23 29 Supplier C 12 6 13 9 Supplier D — related party 13 23 9 12

Property, Equipment and Softw_2

Property, Equipment and Software, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Equipment and Software, Net	Property, equipment and software, net consist of the following: September 30, December 31, (In millions) Building $ 10.1 $ 10.1 Machinery and equipment 2.0 1.6 Leasehold improvements 4.2 3.6 Furniture and fixtures 4.7 3.2 Computer and software 17.6 22.7 Construction in progress 3.4 — Total property, equipment and software 42.0 41.2 Less accumulated depreciation and amortization (22.5) (30.9) Total property, equipment and software, net $ 19.5 $ 10.3

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	The Company’s accrued expenses consisted of the following: September 30, December 31, (In millions) Accrued price protection $ 51.6 $ 67.2 Accrued other customer related expenses 46.0 48.4 Accrued supplier/partner related expenses 49.8 39.2 Accrued payroll expenses 35.4 21.6 Accrued other expenses 9.8 9.4 Total accrued expenses $ 192.6 $ 185.8

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	A summary of the Company’s stock option activity under the Plans as of September 30, 2022, is presented below: Number of Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In millions, except years and per share amounts) Outstanding at December 31, 2021 14.4 $ 6.80 6.8 $ 181.4 Granted 4.9 8.97 Exercised (2.9) 3.32 Forfeited and expired (1.2) 10.97 Cancelled (0.5) $ 8.60 Outstanding at September 30, 2022 14.7 $ 7.79 7.2 $ 41.1 Options vested and exercisable at September 30, 2022 7.6 $ 5.19 5.6 $ 35.6 The following presents the weighted-average grant date fair value for stock option awards granted during the nine months ended September 30, 2022 and September 30, 2021. September 30, 2022 September 30, 2021 Weighted average grant date fair value of stock options granted during the period $ 3.98 $ 9.22
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following provides information on the weighted-average assumptions used for stock options granted during the three and nine months ended September 30, 2022 and September 30, 2021 (shares in millions): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Number of options granted 0.2 0.1 4.9 2.8 Volatility 59.7 % 44.0 % 45.7 % 43.0 % Expected term (years) 6.25 6.25 6.25 6.25 Dividend yield 0.4 % 0.8 % 0.8 % 1.1 % Risk-free interest rate 3.3 % 1.1 % 2.8 % 1.1 % Fair value of common stock $ 10.79 $ 19.80 $ 8.97 $ 21.19 Fair market value per option determined using a Black-Scholes-Merton Option pricing model for purposes of determining compensation expense $ 6.13 $ 7.99 $ 3.98 $ 9.22
Schedule of Restricted Stock Unit Activity	A summary of the Company’s activity related to RSUs as of September 30, 2022 is presented below: Number of Shares Weighted Average Grant Date Fair Value (In millions) Outstanding at December 31, 2021 4.1 $ 20.45 Granted 5.2 9.55 Vested (1.9) 19.55 Forfeited (1.0) 17.90 Cancelled (0.2) 8.60 Outstanding at September 30, 2022 6.2 $ 12.39

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Basic and diluted earnings per share and the weighted-average shares outstanding have been computed for all periods as shown below: Three Months Ended 2022 2021 Class A Class B Class A Class B Numerator: (In millions, except per share amounts) Net income (loss) attributable to common stockholders - basic and diluted $ 1.2 $ 0.8 $ (9.4) $ (9.2) Denominator: Weighted-average common shares outstanding - basic 117.0 76.8 92.7 90.1 Weighted-average effect of dilutive securities - employee stock options 6.4 — — — Weighted-average common shares outstanding - diluted 123.4 76.8 92.7 90.1 Net income (loss) per share attributable to Class A and Class B common stockholders: Basic $ 0.01 $ 0.01 $ (0.10) $ (0.10) Diluted $ 0.01 $ 0.01 $ (0.10) $ (0.10) Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS 4.0 11.4 Nine Months Ended 2022 2021 Class A Class B Class A Class B Numerator: (In millions, except per share amounts) Net loss attributable to common stockholders - basic and diluted $ (4.0) $ (2.7) $ (18.4) $ (11.1) Denominator: Weighted-average common shares outstanding - basic and diluted 115.8 76.8 106.9 64.2 Net loss per share attributable to Class A and Class B common stockholders: Basic $ (0.03) $ (0.03) $ (0.17) $ (0.17) Diluted $ (0.03) $ (0.03) $ (0.17) $ (0.17) Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS 21.1 10.0

Accrued Royalties (Tables)

Accrued Royalties (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of Future Commitments on Royalty Obligations	A summary of future commitments on royalty obligations as of September 30, 2022 is as follows: September 30, 2022 (In millions) 2022 (remaining) $ 2.2 2023 8.4 2024 5.2 2025 3.0 2026 and thereafter 0.5 Total $ 19.3

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Supplemental Balance Sheet Information	The table below presents supplemental balance sheet information related to the Company’s operating leases as follows: Classification September 30, December 31, Assets: (In millions) Right-of-use asset Other assets $ 13.7 $ 8.9 Liabilities: Current portion of lease liabilities Other current liabilities $ 3.2 $ 2.4 Long term portion of lease liabilities Other long-term liabilities $ 11.5 $ 6.5 Weighted-average remaining lease term (years) 4.4 4.2 Weighted-average discount rate (percentage) 4.7 % 3.7 %
Schedule of Undiscounted Cash Flows of Operating Leases	The table below reconciles the undiscounted cash flows of the operating leases for each of the first five years, and total of the remaining years, to the operating lease liabilities recorded on the condensed consolidated balance sheets as of September 30, 2022. September 30, 2022 (In millions) 2022 (remainder) $ 1.0 2023 4.0 2024 3.7 2025 3.4 2026 3.0 2027 and thereafter 1.4 Total minimum lease payments 16.5 Less imputed interest (1.8) Total lease liabilities $ 14.7

Net Revenue - Narrative (Detail

Net Revenue - Narrative (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 18,800,000
Capitalized contract costs	$ 0	$ 0

Net Revenue - Customers (Detail

Net Revenue - Customers (Details) - Net Revenue - Customer concentration	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	36%	39%	38%	39%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	10%	13%	8%	13%
Customer C
Concentration Risk [Line Items]
Concentration risk, percentage	10%	14%	12%	13%
Customer D
Concentration Risk [Line Items]
Concentration risk, percentage	8%	10%	10%	10%

Investments (Details)

Investments (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Schedule of Held-to-Maturity Securities [Line Items]
Debt securities, held-to-maturity, impairment loss	$ 0	$ 0
Debt securities, held-to-maturity, term		1 year
Amortized Costs	59,100,000	$ 59,100,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(200,000)	(200,000)
Estimated fair value	58,900,000	58,900,000
U.S. Treasury bills
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Costs	59,100,000	59,100,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(200,000)	(200,000)
Estimated fair value	$ 58,900,000	$ 58,900,000

Accounts Receivable - Balances

Accounts Receivable - Balances (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Accounts receivable	$ 339.6	$ 375.2
Allowance for doubtful accounts	0	(0.1)
Total accounts receivable, net of allowances	$ 339.6	$ 375.1

Accounts Receivable - Narrative

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Concentration Risk [Line Items]
Allowance for doubtful accounts recorded	$ (2.8)	$ (0.5)	$ (0.1)	$ 0.2
Net Revenue | Customer concentration | Customers A and C, common control
Concentration Risk [Line Items]
Concentration risk, percentage	46%	53%	50%	52%
Net Receivables | Credit concentration risk | Customers A and C, common control
Concentration Risk [Line Items]
Concentration risk, percentage			49%		54%

Accounts Receivable - Customers

Accounts Receivable - Customers (Details) - Net Receivables - Credit concentration risk	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	39%	44%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	9%	10%
Customer C
Concentration Risk [Line Items]
Concentration risk, percentage	10%	10%

Inventories - Balances (Details

Inventories - Balances (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory [Line Items]
Total inventory	$ 34.1	$ 11.9
Inventory on hand
Inventory [Line Items]
Total inventory	23.8	5.3
Inventory in transit
Inventory [Line Items]
Total inventory	$ 10.3	$ 6.6

Inventories - Inventory Purchas

Inventories - Inventory Purchases (Details) - Inventory Purchases - Supplier concentration risk	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Supplier A — related party
Concentration Risk [Line Items]
Concentration risk, percentage	43%	37%	46%	40%
Supplier B
Concentration Risk [Line Items]
Concentration risk, percentage	25%	25%	23%	29%
Supplier C
Concentration Risk [Line Items]
Concentration risk, percentage	12%	6%	13%	9%
Supplier D — related party
Concentration Risk [Line Items]
Concentration risk, percentage	13%	23%	9%	12%

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Inventory [Line Items]
Recycling cost (credit)	$ 2.2	$ 1.8	$ 3.7	$ 5.8
Other receivables, manufacturers
Inventory [Line Items]
Receivables due from manufacturers	$ 1.9		$ 1.9		$ 5.6

Property, Equipment and Softw_3

Property, Equipment and Software, Net - Components (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property, equipment and software	$ 42	$ 41.2
Less accumulated depreciation and amortization	(22.5)	(30.9)
Total property, equipment and software, net	19.5	10.3
Building
Property, Plant and Equipment [Line Items]
Total property, equipment and software	10.1	10.1
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, equipment and software	2	1.6
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, equipment and software	4.2	3.6
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, equipment and software	4.7	3.2
Computer and software
Property, Plant and Equipment [Line Items]
Total property, equipment and software	17.6	22.7
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, equipment and software	$ 3.4	$ 0

Property, Equipment and Softw_4

Property, Equipment and Software, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 1	$ 0.5	$ 2.5	$ 1.5
Capitalized software development costs	0.8	0.3	5.3	1.6
Amortization of capitalized software development costs	0.7	$ 0.7	$ 2.1	$ 2.1
Computer and software
Property, Plant and Equipment [Line Items]
Write off of fully depreciated assets	$ 10.8

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued price protection	$ 51.6	$ 67.2
Accrued other customer related expenses	46	48.4
Accrued supplier/partner related expenses	49.8	39.2
Accrued payroll expenses	35.4	21.6
Accrued other expenses	9.8	9.4
Total accrued expenses	$ 192.6	$ 185.8

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2022 USD ($) employee shares	Sep. 30, 2022 USD ($) classOfStock plan shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) classOfStock plan shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, authorized (in shares) | shares		100,000,000		100,000,000		100,000,000
Number of classes of stock | classOfStock		3		3
Number of plans | plan		2		2
Share-based compensation expense	$ 3.2	$ 11	$ 37.3	$ 34	$ 97.9
Number of employees | employee	3
Options cancelled (in shares) | shares	500,000			500,000
Unrecognized compensation costs		110.9		$ 110.9
Unrecognized compensation costs, vesting period				2 years 7 months 6 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs cancelled (in shares) | shares	200,000			200,000
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		0	0.4	$ 0.6	0.7
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 0.2	$ 0.7	$ 1	$ 1.1

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Awards Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Number of Shares
Beginning balance (in shares)				14.4
Granted (in shares)		0.2	0.1	4.9	2.8
Exercised (in shares)				(2.9)
Forfeited and expired (in shares)				(1.2)
Cancelled (in shares)	(0.5)			(0.5)
Ending balance (in shares)		14.7		14.7		14.4
Options vested and exercisable (in shares)		7.6		7.6
Weighted Average Exercise Price
Beginning balance (in dollars per share)				$ 6.80
Granted (in dollars per share)				8.97
Exercised (in dollars per share)				3.32
Forfeited and expired (in dollars per share)				10.97
Cancelled (in dollars per share)				8.60
Ending balance (in dollars per share)		$ 7.79		7.79		$ 6.80
Options vested and exercisable (in dollars per share)		$ 5.19		$ 5.19
Weighted Average Remaining Contractual Term (Years)
Options outstanding				7 years 2 months 12 days		6 years 9 months 18 days
Options vested and exercisable				5 years 7 months 6 days
Aggregate Intrinsic Value
Options outstanding		$ 41.1		$ 41.1		$ 181.4
Options vested and exercisable		$ 35.6		$ 35.6

Stockholders' Equity - Weighted

Stockholders' Equity - Weighted Average Grant Date Fair Value of Stock Options Granted (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Weighted average grant date fair value of stock options granted (in dollars per share)	$ 6.13	$ 7.99	$ 3.98	$ 9.22

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions of Options (Details) - $ / shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Number of options granted (in shares)	0.2	0.1	4.9	2.8
Volatility	59.70%	44%	45.70%	43%
Expected term (years)	6 years 3 months	6 years 3 months	6 years 3 months	6 years 3 months
Dividend yield	0.40%	0.80%	0.80%	1.10%
Risk-free interest rate	3.30%	1.10%	2.80%	1.10%
Fair market value of common stock (in dollars per share)	$ 10.79	$ 19.80	$ 8.97	$ 21.19
Weighted average grant date fair value of stock options granted (in dollars per share)	$ 6.13	$ 7.99	$ 3.98	$ 9.22

Stockholders' Equity - RSU Acti

Stockholders' Equity - RSU Activity (Details) - RSUs - $ / shares shares in Millions	1 Months Ended	9 Months Ended
	Aug. 31, 2022	Sep. 30, 2022
Number of Shares
Outstanding, beginning (in shares)		4.1
Granted (in shares)		5.2
Vested (in shares)		(1.9)
Forfeited (in shares)		(1)
Cancelled (in shares)	(0.2)	(0.2)
Outstanding, ending (in shares)		6.2
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share)		$ 20.45
Granted (in dollars per share)		9.55
Vested (in dollars per share)		19.55
Forfeited (in dollars per share)		17.90
Cancelled (in dollars per share)		8.60
Outstanding, ending (in dollars per share)		$ 12.39

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Denominator:
Weighted-average common shares outstanding - basic (in shares)	193.8	182.8	192.6	171.1
Weighted-average common shares outstanding - diluted (in shares)	200.2	182.8	192.6	171.1
Net income (loss) per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 0.01	$ (0.10)	$ (0.03)	$ (0.17)
Diluted (in dollars per share)	$ 0.01	$ (0.10)	$ (0.03)	$ (0.17)
Class A
Numerator:
Net income (loss) attributable to common stockholder - basic	$ 1.2	$ (9.4)	$ (4)	$ (18.4)
Net income (loss) attributable to common stockholder - diluted	$ 1.2	$ (9.4)	$ (4)	$ (18.4)
Denominator:
Weighted-average common shares outstanding - basic (in shares)	117	92.7	115.8	106.9
Weighted-average effect of dilutive securities - employee stock options (in shares)	6.4	0
Weighted-average common shares outstanding - diluted (in shares)	123.4	92.7	115.8	106.9
Net income (loss) per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 0.01	$ (0.10)	$ (0.03)	$ (0.17)
Diluted (in dollars per share)	$ 0.01	$ (0.10)	$ (0.03)	$ (0.17)
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted EPS (in shares)	4	11.4	21.1	10
Class B
Numerator:
Net income (loss) attributable to common stockholder - basic	$ 0.8	$ (9.2)	$ (2.7)	$ (11.1)
Net income (loss) attributable to common stockholder - diluted	$ 0.8	$ (9.2)	$ (2.7)	$ (11.1)
Denominator:
Weighted-average common shares outstanding - basic (in shares)	76.8	90.1	76.8	64.2
Weighted-average effect of dilutive securities - employee stock options (in shares)	0	0
Weighted-average common shares outstanding - diluted (in shares)	76.8	90.1	76.8	64.2
Net income (loss) per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 0.01	$ (0.10)	$ (0.03)	$ (0.17)
Diluted (in dollars per share)	$ 0.01	$ (0.10)	$ (0.03)	$ (0.17)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Tax provision (benefit)	$ 3.2	$ 4.1	$ 2.3	$ 19.6
Effective tax rate (percent)	60.90%	(27.90%)	(50.90%)	(205.60%)
Effect of share-based compensation expense, compensation deduction limitation	$ 0.7		$ 4.1
Effective tax rate difference due to share-based compensation expense			$ 2

Accrued Royalties - Future Comm

Accrued Royalties - Future Commitments on Royalty Obligations (Details) - Royalty obligations $ in Millions	Sep. 30, 2022 USD ($)
Other Commitments [Line Items]
2022 (remaining)	$ 2.2
2023	8.4
2024	5.2
2025	3
2026 and thereafter	0.5
Total	$ 19.3

Accrued Royalties - Narrative (

Accrued Royalties - Narrative (Details) - Accrued royalties - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Accrued Royalties [Line Items]
Refundable deposits	$ 21	$ 24.3
Reserve for potential unreimbursed settlements
Accrued Royalties [Line Items]
Reserve for future settlements	$ 22.7	$ 32.5

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets:
Right of use assets, balance sheet [Extensible Enumeration]	Other assets	Other assets
Right-of-use asset	$ 13.7	$ 8.9
Liabilities:
Current portion of lease liabilities, balance sheet [Extensible Enumeration]	Other current liabilities	Other current liabilities
Current portion of lease liabilities	$ 3.2	$ 2.4
Long term portion of lease liabilities, balance sheet [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Long term portion of lease liabilities	$ 11.5	$ 6.5
Weighted-average remaining lease term (years)	4 years 4 months 24 days	4 years 2 months 12 days
Weighted-average discount rate (percentage)	4.70%	3.70%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease costs	$ 1.2	$ 1	$ 4.1	$ 2.8

Leases - Reconciliation of Undi

Leases - Reconciliation of Undiscounted Cash Flows of Operating Leases (Details) $ in Millions	Sep. 30, 2022 USD ($)
Leases [Abstract]
2022 (remainder)	$ 1
2023	4
2024	3.7
2025	3.4
2026	3
2027 and thereafter	1.4
Total minimum lease payments	16.5
Less imputed interest	(1.8)
Total lease liabilities	$ 14.7

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Sep. 30, 2022	Apr. 13, 2016
Line of Credit Facility [Line Items]
Liability for supply commitment	$ 0
Revolving credit facility | Line of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 50,000,000
Draws on line of credit	$ 0