0000950170-23-004647 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2022	Feb. 09, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	SiTime Corporation
Entity Central Index Key	0001451809
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 2,402,136,679
Entity Common Stock Shares Outstanding		21,701,624
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	SITM
Security Exchange Name	NASDAQ
Entity File Number	001-39135
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	02-0713868
Entity Address, Address Line One	5451 Patrick Henry Drive
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95054
City Area Code	408
Local Phone Number	328-4400
Document Annual Report	true
Document Transition Report	false
Auditor Firm ID	243
Auditor Name	BDO USA, LLP
Auditor Location	San Jose, California
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Part III incorporates by reference certain information from the registrant’s definitive proxy statement for the 2023 Annual Meeting of Stockholders to be filed no later than 120 days after the conclusion of the registrant’s fiscal year ended December 31, 2022.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 34,603	$ 559,461
Short-term investments in held-to-maturity securities	529,494
Accounts receivable, net	41,229	38,376
Inventories	57,650	23,630
Prepaid expenses and other current assets	6,091	4,476
Total current assets	669,067	625,943
Property and equipment, net	58,772	37,902
Intangible assets, net	5,205	5,977
Right-of-use assets, net	10,848	8,194
Other assets	6,724	193
Total assets	750,616	678,209
Current liabilities:
Accounts payable	14,881	13,103
Accrued expenses and other current liabilities	18,913	24,282
Total current liabilities	33,794	37,385
Lease liabilities	8,149	6,398
Other non-current liabilities	193	1,929
Total liabilities	42,136	45,712
Commitments and contingencies (Note 6)
Stockholders’ equity:
Common stock, $0.0001 par value - 200,000 shares authorized; 21,702 and 20,825 shares issued and outstanding at December 31, 2022 and 2021	2	2
Additional paid-in capital	716,343	663,614
Accumulated deficit	(7,865)	(31,119)
Total stockholders’ equity	708,480	632,497
Total liabilities and stockholders’ equity	$ 750,616	$ 678,209

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	21,702,000	20,825,000
Common stock, shares, outstanding	21,702,000	20,825,000

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 283,605	$ 218,808	$ 116,156
Cost of revenue	100,643	79,346	58,224
Gross profit	182,962	139,462	57,932
Operating expenses:
Research and development	90,288	52,104	31,652
Selling, general and administrative	76,532	54,515	34,893
Total operating expenses	166,820	106,619	66,545
Income (loss) from operations	16,142	32,843	(8,613)
Interest income	7,291
Other expense	(97)	(488)	(758)
Income (loss) before income taxes	23,336	32,355	(9,371)
Income tax expense	(82)	(78)	(1)
Net income (loss)	23,254	32,277	(9,372)
Net income (loss) attributable to common stockholders and comprehensive income (loss)	$ 23,254	$ 32,277	$ (9,372)
Net income (loss) per share attributable to common stockholders, basic	$ 1.09	$ 1.70	$ (0.58)
Net income (loss) per share attributable to common stockholders, diluted	$ 1.03	$ 1.53	$ (0.58)
Weighted-average shares used to compute basic net income (loss) per share	21,245	19,006	16,064
Weighted-average shares used to compute diluted net income (loss) per share	22,664	21,144	16,064

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	At-The-Market Offering	Follow-on Public Offering	Common Stock	Common Stock At-The-Market Offering	Common Stock Follow-on Public Offering	Additional Paid-in Capital	Additional Paid-in Capital At-The-Market Offering	Additional Paid-in Capital Follow-on Public Offering	Accumulated Deficit
Beginning Balance at Dec. 31, 2019	$ 62,140			$ 2			$ 116,162			$ (54,024)
Beginning Balance, Shares at Dec. 31, 2019				14,968,000
Stock-based compensation expense	14,816						14,816
Net income (loss)	(9,372)									(9,372)
Issuance of common stock net of underwriting discounts and commissions and other offering costs			$ 45,789						$ 45,789
Issuance of common stock net of underwriting discounts and commissions and other offering costs, Shares						1,525,000
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	(3,493)						(3,493)
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares				657,000
Ending Balance at Dec. 31, 2020	109,880			$ 2			173,274			(63,396)
Ending Balance, Shares at Dec. 31, 2020				17,150,000
Stock-based compensation expense	29,694						29,694
Net income (loss)	32,277									32,277
Issuance of common stock net of underwriting discounts and commissions and other offering costs			$ 460,646						$ 460,646
Issuance of common stock net of underwriting discounts and commissions and other offering costs, Shares						2,800,000
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares				875,000
Ending Balance at Dec. 31, 2021	$ 632,497			$ 2			663,614			(31,119)
Ending Balance, Shares at Dec. 31, 2021	20,825,000			20,825,000
Stock-based compensation expense	$ 57,251						57,251
Net income (loss)	23,254									23,254
Issuance of common stock net of underwriting discounts and commissions and other offering costs		$ 33,030						$ 33,030
Issuance of common stock net of underwriting discounts and commissions and other offering costs, Shares					225,000
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	(37,552)						(37,552)
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares				652,000
Ending Balance at Dec. 31, 2022	$ 708,480			$ 2			$ 716,343			$ (7,865)
Ending Balance, Shares at Dec. 31, 2022	21,702,000			21,702,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 23,254	$ 32,277	$ (9,372)
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization expense	11,843	7,926	6,402
Stock-based compensation expense	57,415	29,992	16,009
Inventory write-down	2,972	1,817	1,446
Impairment of internal-use software			959
Unrealized interest on held to maturity securities	(5,055)
Other	358	117	106
Changes in assets and liabilities:
Accounts receivable, net	(2,853)	(14,456)	(6,261)
Related party accounts receivable		736	337
Inventories	(36,992)	(13,096)	(2,070)
Prepaid expenses and other assets	(7,460)	(1,859)	2,951
Accounts payable	2,468	5,826	2,606
Accrued expenses and other liabilities	(6,198)	9,798	3,491
Net cash provided by operating activities	39,752	59,078	16,604
Cash flows from investing activities
Purchase of held to maturity securities	(673,370)
Proceeds from maturity of held to maturity securities	148,931
Purchase of property and equipment	(31,793)	(30,878)	(6,098)
Cash paid for intangibles	(3,856)	(2,910)	(1,695)
Net cash used in investing activities	(560,088)	(33,788)	(7,793)
Cash flows from financing activities
Tax withholding paid on behalf of employees for net share settlement	(37,552)		(3,493)
Proceeds from public offering	33,977	461,264	48,800
Payments for offering costs	(947)	(618)	(3,011)
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	(4,522)	460,646	1,296
Net increase (decrease) in cash and cash equivalents	(524,858)	485,936	10,107
Cash and cash equivalents
Beginning of period	559,461	73,525	63,418
End of period	34,603	559,461	73,525
Supplemental disclosure of cash flow information
Interest paid during the period			799
Income taxes paid	58	24	1
Supplemental disclosure of noncash flow information
Unpaid property and equipment	747	1,437	343
Unpaid intangibles, net	606	3,178
Right-of-use assets acquired under operating leases	$ 4,761	$ 689	$ 382

The Company and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

The Company and Summary of Significant Accounting Policies

1. The Company and Summary of Significant Accounting Policies

SiTime Corporation (the “Company”) was incorporated in the State of Delaware in December 2003. The Company is a leading provider of precision timing solutions to the global electronics industry, providing the timing functionality that is needed for electronics to operate reliably and correctly. The Company's products have been designed to address a wide range of applications across a broad array of end markets. The Company operates a fabless business model and leverages its global network of distributors to address the broad set of end markets that it serves.

Outbreak of Coronavirus Disease 2019 (“the COVID-19 pandemic”)

The COVID-19 pandemic continued to impact the Company's workforce and the operations of its customers and suppliers during 2022. In response to the COVID-19 pandemic and related government measures, the Company implemented safety measures to protect its employees and contractors at its locations around the world.

The effects of the ongoing COVID-19 pandemic on our business are evolving and difficult to predict. The ultimate impact of the COVID-19 pandemic on our business, results of operations, and financial condition continues to depend on future developments which are not within our control and cannot be accurately predicted and are uncertain, including the duration, scope and severity of the pandemic, any additional resurgences, variants and the severity of variants, and the ability to effectively and widely manufacture and distribute vaccines.

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 consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant areas requiring the use of management estimates and assumptions include revenue recognition, non-recurring engineering services, estimate of reserve for excess and obsolete inventories, sales reserves, internally developed software capitalization, and valuation allowances for deferred tax assets. Actual results may differ materially from such estimates. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made. To the extent that there are material differences between these estimates and actual results, the Company’s consolidated financial statements will be affected.

Foreign Currency Remeasurement

The Company and its wholly-owned subsidiaries use the U.S. dollar as the functional currency. Foreign currency assets and liabilities are remeasured into U.S. dollars at the end-of-period exchange rates except for non-monetary assets and liabilities, which are measured at historical exchange rates. Revenue and expenses are remeasured using an average exchange rate in effect for the period, except for items related to non-monetary assets and liabilities, which are measured at historical exchange rates. Gains or losses from foreign currency remeasurement and transactions are included in other expense, net. For the years ended December 31, 2022, 2021, and 2020, foreign currency remeasurement and transactions gains and losses resulting in a net charge of $0.1 million, $0.5 million, and $0.1 million, respectively.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash balances in the Company’s bank checking and savings accounts and liquid short-term investments with original or remaining maturities of 90 days or less at the date of purchase, readily convertible to known amounts of cash.

Fair Value Measurements

The carrying amounts of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable, accrued liabilities, and other current liabilities, approximate their fair values due to their short maturities. The Company determines fair value measurements used in its consolidated financial statements based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs), and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs).

The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.

Level 2: Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.

Level 3: Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Cash and cash equivalents

At December 31, 2022 and 2021, cash balances in bank checking and savings accounts of $31.6 million and $339.3 million, were valued using Level 1 of the fair value hierarchy. At December 31, 2022 and 2021, highly liquid money market funds of $3.0 million and $220.2 million, respectively, were valued using Level 1, of the fair value hierarchy, quoted prices in active markets for identical assets and are included in cash equivalents.

Short-term investments in held-to-maturity securities

As of December 31, 2022, the Company had entered into treasury bills with maturities ranging from 3 to 6 months, which the Company intends to hold until maturity and has classified as held-to-maturity securities. The held-to-maturity securities are recorded at amortized cost totaling $524.4 million with gross unrealized gains of $5.1 million and net carrying value of $529.5 million. The carrying value of our investments is reviewed quarterly for changes in circumstances or the occurrence of events that suggests an investment may not be fully recoverable. These treasury bills were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in short-term investments.

There were no transfers between Level 1 and Level 2 categories during any of the periods presented.

Accounts Receivable and Allowances for Credit Losses

Accounts receivable are stated at amounts estimated by management to be net realizable value. An allowance for credit losses is recorded when it is probable that amounts will not be collected based on historical collection trends, age of outstanding receivables, specific customer circumstances, existing economic conditions and future forecasted information. The Company performs periodic credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. Losses have not been significant in any of the periods presented.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, short-term investments and accounts receivable. The Company’s cash and cash equivalents amount is subject to concentration of credit risk. Substantially all of the Company's cash and cash equivalents balances are in excess of Federal Deposit Insurance Corporation insurance limits with financial institutions.

The Company extends credit based on an evaluation of the customer’s financial condition and collateral is not typically required. The Company primarily sells its products through third-party distributors. For the years ended December 31, 2022, 2021, and 2020, three distributors directly accounted for 10% or more of the Company’s revenue.

The following table discloses these customers’ percentage of revenue for the respective periods:


	Year Ended December 31,
	2022	2021	2020
Customer
Pernas Electronics Co. Ltd.	20%	24%	26%
Arrow Electronics, Inc.	17%	14%	15%
Quantek Technology Corporation	12%	10%	18%

Revenue from sales to one end customer through multiple distributors accounted for 20%, 22% and 40% of consolidated revenues for the years ended December 31, 2022, 2021, and 2020, respectively. No other distributors or end customers accounted for 10% or more of the Company's consolidated revenues for the years ended December 31, 2022, 2021, and 2020.

At December 31, 2022 and 2021 these customers accounted for 10% or more of accounts receivable:


	As of December 31,
	2022	2021
Customer
Pernas Electronics Co. Ltd.	24%	16%
Quantek Technology Corporation	17%	13%
Arrow Electronics, Inc.	15%	14%
Smith & Associates	0%	11%

Inventories

Inventories are stated at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. The Company, at least quarterly, assesses the recoverability of all inventories to determine whether adjustments are required to record inventory at the lower of cost or net realizable value. The Company reduces the value of inventory by establishing excess and obsolete inventories reserves based on management’s assessment of future demand and market conditions. Actual demand may differ from forecasted demand and such differences may have a material effect on recorded value of inventory. Inventory reserve write-downs, once established, are not released until the related inventory has been sold or scrapped. Rebates from the Company’s foundries are recorded as a reduction of inventory cost and are recognized in cost of revenue over the inventory turnover days of the Company. Most of the Company’s inventory is warehoused at its contract manufacturers.

Property and Equipment

Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is recognized on a straight-line basis over the estimated useful lives of the respective assets as follows:


Lab and manufacturing equipment		3 to 7 years
Computer equipment		3 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of remaining lease term or estimated useful lives of the assets

The Company capitalizes the costs of purchased mask sets that are utilized during the photolithography phase of manufacturing our products, when technological feasibility and marketability have been established. The capitalization occurs upon the completion of a detailed design, the absence of significant development uncertainties and the determination of market acceptance. Such amounts are included in property and equipment in the consolidated balance sheets and are amortized to cost of revenue over their estimated useful life of 5 to 7 years. However, if significant uncertainties exist regarding the future utility of a particular mask set, then its related costs are expensed to research and development at the time the significant uncertainties are identified.

Maintenance and repair costs are charged to expense as incurred, and expenditures that extend the useful lives of assets are capitalized. Upon retirement or sale of the property and equipment, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recorded in operating expenses.

Intangible Assets

Intangible assets include the costs related to acquired software as well as costs related to software internally developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development. The Company develops proprietary design automation software for its MEMS-based resonators. Costs incurred during the preliminary planning and evaluation stage of the project and during post implementation operational stage are expensed as incurred. Costs incurred during the application development stage of the software are capitalized. The Company defines the configuration and coding process as the application development stage. Capitalized internal use software costs are amortized, on a straight-line basis under cost of revenue over the estimated useful life of approximately 2 to 3 years. Purchased intangibles with finite lives are amortized using the straight-line method over the estimated economic lives of the assets of 3 to 5 years.

Leases

The Company applies the guidance in Accounting Standards Codification (“ASC”), Topic 842 to individual leases of assets. The Company recognizes a transaction as a lease when it receives substantially all of the economic benefits from and directs the use of specified property, plant and equipment.

Operating leases are included in right-of-use (“ROU”), assets, accrued expenses and other current liabilities, and lease liabilities in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the present value of the Company’s obligation to make lease payments arising from the lease. The Company currently does not have any finance leases.

The Company has elected the practical expedient within ASC Topic 842 to not separate lease and non-lease components within lease transactions for all classes of assets. Additionally, the Company has elected the short-term lease exception for all classes of assets and does not apply the recognition requirements for leases of 12 months or less and recognizes lease payments for short-term leases as expense either straight-line over the lease term or as incurred depending on whether the lease payments are fixed or variable. These elections are applied consistently for all leases.

When discount rates implicit in leases cannot be readily determined, the Company uses the applicable incremental borrowing rate at lease commencement to perform lease classification tests on lease components and to measure ROU assets and lease liabilities. The incremental borrowing rate used by the Company was based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment.

Impairment of Long-Lived Assets

The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets.

The Company determined that no events or changes in circumstances indicate that impairment of its long-lived assets has occurred.

Warranty

The Company provides limited lifetime warranty coverage on all of its products by guaranteeing that all timing components from the Company will be free from defects in workmanship and materials and will conform to specifications for the life of the system. This assurance-type warranty is not considered a separate performance obligation, and thus no transaction price is allocated to it. The Company records the warranty costs in cost of revenue in the consolidated statements of operations and comprehensive income (loss). The warranty reserve is calculated using historical claim information to project future warranty claims activity and is recorded within accrued expenses and other current liabilities and other non-current liabilities on the consolidated balance sheets based on the expected timing of the related payments. To date, the Company has had negligible returns of any defective products, and hence the warranty reserve balances as of December 31, 2022 and 2021 were less than $0.1 million.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts in the consolidated financial statements of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards, using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is provided in order to reduce the deferred tax assets to a level which, more likely than not, will be realized.

The Tax Cuts and Jobs Act of 2017 (the “Tax Act”) and The Coronavirus Aid, Relief, and Economic Security (“CARES Act”) , make broad and complex changes to the U.S. tax code. These computations require significant judgments and estimates to be made regarding the interpretation of the provisions within the Tax Act along with the preparation and analysis of information not previously required.

While the Company believes it has adequately reserved for its uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not be different. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the provision for income taxes and the effective tax rate in the period in which such determination is made.

The Company recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority. Liabilities are established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. The Company reports interest and penalties related to uncertain tax positions, if any, in the provision for income taxes in the consolidated statements of operations and comprehensive income (loss). To the extent that accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the overall provision for income taxes in the period that such determination is made.

Revenue Recognition

The Company derives revenue from its product sales to distributors, who in turn sell to original equipment manufacturers or other end customers. The Company recognizes product revenue, at a point in time, upon shipment when it satisfies its performance obligations as evidenced by the transfer of control of its products to customers. The Company measures revenue based on the amount of consideration it expects to be entitled to in exchange for products. Variable consideration is estimated and reflected as an adjustment to the transaction price. Depending on the terms of the contract, variable consideration is estimated using either the expected value approach or the most likely value approach. The Company determines variable consideration, which consists primarily of price adjustments and product returns by estimating the amount of consideration the Company expects to receive from its customers based on historical experience of price adjustments and product returns. Initial estimates of price adjustments and product returns are updated at the end of each reporting period if additional information becomes available. Changes to the Company’s estimated variable consideration were not material for the periods presented. Since the Company’s performance obligations relate to contracts with a duration of less than one year, it does not disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period.

The Company’s payment terms vary by contract type and type of customer and generally range from 30 to 60 days from shipment. The Company has also elected to recognize the cost for freight and shipping when control over the products sold passes to customers and revenue is recognized.

As a practical expedient, the Company records the incremental costs of obtaining a contract, consisting primarily of sales commissions, when incurred because the amortization period is one year or less. These costs are recorded within sales and marketing expenses. The Company had a distribution agreement with MegaChips, whereby the Company appointed MegaChips as the exclusive distributor of its products in Japan. The Company recognized revenue upon shipment derived from sales of products through MegaChips in the amount of expected payments from parties which purchased the products as adjusted for estimated price concessions and product returns. In connection with the Company's efforts to contract directly with distributors in Japan, the Company and MegaChips mutually terminated the Distribution Agreement effective November 3, 2021.

Cost of Revenue

Cost of revenue consists of wafers acquired from third-party foundries, assembly, packaging, and test cost of the Company’s products paid to third-party contract manufacturers, and personnel and other costs associated with the manufacturing operations of the Company. Cost of revenue also includes depreciation of production equipment, inventory write-downs, amortization of internally developed software, shipping and handling costs, and allocation of overhead and facility costs. The Company also includes credits for rebates received from foundries in cost of revenue.

Research and Development Expenses

Research and development costs consist primarily of personnel cost, material cost, and facilities related expenses, incurred in the course of planned research and development of new products. Research and development costs are expensed as incurred.

Non-recurring engineering services

The Company has certain contracts to provide non-recurring engineering (NRE) services for research and development arrangements through 2023, which do not meet the requirement to be accounted for under ASC 606, Revenue from Contracts with Customers. The Company recognizes the payments received under these NRE arrangements as liabilities and recognizes them as an offset to research and development expense as the company achieve the milestones of the contract. As the progress towards completion occurs, the Company uses an input method based on the ratio of costs incurred to date to total estimated costs of the project. Significant judgment is required to estimate the remaining effort to complete the project. These estimates are reassessed throughout the term of the arrangement. A liability of $2.7 million and $0.2 million was recorded as accrued expenses and other current liabilities, and other non-current liabilities, respectively, in the consolidated balance sheet as of December 31, 2022. A liability of $5.7 million and $0.5 million was recorded as accrued expenses and other current liabilities, and other non-current liabilities, respectively, in the consolidated balance sheet as of December 31, 2021. For the years ended December 31, 2022 and 2021, the Company recorded $9.0 million and $2.4 million, respectively as a reduction of research and development expenses in the consolidated statement of operations. There was no reduction of research and development expense recorded during the year ended December 31, 2020.

Selling, General and Administrative Expenses

Selling, general and administrative expenses primarily consist of personnel costs, field application engineering support, travel costs, professional and consulting fees, accounting and audit fees, legal, advertising expenses, and allocated overhead costs. Selling, general and administrative costs are expensed as incurred. Advertising expenses were $2.3 million, $1.5 million and $0.3 million, for the years ended December 31, 2022, 2021, and 2020, respectively.

Stock-Based Compensation

The Company grants restricted stock units (“RSUs”) of its own common stock and such grants are valued at the fair market value of the Company’s stock on the date of the grant and recognizes the compensation expense using the straight-line method over the requisite service period.

The Company amortizes stock-based compensation expense for time-based awards under the straight-line attribution method over the vesting period. Stock-based compensation expense for performance-based awards is recognized when it becomes probable that the performance conditions will be met. The Company amortizes stock-based compensation expense for performance-based awards using the accelerated method. The Company recognizes the expense related to the multi-year performance based restricted stock unit awards ("MYPSU") on a graded-vesting method over the requisite service period.

The Company recognizes forfeitures as they occur.

Net Income (Loss) Per Share Attributable to Common Stockholders

Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. Refer to "Note 3 - Net Income (Loss) Per Share" for further discussion regarding potentially dilutive and anti-dilutive securities.

Comprehensive Income (Loss)

The Company has no components of other comprehensive income loss. Therefore, net income (loss) equals comprehensive income (loss) for all periods presented.

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements Recently Adopted Accounting Guidance There are no new accounting pronouncements that are pending to be adopted by the Company.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

3. Net Income (Loss) Per Share

The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common stockholders of the Company:


	Year Ended December 31,
	2022			2021		2020
	(in thousands, except per share data)
Net income (loss) attributable to common stockholders	$	23,254	$	32,277	$	(9,372	)
Weighted-average shares outstanding
Weighted average shares used to compute basic net income per share		21,245		19,006		16,064
Dilutive effect of employee equity incentive plans		1,419		2,138		—
Weighted average shares used to compute diluted net income (loss) per share		22,664		21,144		16,064
Net income (loss) attributable to common stockholders per share, basic	$	1.09	$	1.70	$	(0.58	)
Net income (loss) attributable to common stockholders per share, diluted	$	1.03	$	1.53	$	(0.58	)

Potential dilutive securities include dilutive common shares from share-based awards attributable to the assumed exercise of vested restricted stock units using the treasury stock method. Under the treasury stock method, potential common shares outstanding are not included in the computation of diluted net income per share if their effect is anti-dilutive.

Anti-dilutive potential shares from share-based awards are excluded from the calculation of diluted earnings per share if either their exercise price exceeded the average market price during the period or the share-based awards were determined to be anti-dilutive based on applying the treasury stock method. During the year ended December 31, 2022, 2021, and 2020 the Company had 309,963, 3,955, and 2,095,135 potential shares from share-based awards that are anti-dilutive, respectively. Anti-dilutive potential shares from share-based awards are excluded from the calculation of diluted loss per share for the year ended December 31, 2020 due to the net losses reported in these periods.

Balance Sheets Components

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheets Components

4. Balance Sheets Components

Accounts Receivable, net

Accounts receivable, net consisted of the following:


	As of
	December 31, 2022			December 31, 2021
	(in thousands)
Accounts receivable, gross	$	41,279		$	38,426
Allowance for credit losses		(50	)		(50	)
Accounts receivable, net	$	41,229		$	38,376

Inventory

Inventory consisted of the following:


	As of
	December 31, 2022		December 31, 2021
	(in thousands)
Raw materials	$	17,518	$	1,841
Work in progress		33,687		16,963
Finished goods		6,445		4,826
Total inventories	$	57,650	$	23,630

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	As of
	December 31, 2022		December 31, 2021
	(in thousands)
Prepaid expenses	$	3,118	$	2,398
Other current assets		2,973		2,078
Total prepaid expenses and other current assets	$	6,091	$	4,476

Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of
	December 31, 2022			December 31, 2021
	(in thousands)
Lab and manufacturing equipment	$	73,220		$	44,283
Computer equipment		3,170			1,977
Furniture and fixtures		509			433
Construction in progress		5,967			7,100
Leasehold improvements		7,129			5,211
		89,995			59,004
Accumulated depreciation		(31,223	)		(21,102	)
Total property and equipment, net	$	58,772		$	37,902

Depreciation expense related to property and equipment was $10.1 million, $5.7 million, and $3.7 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Intangible Assets, Net

Intangible assets, net consisted of the following:


	As of
	December 31, 2022							December 31, 2021
	(in thousands)
	Gross Assets		Accumulated Amortization			Net Assets		Gross Assets		Accumulated Amortization			Net Assets
Internal use software	$	9,434	$	(8,833	)	$	601	$	9,434	$	(8,633	)	$	801
Purchased software		12,583		(7,978	)		4,604		11,703		(6,527	)		5,176
Intangible assets	$	22,017	$	(16,811	)	$	5,205	$	21,137	$	(15,160	)	$	5,977

Amortization expense for intangible assets was $1.7 million, $2.2 million, and $2.7 million, for the years ended December 31, 2022, 2021, and 2020, respectively. During the years ended December 31, 2022 and 2021, the Company purchased and capitalized software costs of $3.9 million and $6.0 million, respectively, to support research and development efforts. During the year ended December 31, 2020, the Company recorded impairment charges of $1.0 million related to capitalized cost of software that was within the development phase and was being developed solely to meet the Company’s internal needs. The impairment charge was recorded as research and development expense in the consolidated statement of operations.

As of December 31, 2021, the Company had $0.8 million of intangibles that were still in development stage and were not being amortized. In July 2022, the Company placed the related product into production and began amortizing the internal use software. As of December 31, 2022, there were no intangibles that were in development stage and not being amortized. The estimated aggregate future amortization expense for intangible assets and subject to amortization as of December 31, 2022 is summarized as below:


	(in thousands)
2023	$	2,366
2024		1,671
2025		668
2026		354
2027 and beyond		146
	$	5,205

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:



	As of
	December 31, 2022		December 31, 2021
	(in thousands)
Accrued payroll and related benefits	$	6,109	$	7,237
Revenue reserves		1,840		2,194
Deferred non-recurring engineering services		2,689		5,666
Short term lease liability		2,485		1,336
Accrued customer rebates		234		3,107
Other accrued expenses		5,556		4,742
Total accrued expenses and other current liabilities	$	18,913	$	24,282

As of December 31, 2021 and through June 30, 2022, the Company had recorded $2.7 million of accrued customer rebates as contra revenue under a customer agreement. In July 2022, the customer waived the right to the rebate and the Company recorded the $2.7 million of accrued customer rebate as revenue.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

5. Leases

The Company leases real estate property under operating leases. The Company leases office space in California, Michigan, Malaysia, Japan, Taiwan, the Netherlands, Finland, and Ukraine all under non-cancellable operating leases with various expiration dates through April 2027.

In January 2021, the Company signed an amendment to its Santa Clara office space lease where the lessor provided the Company lease incentives of $0.4 million and extended the term of the lease by three months. The amendment was accounted as a single modified lease and the remaining payments were remeasured using an updated discount rate. The agreement provides for an option to renew for an additional 5 years and for monthly rent payments through the term of the lease. During the year ended December 31, 2022, the Company commenced 8 operating leases with 2 to 7 year lease terms, and recorded right-of-use assets of $5.1 million, current lease liabilities of $1.1 million, and long-term lease liabilities of $4.2 million upon the commencement of these leases.

The remaining lease terms vary from 1 to 6 years. For its leases the Company has options to extend the lease term for periods varying from 1 to 5 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 composed of common area maintenance and utility charges.

The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet as of December 31, 2022 and 2021:


	As of
	December 31, 2022			December 31, 2021
	(in thousands)
Right-of-use assets	$	10,848		$	8,194
Lease liabilities included in accrued expenses and other current liabilities		2,485			1,336
Lease liabilities - non-current		8,149			6,398
Total operating lease liabilities	$	10,634		$	7,734
Weighted-average remaining lease term (years)		4.0			5.0
Weighted-average discount rate		4.6	%		4.5	%

The table below presents certain information related to the lease costs for operating leases for the years ended December 31, 2022, 2021, and 2020:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Operating lease cost	$	2,759	$	1,761	$	1,696
Short-term lease cost		1,389		579		356
Variable lease cost		911		599		332
Total lease cost	$	5,059	$	2,939	$	2,384

Cash paid for operating lease liabilities was $2.5 million, $1.7 million, and $2.3 million for the years ended December 31, 2022, 2021, and 2020 respectively.

Operating Lease Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2022:


	(in thousands)
2023	$	2,922
2024		3,056
2025		2,696
2026		2,171
2027		628
2028 and beyond		190
Total minimum lease payments		11,663
Less: amount of lease payments representing interest		(1,029	)
Present value of future minimum lease payments		10,634
Less: current obligations under leases		(2,485	)
Long-term lease liabilities	$	8,149

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Purchase Commitments

The Company purchases components from a variety of suppliers and uses several contract manufacturers to provide manufacturing services for its products. During the normal course of business, in order to manage manufacturing lead times and to help ensure adequate component supply, the Company enters into agreements with the Company’s contract manufacturers and suppliers that allow them to procure inventory based upon criteria as defined by the Company. In addition, the Company has a multi-year agreement to purchase minimum quantities of MEMS wafers and is responsible for research and development, tooling, and samples cost under the agreement. A portion of the Company’s reported purchase commitments arising from these agreements consists of firm, non-cancelable purchase commitments. In certain instances, these agreements allow the Company the option to cancel, reschedule, and adjust the Company’s requirements based on its business needs prior to when production starts. However, in situations where the Company is unable to cancel, reschedule, or adjust the purchase commitment due to changing customer demand, excess inventories could result in material inventory provisions. Total future non-cancelable purchase commitments as of December 31, 2022 were as follows:


	(in thousands)
2023	$	16,421
2024		10,039
2025		7,162
2026		5,162
2027		—
2028 and beyond		—
Total	$	38,784

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.

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.

Debt Obligations

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt Obligations

7. Debt Obligations

On August 31, 2015, the Company entered into a bank transaction agreement with The Bank of Tokyo Mitsubishi UFJ, Ltd. ("MUFG"). The agreement provided for a revolving line of credit with a maximum available borrowing of $20.0 million, which was increased to $50.0 million in June 2018. Between August 2015 and December 31, 2019, the Company borrowed $139.0 million in several draw-downs against the revolving line of credit with terms ranging from one month to one year and interest rate ranging between 1.01% to 4.07%. On July 24, 2020, the Company paid $76.0 million to fully pay down all outstanding loans and cancel the line of credit with MUFG of which $12.0 million of loans were prepaid with a penalty of $0.1 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

The Company’s certificate of incorporation, as amended and currently in effect, authorizes the Company to issue 200,000,000 shares of common stock, par value $0.0001 per share. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the board of directors, subject to the prior rights of holders of all classes of preferred stock outstanding. The Company has never declared any dividends.

Follow-on Public Offerings

On June 16, 2020, the Company completed a follow-on public offering, in which it issued and sold 1,525,000 shares of its common stock, resulting in net proceeds to the Company of $45.8 million after deducting underwriting discounts and commissions of $2.7 million and deferred offering costs of $0.3 million.

On February 22, 2021, the Company completed an additional follow-on public offering, in which we issued and sold 1,500,000 shares of its common stock, resulting in net proceeds to the Company of $181.6 million after deducting underwriting discounts and commissions of $8.6 million and deferred offering costs of $0.3 million.

On November 10, 2021 the Company completed a follow-on public offering, in which it issued and sold 1,300,000 shares of its common stock, resulting in net proceeds to the Company of $279.0 million after deducting underwriting discounts and commissions of $13.2 million and deferred offering costs of $0.3 million.

At-The-Market offering

On May 4, 2022, the Company entered into a Sales Agreement ("Sales Agreement"), with Stifel, Nicolaus & Company, Incorporated ("Stifel"), under which the Company may offer and sell from time to time at its sole discretion, up to an aggregate of 800,000 shares of its common stock, par value $0.0001 per share, through Stifel as its sales agent. The Company intends to use the net proceeds from the shares of common stock offered and sold to primarily replenish funds expended to satisfy anticipated tax withholding and remittance obligations related to the net settlement upon vesting of restricted stock unit awards (“RSU”) granted to employees under the equity incentive plans. The Company has filed a prospectus supplement pursuant to the Sales Agreement for the offer and sale of up to an aggregate of 800,000 shares of its common stock. Subject to the terms and conditions of the Sales Agreement, Stifel will sell the common stock from time to time, based upon instructions from the Company. The Company agreed to pay Stifel a commission of up to 3% of the gross sales proceeds of any common stock sold through Stifel under the Sales Agreement. During the year ended December 31, 2022, the Company sold 225,334 shares of its common stock to Stifel under the Sales Agreement at a weighted average price of $150.78 per share resulting in net proceeds to the Company of $33.0 million, after deducting underwriting discounts and commissions of $0.7 million and deferred offering costs of $0.2 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock-based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

9. Stock-based Compensation

SiTime Corporation 2019 Stock Incentive Plan

Upon completion of its IPO in November 2019, the Company adopted the SiTime Corporation 2019 Stock Incentive Plan (the “2019 Plan”). The 2019 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards, and other forms of equity compensation

(collectively, “stock awards”), and cash awards, all of which may be granted to employees (including officers), directors, and consultants or affiliates. Awards granted under the 2019 Plan vest at the rate specified by the plan administrator, for restricted stock unit awards primarily within the quarter to four years. As of December 31, 2022, 0.8 million shares were available for future issuance.

SiTime Corporation 2022 Inducement Award Plan

In February 2022, the Company adopted the SiTime Corporation 2022 Inducement Award Plan (the "2022 Plan"), which initially reserved 250,000 shares of the Company's common stock. The 2022 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, and other forms of equity compensation and cash awards, all of which may be granted to employees (including officers). Awards granted under the 2022 Plan vest at the rate specified by the plan administrator, for restricted stock unit awards primarily over one to four years. As of December 31, 2022, 27,000 shares were available for future issuance.

Bonus and Retention Plans

On August 4, 2020, the Compensation Committee of the Company adopted and approved the Executive Bonus and Retention Plan. In August 2020, the Compensation Committee approved target bonus amounts and performance goals for the second half of the fiscal year 2020 (the “2020 Goals”). In each of January and July 2021, the Compensation Committee approved target bonus amounts and performance goals for the first half and second half, respectively, of the fiscal year 2021 (the “2021 Goals”). In January and August 2022, the Compensation Committee approved target bonus amounts and performance goals for the first half of the fiscal year 2022 (the “2022 Goals”). The 2020 Goals, 2021 Goals, and 2022 Goals are based on the achievement of revenue and Non-GAAP operating profit which excludes certain costs such as stock based compensation costs, as well as individual performance goals. The awards for the actual payouts are granted in the quarter following the end of the performance period. The target bonuses were granted based on a fixed dollar amount to be settled in RSUs on the vesting date and hence the awards have been classified as liability-based awards until settled. Such expense is included in the non-cash adjustment within stock-based compensation expense on the consolidated cash flow statements. The liability of $0.8 million for the 2022 Goals was recorded as accrued expenses and other current liabilities in the consolidated balance sheet as of December 31, 2022. Actual payouts ranged from 119% to 144% of target for the 2020 Goals, ranged from 76% to 150% of target for the 2021 Goals, and ranged from 44% to 130% of target for the 2022 Goals, in each case based on performance.

In April 2022, the Company adopted a bonus plan for certain employees. The target bonuses are granted based on a fixed dollar amount to be settled in RSUs in the quarter following the end of the performance period. Due to the fixed dollar amount targets, the awards have been classified as liability-based awards until settled. Once settled, these awards are reflected as RSU granted in the above table. Such expense is included in the non-cash adjustment within stock-based compensation expense on the consolidated cash flow statements and was $2.1 million for the year ended December 31, 2022. The liability of $0.8 million was recorded as accrued expenses and other current liabilities in the consolidated balance sheet as of December 31, 2022.

On December 17, 2021, the Compensation Committee of the Company approved performance based restricted stock unit awards ("PRSU") with performance goals for the year 2022 (the “PRSU 2022 Goals”). The PRSU 2022 Goals are based on the achievement of revenue, which were not met for the year ended December 31, 2022.

In February 2022, the Compensation Committee of the Company approved and granted to certain of the Company’s executive officers MYPSUs with vesting based on achievement of stock price targets, which are measured based on the 60-trading day average per share closing price of the Company’s common stock on the Nasdaq Global Market during the performance periods of up to six years from the date of grant, subject to the continued service of the grantee through the vest date. The grant-date fair value of each MYPSU was determined using Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation included expected volatility of 44.4%, risk free rate of 1.83%, no expected dividend yield, expected term of six years and possible future stock prices over the performance period based on historical stock and market prices. The Company recognizes the expense related to the MYPSUs on a graded-vesting method over the requisite service period.

In the year ended December 31, 2020, the Company granted CRSUs as part of an employee bonus plan. The Company ended this program effective April 1, 2021. Generally, such units were granted quarterly and fully vested at the end of the quarter they were granted except units granted to new hires that had a one-year cliff vesting. Such awards were classified as liability-based awards.

The following table summarizes the RSU, PRSU, and MYPSU awards activity for the years ended December 31, 2022, 2021 and 2020:


	RSU					PRSU				MYPSU
				Grant Date				Grant Date				Grant Date
	Number of			Fair Value		Number of		Fair Value		Number of		Fair Value
	Shares			per share		Shares		per share		Shares		per share

Unvested at December 31, 2019		2,989,322		$	13.0		—		—		—	$	—
Granted		682,517			53.4		—		—		—		—
Vested		(766,934	)		15.5		—		—		—		—
Forfeited		(169,199	)		13.7		—		—		—		—
Unvested at December 31, 2020		2,735,706		$	22.4		—		—		—	$	—
Granted		438,474			128.6		58,954		261.4		—		—
Vested		(874,462	)		27.9		—		—		—		—
Forfeited		(72,521	)		33.3		—		—		—		—
Unvested at December 31, 2021		2,227,197		$	40.6		58,954		261.4		—	$	—
Granted		468,703			188.3		—		—		311,872		88.6
Vested		(919,530	)		44.4		—		—		—		—
Forfeited		(58,376	)		111.8		—		—		—		—
Unvested at December 31, 2022		1,717,994		$	73.6		58,954	$	261.4		311,872	$	88.6

The difference between the number of RSUs vested and the shares of common stock issued during the year ended December 31, 2022 and 2020 is the result of RSUs withheld in satisfaction of minimum tax withholding obligations associated with the vesting. The total fair value, as of the vesting date, of awards vested during the years ended December 31, 2022, 2021, and 2020 were $40.5 million, $161.2 million, and $43.7 million, respectively.

Total stock-based compensation expense for employees recognized in the consolidated statements of operations and comprehensive income (loss) was as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Equity based awards
Cost of revenue	$	1,861	$	1,654	$	613
Research and development		23,024		11,087		4,682
Selling, general and administrative		28,177		14,422		9,521
	$	53,062	$	27,163	$	14,816

Liability based awards - to be settled in equity
Cost of revenue	$	121	$	114	$	—
Research and development		2,214		492		445
Selling, general and administrative		2,018		2,223		748
	$	4,353	$	2,829	$	1,193
Total stock-based compensation - equity and liability based	$	57,415	$	29,992	$	16,009

Liability-based awards - cash settled
Cost of revenue	$	—	$	102	$	264
Research and development		—		143		415
Selling, general and administrative		—		108		278
	$	—	$	353	$	957
Total stock-based compensation expense	$	57,415	$	30,345	$	16,966

Stock-based compensation expense recorded to additional paid-in capital
Equity based awards	$	53,062	$	27,163	$	14,816
Liability based awards - settled in equity		4,189		2,531		-
Total stock-based compensation expense recorded to additional paid-in capital	$	57,251	$	29,694	$	14,816

The following table presents the unrecognized compensation costs and related weighted average period of recognition as of December 31, 2022:


	As of
	December 31, 2022
	Unrecognized Compensation Costs (in millions)		Weighted Average Period of Recognition (in years)
RSUs	$	114.5		2.1
PRSUs		-		—
MYPSUs		19.2		1.7
Liability-based awards		0.3		0.6
Total unrecognized compensation costs	$	134.0

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The components of income (loss) before income taxes were as follows:


	Years Ended December 31,
	2022		2021			2020
	(in thousands)
United States	$	22,208	$	32,379		$	(9,645	)
Foreign		1,128		(24	)		274
	$	23,336	$	32,355		$	(9,371	)

The components of income tax expense were as follows:


	Years Ended December 31,
	2022			2021			2020
	(in thousands)
Current Provision:
Federal	$	-		$	(11	)	$	-
State		(1	)		(1	)		(1	)
Foreign		(81	)		(66	)		—
Total current provision		(82	)		(78	)		(1	)
Total deferred provision		—			—			—
Total income tax provision	$	(82	)	$	(78	)	$	(1	)

The material components of the deferred tax assets and liabilities consisted of net operating loss carry-forwards and tax credit carry-forwards.


	Years Ended December 31,
	2022			2021			2020
	(in thousands)
Deferred tax assets (liabilities):
Accrual, write-down and other	$	5,433		$	5,442		$	2,469
Section 174 Costs		23,513			-			-
Depreciation and amortization		(1,576	)		(818	)		76
Credits		5,657			-			-
Net operating loss and credits carry forwards		49,647			64,690			42,949
Total gross deferred tax assets (liabilities)		82,674			69,314			45,494
Valuation allowance		(82,674	)		(69,314	)		(45,494	)
Total net deferred tax assets	$	—		$	—		$	—

The net valuation allowance increased by $13.1 million for the year ended December 31, 2022.

A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate is as follows:


	Years Ended December 31,
	2022			2021			2020

US Federal Rate		21.0	%		21.0	%		21.0	%
RSU excess tax expense		(88.6	)		(79.0	)		93.3
Permanent differences and others		10.9			15.7			(2.9	)
Change in valuation allowance		57.0			42.3			(111.4	)
		0.3	%		0.0	%		0.0	%

The reported amount of income tax expense differs from an expected amount based on statutory rates primarily due to the Company’s valuation allowance.

As of December 31, 2022 and 2021, based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets will not be realized. Accordingly, management has applied a full valuation allowance against its net deferred tax assets at December 31, 2022 and 2021.

At December 31, 2022 and 2021, the Company has federal net operating loss carry-forwards of approximately $213.3 million and $259.6 million, respectively, and state net operating loss carry-forwards of approximately $65.3 million and $64.5 million, respectively. At December 31, 2022 and 2021, the Company has net operating loss carryforwards for foreign income tax purposes of approximately $1.7 million and $2.3 million, respectively. These federal, state, and foreign net operating loss carry-forwards will expire beginning in 2025, 2028, and 2028, respectively.

At December 31, 2022 and 2021, the Company also has federal research and development tax credit carry-forwards of approximately $3.9 million and $3.9 million, respectively, and state research and development tax credit carry-forwards of approximately $3.6 million and $3.6 million, respectively. The federal tax credits begin to expire in 2025, and the California tax credits carry forward indefinitely.

Utilization of the net operating loss carry-forwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended (“the Code”), and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization.

As of December 31, 2022 and 2021, the Company had $2.3 million and $2.4 million of total unrecognized tax benefits. The Company currently has a full valuation allowance against its net deferred tax assets which would impact the timing of the effective tax rate benefit should any of these uncertain tax positions be favorably settled in the future. If the Company is able to eventually recognize these uncertain tax positions, none of the unrecognized benefit would reduce the Company’s effective tax rate due to full valuation allowance of the Company’s deferred tax assets. The Company’s policy is to record interest and penalties related to unrecognized tax benefits as income tax expense. During the years ended December 31, 2022 and 2021, the Company had immaterial amounts related to the accrual of interest and penalties.

A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows:


	December 31,
	2022			2021
	(in thousands)
Beginning balance	$	2,431		$	2,436
Increase (decrease) in balance related to tax position taken during prior periods		—			—
Increase (decrease) in balance related to tax position taken during the current period		(129	)		(5	)
Ending balance	$	2,302		$	2,431

The Company does not have any tax positions for which it is reasonably possible the total amount of gross unrecognized tax benefits will increase or decrease within 12 months of the years ended December 31, 2022 and 2021.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, local, and foreign jurisdictions, where applicable. Due to the Company’s net losses, its federal, state and local, and foreign tax returns since inception are subject to audit.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

401 (k) Plan

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

401 (k) Plan

11. 401(k) Plan

The Company has a 401(k) retirement plan for the U.S. based employees that qualifies as a defined contribution plan. All U.S. based employees are eligible to participate on the first day of the month following their hire date with the Company. Under the defined contribution plan, employees may contribute up to the lesser of 90% of their pre-tax salaries per year or the maximum contribution allowed under the Code. The Company may make discretionary matching contributions, if deferral contributions are made by the employees. The Company’s matching contributions for the years ended December 31, 2022, 2021, and 2020 resulted in expense of $1.3 million, $1.0 million, and $0.6 million respectively.

In addition, other eligible employees outside of the U.S. receive retirement benefits under various statutory plans.

Segment Information and Operations by Geographic Area

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information and Operations by Geographic Area

12. Segment Information and Operations by Geographic Area

The Company operates in one reportable segment related to the design, development, and sale of silicon timing systems solutions. The chief operating decision maker, for the Company is the Chief Executive Officer. The Company’s Chief Executive Officer reviews operating results on an aggregate basis and manages the Company’s operations as a whole for the purpose of evaluating financial performance and allocating resources. Accordingly, the Company has determined that it has a single reportable and operating segment structure.

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:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Taiwan	$	101,849	$	66,390	$	55,789
Hong Kong		59,209		82,503		30,306
United States		33,470		14,221		8,522
Other		89,077		55,694		21,539
Total	$	283,605	$	218,808	$	116,156

The following table sets forth the Company’s total property and equipment attributable to operations by country for countries with 10% or more of the Company’s net property and equipment as of the periods presented:


	As of
	December 31, 2022		December 31, 2021
	(in thousands)
United States	$	24,211	$	19,205
Malaysia		18,524		13,780
Taiwan		5,570		2,367
Other		10,467		2,550
Total	$	58,772	$	37,902

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions

13. Related Party Transactions

The Company entered into an agreement with MegaChips Corporation ("MegaChips"), whereby the Company appointed MegaChips as a non-exclusive sales representative of its products in Japan. The Company sold products through MegaChips to distributors, resellers, or direct customers in Japan. The Company paid MegaChips a fixed percentage of the revenue as sales commission, which was recorded as commission expense and included in sales and marketing in the consolidated statements of operations and comprehensive loss. In connection with the Company's efforts to contract directly with distributors in Japan, the Company entered into a termination agreement with MegaChips pursuant to which the Company and MegaChips mutually terminated the Distribution Agreement effective November 3, 2021.

The Company also entered into a service and secondment agreement with MegaChips LSI USA Corporation, a wholly owned subsidiary of MegaChips, in 2020 that terminated on August 31, 2021.

MegaChips has been the largest stockholder of the Company and held approximately 23.0% and 24.0% of the Company’s outstanding common stock as of December 31, 2022 and December 31, 2021, respectively.

In May 2021, the Company signed a consulting agreement with Akira Takata, a member of the Board of Directors of the Company. As a consultant, Mr. Takata provided sales consulting services through December 31, 2021, for which he received monthly cash fees of $5,000, reimbursement of expenses, and an equity award of 500 RSUs that fully vested on November 20, 2021. In December 2021, the Company signed an amendment to extend the consulting agreement with Akira Takata through December 31, 2022, for which he received monthly cash fees, reimbursement of expenses, and an equity award of 300 RSUs that fully vested on November 20, 2022.

The following is a summary of significant balances, transactions and payments with the related parties and affiliates.


	Year Ended December 31,
Transactions	2022		2021		2020
	(in thousands)
MegaChips
Sales through distribution agreement	$	—	$	8,167	$	5,714
License expense		—		—		148
Commission expense		—		340		228
Affiliates
Consulting fees		189		254		380


	Year Ended December 31,
Payments	2022		2021		2020
	(in thousands)
MegaChips
Cash paid for commissions	$	—	$	340	$	228
Cash paid for licenses		—		—		25
Affiliates
Cash paid for consulting fees		189		254		380

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

Amendment of Inducement Plan

On February 21, 2023, the Compensation Committee of the Board of Directors of SiTime (the “Committee”) approved an amendment and restatement of the SiTime Corporation 2022 Inducement Award Plan (the “Inducement Plan”). The Inducement Plan provides for the grant of equity or equity-based awards in the form of non-qualified stock options, restricted stock units, and other stock-based awards. The Inducement Plan’s terms are substantially similar to the terms of SiTime’s 2019 Stock Incentive Plan, with the addition of certain terms and conditions intended to comply with the Nasdaq inducement award exception. The Inducement Plan was adopted by the Committee without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.

The Committee amended and restated the Inducement Plan to increase the reserve by 250,000 shares of SiTime’s common stock for issuance pursuant to awards granted under the Inducement Plan (subject to customary adjustments in the event of a change in capital structure of SiTime). Awards under the Inducement Plan may be granted only to individuals who were not previously employees or directors of SiTime, or following a bona fide period of non-employment with SiTime, who satisfy the standards for inducement grants under Rule 5635(c)(4) of the Nasdaq Listing Rules, and only when the award is an inducement material to such individual’s entering into employment with SiTime, its subsidiaries or its affiliates within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS


	Valuation and Qualifying Accounts
	Balance at Beginning of Period		Additions Charged to Expenses or Other Accounts		Deductions Credited to Expenses or Other Accounts			Balance at End of Period
	(in thousands)
Allowance for credit losses
Year Ended December 31, 2022	$	50	$	—	$	—		$	50
Year Ended December 31, 2021	$	50	$	—	$	—		$	50
Year Ended December 31, 2020	$	129	$	—	$	(79	)	$	50
Deferred tax valuation allowance
Year Ended December 31, 2022	$	69,314	$	13,360	$	—		$	82,674
Year Ended December 31, 2021	$	55,951	$	13,363	$	—		$	69,314
Year Ended December 31, 2020	$	45,494	$	10,457	$	—		$	55,951

The Company and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Outbreak of Coronavirus Disease 2019 (“the COVID-19 pandemic”)

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 consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

Foreign Currency Remeasurement

Cash and Cash Equivalents

Fair Value Measurements

Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.

Level 3: Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Cash and cash equivalents

Short-term investments in held-to-maturity securities

There were no transfers between Level 1 and Level 2 categories during any of the periods presented.

Accounts Receivable and Allowances for Credit Losses

Concentration of Credit Risk

The following table discloses these customers’ percentage of revenue for the respective periods:


	Year Ended December 31,
	2022	2021	2020
Customer
Pernas Electronics Co. Ltd.	20%	24%	26%
Arrow Electronics, Inc.	17%	14%	15%
Quantek Technology Corporation	12%	10%	18%

At December 31, 2022 and 2021 these customers accounted for 10% or more of accounts receivable:


	As of December 31,
	2022	2021
Customer
Pernas Electronics Co. Ltd.	24%	16%
Quantek Technology Corporation	17%	13%
Arrow Electronics, Inc.	15%	14%
Smith & Associates	0%	11%

Inventories

Property and Equipment


Lab and manufacturing equipment		3 to 7 years
Computer equipment		3 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of remaining lease term or estimated useful lives of the assets

Intangible Assets

Leases

Impairment of Long-Lived Assets

The Company determined that no events or changes in circumstances indicate that impairment of its long-lived assets has occurred.

Research and Development Expenses

Non-recurring Engineering Services

Non-recurring engineering services

Selling, General and Administrative Expenses

Stock-Based Compensation

The Company recognizes forfeitures as they occur.

Net Income (Loss) Per Share Attributable to Common Stockholders

Comprehensive Income (Loss)

The Company has no components of other comprehensive income loss. Therefore, net income (loss) equals comprehensive income (loss) for all periods presented.

Recently Adopted Accounting Guidance

There are no new accounting pronouncements that are pending to be adopted by the Company.

The Company and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Concentration of Risk, by Risk Factor

The following table discloses these customers’ percentage of revenue for the respective periods:


	Year Ended December 31,
	2022	2021	2020
Customer
Pernas Electronics Co. Ltd.	20%	24%	26%
Arrow Electronics, Inc.	17%	14%	15%
Quantek Technology Corporation	12%	10%	18%

At December 31, 2022 and 2021 these customers accounted for 10% or more of accounts receivable:


	As of December 31,
	2022	2021
Customer
Pernas Electronics Co. Ltd.	24%	16%
Quantek Technology Corporation	17%	13%
Arrow Electronics, Inc.	15%	14%
Smith & Associates	0%	11%

Property, Plant and Equipment Estimated Useful Lives

Depreciation of property and equipment is recognized on a straight-line basis over the estimated useful lives of the respective assets as follows:


Lab and manufacturing equipment		3 to 7 years
Computer equipment		3 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of remaining lease term or estimated useful lives of the assets

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Income (Loss) per Share

The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common stockholders of the Company:


	Year Ended December 31,
	2022			2021		2020
	(in thousands, except per share data)
Net income (loss) attributable to common stockholders	$	23,254	$	32,277	$	(9,372	)
Weighted-average shares outstanding
Weighted average shares used to compute basic net income per share		21,245		19,006		16,064
Dilutive effect of employee equity incentive plans		1,419		2,138		—
Weighted average shares used to compute diluted net income (loss) per share		22,664		21,144		16,064
Net income (loss) attributable to common stockholders per share, basic	$	1.09	$	1.70	$	(0.58	)
Net income (loss) attributable to common stockholders per share, diluted	$	1.03	$	1.53	$	(0.58	)

Balance Sheets Components (Tables)

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consisted of the following:


	As of
	December 31, 2022			December 31, 2021
	(in thousands)
Accounts receivable, gross	$	41,279		$	38,426
Allowance for credit losses		(50	)		(50	)
Accounts receivable, net	$	41,229		$	38,376

Schedule of Inventory

Inventory consisted of the following:


	As of
	December 31, 2022		December 31, 2021
	(in thousands)
Raw materials	$	17,518	$	1,841
Work in progress		33,687		16,963
Finished goods		6,445		4,826
Total inventories	$	57,650	$	23,630

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	As of
	December 31, 2022		December 31, 2021
	(in thousands)
Prepaid expenses	$	3,118	$	2,398
Other current assets		2,973		2,078
Total prepaid expenses and other current assets	$	6,091	$	4,476

Schedule of Property and Equipment Net

Property and equipment, net consisted of the following:


	As of
	December 31, 2022			December 31, 2021
	(in thousands)
Lab and manufacturing equipment	$	73,220		$	44,283
Computer equipment		3,170			1,977
Furniture and fixtures		509			433
Construction in progress		5,967			7,100
Leasehold improvements		7,129			5,211
		89,995			59,004
Accumulated depreciation		(31,223	)		(21,102	)
Total property and equipment, net	$	58,772		$	37,902

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following:


	As of
	December 31, 2022							December 31, 2021
	(in thousands)
	Gross Assets		Accumulated Amortization			Net Assets		Gross Assets		Accumulated Amortization			Net Assets
Internal use software	$	9,434	$	(8,833	)	$	601	$	9,434	$	(8,633	)	$	801
Purchased software		12,583		(7,978	)		4,604		11,703		(6,527	)		5,176
Intangible assets	$	22,017	$	(16,811	)	$	5,205	$	21,137	$	(15,160	)	$	5,977

Schedule of Future Amortization Expense for Intangible Assets

The estimated aggregate future amortization expense for intangible assets and subject to amortization as of December 31, 2022 is summarized as below:


	(in thousands)
2023	$	2,366
2024		1,671
2025		668
2026		354
2027 and beyond		146
	$	5,205

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:



	As of
	December 31, 2022		December 31, 2021
	(in thousands)
Accrued payroll and related benefits	$	6,109	$	7,237
Revenue reserves		1,840		2,194
Deferred non-recurring engineering services		2,689		5,666
Short term lease liability		2,485		1,336
Accrued customer rebates		234		3,107
Other accrued expenses		5,556		4,742
Total accrued expenses and other current liabilities	$	18,913	$	24,282

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Lease Related Assets and Liabilities

The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet as of December 31, 2022 and 2021:


	As of
	December 31, 2022			December 31, 2021
	(in thousands)
Right-of-use assets	$	10,848		$	8,194
Lease liabilities included in accrued expenses and other current liabilities		2,485			1,336
Lease liabilities - non-current		8,149			6,398
Total operating lease liabilities	$	10,634		$	7,734
Weighted-average remaining lease term (years)		4.0			5.0
Weighted-average discount rate		4.6	%		4.5	%

Summary of Lease Costs

The table below presents certain information related to the lease costs for operating leases for the years ended December 31, 2022, 2021, and 2020:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Operating lease cost	$	2,759	$	1,761	$	1,696
Short-term lease cost		1,389		579		356
Variable lease cost		911		599		332
Total lease cost	$	5,059	$	2,939	$	2,384

Summary of Undiscounted Cash Flows


	(in thousands)
2023	$	2,922
2024		3,056
2025		2,696
2026		2,171
2027		628
2028 and beyond		190
Total minimum lease payments		11,663
Less: amount of lease payments representing interest		(1,029	)
Present value of future minimum lease payments		10,634
Less: current obligations under leases		(2,485	)
Long-term lease liabilities	$	8,149

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of RSU, PRSU, and MYPSU Awards Activity

The following table summarizes the RSU, PRSU, and MYPSU awards activity for the years ended December 31, 2022, 2021 and 2020:


	RSU					PRSU				MYPSU
				Grant Date				Grant Date				Grant Date
	Number of			Fair Value		Number of		Fair Value		Number of		Fair Value
	Shares			per share		Shares		per share		Shares		per share

Unvested at December 31, 2019		2,989,322		$	13.0		—		—		—	$	—
Granted		682,517			53.4		—		—		—		—
Vested		(766,934	)		15.5		—		—		—		—
Forfeited		(169,199	)		13.7		—		—		—		—
Unvested at December 31, 2020		2,735,706		$	22.4		—		—		—	$	—
Granted		438,474			128.6		58,954		261.4		—		—
Vested		(874,462	)		27.9		—		—		—		—
Forfeited		(72,521	)		33.3		—		—		—		—
Unvested at December 31, 2021		2,227,197		$	40.6		58,954		261.4		—	$	—
Granted		468,703			188.3		—		—		311,872		88.6
Vested		(919,530	)		44.4		—		—		—		—
Forfeited		(58,376	)		111.8		—		—		—		—
Unvested at December 31, 2022		1,717,994		$	73.6		58,954	$	261.4		311,872	$	88.6

Schedule of Total Stock-Based Compensation Expense

Total stock-based compensation expense for employees recognized in the consolidated statements of operations and comprehensive income (loss) was as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Equity based awards
Cost of revenue	$	1,861	$	1,654	$	613
Research and development		23,024		11,087		4,682
Selling, general and administrative		28,177		14,422		9,521
	$	53,062	$	27,163	$	14,816

Liability based awards - to be settled in equity
Cost of revenue	$	121	$	114	$	—
Research and development		2,214		492		445
Selling, general and administrative		2,018		2,223		748
	$	4,353	$	2,829	$	1,193
Total stock-based compensation - equity and liability based	$	57,415	$	29,992	$	16,009

Liability-based awards - cash settled
Cost of revenue	$	—	$	102	$	264
Research and development		—		143		415
Selling, general and administrative		—		108		278
	$	—	$	353	$	957
Total stock-based compensation expense	$	57,415	$	30,345	$	16,966

Stock-based compensation expense recorded to additional paid-in capital
Equity based awards	$	53,062	$	27,163	$	14,816
Liability based awards - settled in equity		4,189		2,531		-
Total stock-based compensation expense recorded to additional paid-in capital	$	57,251	$	29,694	$	14,816

The following table presents the unrecognized compensation costs and related weighted average period of recognition as of

Summary of Unrecognized Compensation Costs and Related Weighted Average Period Of Recognition

The following table presents the unrecognized compensation costs and related weighted average period of recognition as of December 31, 2022:


	As of
	December 31, 2022
	Unrecognized Compensation Costs (in millions)		Weighted Average Period of Recognition (in years)
RSUs	$	114.5		2.1
PRSUs		-		—
MYPSUs		19.2		1.7
Liability-based awards		0.3		0.6
Total unrecognized compensation costs	$	134.0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income (Loss) Before Income Taxes

The components of income (loss) before income taxes were as follows:


	Years Ended December 31,
	2022		2021			2020
	(in thousands)
United States	$	22,208	$	32,379		$	(9,645	)
Foreign		1,128		(24	)		274
	$	23,336	$	32,355		$	(9,371	)

Schedule of Components of Income Tax (Expense) Benefit

The components of income tax expense were as follows:


	Years Ended December 31,
	2022			2021			2020
	(in thousands)
Current Provision:
Federal	$	-		$	(11	)	$	-
State		(1	)		(1	)		(1	)
Foreign		(81	)		(66	)		—
Total current provision		(82	)		(78	)		(1	)
Total deferred provision		—			—			—
Total income tax provision	$	(82	)	$	(78	)	$	(1	)

Schedule of Components of Deferred Tax Assets and Liabilities

The material components of the deferred tax assets and liabilities consisted of net operating loss carry-forwards and tax credit carry-forwards.


	Years Ended December 31,
	2022			2021			2020
	(in thousands)
Deferred tax assets (liabilities):
Accrual, write-down and other	$	5,433		$	5,442		$	2,469
Section 174 Costs		23,513			-			-
Depreciation and amortization		(1,576	)		(818	)		76
Credits		5,657			-			-
Net operating loss and credits carry forwards		49,647			64,690			42,949
Total gross deferred tax assets (liabilities)		82,674			69,314			45,494
Valuation allowance		(82,674	)		(69,314	)		(45,494	)
Total net deferred tax assets	$	—		$	—		$	—

Schedule of Reconciliation of Effective Tax Rate

A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate is as follows:


	Years Ended December 31,
	2022			2021			2020

US Federal Rate		21.0	%		21.0	%		21.0	%
RSU excess tax expense		(88.6	)		(79.0	)		93.3
Permanent differences and others		10.9			15.7			(2.9	)
Change in valuation allowance		57.0			42.3			(111.4	)
		0.3	%		0.0	%		0.0	%

Schedule of Reconciliation of Unrecognized Tax Benefit

A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows:


	December 31,
	2022			2021
	(in thousands)
Beginning balance	$	2,431		$	2,436
Increase (decrease) in balance related to tax position taken during prior periods		—			—
Increase (decrease) in balance related to tax position taken during the current period		(129	)		(5	)
Ending balance	$	2,302		$	2,431

Segment Information and Operations by Geographic Area (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Revenue by Country

The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Taiwan	$	101,849	$	66,390	$	55,789
Hong Kong		59,209		82,503		30,306
United States		33,470		14,221		8,522
Other		89,077		55,694		21,539
Total	$	283,605	$	218,808	$	116,156

Schedule of Property and Equipment Attributable to Operations


	As of
	December 31, 2022		December 31, 2021
	(in thousands)
United States	$	24,211	$	19,205
Malaysia		18,524		13,780
Taiwan		5,570		2,367
Other		10,467		2,550
Total	$	58,772	$	37,902

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2022

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.


	Year Ended December 31,
Transactions	2022		2021		2020
	(in thousands)
MegaChips
Sales through distribution agreement	$	—	$	8,167	$	5,714
License expense		—		—		148
Commission expense		—		340		228
Affiliates
Consulting fees		189		254		380


	Year Ended December 31,
Payments	2022		2021		2020
	(in thousands)
MegaChips
Cash paid for commissions	$	—	$	340	$	228
Cash paid for licenses		—		—		25
Affiliates
Cash paid for consulting fees		189		254		380

The Company and Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Nov. 03, 2021	Dec. 31, 2022 USD ($) Customer Distributor	Dec. 31, 2021 USD ($) Customer Distributor	Dec. 31, 2020 USD ($) Customer Distributor
Significant Accounting Policies [Line Items]
Foreign currency remeasurement and transactions gains and losses		$ 100,000	$ 500,000	$ 100,000
Finance leases		$ 0
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Liabilities
Accrued expenses and other current liabilities		$ 18,913,000	24,282,000
Reduction of research and development expense		9,000,000.0	2,400,000	0
Selling, General and Administrative Expenses
Significant Accounting Policies [Line Items]
Advertising expenses		2,300,000	1,500,000	$ 300,000
Non-recurring Engineering Services
Significant Accounting Policies [Line Items]
Accrued expenses and other current liabilities		2,700,000	5,700,000
Accrued expenses and other non current liabilities		$ 200,000	$ 500,000
Revenue \| Credit Concentration Risk
Significant Accounting Policies [Line Items]
Number of distributors representing more than 10% of company's revenue \| Distributor		3	3	3
Accounts Receivable \| Credit Concentration Risk
Significant Accounting Policies [Line Items]
Concentration risk, customer		At December 31, 2022 and 2021 these customers accounted for 10% or more of accounts receivable
Revenue Benchmark \| Customer Concentration Risk
Significant Accounting Policies [Line Items]
Number of customers accounted for 10% or more of revenues \| Customer		0	0	0
Revenue Benchmark \| Customer Concentration Risk \| Distributor One
Significant Accounting Policies [Line Items]
Concentration risk, percentage		20.00%	22.00%	40.00%
Revenue Benchmark \| Distributor Concentration Risk
Significant Accounting Policies [Line Items]
Number of distributors accounted for 10% or more of revenues \| Distributor		0	0	0
Level 1
Significant Accounting Policies [Line Items]
Cash balances in bank		$ 31,600,000	$ 339,300,000
Highly liquid money market funds		3,000,000.0	$ 220,200,000
Short-term investments in held-to-maturity securities, at amortized cost		524,400,000
Short-term investments in held-to-maturity securities, gross unrealized gain		5,100,000
Short-term investments in held-to-maturity securities, net carrying value		$ 529,500,000
MegaChips
Significant Accounting Policies [Line Items]
Agreement termination date	Nov. 03, 2021
Minimum
Significant Accounting Policies [Line Items]
Treasury bills maturity date		3 months
Property and equipment, estimated useful life		5 years
Revenue Recognized Payment Terms		30 days
Minimum \| Capitalized Internal Use Software
Significant Accounting Policies [Line Items]
Estimated useful life of intangible assets		2 years
Minimum \| Purchased Intangibles with Finite Lives
Significant Accounting Policies [Line Items]
Estimated useful life of intangible assets		3 years
Minimum \| Revenue \| Customer Concentration Risk
Significant Accounting Policies [Line Items]
Concentration risk, percentage		10.00%	10.00%	10.00%
Minimum \| Revenue \| Distributor Concentration Risk
Significant Accounting Policies [Line Items]
Concentration risk, percentage		10.00%	10.00%	10.00%
Minimum \| Accounts Receivable \| Customer Concentration Risk
Significant Accounting Policies [Line Items]
Concentration risk, percentage		10.00%	10.00%
Maximum
Significant Accounting Policies [Line Items]
Treasury bills maturity date		6 months
Property and equipment, estimated useful life		7 years
Warranty reserve balances		$ 100,000	$ 100,000
Revenue Recognized Payment Terms		60 days
Revenue recognized amortization period term		1 year
Maximum \| Capitalized Internal Use Software
Significant Accounting Policies [Line Items]
Estimated useful life of intangible assets		3 years
Maximum \| Purchased Intangibles with Finite Lives
Significant Accounting Policies [Line Items]
Estimated useful life of intangible assets		5 years

The Company and Summary of Significant Accounting Policies - Summary of Customers Percentage Accounted For 10% or More of Revenue and Accounts Receivable (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue \| Pernas Electronics Co. Ltd.
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%	24.00%	26.00%
Revenue \| Arrow Electronics, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	17.00%	14.00%	15.00%
Revenue \| Quantek Technology Corporation
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	10.00%	18.00%
Accounts Receivable \| Pernas Electronics Co. Ltd.
Concentration Risk [Line Items]
Concentration risk, percentage	24.00%	16.00%
Accounts Receivable \| Arrow Electronics, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	15.00%	14.00%
Accounts Receivable \| Quantek Technology Corporation
Concentration Risk [Line Items]
Concentration risk, percentage	17.00%	13.00%
Accounts Receivable \| Smith & Associates
Concentration Risk [Line Items]
Concentration risk, percentage	0.00%	11.00%

The Company and Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Minimum
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	5 years
Maximum
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	7 years
Lab and Manufacturing Equipment \| Minimum
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	3 years
Lab and Manufacturing Equipment \| Maximum
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	7 years
Computer Equipment
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	3 years
Furniture and Fixtures
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	5 years
Leasehold Improvements
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	Shorter of remaining lease term or estimated useful lives of the assets

Net Income (Loss) Per Share - Summary of Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ 23,254	$ 32,277	$ (9,372)
Weighted-average shares outstanding
Weighted average shares used to compute basic net income per share	21,245	19,006	16,064
Dilutive effect of employee equity incentive plans	1,419	2,138
Weighted average shares used to compute diluted net income (loss) per share	22,664	21,144	16,064
Net income (loss) attributable to common stockholders per share, basic	$ 1.09	$ 1.70	$ (0.58)
Net income (loss) attributable to common stockholders per share, diluted	$ 1.03	$ 1.53	$ (0.58)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Income (Loss) Per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Anti-dilutive weighted shares	309,963	3,955	2,095,135

Balance Sheets Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Accounts receivable, gross	$ 41,279	$ 38,426
Allowance for credit losses	(50)	(50)
Accounts receivable, net	$ 41,229	$ 38,376

Balance Sheets Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 17,518	$ 1,841
Work in progress	33,687	16,963
Finished goods	6,445	4,826
Total inventories	$ 57,650	$ 23,630

Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 3,118	$ 2,398
Other current assets	2,973	2,078
Total prepaid expenses and other current assets	$ 6,091	$ 4,476

Balance Sheets Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 89,995	$ 59,004
Accumulated depreciation	(31,223)	(21,102)
Total property and equipment, net	58,772	37,902
Lab and Manufacturing Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	73,220	44,283
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,170	1,977
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	509	433
Construction in progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,967	7,100
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 7,129	$ 5,211

Balance Sheets Components - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Depreciation expense		$ 10,100,000	$ 5,700,000	$ 3,700,000
Amortization expense for intangible assets		1,700,000	2,200,000	2,700,000
Impairment of internal-use software				$ 959,000
Intangibles Assets not amortized		0	800,000
Capitalized software costs		3,900,000	6,000,000.0
Accrued customer rebates		$ 234,000	$ 3,107,000		$ 2,700,000
Accrued customer rebate waiver	$ 2,700,000

Balance Sheets Components - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 22,017	$ 21,137
Accumulated amortization	(16,811)	(15,160)
Intangible assets, net	5,205	5,977
Internal use software
Finite Lived Intangible Assets [Line Items]
Intangible assets, gross	9,434	9,434
Accumulated amortization	(8,833)	(8,633)
Intangible assets, net	601	801
Purchased software
Finite Lived Intangible Assets [Line Items]
Intangible assets, gross	12,583	11,703
Accumulated amortization	(7,978)	(6,527)
Intangible assets, net	$ 4,604	$ 5,176

Balance Sheets Components - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2023	$ 2,366
2024	1,671
2025	668
2026	354
2027 and beyond	146
Intangible assets, net	$ 5,205	$ 5,977

Balance Sheets Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued payroll and related benefits	$ 6,109		$ 7,237
Revenue reserves	1,840		2,194
Deferred non-recurring engineering services	2,689		5,666
Short term lease liability	$ 2,485		$ 1,336
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total accrued expenses and other current liabilities		Total accrued expenses and other current liabilities
Accrued customer rebates	$ 234	$ 2,700	$ 3,107
Other accrued expenses	5,556		4,742
Total accrued expenses and other current liabilities	$ 18,913		$ 24,282

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease Disclosure [Line Items]
Cash paid for operating lease liabilities	$ 2,500	$ 1,700	$ 2,300
Operating lease right-of use asset	10,848	8,194
Current lease liabilities	2,485	1,336
Long-term lease liabilities	8,149	6,398
Operating lease liability	10,634	$ 7,734
Eight Operating Leases Commenced in December 2022
Lease Disclosure [Line Items]
Operating lease right-of use asset	5,100
Current lease liabilities	1,100
Long-term lease liabilities	$ 4,200
Maximum
Lease Disclosure [Line Items]
Operating lease, renewal term	5 years
Lease term	6 years
Maximum \| Eight Operating Leases Commenced in December 2022
Lease Disclosure [Line Items]
Lease term	7 years
Minimum
Lease Disclosure [Line Items]
Operating lease, renewal term	1 year
Lease term	1 year
Minimum \| Eight Operating Leases Commenced in December 2022
Lease Disclosure [Line Items]
Lease term	2 years
Office Space
Lease Disclosure [Line Items]
Lease term expiration date	2027-04
Operating lease, renewal term	5 years
Lease incentives received	$ 400
Lease option to extend	The remaining lease terms vary from 1 to 6 years. For its leases the Company has options to extend the lease term for periods varying from 1 to 5 years.
Option to extend	true
Extended term of leases	3 months

Leases - Summary of Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use assets, net	$ 10,848	$ 8,194
Lease liabilities included in accrued expenses and other current liabilities	2,485	1,336
Lease liabilities - non-current	8,149	6,398
Total operating lease liabilities	$ 10,634	$ 7,734
Weighted-average remaining lease term (years)	4 years	5 years
Weighted-average discount rate	4.60%	4.50%

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 2,759	$ 1,761	$ 1,696
Short-term lease cost	1,389	579	356
Variable lease cost	911	599	332
Total lease cost	$ 5,059	$ 2,939	$ 2,384

Leases - Summary of Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 2,922
2024	3,056
2025	2,696
2026	2,171
2027	628
2028 and beyond	190
Total minimum lease payments	11,663
Less: amount of lease payments representing interest	(1,029)
Present value of future minimum lease payments	10,634	$ 7,734
Less: current obligations under leases	(2,485)	(1,336)
Long-term lease liabilities	$ 8,149	$ 6,398

Commitments and Contingencies - Summary of Future Non-Cancellable Purchase Commitments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2023	$ 16,421
2024	10,039
2025	7,162
2026	5,162
Total	$ 38,784

Debt Obligations - Additional Information (Details) - USD ($)		12 Months Ended
	Jul. 24, 2020	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2018	Aug. 31, 2015
Line Of Credit Facility [Line Items]
Repayment of outstanding loan		$ 76,000,000
Minimum \| MUFG
Line Of Credit Facility [Line Items]
Debt instrument, maturity			1 month
Interest rate			1.01%
Maximum \| MUFG
Line Of Credit Facility [Line Items]
Debt instrument, maturity			1 year
Interest rate			4.07%
Revolving Line of Credit \| MUFG
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 50,000,000.0	$ 20,000,000.0
Loan Amount			$ 139,000,000.0
Repayment of outstanding loan	$ 76,000,000.0
Line of credit prepaid amount	12,000,000.0
Line of credit, prepayment penalties	$ 100,000

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	May 04, 2022	Nov. 10, 2021	Feb. 22, 2021	Jun. 16, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized					200,000,000	200,000,000
Common stock, par value					$ 0.0001	$ 0.0001
Common stock, voting rights					one vote
Deferred offering costs					$ 947	$ 618	$ 3,011
Follow On Public Offering [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock net of underwriting discounts and commissions and other offering costs, Shares		1,300,000	1,500,000	1,525,000
Proceeds from public offering, net of underwriting discounts and commissions		$ 279,000	$ 181,600	$ 45,800
Payments for underwriting discounts and commissions		13,200	8,600	2,700
Deferred offering costs		$ 300	$ 300	$ 300
Stifel \| At-The-Market Issuance Sales Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized	800,000
Common stock, par value	$ 0.0001
Issuance of common stock net of underwriting discounts and commissions and other offering costs, Shares	800,000				225,334
Proceeds from public offering, net of underwriting discounts and commissions					$ 33,000
Payments for underwriting discounts and commissions					$ 700
Percentage of sales commission from common stock sold	3.00%
Shares issued price per share					$ 150.78
Deferred offering costs					$ 200

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2022	Nov. 30, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities			$ 18,913	$ 24,282
The total fair value as of vesting date of awards			40,500	161,200	$ 43,700
Stock-based compensation expense			57,415	30,345	16,966
Liability-based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities			800
Stock-based compensation expense			2,100
Equity Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 53,062	$ 27,163	$ 14,816
Multi-year Performance Restricted Stock Unit Award MYPSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price target achievement period	60-trading day
Expected volatility	44.40%
Risk free rate	1.83%
Expected dividend yield	0.00%
Expected term	6 years
Multi-year Performance Restricted Stock Unit Award MYPSU \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period of common stock	six years
New Hires \| Cash Restricted Stock Unit Award CRSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period					1 year
2019 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance			800,000
Vesting period		4 years
2020 Goals \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges					119.00%
2020 Goals \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges					144.00%
2021 Goals \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges				76.00%
2021 Goals \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges				150.00%
2022 Goals \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges			44.00%
2022 Goals \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges			130.00%
Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance	250,000		27,000
Inducement Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
Inducement Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Second Half of 2022 Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities			$ 800

Stock-based Compensation - Schedule of RSU, PRSU, and MYPSU Awards Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock Units RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning Balance	2,227,197	2,735,706	2,989,322
Number of Shares, Granted	468,703	438,474	682,517
Number of Shares, Vested	(919,530)	(874,462)	(766,934)
Number of Shares, Forfeited	(58,376)	(72,521)	(169,199)
Number of Shares, Ending Balance	1,717,994	2,227,197	2,735,706
Grant Date Fair Value per share, Beginning Balance	$ 40.6	$ 22.4	$ 13.0
Grant Date Fair Value per share, Granted	188.3	128.6	53.4
Grant Date Fair Value per share, Vested	44.4	27.9	15.5
Grant Date Fair Value per share, Forfeited	111.8	33.3	13.7
Grant Date Fair Value per share, Ending Balance	$ 73.6	$ 40.6	$ 22.4
Performance Restricted Stock Unit Award PRSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning Balance	58,954
Number of Shares, Granted		58,954
Number of Shares, Ending Balance	58,954	58,954
Grant Date Fair Value per share, Beginning Balance	$ 261.4
Grant Date Fair Value per share, Granted		$ 261.4
Grant Date Fair Value per share, Ending Balance	$ 261.4	$ 261.4
Multi-year Performance Restricted Stock Unit Award MYPSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted	311,872
Number of Shares, Ending Balance	311,872
Grant Date Fair Value per share, Granted	$ 88.6
Grant Date Fair Value per share, Ending Balance	$ 88.6

Stock-based Compensation - Summary of Unrecognized Compensation Costs and Related Weighted Average Period of Recognition (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	$ 134.0
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	$ 114.5
Weighted Average Period of Recognition (in years)	2 years 1 month 6 days
MYPSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	$ 19.2
Weighted Average Period of Recognition (in years)	1 year 8 months 12 days
Liability-based Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	$ 0.3
Weighted Average Period of Recognition (in years)	7 months 6 days

Income Taxes - Schedule of Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ 22,208	$ 32,379	$ (9,645)
Foreign	1,128	(24)	274
Income (loss) before income taxes	$ 23,336	$ 32,355	$ (9,371)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.7-04(8))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Name Accounting Standards Codification
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal		$ (11)
State	$ (1)	(1)	$ (1)
Foreign	(81)	(66)
Total current provision	(82)	(78)	(1)
Income tax expense	$ (82)	$ (78)	$ (1)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets (liabilities):
Accrual, write-down and other	$ 5,433	$ 5,442	$ 2,469
Section 174 Costs	23,513
Depreciation and amortization			76
Depreciation and amortization	(1,576)	(818)
Credits	5,657
Net operating loss and credits carry forwards	49,647	64,690	42,949
Total gross deferred tax assets (liabilities)	82,674	69,314	45,494
Valuation allowance	(82,674)	(69,314)	(45,494)
Total net deferred tax assets	$ 0	$ 0	$ 0

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Change in valuation allowance	$ 13,100
Federal net operating loss carry-forwards	213,300	$ 259,600
State net operating loss carry-forwards	65,300	64,500
Foreign net operating loss carry-forwards	$ 1,700	2,300
Federal net operating loss carry-forwards expiration year	2025
State net operating loss carry-forwards expiration year	2028
Foreign net operating loss carry-forwards expiration year	2028
Federal research and development tax credit carry-forwards	$ 3,900	3,900
State research and development tax credit carry-forwards	$ 3,600	3,600
Expiration of federal tax credits	2025
Unrecognized tax benefits	$ 2,302	$ 2,431	$ 2,436

Income Taxes - Schedule of Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
US Federal Rate	21.00%	21.00%	21.00%
RSU excess tax expense	(88.60%)	(79.00%)	93.30%
Permanent differences and others	10.90%	15.70%	(2.90%)
Change in valuation allowance	57.00%	42.30%	(111.40%)
Effective income tax rate	0.30%	0.00%	0.00%

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Beginning balance	$ 2,431	$ 2,436
Increase (decrease) in balance related to tax position taken during prior periods	0	0
Decrease in balance related to tax position taken during the current period	(129)	(5)
Ending balance	$ 2,302	$ 2,431

401(k) Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Maximum pre-tax contribution per employee	90.00%
Matching contributions	$ 1.3	$ 1.0	$ 0.6

Segment Information and Operations by Geographic Area - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segment Information and Operations by Geographic Area - Schedule of Revenue by Country (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 283,605	$ 218,808	$ 116,156
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	283,605	218,808	116,156
Taiwan \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	101,849	66,390	55,789
Hong Kong \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	59,209	82,503	30,306
United States \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	33,470	14,221	8,522
Other \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	$ 89,077	$ 55,694	$ 21,539

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 41
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Segment Information and Operations by Geographic Area - Schedule of Property and Equipment Attributable to Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Property and equipment, net	$ 58,772	$ 37,902
United States
Segment Reporting Information [Line Items]
Property and equipment, net	24,211	19,205
Malaysia
Segment Reporting Information [Line Items]
Property and equipment, net	18,524	13,780
Taiwan
Segment Reporting Information [Line Items]
Property and equipment, net	5,570	2,367
Other
Segment Reporting Information [Line Items]
Property and equipment, net	$ 10,467	$ 2,550

Related Party Transactions - Additional Information (Details) - USD ($)		1 Months Ended		12 Months Ended
	Aug. 31, 2021	Dec. 31, 2021	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock Units RSU
Related Party Transaction [Line Items]
Equity award, granted				468,703	438,474	682,517
MegaChips
Related Party Transaction [Line Items]
Agreement termination date	Aug. 31, 2021
MegaChips \| SiTime Corporation
Related Party Transaction [Line Items]
Percentage of outstanding common stock held		24.00%		23.00%	24.00%
Akira Takata
Related Party Transaction [Line Items]
Sales consulting services fee			$ 5,000
Agreement extension date		Dec. 31, 2022
Akira Takata \| Restricted Stock Units RSU
Related Party Transaction [Line Items]
Equity award, granted		300	500
Equity award, vesting date		Nov. 20, 2022	Nov. 20, 2021

Related Party Transactions - Summary of Significant Balances, Transactions and Payments with Related Parties and Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
MegaChips
Related Party Transaction [Line Items]
Sales through distribution agreement		$ 8,167	$ 5,714
License expense			148
Commission expense		340	228
Cash paid for commissions		340	228
Cash paid for licenses			25
Affliates
Related Party Transaction [Line Items]
Consulting fees	$ 189	254	380
Cash paid for consulting fees	$ 189	$ 254	$ 380

Subsequent Events - Additional Information (Details) - Inducement Plan - shares	Feb. 21, 2023	Dec. 31, 2022	Feb. 28, 2022
Subsequent Event [Line Items]
Common stock, capital shares reserved for future issuance		27,000	250,000
Subsequent Event
Subsequent Event [Line Items]
Common stock, capital shares reserved for future issuance	250,000

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for Credit Losses
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 50	$ 50	$ 129
Deductions Credited to Expenses or Other Accounts			(79)
Balance at End of Period	50	50	50
Deferred Tax Valuation Allowance
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	69,314	55,951	45,494
Additions Charged to Expenses or Other Accounts	13,360	13,363	10,457
Balance at End of Period	$ 82,674	$ 69,314	$ 55,951