0000950170-23-017841 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	SiTime Corporation
Entity Central Index Key	0001451809
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding		21,951,808
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	SITM
Security Exchange Name	NASDAQ
Entity File Number	001-39135
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	02-0713868
Entity Address, Address Line One	5451 Patrick Henry Drive
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95054
City Area Code	408
Local Phone Number	328-4400
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 38,265	$ 34,603
Short-term investments in held-to-maturity securities	537,818	529,494
Accounts receivable, net	21,464	41,229
Inventories	60,011	57,650
Prepaid expenses and other current assets	8,986	6,091
Total current assets	666,544	669,067
Property and equipment, net	57,487	58,772
Intangible assets, net	4,800	5,205
Right-of-use assets, net	10,227	10,848
Other assets	7,370	6,724
Total assets	746,428	750,616
Current liabilities:
Accounts payable	8,186	14,881
Accrued expenses and other current liabilities	17,020	18,913
Total current liabilities	25,206	33,794
Lease liabilities	7,471	8,149
Other non-current liabilities	91	193
Total liabilities	32,768	42,136
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.0001 par value - 200,000 shares authorized; 21,952 and 21,702 shares issued and outstanding at March 31, 2023 and December 31, 2022	2	2
Additional paid-in capital	738,013	716,343
Accumulated deficit	(24,355)	(7,865)
Total stockholders’ equity	713,660	708,480
Total liabilities and stockholders’ equity	$ 746,428	$ 750,616

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	21,952,000	21,702,000
Common stock, shares, outstanding	21,952,000	21,702,000

Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 38,343	$ 70,253
Cost of revenue	15,302	25,020
Gross profit	23,041	45,233
Operating expenses:
Research and development	24,457	20,595
Selling, general and administrative	20,733	18,578
Total operating expenses	45,190	39,173
Income (loss) from operations	(22,149)	6,060
Interest income	5,629
Other income, net	100	148
Income (loss) before income taxes	(16,420)	6,208
Income tax expense	(70)	(68)
Net income (loss)	(16,490)	6,140
Net income (loss) attributable to common stockholders and comprehensive income	$ (16,490)	$ 6,140
Net income (loss) per share attributable to common stockholders, basic	$ (0.76)	$ 0.29
Net income (loss) per share attributable to common stockholders, diluted	$ (0.76)	$ 0.27
Weighted-average shares used to compute basic net income (loss) per share	21,794	20,921
Weighted-average shares used to compute diluted net income (loss) per share	21,794	22,703

Condensed Consolidated Statements Of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	At-The-Market Offering	Common Stock	Common Stock At-The-Market Offering	Additional Paid-in Capital	Additional Paid-in Capital At-The-Market Offering	Accumulated Deficit
Beginning Balance at Dec. 31, 2021	$ 632,497		$ 2		$ 663,614		$ (31,119)
Beginning Balance, Shares at Dec. 31, 2021			20,825,000
Stock-based compensation expense	15,237				15,237
Net income (loss)	6,140						6,140
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares			217,000
Ending Balance at Mar. 31, 2022	653,874		$ 2		678,851		(24,979)
Ending Balance, Shares at Mar. 31, 2022			21,042,000
Beginning Balance at Dec. 31, 2022	$ 708,480		$ 2		716,343		(7,865)
Beginning Balance, Shares at Dec. 31, 2022	21,702,000		21,702,000
Stock-based compensation expense	$ 19,136				19,136
Net income (loss)	(16,490)						(16,490)
Issuance of common stock net of underwriting discounts and commissions and other offering costs		$ 12,749				$ 12,749
Issuance of common stock net of underwriting discounts and commissions and other offerings costs, Shares				100,000
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	(10,215)				(10,215)
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares			150,000
Ending Balance at Mar. 31, 2023	$ 713,660		$ 2		$ 738,013		$ (24,355)
Ending Balance, Shares at Mar. 31, 2023	21,952,000		21,952,000

- 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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+ Details

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (16,490)	$ 6,140
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization expense	3,824	2,544
Stock-based compensation expense	18,536	14,280
Unrealized interest on held to maturity securities	(4,235)
Changes in assets and liabilities:
Accounts receivable, net	19,765	7,725
Inventories	(2,361)	(7,123)
Prepaid expenses and other assets	(2,895)	(330)
Accounts payable	(6,430)	(1,515)
Accrued expenses and other liabilities	(2,212)	(1,693)
Net cash provided by operating activities	7,502	20,028
Cash flows from investing activities
Purchase of held to maturity securities	(379,543)
Proceeds from maturity of held to maturity securities	375,454
Purchase of property and equipment	(2,094)	(7,452)
Cash paid for intangibles	(191)	(583)
Net cash used in investing activities	(6,374)	(8,035)
Cash flows from financing activities
Tax withholding paid on behalf of employees for net share settlement	(10,215)
Proceeds from public offering	13,119
Payments for offering costs	(370)
Net cash provided by financing activities	2,534
Net increase in cash and cash equivalents	3,662	11,993
Cash and cash equivalents
Beginning of period	34,603	559,461
End of period	38,265	571,454
Supplemental disclosure of cash flow information
Income taxes paid	104	14
Supplemental disclosure of noncash flow information
Unpaid property and equipment	$ 486	2,356
Right-of-use assets acquired under operating leases		$ 3,659

The Company and Basis of Presentation

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

The Company and Basis of Presentation

Note 1. The Company and Basis of Presentation

SiTime Corporation (the “Company”) was incorporated in the State of Delaware in December 2003. The Company is a 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.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments of a normal, recurring nature, which are necessary to state fairly the financial information included therein. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in SiTime Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP.

Coronavirus Disease (“the COVID-19 pandemic”)

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

Principles of Consolidation

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

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the Company’s audited consolidated financial statements and related notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2022. There have been no changes to these accounting policies through March 31, 2023.

Recent Accounting Pronouncements

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

Net Income Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Share

Note 2. Net Income (Loss) Per Share

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


	Three Months Ended March 31,
	2023			2022
	(in thousands, except per share data)
Net income (loss) attributable to common stockholders	$	(16,490	)	$	6,140
Weighted-average shares outstanding
Weighted average shares used to compute basic net income (loss) per share		21,794			20,921
Dilutive effect of employee equity incentive plans		—			1,782
Weighted average shares used to compute diluted net income (loss) per share		21,794			22,703
Net income (loss) attributable to common stockholders per share, basic	$	(0.76	)	$	0.29
Net income (loss) attributable to common stockholders per share, diluted	$	(0.76	)	$	0.27

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

Anti-dilutive potential shares from share-based awards are excluded from the calculation of diluted earnings per share if either their exercise price exceeded the average market price during the period, or the share-based awards were determined to be anti-dilutive

based on applying the treasury stock method. During the three months ended March 31, 2023 and 2022, the Company had 415,017 potential shares and 3,211 potential shares from share-based awards that are anti-dilutive, respectively.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

The carrying amounts of the Company’s financial instruments, which include cash equivalents, short-term investments and accounts receivable, accounts payable, accrued liabilities, and other current liabilities, approximate their fair values due to their short maturities.

Cash and cash equivalents

On March 31, 2023 and December 31, 2022, cash balances in bank checking and savings accounts of $38.0 million and $31.6 million, respectively, were valued using Level 1 of the fair value hierarchy. On March 31, 2023 and December 31, 2022, highly liquid money market funds of $0.3 million and $3.0 million, respectively, were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in cash equivalents.

Short-term investments in held-to-maturity securities

As of March 31, 2023 and December 31, 2022, the Company had entered into treasury bills with maturities of six 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 $533.0 million with gross accrued interest of $4.8 million and net carrying value of $537.8 million. As of December 31, 2022, the amortized cost of the held-to-maturity securities totaled $524.4 million with gross accrued interest 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Balance Sheets Components

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheets Components

Note 4. Balance Sheet Components

Accounts Receivable, net

Accounts receivable, net consisted of the following:


	As of
	March 31, 2023			December 31, 2022
	(in thousands)
Accounts receivable, gross	$	21,514		$	41,279
Allowance for credit losses		(50	)		(50	)
Accounts receivable, net	$	21,464		$	41,229

Inventories

Inventories consisted of the following:


	As of
	March 31, 2023		December 31, 2022
	(in thousands)
Raw materials	$	26,111	$	17,518
Work in progress		26,037		33,687
Finished goods		7,863		6,445
Total inventories	$	60,011	$	57,650

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	As of
	March 31, 2023		December 31, 2022
	(in thousands)
Prepaid expenses	$	3,225	$	3,118
Other current assets		5,761		2,973
Total prepaid expenses and other current assets	$	8,986	$	6,091

Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of
	March 31, 2023			December 31, 2022
	(in thousands)
Lab and manufacturing equipment	$	75,652		$	73,220
Computer equipment		3,238			3,170
Furniture and fixtures		563			509
Construction in progress		5,115			5,967
Leasehold improvements		7,365			7,129
		91,933			89,995
Accumulated depreciation		(34,446	)		(31,223	)
Total property and equipment, net	$	57,487		$	58,772

Depreciation expense related to property and equipment was $3.2 million and $2.1 million for the three months ended March 31, 2023 and 2022, respectively.

Intangible Assets, Net

Intangible assets, net consisted of the following:


	As of
	March 31, 2023							December 31, 2022
	(in thousands)
	Gross Assets		Accumulated Amortization			Net Assets		Gross Assets		Accumulated Amortization			Net Assets
Internal use software	$	9,434	$	(8,933	)	$	501	$	9,434	$	(8,833	)	$	601
Purchased software		12,772		(8,473	)		4,299		12,583		(7,978	)		4,604
Intangible assets	$	22,206	$	(17,406	)	$	4,800	$	22,017	$	(16,811	)	$	5,205

Amortization expense for intangible assets was $0.6 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively.

The estimated aggregate future amortization expense for intangible assets subject to amortization as of March 31, 2023 is summarized as below:


	(in thousands)
2023 (remainder)	$	1,803
2024		1,711
2025		708
2026		385
2027		193
	$	4,800

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:



	As of
	March 31, 2023		December 31, 2022
	(in thousands)
Accrued payroll and related benefits	$	4,801	$	6,109
Revenue reserves		2,047		1,840
Deferred non-recurring engineering services		2,628		2,689
Short term lease liability		2,574		2,485
Other accrued expenses		4,970		5,790
Total accrued expenses and other current liabilities	$	17,020	$	18,913

The Company recorded reductions to research and development expenses related to non-recurring engineering service arrangements in the condensed consolidated statements of operations of $1.2 million and $2.0 million during the three months ended March 31, 2023 and 2022, respectively.

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Note 5. Leases

The Company leases real estate property under operating leases. The Company leases office space in California, Michigan, Malaysia, Japan, Taiwan, the Netherlands, Finland, and Ukraine all under non-cancellable operating leases with various expiration dates through May 2029.

The remaining lease terms vary from a few months to 6 years. For certain of its leases the Company has options to extend the lease term for periods varying from one to five years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. The Company also has variable lease payments that are primarily comprised of common area maintenance and utility charges.

The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet as of March 31, 2023:


	As of
	March 31, 2023			December 31, 2022
	(in thousands)
Right-of-use assets	$	10,227		$	10,848
Lease liabilities included in accrued expenses and other current liabilities		2,574			2,485
Lease liabilities - non-current		7,471			8,149
Total operating lease liabilities	$	10,045		$	10,634
Weighted-average remaining lease term (years)		3.8			4.0
Weighted-average discount rate		4.6	%		4.6	%

The table below presents certain information related to the lease costs for operating leases for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Operating lease cost	$	759	$	558
Short-term lease cost		177		534
Variable lease cost		264		94
Total lease cost	$	1,200	$	1,186

Cash paid for operating lease liabilities was $0.7 million and $0.5 million for the three months ended March 31, 2023 and 2022, respectively.

Operating Lease Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2023:


	(in thousands)
Remainder of 2023	$	2,197
2024		3,060
2025		2,702
2026		2,177
2027		629
2028 and beyond		190
Total minimum lease payments		10,955
Less: amount of lease payments representing interest		(910	)
Present value of future minimum lease payments		10,045
Less: current obligations under leases		(2,574	)
Long-term lease liabilities	$	7,471

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

Note 6. Stockholders’ Equity

At-The-Market offering

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

During the three months ended March 31, 2023, the Company sold 100,000 shares of its common stock through Stifel, Nicolaus & Company, Incorporated ("Stifel") under a Sales Agreement at a weighted average price of $131.19 per share resulting in net proceeds to the Company of $12.7 million, after deducting underwriting discounts and commissions of $0.3 million and deferred offering costs of $0.1 million.

Equity Incentive Plans

The following table summarizes the RSU, performance based restricted stock unit awards ("PRSU"), and multi-year performance restricted stock units ("MYPSU") activity for the three months ended March 31, 2023:


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

Unvested at December 31, 2022		1,717,994		$	73.6		58,954		$	261.4		311,872	$	88.6
Granted		368,363			123.1		122,466			145.5		—		—
Vested		(234,633	)		56.6		—			—		—		—
Forfeited		(27,792	)		67.4		(58,954	)		261.4		—		—
Unvested at March 31, 2023		1,823,932		$	82.8		122,466		$	145.5		311,872	$	88.6

On August 4, 2020, the Compensation Committee of the Company adopted and approved the Executive Bonus and Retention Plan (the “Bonus and Retention Plan”). In August 2022, the Compensation Committee approved target bonus amounts and performance goals for the second half of the fiscal year 2022 (the “2022 Goals”). In February 2023, the Compensation Committee approved target bonus amounts for the fiscal year 2023 (the "2023 Goals"). The 2022 Goals and the 2023 Goals are based on the achievement of revenue and Non-GAAP operating profit, as well as individual performance goals. The awards for the actual payouts are granted in the quarter following the end of the performance period. The target bonuses were granted based on a fixed dollar amount to be settled in RSUs on the vesting date and hence the awards have been classified as liability-based awards until settled. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statements. The liability of $0.1 million for 2023 Goals was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet as of March 31, 2023. Actual payouts for 2022 Goals ranged from 44% to 89% of target, based on performance.

In February 2023 and March 2023, the Compensation Committee of the Company approved PRSUs for the year 2023 with performance goals based on the achievement of revenue over a one year performance period (the “PRSU 2023 Goals”) and achievement of relative total stockholder return with a two year performance period (the "2023 TSR PRSU Goals"). The grant-date fair value of each 2023 TSR PRSU Goals was determined using Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation included expected volatility of 84.0% and 83.8%, risk free rate of 4.67% and 4.05%, no expected dividend yield and expected term of 1.9 years and 1.8 years for the awards issued in February 2023 and March 2023 respectively. The Company recognizes the expense related to the PRSU 2023 Goals and 2023 TSR PRSU Goals on a graded-vesting method over the requisite performance period. These grants are included in the PRSU awards granted in the table above.

In April 2022, the Company approved a bonus plan for certain employees. The target bonuses are granted based on a fixed dollar amount to be settled in RSUs in the quarter following the end of the performance period. Due to the fixed dollar amount targets, the awards have been classified as liability-based awards until settled. Once settled, these awards are reflected as RSU granted in the above table. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statements. The liability of $0.8 million was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet as of March 31, 2023.

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

In December 2021, the Compensation Committee of the Company approved PRSUs with performance goals for the year 2022 (the “PRSU 2022 Goals”). The PRSU 2022 Goals were based on the achievement of a revenue goal. These grants were not earned and were cancelled in February 2023.

Stock-Based Compensation

The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Equity based awards
Cost of revenue	$	628	$	638
Research and development		7,505		5,374
Selling, general and administrative		9,480		7,736
	$	17,613	$	13,748

Liability based awards - to be settled in equity
Cost of revenue	$	11	$	19
Research and development		526		220
Selling, general and administrative		386		293
	$	923	$	532
Total stock-based compensation - equity and liability based	$	18,536	$	14,280

Stock-based compensation expense recorded to additional paid-in capital
Equity based awards	$	17,613	$	13,748
Liability based awards - settled in equity		1,523		1,489
Total stock-based compensation expense recorded to additional paid-in capital	$	19,136	$	15,237

The following table presents the unrecognized compensation costs and related weighted average period of recognition as of March 31, 2023:


	As of
	March 31, 2023
	Unrecognized Compensation Costs (in millions)		Weighted Average Period of Recognition (in years)
RSUs	$	141.3		2.2
PRSUs	$	13.7		1.6
MYPSUs	$	16.9		1.5
Liability-based awards	$	2.0		0.6

- 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.

+ References

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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 7. Income Taxes

The quarterly provision for income taxes is based on applying the estimated annual effective tax rate to the year to date pre-tax income, plus any discrete items. The Company updates its estimate of its annual effective tax rate at the end of each quarterly period. The estimate takes into account annual forecasted income before income taxes, the geographic mix of income before income taxes and any significant permanent tax items.

The following table presents the provision for income taxes and the effective tax rates for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023			2022
	(in thousands)
Income before income taxes	$	(16,420	)	$	6,208
Income tax expense		(70	)		(68	)
Effective tax rate		0	%		1	%

The Company’s effective tax rate may vary from the U.S. federal statutory tax rate due to the change in the mix of earnings in tax jurisdictions with different statutory rates, benefits related to tax credits and the tax impact of non-deductible expenses, existence of full valuation allowance on its deferred tax assets, and other permanent differences between income before income taxes and taxable income.

A valuation allowance is established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company regularly assesses its valuation allowance against deferred tax assets on a jurisdiction by jurisdiction basis. The Company considers all available positive and negative evidence, including future reversals of temporary differences, projected future taxable income, tax planning strategies and recent financial results. Based on management’s assessment of the realizability of deferred tax assets, the Company continues to maintain a full valuation reserve on its deferred tax assets as of March 31, 2023.

The income tax provision was less than $0.1 million for both the three months ended March 31, 2023 and 2022. The effective tax rate was less than 1% for both the three months ended March 31, 2023 and 2022. The provision for income taxes primarily comes from the foreign subsidiaries’ local country obligations. The U.S. effective tax rate is less than 1% and is due to minimum state tax. There is no federal provision for income taxes because the Company has incurred operating losses since inception and has projected an operating loss in the current year.

The Company's tax provision for income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. Each quarter, the Company updates its estimate of the annual effective tax rate and makes a year-to-date adjustment to the provision.

As of March 31, 2023 and December 31, 2022, the Company had $2.3 million and $2.3 million, respectively, of total unrecognized tax benefits. If the Company is able to eventually recognize these uncertain tax positions, none of the unrecognized benefits would reduce the Company’s effective tax rate due to the full valuation allowance on the Company’s deferred tax assets.

The Company’s policy is to record interest and penalties related to unrecognized tax benefits as income tax expense. For the three months ended March 31, 2023 and 2022, the Company recorded immaterial amounts related to the accrual of interest and penalties.

- 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.

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+ Details

Segment, Geographic and Customer Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment, Geographic and Customer Information

Note 8. Segment, Geographic and Customer Information

The Company operates in one reportable segment related to the design, development, and sale of silicon timing systems solutions.

Revenue by geographic area is presented based upon the ship-to location of the original equipment manufacturers, the contract manufacturers, or the distributors who purchased the Company’s products. For sales to the distributors, their geographic location may be different from the geographic locations of the ultimate end customers. The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Taiwan	$	10,614	$	23,072
Hong Kong		6,308		14,533
United States		7,490		7,194
Singapore		3,782		5,156
Other		10,149		20,298
Total	$	38,343	$	70,253

Revenue from sales to three of the Company's distributors accounted for 19%, 14%, and 12% of its consolidated revenues for the three months ended March 31, 2023, and 18%, 13%, and 10% of its consolidated revenues for the three months ended March 31, 2022.

Revenue from sales to the Company's historically largest end customer through multiple distributors accounted for 3% and 18% for the three months ended March 31, 2023 and 2022, respectively. The Company's end customers predominantly purchase the Company's products from distributors. No other distributors or customers accounted for 10% or more of the Company's consolidated revenues for the three months ended March 31, 2023 and 2022, respectively.

The following table sets forth the Company’s total property and equipment attributable to operations by country as of the periods presented:


	As of
	March 31, 2023		December 31, 2022
	(in thousands)
United States	$	23,936	$	24,211
Malaysia		17,005		18,524
Taiwan		5,722		5,570
Other		10,824		10,467
	$	57,487	$	58,772

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9. Commitments and Contingencies

Legal Matters

From time to time, the Company may be a party to various litigation claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with legal counsel, the need to record a liability for litigation and contingencies. Accrual estimates are recorded when and if it is determined that such a liability for litigation and contingencies are both probable and reasonably estimable.

Indemnification

The Company is a party to a variety of agreements pursuant to which it may be obligated to indemnify other parties to such agreements with respect to certain matters. Typically, these obligations arise in the context of contracts that the Company has entered into, under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations and covenants or terms and conditions related to such matters as the sale and/or delivery of its products, title to assets sold, certain intellectual property claims, defective products, specified environmental matters, and certain income taxes. Further, the Company’s obligations under these agreements may be limited in terms of time, amount, or the scope of its responsibility and in some instances, the Company may have recourse against third-parties for certain payments made under these agreements. It is not possible to predict the maximum potential amount of future payments under these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, the Company has had no material indemnification claims under these agreements.

Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions

Note 10. Related Party Transactions

MegaChips Corporation is the largest stockholder of the Company and held approximately 21.4% and 23.0% of the Company’s outstanding common stock as of March 31, 2023 and December 31, 2022, respectively.

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

The Company and Basis of Presentation (Policies)	3 Months Ended
The Company and Basis of Presentation (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Coronavirus Disease ("the COVID-19 pandemic")	Coronavirus Disease (“the COVID-19 pandemic”) The COVID-19 pandemic continued to impact the Company's workforce and the operations of its customers and suppliers during 2022. In response to the COVID-19 pandemic and related government measures, the Company implemented safety measures to protect its employees and contractors at its locations around the world.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Significant Accounting Policies	Significant Accounting Policies The Company’s significant accounting policies are disclosed in the Company’s audited consolidated financial statements and related notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2022. There have been no changes to these accounting policies through March 31, 2023.
Recently Accounting Pronouncements	Recent Accounting Pronouncements There are no new accounting pronouncements that are pending to be adopted by the Company.

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Income per Share

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


	Three Months Ended March 31,
	2023			2022
	(in thousands, except per share data)
Net income (loss) attributable to common stockholders	$	(16,490	)	$	6,140
Weighted-average shares outstanding
Weighted average shares used to compute basic net income (loss) per share		21,794			20,921
Dilutive effect of employee equity incentive plans		—			1,782
Weighted average shares used to compute diluted net income (loss) per share		21,794			22,703
Net income (loss) attributable to common stockholders per share, basic	$	(0.76	)	$	0.29
Net income (loss) attributable to common stockholders per share, diluted	$	(0.76	)	$	0.27

Balance Sheets Components (Tables)

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consisted of the following:


	As of
	March 31, 2023			December 31, 2022
	(in thousands)
Accounts receivable, gross	$	21,514		$	41,279
Allowance for credit losses		(50	)		(50	)
Accounts receivable, net	$	21,464		$	41,229

Schedule of Inventory

Inventories consisted of the following:


	As of
	March 31, 2023		December 31, 2022
	(in thousands)
Raw materials	$	26,111	$	17,518
Work in progress		26,037		33,687
Finished goods		7,863		6,445
Total inventories	$	60,011	$	57,650

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	As of
	March 31, 2023		December 31, 2022
	(in thousands)
Prepaid expenses	$	3,225	$	3,118
Other current assets		5,761		2,973
Total prepaid expenses and other current assets	$	8,986	$	6,091

Schedule of Property and Equipment Net

Property and equipment, net consisted of the following:


	As of
	March 31, 2023			December 31, 2022
	(in thousands)
Lab and manufacturing equipment	$	75,652		$	73,220
Computer equipment		3,238			3,170
Furniture and fixtures		563			509
Construction in progress		5,115			5,967
Leasehold improvements		7,365			7,129
		91,933			89,995
Accumulated depreciation		(34,446	)		(31,223	)
Total property and equipment, net	$	57,487		$	58,772

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following:


	As of
	March 31, 2023							December 31, 2022
	(in thousands)
	Gross Assets		Accumulated Amortization			Net Assets		Gross Assets		Accumulated Amortization			Net Assets
Internal use software	$	9,434	$	(8,933	)	$	501	$	9,434	$	(8,833	)	$	601
Purchased software		12,772		(8,473	)		4,299		12,583		(7,978	)		4,604
Intangible assets	$	22,206	$	(17,406	)	$	4,800	$	22,017	$	(16,811	)	$	5,205

Schedule of Future Amortization Expense for Intangible Assets

The estimated aggregate future amortization expense for intangible assets subject to amortization as of March 31, 2023 is summarized as below:


	(in thousands)
2023 (remainder)	$	1,803
2024		1,711
2025		708
2026		385
2027		193
	$	4,800

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:



	As of
	March 31, 2023		December 31, 2022
	(in thousands)
Accrued payroll and related benefits	$	4,801	$	6,109
Revenue reserves		2,047		1,840
Deferred non-recurring engineering services		2,628		2,689
Short term lease liability		2,574		2,485
Other accrued expenses		4,970		5,790
Total accrued expenses and other current liabilities	$	17,020	$	18,913

Leases (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023:


	As of
	March 31, 2023			December 31, 2022
	(in thousands)
Right-of-use assets	$	10,227		$	10,848
Lease liabilities included in accrued expenses and other current liabilities		2,574			2,485
Lease liabilities - non-current		7,471			8,149
Total operating lease liabilities	$	10,045		$	10,634
Weighted-average remaining lease term (years)		3.8			4.0
Weighted-average discount rate		4.6	%		4.6	%

Summary of Lease Costs

The table below presents certain information related to the lease costs for operating leases for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Operating lease cost	$	759	$	558
Short-term lease cost		177		534
Variable lease cost		264		94
Total lease cost	$	1,200	$	1,186

Summary of Undiscounted Cash Flows


	(in thousands)
Remainder of 2023	$	2,197
2024		3,060
2025		2,702
2026		2,177
2027		629
2028 and beyond		190
Total minimum lease payments		10,955
Less: amount of lease payments representing interest		(910	)
Present value of future minimum lease payments		10,045
Less: current obligations under leases		(2,574	)
Long-term lease liabilities	$	7,471

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Restricted Stock Unit Award ("RSU") and Performance Based Restricted Stock Unit Awards ("PRSU") and Multi-year Performance Restricted Stock Units ("MYPSU") Activity (Details)


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

Unvested at December 31, 2022		1,717,994		$	73.6		58,954		$	261.4		311,872	$	88.6
Granted		368,363			123.1		122,466			145.5		—		—
Vested		(234,633	)		56.6		—			—		—		—
Forfeited		(27,792	)		67.4		(58,954	)		261.4		—		—
Unvested at March 31, 2023		1,823,932		$	82.8		122,466		$	145.5		311,872	$	88.6

Schedule of Stock-based Compensation Expense Amounts Included in Condensed Consolidated Statement of Operations

The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Equity based awards
Cost of revenue	$	628	$	638
Research and development		7,505		5,374
Selling, general and administrative		9,480		7,736
	$	17,613	$	13,748

Liability based awards - to be settled in equity
Cost of revenue	$	11	$	19
Research and development		526		220
Selling, general and administrative		386		293
	$	923	$	532
Total stock-based compensation - equity and liability based	$	18,536	$	14,280

Stock-based compensation expense recorded to additional paid-in capital
Equity based awards	$	17,613	$	13,748
Liability based awards - settled in equity		1,523		1,489
Total stock-based compensation expense recorded to additional paid-in capital	$	19,136	$	15,237

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 March 31, 2023:


	As of
	March 31, 2023
	Unrecognized Compensation Costs (in millions)		Weighted Average Period of Recognition (in years)
RSUs	$	141.3		2.2
PRSUs	$	13.7		1.6
MYPSUs	$	16.9		1.5
Liability-based awards	$	2.0		0.6

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes and Effective Tax Rates

The following table presents the provision for income taxes and the effective tax rates for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023			2022
	(in thousands)
Income before income taxes	$	(16,420	)	$	6,208
Income tax expense		(70	)		(68	)
Effective tax rate		0	%		1	%

Segment, Geographic and Customer Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Revenue by Country

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


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Taiwan	$	10,614	$	23,072
Hong Kong		6,308		14,533
United States		7,490		7,194
Singapore		3,782		5,156
Other		10,149		20,298
Total	$	38,343	$	70,253

Schedule of Property and Equipment Attributable to Operations

The following table sets forth the Company’s total property and equipment attributable to operations by country as of the periods presented:


	As of
	March 31, 2023		December 31, 2022
	(in thousands)
United States	$	23,936	$	24,211
Malaysia		17,005		18,524
Taiwan		5,722		5,570
Other		10,824		10,467
	$	57,487	$	58,772

Net Income Per Share - Summary of Computation of Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ (16,490)	$ 6,140
Weighted average shares used to compute basic net income (loss) per share	21,794	20,921
Dilutive effect of employee equity incentive plans		1,782
Weighted average shares used to compute diluted net income (loss) per share	21,794	22,703
Net income (loss) attributable to common stockholders per share, basic	$ (0.76)	$ 0.29
Net income (loss) attributable to common stockholders per share, diluted	$ (0.76)	$ 0.27

- Definition

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

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+ Details

- Definition

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.

+ References

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 942
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-Paragraph 2
-Subparagraph (SX 210.5-03(25))
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+ Details

- Definition

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

+ References

+ Details

Net Income Per Share (Additional Information) (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Anti-dilutive weighted shares	415,017	3,211

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Treasury bills maturity date	6 months	6 months
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash balances in bank	$ 38.0	$ 31.6
Highly liquid money market funds	0.3	3.0
Short-term investments in held-to-maturity securities, at amortized cost	533.0	524.4
Short-term investments in held-to-maturity securities, gross unrealized gain	4.8	5.1
Short-term investments in held-to-maturity securities, net carrying value	$ 537.8	$ 529.5

Balance Sheets Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Accounts receivable, gross	$ 21,514	$ 41,279
Allowance for credit losses	(50)	(50)
Accounts receivable, net	$ 21,464	$ 41,229

Balance Sheets Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 26,111	$ 17,518
Work in progress	26,037	33,687
Finished goods	7,863	6,445
Total inventories	$ 60,011	$ 57,650

Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 3,225	$ 3,118
Other current assets	5,761	2,973
Total prepaid expenses and other current assets	$ 8,986	$ 6,091

Balance Sheets Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 91,933	$ 89,995
Accumulated depreciation	(34,446)	(31,223)
Total property and equipment, net	57,487	58,772
Lab and Manufacturing Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	75,652	73,220
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,238	3,170
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	563	509
Construction in progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,115	5,967
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 7,365	$ 7,129

Balance Sheets Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Depreciation expense	$ 3,200	$ 2,100
Amortization expense for intangible assets	600	300
Reduction in research and development expenses	24,457	20,595
Non-recurring Engineering Service Arrangements
Finite-Lived Intangible Assets [Line Items]
Reduction in research and development expenses	$ 1,200	$ 2,000

Balance Sheets Components - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 22,206	$ 22,017
Accumulated amortization	(17,406)	(16,811)
Intangible assets, net	4,800	5,205
Internal use software
Finite Lived Intangible Assets [Line Items]
Intangible assets, gross	9,434	9,434
Accumulated amortization	(8,933)	(8,833)
Intangible assets, net	501	601
Purchased Software
Finite Lived Intangible Assets [Line Items]
Intangible assets, gross	12,772	12,583
Accumulated amortization	(8,473)	(7,978)
Intangible assets, net	$ 4,299	$ 4,604

Balance Sheets Components - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2023 (remainder)	$ 1,803
2024	1,711
2025	708
2026	385
2027	193
Intangible assets, net	$ 4,800	$ 5,205

Balance Sheets Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued payroll and related benefits	$ 4,801	$ 6,109
Revenue reserves	2,047	1,840
Deferred non-recurring engineering services	2,628	2,689
Short term lease liability	$ 2,574	$ 2,485
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Other accrued expenses	$ 4,970	$ 5,790
Total accrued expenses and other current liabilities	$ 17,020	$ 18,913

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease Disclosure [Line Items]
Cash paid for operating lease liabilities	$ 0.7	$ 0.5
Office Space
Lease Disclosure [Line Items]
Lease term expiration date	2029-05
Lease option to extend	The remaining lease terms vary from a few months to 6 years. For certain of its leases the Company has options to extend the lease term for periods varying from one to five years.
Maximum
Lease Disclosure [Line Items]
Lease term	6 years
Operating lease, renewal term	5 years
Minimum
Lease Disclosure [Line Items]
Operating lease, renewal term	1 year

Leases - Summary of Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Right-of-use assets, net	$ 10,227	$ 10,848
Lease liabilities included in accrued expenses and other current liabilities	2,574	2,485
Long-term lease liabilities	7,471	8,149
Total operating lease liabilities	$ 10,045	$ 10,634
Weighted-average remaining lease term (years)	3 years 9 months 18 days	4 years
Weighted-average discount rate	4.60%	4.60%

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 759	$ 558
Short-term lease cost	177	534
Variable lease cost	264	94
Total lease cost	$ 1,200	$ 1,186

Leases - Summary of Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Remainder of 2023	$ 2,197
2024	3,060
2025	2,702
2026	2,177
2027	629
2028 and beyond	190
Total minimum lease payments	10,955
Less: amount of lease payments representing interest	(910)
Total operating lease liabilities	10,045	$ 10,634
Less: current obligations under leases	(2,574)	(2,485)
Long-term lease liabilities	$ 7,471	$ 8,149

Stockholders' Equity - Schedule of Restricted Stock Unit Award ("RSU") and Performance Based Restricted Stock Unit Awards ("PRSU") and Multi-year Performance Restricted Stock Units ("MYPSU") Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Stock Units RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested Beginning Balance \| shares	1,717,994
Number of Shares, Granted \| shares	368,363
Number of Shares, Vested \| shares	(234,633)
Number of Shares, Forfeited \| shares	(27,792)
Number of Shares, Unvested Ending Balance \| shares	1,823,932
Grant Date Fair Value per share, Unvested Beginning Balance \| $ / shares	$ 73.6
Grant Date Fair Value per share, Granted \| $ / shares	123.1
Grant Date Fair Value per share, Vested \| $ / shares	56.6
Grant Date Fair Value per share, Forfeited \| $ / shares	67.4
Grant Date Fair Value per share, Unvested Ending Balance \| $ / shares	$ 82.8
Performance Restricted Stock Unit Award PRSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested Beginning Balance \| shares	58,954
Number of Shares, Granted \| shares	122,466
Number of Shares, Forfeited \| shares	(58,954)
Number of Shares, Unvested Ending Balance \| shares	122,466
Grant Date Fair Value per share, Unvested Beginning Balance \| $ / shares	$ 261.4
Grant Date Fair Value per share, Granted \| $ / shares	145.5
Grant Date Fair Value per share, Forfeited \| $ / shares	261.4
Grant Date Fair Value per share, Unvested Ending Balance \| $ / shares	$ 145.5
Multi-year Performance Restricted Stock Unit Award MYPSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested Beginning Balance \| shares	311,872
Number of Shares, Unvested Ending Balance \| shares	311,872
Grant Date Fair Value per share, Unvested Beginning Balance \| $ / shares	$ 88.6
Grant Date Fair Value per share, Unvested Ending Balance \| $ / shares	$ 88.6

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended
	May 04, 2022	Mar. 31, 2023	Feb. 28, 2023	Feb. 28, 2022	Mar. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Deferred offering costs					$ 370
Common stock, shares authorized		200,000,000			200,000,000	200,000,000
Common stock, par value		$ 0.0001			$ 0.0001	$ 0.0001
Accrued expenses and other current liabilities		$ 17,020			$ 17,020	$ 18,913
2023 Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities		100			$ 100
Performance Restricted Stock Unit Award PRSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period					1 year
Liability-based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities		$ 800			$ 800
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
Total Stockholder Performance Restricted Stock Unit Award TSR PRSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period					2 years
Expected volatility		83.80%	84.00%
Risk free rate		4.05%	4.67%
Expected dividend yield		0.00%	0.00%
Expected term		1 year 9 months 18 days	1 year 10 months 24 days
Minimum \| 2022 Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges		44.00%			44.00%
Maximum \| 2022 Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges		89.00%			89.00%
Maximum \| Multi-year Performance Restricted Stock Unit Award MYPSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period of common stock				six years
Stifel \| At-The-Market Issuance Sales Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares	800,000				100,000
Proceeds from public offering, net of underwriting discounts and commissions					$ 12,700
Payments for underwriting discounts and commissions					300
Deferred offering costs					$ 100
Common stock, shares authorized	800,000
Common stock, par value	$ 0.0001
Shares issued price per share					$ 131.19
Percentage of sales commission from common stock sold	3.00%

Stockholders' Equity - Schedule of Stock-based Compensation Expense Amounts Included in Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 19,136	$ 15,237
Equity Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	17,613	13,748
Equity Based Awards \| Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	17,613	13,748
Equity Based Awards \| Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	628	638
Equity Based Awards \| Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	9,480	7,736
Equity Based Awards \| Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	7,505	5,374
Liability Based Awards to be Settled in Equity
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	923	532
Liability Based Awards to be Settled in Equity \| Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	11	19
Liability Based Awards to be Settled in Equity \| Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	386	293
Liability Based Awards to be Settled in Equity \| Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	526	220
Equity and Liability Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	18,536	14,280
Liability-based Awards \| Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,523	$ 1,489

Stockholders' Equity - Summary of Unrecognized Compensation Costs and Related Weighted Average Period of Recognition (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 141.3
Weighted Average Period of Recognition (in years)	2 years 2 months 12 days
PRSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 13.7
Weighted Average Period of Recognition (in years)	1 year 7 months 6 days
MYPSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 16.9
Weighted Average Period of Recognition (in years)	1 year 6 months
Liability-based Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 2.0
Weighted Average Period of Recognition (in years)	7 months 6 days

Income Taxes - Schedule of Provision for Income Taxes and Effective Tax Rates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ (16,420)	$ 6,208
Income tax expense	$ (70)	$ (68)
Effective tax rate	0.00%	1.00%

- 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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-Section 50
-Paragraph 30
-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Topic 220
-SubTopic 10
-Section S99
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-Topic 944
-SubTopic 220
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-Topic 942
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+ Details

- Definition

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

+ References + Details

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax [Line Items]
Unrecognized tax benefits	$ 2,300		$ 2,300
Effective tax rate	0.00%	1.00%
Income tax provision	$ 70	$ 68
Maximum
Income Tax [Line Items]
Effective tax rate	1.00%	1.00%
Income tax provision	$ 100	$ 100
U.S. effective tax rate	1.00%

- Definition

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

+ References + Details

Segment, Geographic and Customer Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 Segment Distributor	Mar. 31, 2022 Distributor
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	1
Revenue Benchmark \| Distributor Concentration Risk
Segment Reporting Information [Line Items]
Number of distributors accounted for 10% or more of revenues	0	0
Revenue Benchmark \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Number of customers accounted for 10% or more of revenues	0	0
Revenue Benchmark \| Distributor One \| Distributor Concentration Risk
Segment Reporting Information [Line Items]
Sales revenue percentage	19.00%	18.00%
Revenue Benchmark \| Distributor One \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Sales revenue percentage	3.00%	18.00%
Revenue Benchmark \| Distributor Two \| Distributor Concentration Risk
Segment Reporting Information [Line Items]
Sales revenue percentage	14.00%	13.00%
Revenue Benchmark \| Distributor Three \| Distributor Concentration Risk
Segment Reporting Information [Line Items]
Sales revenue percentage	12.00%	10.00%

Segment, Geographic and Customer Information - Schedule of Revenue by Country (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 38,343	$ 70,253
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	38,343	70,253
Taiwan \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	10,614	23,072
Hong Kong \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	6,308	14,533
United States \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	7,490	7,194
Singapore \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	3,782	5,156
Other \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	$ 10,149	$ 20,298

- 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
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-Subparagraph (a)
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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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-Section 50
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-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
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-Section 50
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-Subparagraph (a)
-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)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-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
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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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
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-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
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+ Details

Segment, Geographic and Customer Information - Schedule of Property and Equipment Attributable to Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Property and equipment, net	$ 57,487	$ 58,772
United States
Segment Reporting Information [Line Items]
Property and equipment, net	23,936	24,211
Malaysia
Segment Reporting Information [Line Items]
Property and equipment, net	17,005	18,524
Taiwan
Segment Reporting Information [Line Items]
Property and equipment, net	5,722	5,570
Other
Segment Reporting Information [Line Items]
Property and equipment, net	$ 10,824	$ 10,467

Related Party Transactions - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended
	Dec. 31, 2021	May 31, 2021	Mar. 31, 2023	Dec. 31, 2022
Restricted Stock Units RSU
Related Party Transaction [Line Items]
Equity award, granted			368,363
MegaChips \| Si Time Corporation
Related Party Transaction [Line Items]
Percentage of outstanding common stock held			21.40%	23.00%
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