Employee Defined Contribution Plans

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Employee Defined Contribution Plans

Employee Defined Contribution Plans

Full-time employees of the Company in mainland China participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund, and other welfare benefits are provided to employees. Chinese labor regulations require that the Company’s subsidiaries in mainland China make contributions to the government for these benefits primarily based on certain percentages of the employees’ salaries subject to certain caps and other government requirements. The total amounts for such employee benefits, which were expensed as incurred, were $26.0 million, $25.8 million, and $23.6 million for 2024, 2023, and 2022, respectively.

The Company’s employees who are U.S. taxpayers and who meet certain age and service requirements are eligible to participate in a broad-based, defined contribution retirement plan which is qualified under Section 401 of the Internal Revenue Code (the “401(k) plan”). The Company makes a matching contribution equal to 100% in 2024 and 2023 and 50% in 2022 of the first 5% of the employee’s elective contributions under the plan, up to 5.0% of an employee’s eligible compensation. Contributions made by the Company vest 100% upon contribution. The total amounts for such employee benefits, which were expensed as incurred, were $1.1 million, $1.0 million, and $0.5 million in 2024, 2023, and 2022, respectively.

The Company also provides required Mandatory Provident Fund contribution for its full-time employees located in Hong Kong and provides social benefits contribution for its full-time employees located in Taiwan. The total amounts for these contributions, which were expensed as incurred, was $0.2 million in each of 2024, 2023, and 2022.

There is no forfeiture of contribution related to any of the Company’s employee defined contribution plans as described above.