Balance Sheet Components

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash and Cash Equivalents

The Company’s cash and cash equivalents consist of the following (in thousands):


	March 31, 2022		December 31, 2021
Cash	$	7,799	$	5,131
Cash equivalents:
Money market funds(1)	152,984		177,513

Total cash and cash equivalents	$	160,783	$	182,644

(1)The Company maintains a cash sweep account which is included in money market funds as of March 31, 2022. Cash is invested in the short-term money market funds, which is a cash sweep for uninvested cash that earns interest.

Restricted Cash

Restricted cash consists of certificates of deposit held by a bank as security for outstanding letters of credit. The Company had a restricted cash balance of $2.0 million as of March 31, 2022 and December 31, 2021, respectively, which has been excluded from the Company’s cash and cash equivalents balances. The Company presented $1.0 million and $0.3 million of the total amount of restricted cash within current assets on the condensed consolidated balance sheets as of March 31, 2022 and March 31, 2021, respectively. The remaining restricted cash balance of $1.0 million was included in non-current assets on the condensed consolidated balance sheets as of March 31, 2022 and March 31, 2021, respectively.

Reconciliation of cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows to the respective accounts within the condensed consolidated balance sheet is as follows (in thousands):


	As of March 31,
	2022		2021
Cash and cash equivalents	$	160,783	$	257,165
Restricted cash, current	977		276
Restricted cash, non-current	1,035		1,004
Total cash, cash equivalents and restricted cash	$	162,795	$	258,445

Inventory

Inventory, consisting of material, direct and indirect labor, and manufacturing overhead, consists of the following (in thousands):


	March 31, 2022		December 31, 2021
Raw materials	$	3,288	$	2,401
Work in process	2,280		1,951
Finished goods	6,051		3,096
Total inventory	$	11,619	$	7,448

Total inventory balance as of March 31, 2022 and December 31, 2021 includes a write down of $1.8 million and $1.7 million, respectively, for obsolete, scrap, or returned inventory. During the three months ended March 31, 2022 and 2021, $0.2 million and nil of inventory write downs were charged to cost of revenue, respectively.

Prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following (in thousands):


	March 31, 2022		December 31, 2021
Prepaid expenses	$	1,408	$	1,970
Prepaid insurance	108		1,355
Receivable from contract manufacturer	1,343		1,344
Grant receivable	—		779
Security deposit	76		118
Value-added tax (VAT) receivable	71		—
Total prepaid and other current assets	$	3,006	$	5,566

Property and Equipment, net

Property and equipment consists of the following (in thousands):


	Estimated Useful Life (in years)	March 31, 2022		December 31, 2021
Machinery and equipment	3	$	8,593	$	8,404
Computer equipment	3	504		498
Automotive and vehicle hardware	5	93		93
Software	3	104		104
Furniture and fixtures	7	730		730
Construction in progress		1,923		1,700
Leasehold improvements	Shorter of useful life or lease term	9,310		9,265
		21,257		20,794
Less: Accumulated depreciation		(12,289)		(10,740)
Property and equipment, net		$	8,968	$	10,054

Depreciation expense associated with property and equipment was $1.3 million and $1.1 million in the three months ended March 31, 2022 and 2021, respectively.

Goodwill and Acquired Intangible Assets, Net

In the fourth quarter of 2021, the Company completed the acquisition of Sense Photonics Inc. (“Sense”), a privately held lidar technology company for autonomous vehicles. The transaction has been accounted for as a business combination. The Company purchased all of the outstanding shares of the capital stock of Sense and settled all Sense debt for total consideration of $72.8 million. Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and assumed liabilities acquired and is primarily attributable to the assembled workforce and expected synergies at the time of the acquisition. Goodwill is not deductible for tax purposes. Sense’s revenue and pretax loss for the period from the acquisition date of October 22, 2021 to December 31, 2021 and March 31, 2022 were not material. In the three-month period ended March 31, 2022, the Company did not adjust the preliminary fair values of acquired assets that were recognized as of December 31, 2021.

The following tables present acquired intangible assets, net as of March 31, 2022 and December 31, 2021 (in thousands):


		March 31, 2022
	Estimated Useful Life (in years)	Gross Carrying amount		Accumulated Amortization		Net Book Value
Developed technology	8	$	15,900	$	(828)	$	15,072
Vendor relationship	3	6,600		(917)		5,683
Customer relationships	3	900		(125)		775
Intangible assets, net		$	23,400	$	(1,870)	$	21,530


		December 31, 2021
	Estimated Useful Life (in years)	Gross Carrying amount		Accumulated Amortization		Net Book Value
Developed technology	8	$	15,900	$	(331)	$	15,569
Vendor relationship	3	6,600		(367)		6,233
Customer relationships	3	900		(50)		850
Intangible assets, net		$	23,400	$	(748)	$	22,652

Amortization expense was $1.1 million during the three months ended March 31, 2022.

The following table summarizes estimated future amortization expense of finite-lived intangible assets-net (in thousands):


Years:	Amount
2022 (the remainder of 2022)	$	3,366
2023	4,488
2024	4,071
2025	1,988
2026	1,988
Thereafter	5,629
Total	$	21,530

Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):


	March 31, 2022		December 31, 2021
Accrued compensation	$	3,487	$	3,229
Uninvoiced receipts	7,182		9,835
Other	1,120		1,109
Total accrued and other current liabilities	$	11,789	$	14,173