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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segments and Major Customers
Operating segments are based upon the Company’s internal organization structure, the manner in which its operations are managed, the criteria used by its Chief Operating Decision Maker (“CODM”) to evaluate segment performance and availability of separate financial information regularly reviewed for resource allocation and performance assessment.
The Company has determined its CODM to be the Chief Executive Officer (“CEO”). The CEO reviews financial information presented on a consolidated basis for purposes of managing the business, allocating resources, making operating decisions and assessing financial performance. On this basis, the Company is organized and operates as a single segment within the semiconductor space. As of December 31, 2024, the Company has a single operating and reportable segment.
The CODM uses net income to assess segment performance, allocate resources and manage the business on a consolidated basis. The significant expenses for the segment exclude certain non-cash adjustments and non-recurring items, and are used to monitor budget versus actual results and to analyze the period-over-period comparisons.
The significant expenses that are regularly provided to the CODM and reconciliations to the consolidated net income for the years ended December 31, 2024, 2023 and 2022, respectively, were as follows:
For the Years Ended December 31,
(In thousands)202420232022
Total revenue
$556,624 $461,117 $454,793 
Adjusted cost of revenue (1)
(98,368)(89,322)(93,101)
Adjusted research and development (2)
(146,431)(140,793)(142,853)
Adjusted sales, general and administrative (3)
(76,038)(76,669)(78,335)
Other segment items:
Stock-based compensation expenses (4)
(44,879)(45,011)(35,552)
Amortization of acquired intangible assets (4)
(11,710)(14,741)(15,610)
Impairment of assets (1,071)(10,045)— 
Acquisition & divestiture-related costs (5)
(162)(1,625)(7,179)
Interest and other income (expense), net
17,034 33,521 (84,767)
Change in fair value of earn-out liability 5,044 (9,234)(3,111)
Restructuring charges — (9,368)— 
Gain on divestiture — 90,784 — 
Other (6)
— (1,454)(2,110)
  Provision for (benefit from) income taxes(20,222)146,744 (6,485)
Net income (loss)
$179,821 $333,904 $(14,310)
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(1)    Excludes stock-based compensation expenses and amortization of acquisition-related intangible assets.
(2)     Excludes stock-based compensation expenses and retention bonus expense related to acquisitions.
(3)    Excludes stock-based compensation expenses and acquisition/divestiture-related costs and retention bonus expense.
(4)    The Company excludes these expenses from its adjusted cost of revenue and operating expenses primarily because such expenses are non-cash expenses that the Company does not believe are reflective of ongoing operating results.
(5)    The Company excludes these expenses in order to provide better comparability between periods as they are related to acquisitions and divestitures and have no direct correlation to the Company’s ongoing operating results.
(6)    Includes gain on sale of equity security, expense on abandoned operating leases, facility restoration costs and certain other one-time adjustments. The Company excludes these items as they are not reflective of ongoing results.
The following represents the Company’s significant expenses related to research and development expenses and sales, general and administrative expenses, as shown above, for the years ended December 31, 2024, 2023 and 2022:
For the Years Ended December 31,
(In thousands)202420232022
Payroll and benefits$129,228 $123,056 $124,130 
Variable research and development expenses (1)
27,342 28,228 29,482 
Professional fees 20,055 22,148 21,524 
Temporary labor services and consulting expenses14,264 13,577 17,276 
Facilities costs11,853 12,347 11,205 
Amortization and depreciation10,076 10,144 9,265 
Other expenses9,651 7,962 8,306 
Total adjusted operating expenses $222,469 $217,462 $221,188 
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(1)    Includes primarily software tools, software licenses and prototyping costs.
The measure of segment assets is reported on the Company’s Consolidated Balance Sheets as total consolidated assets.
Accounts receivable from the Company’s major customers representing 10% or more of total accounts receivable as of December 31, 2024 and 2023, respectively, was as follows:
As of December 31,
Customer20242023
Customer 139 %49 %
Customer 217 %13 %
Customer 3*12 %
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*    Customer accounted for less than 10% of total accounts receivable in the period.
Revenue from the Company’s major customers representing 10% or more of total revenue for the years ended December 31, 2024, 2023 and 2022, respectively, was as follows:
Years Ended December 31,
Customer202420232022
Customer A23 %27 %*
Customer B17 %18 %19 %
Customer C12 %*17 %
Customer D**14 %
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*    Customer accounted for less than 10% of total revenue in the period.
Revenue from customers in the geographic regions based on the location of contracting parties was as follows:
Years Ended December 31,
(In thousands)202420232022
United States$201,466 $176,821 $277,776 
South Korea197,515 152,328 7,222 
Singapore67,318 53,327 57,309 
Other90,325 78,641 112,486 
Total$556,624 $461,117 $454,793 
As of December 31, 2024, of the $75.5 million of total property and equipment, approximately $70.4 million was located in the United States, $2.6 million was located in India and $2.5 million was located in other foreign locations. As of December 31, 2023, of the $67.8 million of total property and equipment, approximately $64.1 million was located in the United States, $3.0 million was located in India and $0.7 million was located in other foreign locations.