Rambus (RMBS) 10-Q5 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page	3 Months Ended
Cover Page	Mar. 31, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	000-22339
Entity Registrant Name	RAMBUS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3112828
Entity Address, Address Line One	4453 North First Street
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	408
Local Phone Number	462-8000
Title of 12(b) Security	Common Stock, $.001 Par Value
Trading Symbol	RMBS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	108,845,179
Entity Central Index Key	0000917273
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 99,876	$ 125,334
Marketable securities	192,261	187,892
Accounts receivable	59,408	55,368
Unbilled receivables	100,435	125,698
Inventories	26,180	20,900
Prepaids and other current assets	14,603	12,022
Total current assets	492,763	527,214
Intangible assets, net	46,936	50,880
Goodwill	292,040	292,040
Property, plant and equipment, net	89,393	86,255
Operating lease right-of-use assets	22,696	24,143
Deferred tax assets	2,623	3,031
Unbilled receivables	12,548	25,222
Other assets	3,631	3,809
Total assets	962,630	1,012,594
Current liabilities:
Accounts payable	18,117	24,815
Accrued salaries and benefits	15,906	20,502
Convertible notes	0	10,378
Deferred revenue	20,846	23,861
Income taxes payable	15,669	18,137
Operating lease liabilities	4,287	5,024
Other current liabilities	21,349	23,992
Total current liabilities	96,174	126,709
Long-term operating lease liabilities	28,127	29,079
Long-term income taxes payable	3,963	5,892
Deferred tax liabilities	26,658	24,964
Other long-term liabilities	45,979	46,653
Total liabilities	200,901	233,297
Commitments and contingencies (Notes 8, 10 and 14)
Stockholders’ equity:
Convertible preferred stock, $.001 par value: Authorized: 5,000,000 shares; Issued and outstanding: no shares at March 31, 2023 and December 31, 2022	0	0
Common stock, $.001 par value: Authorized: 500,000,000 shares; Issued and outstanding: 108,845,179 shares at March 31, 2023 and 107,610,356 shares at December 31, 2022	109	108
Additional paid-in capital	1,286,570	1,297,408
Accumulated deficit	(521,415)	(513,256)
Accumulated other comprehensive loss	(3,535)	(4,963)
Total stockholders’ equity	761,729	779,297
Total liabilities and stockholders’ equity	$ 962,630	$ 1,012,594

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Stockholders’ equity:
Convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Convertible preferred stock, authorized shares	5,000,000	5,000,000
Convertible preferred stock, issued shares	0	0
Convertible preferred stock, outstanding shares	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	500,000,000	500,000,000
Common stock, issued shares	108,845,179	107,610,356
Common stock, outstanding shares	108,845,179	107,610,356

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Revenue	$ 113,762	$ 99,050
Cost of revenue
Cost of product revenue	26,423	18,397
Cost of contract and other revenue	1,691	624
Amortization of acquired intangible assets	3,562	3,378
Cost of revenue	31,676	22,399
Gross profit	82,086	76,651
Operating expenses:
Research and development	41,898	39,815
Sales, general and administrative	30,964	26,906
Amortization of acquired intangible assets	382	409
Change in fair value of earn-out liability	6,900	1,200
Total operating expenses	80,144	68,330
Operating income	1,942	8,321
Interest income and other income (expense), net	2,161	1,360
Loss on extinguishment of debt	0	(66,497)
Loss on fair value adjustment of derivatives, net	(240)	(8,283)
Interest expense	(381)	(605)
Interest and other income (expense), net	1,540	(74,025)
Income (loss) before income taxes	3,482	(65,704)
Provision for income taxes	201	514
Net income (loss)	$ 3,281	$ (66,218)
Net income (loss) per share:
Basic net income (loss) per share	$ 0.03	$ (0.60)
Diluted net income (loss) per share	$ 0.03	$ (0.60)
Weighted-average shares used in per share calculation:
Basic (in shares)	108,277	109,889
Diluted (in shares)	111,153	109,889
Product revenue
Revenue
Revenue	$ 63,775	$ 47,969
Royalties
Revenue
Revenue	28,169	30,464
Contract and other revenue
Revenue
Revenue	$ 21,818	$ 20,617

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 3,281	$ (66,218)
Other comprehensive income (loss):
Foreign currency translation adjustment	205	(293)
Unrealized gain (loss) on marketable securities, net of tax	1,223	(2,568)
Total comprehensive income (loss)	$ 4,709	$ (69,079)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative effect, period of adoption, adjustment	Common stock	Additional paid-in capital	Additional paid-in capital Cumulative effect, period of adoption, adjustment	Accumulated deficit	Accumulated deficit Cumulative effect, period of adoption, adjustment	Accumulated other comprehensive gain (loss)
Balance (in shares) at Dec. 31, 2021			109,292
Balance at Dec. 31, 2021	$ 862,396		$ 109	$ 1,298,966		$ (435,227)		$ (1,452)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(66,218)					(66,218)
Foreign currency translation adjustment	(293)							(293)
Unrealized gain (loss) on marketable securities, net of tax	(2,568)							(2,568)
Issuance of common stock upon exercise of options, equity stock and stock units, and employee stock purchase plan (in shares)			943
Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan	(15,500)		$ 1	(15,501)
Stock-based compensation	7,778			7,778
Retirement of convertible senior note hedges	62,011			62,011
Retirement of warrants	(46,356)			(46,356)
Balance (in shares) at Mar. 31, 2022			110,235
Balance at Mar. 31, 2022	793,126		$ 110	1,272,353		(475,024)		(4,313)
Balance (Accounting Standards Update 2020-06) at Mar. 31, 2022		$ (8,124)			$ (34,545)		$ 26,421
Balance (in shares) at Dec. 31, 2022			107,610
Balance at Dec. 31, 2022	779,297		$ 108	1,297,408		(513,256)		(4,963)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	3,281					3,281
Foreign currency translation adjustment	205							205
Unrealized gain (loss) on marketable securities, net of tax	1,223							1,223
Issuance of common stock upon exercise of options, equity stock and stock units, and employee stock purchase plan (in shares)			1,037
Issuance of common stock upon exercise of options, equity stock and employee stock purchase plan	(29,905)		$ 1	(29,906)
Stock-based compensation	13,063			13,063
Issuance of common stock in connection with the payment of Year 1 earn-out related to the PLDA acquisition (in shares)			198
Stock Issued During Period, Value, Payment Of Earn-Out Related To Acquisition	5,022			5,022
Issuance of common stock in connection with the maturity of the convertible senior notes related to the settlement of the in-the-money conversion feature of the convertible senior notes (in shares)			284
Exercise of the convertible senior note hedges in conjunction with the conversion of convertible senior notes (in shares)			(284)
Exercise of the convertible senior note hedges in conjunction with the conversion of convertible senior notes				11,440		(11,440)
Retirement of warrants	(10,457)			(10,457)
Balance (in shares) at Mar. 31, 2023			108,845
Balance at Mar. 31, 2023	$ 761,729		$ 109	$ 1,286,570		$ (521,415)		$ (3,535)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 3,281	$ (66,218)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	13,063	7,778
Depreciation	8,874	7,040
Amortization of intangible assets	3,944	3,786
Amortization of convertible debt issuance costs	3	105
Loss on extinguishment of debt	0	66,497
Loss on fair value adjustment of derivatives, net	240	8,283
Deferred income taxes	2,102	648
Loss on equity investment	362	324
Realized loss from sale of marketable securities	0	688
Change in fair value of earn-out liability	6,900	1,200
Gain on disposal of property, plant and equipment	0	(6)
Change in operating assets and liabilities:
Accounts receivable	(4,039)	(7,167)
Unbilled receivables	37,937	33,511
Prepaids and other current assets	(3,285)	(663)
Inventories	(5,280)	2,318
Accounts payable	(8,805)	1,104
Accrued salaries and benefits and other liabilities	(7,547)	(6,853)
Income taxes payable	(4,396)	(4,311)
Deferred revenue	(2,759)	(4,152)
Operating lease liabilities	(1,689)	(1,298)
Net cash provided by operating activities	38,906	42,614
Cash flows from investing activities:
Purchases of property, plant, and equipment	(7,738)	(1,683)
Acquisition of intangible assets	0	(3,000)
Purchases of marketable securities	(45,561)	(39,433)
Maturities of marketable securities	18,134	44,781
Proceeds from sales of marketable securities	24,460	204,091
Net cash provided by (used in) investing activities	(10,705)	204,756
Cash flows from financing activities:
Proceeds received from issuance of common stock under employee stock plans	771	321
Payments of taxes on restricted stock units	(30,676)	(15,821)
Payments under installment payment arrangements	(3,227)	(3,220)
Payments for settlement and repurchase of convertible senior notes	(10,381)	(174,454)
Proceeds from retirement of convertible senior note hedges	0	72,415
Payments for settlement of warrants	(10,697)	(55,148)
Net cash used in financing activities	(54,210)	(175,907)
Effect of exchange rate changes on cash and cash equivalents	191	(224)
Net increase (decrease) in cash, cash equivalents and restricted cash	(25,818)	71,239
Cash, cash equivalents and restricted cash at beginning of period	125,694	108,264
Cash, cash equivalents and restricted cash at end of period	99,876	179,503
Non-cash investing and financing activities during the period:
Property, plant and equipment received and accrued in accounts payable and other liabilities	37,534	$ 14,238
Stock Issued During Period, Value, Payment Of Earn-Out Related To Acquisition	5,022
Additional paid-in capital
Non-cash investing and financing activities during the period:
Stock Issued During Period, Value, Payment Of Earn-Out Related To Acquisition	$ 5,022

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash, cash equivalents and restricted cash
Cash and cash equivalents	$ 99,876	$ 125,334
Restricted cash	0	360
Cash, cash equivalents, and restricted cash	$ 99,876	$ 125,694

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Rambus Inc. (“Rambus” or the “Company”) and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the accompanying unaudited condensed consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring items) necessary to state fairly the financial position and results of operations for each interim period presented. Interim results are not necessarily indicative of results for a full year. The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim financial information. Certain information and Note disclosures included in the financial statements prepared in accordance with generally accepted accounting principles have been omitted in these interim statements pursuant to such SEC rules and regulations. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto in Form 10-K for the year ended December 31, 2022.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Contract Balances The contract assets are primarily related to the Company’s fixed fee IP licensing arrangements and rights to consideration for performance obligations delivered but not billed as of March 31, 2023. The Company’s contract balances were as follows: As of (In thousands) March 31, 2023 December 31, 2022 Unbilled receivables $ 112,983 $ 150,920 Deferred revenue 22,661 25,421 During the three months ended March 31, 2023, the Company recognized $11.6 million of revenue that was included in the contract balances as of December 31, 2022. During the three months ended March 31, 2022, the Company recognized $11.7 million of revenue that was included in the contract balances as of December 31, 2021. Remaining Performance Obligations Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted but unsatisfied performance obligations were approximately $24.8 million as of March 31, 2023, which the Company primarily expects to recognize over the next 2 years.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
Earnings (Loss) Per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per ShareBasic earnings (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing the earnings by the weighted-average number of common shares and potentially dilutive securities outstanding during the period. Potentially dilutive common shares consist of incremental common shares issuable upon exercise of stock options, employee stock purchases, restricted stock and restricted stock units and shares issuable upon the conversion of convertible notes. The dilutive effect of outstanding shares is reflected in diluted earnings per share by application of the treasury stock method, or the if-converted method for the in-the-money conversion feature of the 2023 Notes. This method includes consideration of the amounts to be paid by the employees, the amount of excess tax benefits that would be recognized in the equity if the instrument was exercised and the amount of unrecognized stock-based compensation related to future services. No potential dilutive common shares are included in the computation of any diluted per share amount when a net loss is reported. The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended March 31, (In thousands, except per share amounts) 2023 2022 Net income (loss) per share: Numerator: Net income (loss) $ 3,281 $ (66,218) Denominator: Weighted-average shares outstanding - basic 108,277 109,889 Effect of potentially dilutive common shares 2,876 — Weighted-average shares outstanding - diluted 111,153 109,889 Basic net income (loss) per share $ 0.03 $ (0.60) Diluted net income (loss) per share $ 0.03 $ (0.60) During the three months ended March 31, 2022, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to the Company’s common stockholders because the impact of including them would have been anti-dilutive (in thousands): Three Months Ended March 31, (In thousands) 2022 Stock options 317 Restricted stock units 2,263 Potentially issuable shares related to the in-the-money conversion feature of convertible notes 824 Contingently issuable ESPP shares 41 Total 3,445 The shares in the tables above did not include the principal amount of the Company’s 2023 Notes (“the 2023 Notes”) as the principal amount of the 2023 Notes must be paid in cash. During the three months ended March 31, 2023 , the Company settled the conversion of the remaining $10.4 million aggregate principal amount of the 2023 Notes. Accordingly, the Company delivered approximately 0.3 million shares of the Company's common stock as settlement related to the in-the-money conversion feature of the 2023 Notes and received an equal amount of shares due to the settlement of the convertible senior note hedges. The Company included dilutive instruments exercised during the period in the denominator of diluted earnings (loss) per share for the period prior to exercise, and thereafter, the Company included the actual shares issued in the denominator for both basic and diluted earnings (loss) per share .

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
Intangible Assets and Goodwill	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Goodwill The following tables present goodwill information for the three months ended March 31, 2023: (In thousands) As of December 31, 2022 Adjustments to Goodwill As of March 31, 2023 Total goodwill $ 292,040 $ — $ 292,040 As of March 31, 2023 (In thousands) Gross Carrying Amount Accumulated Impairment Losses Net Carrying Amount Total goodwill $ 313,810 $ (21,770) $ 292,040 Intangible Assets, Net The components of the Company’s intangible assets as of March 31, 2023 and December 31, 2022 were as follows: As of March 31, 2023 (In thousands) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Existing technology 3 to 10 years $ 299,925 $ (265,311) $ 34,614 Customer contracts and contractual relationships 0.5 to 10 years 37,996 (36,874) 1,122 Trademarks 3 years 300 (300) — In-process research and development (“IPR&D”) Not applicable 11,200 — 11,200 Total intangible assets $ 349,421 $ (302,485) $ 46,936 As of December 31, 2022 (In thousands) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Existing technology 3 to 10 years $ 299,925 $ (261,708) $ 38,217 Customer contracts and contractual relationships 0.5 to 10 years 37,996 (36,533) 1,463 Trademarks 3 years 300 (300) — IPR&D Not applicable 11,200 — 11,200 Total intangible assets $ 349,421 $ (298,541) $ 50,880 Amortization expense for intangible assets for the three months ended March 31, 2023 and 2022 was $3.9 million and $3.8 million, respectively. The estimated future amortization of intangible assets as of March 31, 2023 was as follows (in thousands): Years Ending December 31: Amount 2023 (remaining nine months) $ 11,490 2024 12,722 2025 6,683 2026 4,365 2027 476 Thereafter — Total amortizable purchased intangible assets 35,736 IPR&D 11,200 Total intangible assets $ 46,936

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2023
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 March 31, 2023, the Company has a single operating and reportable segment. Accounts receivable from the Company’s major customers representing 10% or more of total accounts receivable at March 31, 2023 and December 31, 2022, respectively, was as follows: As of Customer March 31, 2023 December 31, 2022 Customer 1 25 % 16 % Customer 2 11 % 23 % Customer 3 * 14 % _________________________________________ * 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 three months ended March 31, 2023 and 2022, respectively, was as follows: Three Months Ended March 31, Customer 2023 2022 Customer A 19 % 25 % Customer B 16 % * Customer C 11 % * Customer D 11 % 14 % __________________________________________ * 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: Three Months Ended March 31, (In thousands) 2023 2022 USA $ 63,656 $ 55,684 South Korea 14,144 1,465 Asia-Other 12,704 17,792 Singapore 11,328 14,045 Taiwan 6,509 4,960 Japan 2,415 3,535 Europe 1,753 1,564 Canada 1,253 5 Total $ 113,762 $ 99,050

Marketable Securities

Marketable Securities	3 Months Ended
Marketable Securities	Mar. 31, 2023
Debt Securities, Available-for-Sale [Abstract]
Marketable Securities	Marketable Securities Rambus invests its excess cash and cash equivalents primarily in money market funds, time deposits, U.S. government-sponsored obligations, and corporate notes, bonds and commercial paper that mature within three years. All cash equivalents and marketable securities are classified as available-for-sale. Total cash, cash equivalents and marketable securities are summarized as follows: As of March 31, 2023 (In thousands, except percentages) Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Weighted Average Rate of Return Money market funds $ 13,089 $ 13,089 $ — $ — 3.80 % Time deposits 9,646 9,646 — — 6.98 % U.S. Government bonds and notes 96,250 97,469 16 (1,235) 2.37 % Corporate notes, bonds and commercial paper 90,360 91,534 4 (1,178) 2.31 % Total cash equivalents and marketable securities 209,345 211,738 20 (2,413) Cash 82,792 82,792 — — Total cash, cash equivalents and marketable securities $ 292,137 $ 294,530 $ 20 $ (2,413) As of December 31, 2022 (In thousands, except percentages) Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Weighted Average Rate of Return Money market funds $ 15,763 $ 15,763 $ — $ — 2.63 % U.S. Government bonds and notes 96,371 98,250 1 (1,880) 1.73 % Corporate notes, bonds and commercial paper 106,355 108,092 7 (1,744) 2.59 % Total cash equivalents and marketable securities 218,489 222,105 8 (3,624) Cash 94,737 94,737 — — Total cash, cash equivalents and marketable securities $ 313,226 $ 316,842 $ 8 $ (3,624) Available-for-sale securities are reported at fair value on the balance sheets and classified along with cash as follows: As of (In thousands) March 31, 2023 December 31, 2022 Cash equivalents $ 17,084 $ 30,597 Marketable securities 192,261 187,892 Total cash equivalents and marketable securities 209,345 218,489 Cash 82,792 94,737 Total cash, cash equivalents and marketable securities $ 292,137 $ 313,226 The Company continues to invest in highly rated and highly liquid debt securities. The Company holds all of its marketable securities as available-for-sale, marks them to market, and regularly reviews its portfolio to ensure adherence to its investment policy and to monitor individual investments for risk analysis, proper valuation, and unrealized losses that may be other than temporary. The estimated fair value and gross unrealized losses of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position at March 31, 2023 and December 31, 2022 are as follows: Fair Value Gross Unrealized Losses (In thousands) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Less than 12 months U.S. Government bonds and notes $ 30,240 $ 28,893 $ (26) $ (23) Corporate notes, bonds and commercial paper 29,310 45,538 (24) (35) Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months 59,550 74,431 (50) (58) 12 months or greater U.S. Government bonds and notes 52,211 62,588 (1,209) (1,857) Corporate notes, bonds and commercial paper 49,966 49,559 (1,154) (1,709) Total cash equivalents and marketable securities in a continuous unrealized loss position for 12 months or greater 102,177 112,147 (2,363) (3,566) Total cash equivalents and marketable securities in a continuous unrealized loss position $ 161,727 $ 186,578 $ (2,413) $ (3,624) The gross unrealized losses at March 31, 2023 and December 31, 2022 were not material in relation to the Company’s total available-for-sale portfolio. The gross unrealized losses can be primarily attributed to a combination of market conditions as well as the demand for and duration of the U.S. government-sponsored obligations and corporate notes and bonds. The Company reasonably believes that there is no need to sell these investments and that it can recover the amortized cost of these investments. The Company has found no evidence of impairment due to credit losses in its portfolio. Therefore, these unrealized losses were recorded in other comprehensive income (loss). However, the Company cannot provide any assurance that its portfolio of cash, cash equivalents and marketable securities will not be impacted by adverse conditions in the financial markets, which may require the Company in the future to record an impairment charge for credit losses which could adversely impact its financial results. The contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities are summarized as follows: (In thousands) March 31, 2023 Due less than one year $ 170,602 Due from one year through three years 25,654 Total $ 196,256 Refer to Note 7, “Fair Value of Financial Instruments,” for a discussion regarding the fair value of the Company’s cash equivalents and marketable securities.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following table presents the financial instruments and liabilities that are carried at fair value and summarizes their valuation by the respective pricing levels as of March 31, 2023 and December 31, 2022: As of March 31, 2023 (In thousands) Total Quoted Market Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets carried at fair value Money market funds $ 13,089 $ 13,089 $ — $ — Time deposits 9,646 — 9,646 — U.S. Government bonds and notes 96,250 — 96,250 — Corporate notes, bonds and commercial paper 90,360 — 90,360 — Total assets carried at fair value $ 209,345 $ 13,089 $ 196,256 $ — Liabilities carried at fair value Earn-out consideration related to PLDA acquisition $ 21,700 $ — $ — $ 21,700 Total liabilities carried at fair value $ 21,700 $ — $ — $ 21,700 As of December 31, 2022 (In thousands) Total Quoted Market Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets carried at fair value Money market funds $ 15,763 $ 15,763 $ — $ — U.S. Government bonds and notes 96,371 — 96,371 — Corporate notes, bonds and commercial paper 106,355 — 106,355 — Total available-for-sale securities $ 218,489 $ 15,763 $ 202,726 $ — Liabilities carried at fair value Earn-out consideration related to PLDA acquisition $ 14,800 $ — $ — $ 14,800 Total liabilities carried at fair value $ 14,800 $ — $ — $ 14,800 The Company’s liabilities related to earn-out consideration are classified within Level 3 of the fair value hierarchy because the fair value is determined using significant unobservable inputs. The following table presents additional information about liabilities measured at fair value for which the Company utilizes Level 3 inputs to determine fair value, as of March 31, 2023 and 2022. Three Months Ended March 31, (In thousands) 2023 2022 Balance as of beginning of period $ 14,800 $ 16,900 Change in fair value of earn-out liability due to remeasurement 6,900 1,200 Balance as of end of period $ 21,700 $ 18,100 For the three months ended March 31, 2023 and 2022, the changes in the fair value of the earn-out liability related to the 2021 acquisition of PLDA Group (“PLDA”), which is subject to certain revenue targets of the acquired business for a period of three years from the date of acquisition. The fair value of the earn-out liability is remeasured each quarter, depending on the acquired business’s revenue performance relative to target over the applicable period. The Company has classified its liability for the contingent earn-out consideration related to the PLDA acquisition within Level 3 of the fair value hierarchy because the fair value is determined using significant unobservable inputs. During the three months ended March 31, 2023 and 2022, the Company remeasured the fair value of the earn-out liability, which resulted in additional expenses of $6.9 million and $1.2 million, respectively, in the Company’s unaudited condensed consolidated statements of operations. The Company monitors its investments for other-than-temporary impairment and records appropriate reductions in carrying value when necessary. The Company monitors its investments for other-than-temporary losses by considering current factors, including the economic environment, market conditions, operational performance and other specific factors relating to the business underlying the investment, reductions in carrying values when necessary and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery in the market. Any other-than-temporary loss is reported under “Interest and other income (expense), net” in the unaudited condensed consolidated statement of operations. During the second half of 2018, the Company made an investment in a non-marketable equity security of a private company. This equity investment is accounted for under the equity method of accounting, and the Company accounts for its equity method share of the income (loss) on a quarterly basis. As of March 31, 2023 and December 31, 2022, the carrying value of the Company’s 25.0% ownership percentage was $0.1 million and $0.5 million, respectively, which were included in other assets in the accompanying unaudited condensed consolidated balance sheets. The Company recorded immaterial amounts in its condensed consolidated statements of operations representing its share of the investee’s loss for the three months ended March 31, 2023 and 2022. During the three months ended March 31, 2023 and 2022, there were no transfers of financial instruments between different categories of fair value. The following table presents the financial instruments that are not carried at fair value but require fair value disclosure as of March 31, 2023 and December 31, 2022: As of March 31, 2023 As of December 31, 2022 (In thousands) Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 1.375% Convertible Senior Notes due 2023 (the “2023 Notes”) $ — $ — $ — $ 10,381 $ 10,378 $ 19,625 The fair value of the convertible notes at each balance sheet date was determined based on recent quoted market prices for these notes which is a Level 2 measurement. As discussed in Note 9, “Convertible Notes,” d uring the three months ended March 31, 2023 , the Company settled the remaining $10.4 million aggregate principal amount of the 2023 Notes. As of December 31, 2022, the 2023 Notes were carried at their face value of $10.4 million, less any unamortized debt issuance costs. The carrying value of other financial instruments, including accounts receivable, accounts payable and other liabilities, approximated fair value due to their short maturities.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2023
Leases [Abstract]
Leases	Leases The Company leases office space, domestically and internationally, under operating leases. The Company’s leases have remaining lease terms generally between one year and eight years. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities and long-term operating lease liabilities on the Company’s unaudited condensed consolidated balance sheets. The Company does not have any finance leases. The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded on the unaudited condensed consolidated balance sheet as of March 31, 2023 (in thousands): Years ending December 31, Amount 2023 (remaining nine months) $ 4,459 2024 5,292 2025 5,360 2026 5,588 2027 4,750 Thereafter 12,999 Total minimum lease payments 38,448 Less: amount of lease payments representing interest (6,034) Present value of future minimum lease payments 32,414 Less: current obligations under leases (4,287) Long-term lease obligations $ 28,127 As of March 31, 2023, the weighted-average remaining lease term for the Company’s operating leases was 7.0 years and the weighted-average discount rate used to determine the present value of the Company’s operating leases was 5.4%. Operating lease costs included in research and development and selling, general and administrative costs on the unaudited condensed consolidated statements of operations were $1.9 million for both the three months ended March 31, 2023 and 2022, respectively. Cash paid for amounts included in the measurement of operating lease liabilities were $2.2 million and $2.3 million for the three months ended March 31, 2023 and 2022, respectively.

Convertible Notes

Convertible Notes	3 Months Ended
Convertible Notes	Mar. 31, 2023
Debt Disclosure [Abstract]
Convertible Notes	Convertible Notes The Company’s convertible notes are shown in the following table: As of (In thousands) March 31, 2023 December 31, 2022 2023 Notes $ — $ 10,381 Unamortized debt issuance costs — 2023 Notes — (3) Total convertible notes — 10,378 Less current portion — 10,378 Total long-term convertible notes $ — $ — During the three months ended March 31, 2023 , the holders of the remaining $10.4 million aggregate principal amount of the 2023 Notes elected to convert the notes pursuant to the original terms of the conversion feature. Accordingly, upon maturity, the Company paid $10.4 million in cash to settle the aggregate principal amount of the 2023 Notes and delivered approximately 0.3 million shares of the Company's common stock to settle the conversion spread. In connection with the settlement of the conversion of the remaining 2023 Notes, the Company received 0.3 million shares of the Company’s common stock for the retirement of the remaining convertible senior note hedges and paid $10.7 million in cash for the retirement of the remaining warrants during the three months ended March 31, 2023. Additionally, the retirement of the remaining warrants was subject to derivative accounting, resulting in a loss on fair value adjustment of derivatives of $0.2 million for the three months ended March 31, 2023. Interest expense related to the convertible notes for the three months ended March 31, 2023 and 2022 was as follows: Three Months Ended March 31, (In thousands) 2023 2022 2023 Notes coupon interest at a rate of 1.375% $ 12 $ 316 2023 Notes amortization of debt issuance cost 3 105 Total interest expense on convertible notes $ 15 $ 421

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2023, the Company’s material contractual obligations were as follows: (In thousands) Total Remainder of 2023 2024 2025 2026 2027 Contractual obligations (1) (2) (3) Other contractual obligations $ 3,960 $ 3,360 $ 600 $ — $ — $ — Software licenses (4) 39,370 14,835 16,452 8,083 — — Acquisition retention bonuses (5) 5,364 2,507 2,507 350 — — Total $ 48,694 $ 20,702 $ 19,559 $ 8,433 $ — $ — _________________________________________ (1) The above table does not reflect possible payments in connection with unrecognized tax benefits of approximately $21.1 million, including $19.8 million recorded as a reduction of long-term deferred tax assets and $1.3 million in long-term income taxes payable as of March 31, 2023. As noted below in Note 13, “Income Taxes,” although it is possible that some of the unrecognized tax benefits could be settled within the next 12 months, the Company cannot reasonably estimate the outcome at this time. (2) For the Company’s lease commitments as of March 31, 2023, refer to Note 8, “Leases.” (3) During the three months ended March 31, 2023 , the Company paid upon maturity the remaining $10.4 million in aggregate principal amount of the 2023 Notes. Refer to Note 9, “Convertible Notes,” for additional information. (4) The Company has commitments with various software vendors for agreements generally having terms longer than one year. As of March 31, 2023, approximately $15.6 million of the fair value of the software licenses was included in other current liabilities and $19.1 million was included in other long-term liabilities, in the accompanying unaudited condensed consolidated balance sheet. (5) In connection with the acquisition of Hardent in the second quarter of 2022 and the acquisitions of AnalogX and PLDA in the third quarter of 2021, the Company is obligated to pay retention bonuses to certain employees subject to certain eligibility and acceleration provisions, including the condition of employment. Indemnifications From time to time, the Company indemnifies certain customers as a necessary means of doing business. Indemnification covers customers for losses suffered or incurred by them as a result of any patent, copyright, or other intellectual property infringement or any other claim by any third party arising as a result of the applicable agreement with the Company. The Company generally attempts to limit the maximum amount of indemnification that the Company could be required to make under these agreements to the amount of fees received by the Company, however, this may not always be possible. The fair value of the liability as of March 31, 2023 and December 31, 2022, respectively, was not material.

Equity Incentive Plans and Stoc

Equity Incentive Plans and Stock-Based Compensation	3 Months Ended
Equity Incentive Plans and Stock-Based Compensation	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans and Stock-Based Compensation	Equity Incentive Plans and Stock-Based Compensation On April 27, 2023, the Company’s stockholders approved an additional 5,210,000 shares to be reserved for issuance under the 2015 Equity Incentive Plan (the “2015 Plan”). A summary of shares available for grant under the Company’s plans is as follows: Shares Available for Grant Total shares available for grant as of December 31, 2022 7,655,769 Nonvested equity stock and stock units granted (1) (2) (1,915,751) Nonvested equity stock and stock units forfeited (1) 216,478 Total shares available for grant as of March 31, 2023 5,956,496 _________________________________________ (1) For purposes of determining the number of shares available for grant under the 2015 Plan against the maximum number of shares authorized, each restricted stock unit granted reduces the number of shares available for grant by 1.5 shares and each restricted stock unit forfeited increases shares available for grant by 1.5 shares. (2) Amount includes approximately 0.2 million shares that have been reserved for potential future issuance related to certain performance unit awards granted in the first quarter of 2023 and discussed under the section titled “Nonvested Equity Stock and Stock Units” below. General Stock Option Information The following table summarizes stock option activity under the Company’s equity incentive plans for the three months ended March 31, 2023 and information regarding stock options outstanding, exercisable, and vested and expected to vest as of March 31, 2023. Options Outstanding (In thousands, except shares, per share amounts and years) Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding as of December 31, 2022 432,443 $ 11.60 Options exercised (80,841) $ 9.74 $ 3,356 Outstanding as of March 31, 2023 351,602 $ 12.03 3.44 $ 13,793 Vested or expected to vest at March 31, 2023 351,589 $ 12.03 3.44 $ 13,793 Options exercisable at March 31, 2023 339,935 $ 11.99 3.34 $ 13,351 Employee Stock Purchase Plan No purchases were made under the 2015 Employee Stock Purchase Plan (“2015 ESPP”) during the three months ended March 31, 2023 and 2022 , respectively. As of March 31, 2023, approximately 2.6 million shares under the 2015 ESPP remained available for issuance. Stock-Based Compensation For the three months ended March 31, 2023 and 2022, the Company maintained stock plans covering a broad range of potential equity grants including stock options, nonvested equity stock and equity stock units and performance-based instruments. In addition, the Company sponsors the 2015 ESPP, whereby eligible employees are entitled to purchase common stock semi-annually, by means of limited payroll deductions, at a 15% discount from the fair market value of the common stock as of specific dates. Stock Options There were no stock options granted during the three months ended March 31, 2023 and 2022, respectively. Stock-based compensation expense related to stock options was immaterial for the three months ended March 31, 2023 and 2022. As of March 31, 2023, there was $0.1 million of total unrecognized compensation cost, net of expected forfeitures, related to non-vested stock-based compensation arrangements granted under the stock option plans. That cost is expected to be recognized over a weighted-average period of 0.5 years. Employee Stock Purchase Plan For the three months ended March 31, 2023, the Company recorded stock-based compensation expense related to the 2015 ESPP of $0.6 million. For the three months ended March 31, 2022, the Company recorded stock-based compensation expense related to the 2015 ESPP of $0.5 million. As of March 31, 2023, there was $0.2 million of total unrecognized compensation cost related to stock-based compensation arrangements granted under the 2015 ESPP. That cost is expected to be recognized over one month. Nonvested Equity Stock and Stock Units The Company grants nonvested equity stock units to officers, employees and directors. During the three months ended March 31, 2023, the Company granted nonvested equity stock units totaling approximately 1.1 million. During the three months ended March 31, 2022, the Company granted nonvested equity stock units totaling approximately 1.6 million shares. These awards have a service condition, generally a service period of four years, except in the case of grants to directors, for which the service period is one year. For the three months ended March 31, 2023, the nonvested equity stock units were valued at the date of grant giving them a fair value of approximately $52.7 million. For the three months ended March 31, 2022, the nonvested equity stock units were valued at the date of grant giving them a fair value of approximately $44.6 million. During the first quarter of 2023 and 2022, the Company granted performance unit awards to certain Company executive officers with vesting subject to the achievement of certain performance and/or market conditions. The ultimate number of performance units that can be earned can range from 0% to 200% of target depending on performance relative to target over the applicable period. The shares earned will vest on the third or fourth anniversary of the date of gran t. The Company’s shares available for grant have been reduced to reflect the shares that could be earned at the maximum target. For the three months ended March 31, 2023, the Company recorded stock-based compensation expense of approximately $12.5 million, primarily related to all outstanding nonvested equity stock grants. For the three months ended March 31, 2022, the Company recorded stock-based compensation expense of approximately $7.3 million, related to all outstanding nonvested equity stock grants. Unrecognized stock-based compensation related to all nonvested equity stock grants, net of estimated forfeitures, was approximately $98.5 million at March 31, 2023. This amount is expected to be recognized over a weighted-average period of 2.6 years. The following table reflects the activity related to nonvested equity stock and stock units for the three months ended March 31, 2023: Nonvested Equity Stock and Stock Units Shares Weighted- Average Grant-Date Fair Value Nonvested at December 31, 2022 4,718,060 $ 22.78 Granted 1,123,519 $ 45.84 Vested (1,402,672) $ 24.38 Forfeited (119,799) $ 25.19 Nonvested at March 31, 2023 4,319,108 $ 30.70

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Share Repurchase Programs On October 29, 2020, the Company’s board of directors (the “Board”) approved a share repurchase program authorizing the repurchase of up to an aggregate of 20.0 million shares (the “2020 Repurchase Program”). Share repurchases under the 2020 Repurchase Program may be made through the open market, established plans or privately negotiated transactions in accordance with all applicable securities laws, rules and regulations. There is no expiration date applicable to the 2020 Repurchase Program. During the three months ended March 31, 2023, the Company did not repurchase any shares of its common stock under the 2020 Repurchase Program. On September 9, 2022, the Company entered into an accelerated share repurchase program with Wells Fargo Bank, National Association (“Wells Fargo”) (the “2022 ASR Program”). The 2022 ASR Program was part of the share repurchase program previously authorized by the Board on October 29, 2020. Under the 2022 ASR Program, the Company pre-paid to Wells Fargo the $100.0 million purchase price for its common stock and, in turn, the Company received an initial delivery of approximately 3.1 million shares of its common stock from Wells Fargo in the third quarter of 2022, which were retired and recorded as an $80.0 million reduction to stockholders’ equity. The remaining $20.0 million of the initial payment was recorded as a reduction to stockholders’ equity as an unsettled forward contract indexed to the Company’s stock. During the fourth quarter of 2022, the accelerated share repurchase program was completed and the Company received an additional 0.1 million shares of its common stock, which were retired, as the final settlement of the accelerated share repurchase program. As of March 31, 2023, there remained an outstanding authorization to repurchase approximately 9.7 million shares of the Company’s outstanding common stock under the 2020 Repurchase Program. The Company records share repurchases as a reduction to stockholders’ equity. The Company records a portion of the purchase price of the repurchased shares as an increase to accumulated deficit when the price of the shares repurchased exceeds the average original proceeds per share received from the issuance of common stock in accordance with its accounting policy.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a provision for income taxes of $0.2 million and $0.5 million for the three months ended March 31, 2023 and 2022, respectively. The provision for income taxes for the three months ended March 31, 2023 was driven by a combination of the valuation allowance recorded on U.S. deferred tax assets, foreign withholding taxes, the statutory tax expense for the foreign jurisdictions for 2023 and indefinite-lived intangible tax amortization expense. The provision for income taxes for the three months ended March 31, 2022 was driven by a combination of the valuation allowance recorded on U.S. deferred tax assets, foreign withholding taxes, the statutory tax expense for the foreign jurisdictions for 2022 and indefinite-lived intangible tax amortization expense. During the three months ended March 31, 2023 and 2022, the Company paid withholding taxes of $5.4 million and $5.0 million, respectively. The Company periodically evaluates the realizability of its net deferred tax assets based on all available evidence, both positive and negative. As of March 31, 2023, the Company continues to maintain a full valuation allowance on its U.S. federal and California deferred tax assets as it does not yet believe that there is sufficient evidence to determine that it is more likely than not that they will be realized. The Company weighed both positive and negative evidence and determined that there is a continued need for a valuation allowance as the Company is in a cumulative loss position over the previous three years, which is considered significant negative evidence. Although the weight of negative evidence related to cumulative losses has decreased as the Company’s profitability has improved, the Company believes that the cumulative losses and other negative evidence outweigh the positive evidence of projections of future profitability and, as such, the Company has maintained a full valuation allowance against its U.S. federal and California deferred tax assets. However, if the Company sustains recent improvements in the Company's operating results, conditioned on its continued growth within its memory interface chips and Silicon IP product offerings, signing new or renewing existing license agreements and managing costs, management believes a reasonable possibility exists that sufficient positive evidence may become available to reach a conclusion that could lead to the reversal of almost all of the Company's valuation allowance during 2023. Should the Company determine that it is more likely than not that it would be able to realize its deferred tax assets, it would result in the reversal of the valuation allowance, a corresponding material non-cash income tax benefit and the recording of additional deferred tax assets on the balance sheet in the period such determination is made. The Company has U.S. federal deferred tax assets related to research and development credits, foreign tax credits and other tax attributes that can be used to offset U.S. federal taxable income in future periods. These credit carryforwards will expire if they are not used within certain time periods. It is possible that some or all of these attributes could ultimately expire unused. The Company maintains liabilities for uncertain tax positions within its long-term income taxes payable accounts and as a reduction to existing deferred tax assets to the extent tax attributes are available to offset such liabilities. These liabilities involve judgment and estimation and are monitored by management based on the best information available including changes in tax regulations, the outcome of relevant court cases and other information. As of March 31, 2023, the Company had approximately $169.9 million of unrecognized tax benefits, including $19.8 million recorded as a reduction of long-term deferred tax assets, $148.8 million recorded as a reduction of other assets associated with refundable withholding taxes previously withheld from licensees in South Korea and $1.3 million recorded in long-term income taxes payable. If the Company would have recovered such benefit, which is currently estimated at $150.1 million, this benefit would have likely been reduced due to amending the Company’s U.S. Federal tax returns as a result of such recovery, offsetting most or all of the potential recovery. As a result of recent court rulings in South Korea, the Company has determined that it may be entitled to refund claims for foreign taxes previously withheld by licensees in South Korea. The Company recognizes that there are numerous risks and uncertainties associated with the ultimate collection of this refund and has therefore maintained an offsetting reserve for the entire amount of refundable withholding taxes previously withheld in South Korea. As of December 31, 2022, the Company had $164.5 million of unrecognized tax benefits, including $19.6 million recorded as a reduction of long-term deferred tax assets, $143.6 million recorded as a reduction of other assets associated with refundable withholding taxes previously withheld by licensees in South Korea and $1.3 million recorded in long-term income taxes payable. Although it is possible that some of the unrecognized tax benefits could be settled within the next 12 months, the Company cannot reasonably estimate the outcome at this time. Additionally, the Company’s future effective tax rates could be adversely affected by earnings being higher than anticipated in countries where the Company has higher statutory rates or lower than anticipated in countries where it has lower statutory rates, by changes in valuation of its deferred tax assets and liabilities or by changes in tax laws or interpretations of those laws.

Litigation and Asserted Claims

Litigation and Asserted Claims	3 Months Ended
Litigation and Asserted Claims	Mar. 31, 2023
Loss Contingency, Information about Litigation Matters [Abstract]
Litigation and Asserted Claims	Litigation and Asserted Claims Rambus is not currently a party to any material pending legal proceeding; however, from time to time, Rambus may become involved in legal proceedings or be subject to claims arising in the ordinary course of its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these ordinary course matters will not have a material adverse effect on our business, operating results, financial position or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management attention and resources and other factors. The Company records a contingent liability when it is probable that a loss has been incurred and the amount is reasonably estimable in accordance with accounting for contingencies.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
Derivative Instruments and Hedging Activities	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities During the three months ended March 31, 2023, the Company began using foreign currency forward contracts (the “Contracts”) to manage the Company’s exposure related to certain foreign currency denominated monetary assets (the “Hedging Program”) and to minimize the related impact of foreign currency fluctuations on the Company’s earnings. The hedged monetary assets primarily consist of certain euro-denominated cash and accounts receivable balances. The Contracts mitigate the Company’s foreign currency exposure when the Contracts are settled at their maturity by generally offsetting the gains and losses generated by the re-measurement of the underlying monetary assets. The Contracts are entered into at the end of each month and have a duration of approximately one month at inception. Due to the short duration of these Contracts, their fair value is deemed immaterial. As the Contracts are considered derivative instruments that are not designated and do not qualify as hedging instruments, any gains and losses resulting from changes in their fair value are recorded to interest income and other income (expense), net on the Company’s unaudited condensed consolidated statements of operations. The Company does not use its Hedging Program for speculative or trading purposes. The Contract outstanding as of March 31, 2023 was entered into by the Company on the last business day of the period. Given the relatively short duration such contracts are outstanding in relation to changes in potential market rates, the change in the fair value was deemed immaterial. As of March 31, 2023, the total local currency amount of the outstanding Contract was €9.1 million, and its total notional value was $9.7 million. For the three months ended March 31, 2023, any gains and losses resulting from changes in fair value of the Company’s Contracts were deemed immaterial.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract balances	The Company’s contract balances were as follows: As of (In thousands) March 31, 2023 December 31, 2022 Unbilled receivables $ 112,983 $ 150,920 Deferred revenue 22,661 25,421

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
Earnings (Loss) Per Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Computation of basic and diluted net income (loss) per share	The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended March 31, (In thousands, except per share amounts) 2023 2022 Net income (loss) per share: Numerator: Net income (loss) $ 3,281 $ (66,218) Denominator: Weighted-average shares outstanding - basic 108,277 109,889 Effect of potentially dilutive common shares 2,876 — Weighted-average shares outstanding - diluted 111,153 109,889 Basic net income (loss) per share $ 0.03 $ (0.60) Diluted net income (loss) per share $ 0.03 $ (0.60)
Schedule of antidilutive securities excluded from computation of earnings per share	During the three months ended March 31, 2022, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to the Company’s common stockholders because the impact of including them would have been anti-dilutive (in thousands): Three Months Ended March 31, (In thousands) 2022 Stock options 317 Restricted stock units 2,263 Potentially issuable shares related to the in-the-money conversion feature of convertible notes 824 Contingently issuable ESPP shares 41 Total 3,445

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
Intangible Assets and Goodwill (Tables)	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in carrying amount of goodwill	The following tables present goodwill information for the three months ended March 31, 2023: (In thousands) As of December 31, 2022 Adjustments to Goodwill As of March 31, 2023 Total goodwill $ 292,040 $ — $ 292,040 As of March 31, 2023 (In thousands) Gross Carrying Amount Accumulated Impairment Losses Net Carrying Amount Total goodwill $ 313,810 $ (21,770) $ 292,040
Components of intangible assets	The components of the Company’s intangible assets as of March 31, 2023 and December 31, 2022 were as follows: As of March 31, 2023 (In thousands) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Existing technology 3 to 10 years $ 299,925 $ (265,311) $ 34,614 Customer contracts and contractual relationships 0.5 to 10 years 37,996 (36,874) 1,122 Trademarks 3 years 300 (300) — In-process research and development (“IPR&D”) Not applicable 11,200 — 11,200 Total intangible assets $ 349,421 $ (302,485) $ 46,936 As of December 31, 2022 (In thousands) Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Existing technology 3 to 10 years $ 299,925 $ (261,708) $ 38,217 Customer contracts and contractual relationships 0.5 to 10 years 37,996 (36,533) 1,463 Trademarks 3 years 300 (300) — IPR&D Not applicable 11,200 — 11,200 Total intangible assets $ 349,421 $ (298,541) $ 50,880
Estimated future amortization of intangible assets	The estimated future amortization of intangible assets as of March 31, 2023 was as follows (in thousands): Years Ending December 31: Amount 2023 (remaining nine months) $ 11,490 2024 12,722 2025 6,683 2026 4,365 2027 476 Thereafter — Total amortizable purchased intangible assets 35,736 IPR&D 11,200 Total intangible assets $ 46,936

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2023
Concentration risk
Revenue from external customer by geographic regions	Revenue from customers in the geographic regions based on the location of contracting parties was as follows: Three Months Ended March 31, (In thousands) 2023 2022 USA $ 63,656 $ 55,684 South Korea 14,144 1,465 Asia-Other 12,704 17,792 Singapore 11,328 14,045 Taiwan 6,509 4,960 Japan 2,415 3,535 Europe 1,753 1,564 Canada 1,253 5 Total $ 113,762 $ 99,050
Accounts receivable
Concentration risk
Schedule of customer accounts representing 10% or more than 10% of total balance	Accounts receivable from the Company’s major customers representing 10% or more of total accounts receivable at March 31, 2023 and December 31, 2022, respectively, was as follows: As of Customer March 31, 2023 December 31, 2022 Customer 1 25 % 16 % Customer 2 11 % 23 % Customer 3 * 14 % _________________________________________ * Customer accounted for less than 10% of total accounts receivable in the period.
Revenue
Concentration risk
Schedule of customer accounts representing 10% or more than 10% of total balance	Revenue from the Company’s major customers representing 10% or more of total revenue for the three months ended March 31, 2023 and 2022, respectively, was as follows: Three Months Ended March 31, Customer 2023 2022 Customer A 19 % 25 % Customer B 16 % * Customer C 11 % * Customer D 11 % 14 % __________________________________________ * Customer accounted for less than 10% of total revenue in the period.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
Marketable Securities (Tables)	Mar. 31, 2023
Debt Securities, Available-for-Sale [Abstract]
Cash equivalents and marketable securities classified as available-for-sale	Total cash, cash equivalents and marketable securities are summarized as follows: As of March 31, 2023 (In thousands, except percentages) Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Weighted Average Rate of Return Money market funds $ 13,089 $ 13,089 $ — $ — 3.80 % Time deposits 9,646 9,646 — — 6.98 % U.S. Government bonds and notes 96,250 97,469 16 (1,235) 2.37 % Corporate notes, bonds and commercial paper 90,360 91,534 4 (1,178) 2.31 % Total cash equivalents and marketable securities 209,345 211,738 20 (2,413) Cash 82,792 82,792 — — Total cash, cash equivalents and marketable securities $ 292,137 $ 294,530 $ 20 $ (2,413) As of December 31, 2022 (In thousands, except percentages) Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Weighted Average Rate of Return Money market funds $ 15,763 $ 15,763 $ — $ — 2.63 % U.S. Government bonds and notes 96,371 98,250 1 (1,880) 1.73 % Corporate notes, bonds and commercial paper 106,355 108,092 7 (1,744) 2.59 % Total cash equivalents and marketable securities 218,489 222,105 8 (3,624) Cash 94,737 94,737 — — Total cash, cash equivalents and marketable securities $ 313,226 $ 316,842 $ 8 $ (3,624)
Available-for-sale securities reported at fair value	Available-for-sale securities are reported at fair value on the balance sheets and classified along with cash as follows: As of (In thousands) March 31, 2023 December 31, 2022 Cash equivalents $ 17,084 $ 30,597 Marketable securities 192,261 187,892 Total cash equivalents and marketable securities 209,345 218,489 Cash 82,792 94,737 Total cash, cash equivalents and marketable securities $ 292,137 $ 313,226
Estimated fair value of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position	The estimated fair value and gross unrealized losses of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position at March 31, 2023 and December 31, 2022 are as follows: Fair Value Gross Unrealized Losses (In thousands) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Less than 12 months U.S. Government bonds and notes $ 30,240 $ 28,893 $ (26) $ (23) Corporate notes, bonds and commercial paper 29,310 45,538 (24) (35) Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months 59,550 74,431 (50) (58) 12 months or greater U.S. Government bonds and notes 52,211 62,588 (1,209) (1,857) Corporate notes, bonds and commercial paper 49,966 49,559 (1,154) (1,709) Total cash equivalents and marketable securities in a continuous unrealized loss position for 12 months or greater 102,177 112,147 (2,363) (3,566) Total cash equivalents and marketable securities in a continuous unrealized loss position $ 161,727 $ 186,578 $ (2,413) $ (3,624)
Contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities	The contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities are summarized as follows: (In thousands) March 31, 2023 Due less than one year $ 170,602 Due from one year through three years 25,654 Total $ 196,256

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
Fair Value of Financial Instruments (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of the valuation of cash equivalents and marketable securities by pricing levels	The following table presents the financial instruments and liabilities that are carried at fair value and summarizes their valuation by the respective pricing levels as of March 31, 2023 and December 31, 2022: As of March 31, 2023 (In thousands) Total Quoted Market Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets carried at fair value Money market funds $ 13,089 $ 13,089 $ — $ — Time deposits 9,646 — 9,646 — U.S. Government bonds and notes 96,250 — 96,250 — Corporate notes, bonds and commercial paper 90,360 — 90,360 — Total assets carried at fair value $ 209,345 $ 13,089 $ 196,256 $ — Liabilities carried at fair value Earn-out consideration related to PLDA acquisition $ 21,700 $ — $ — $ 21,700 Total liabilities carried at fair value $ 21,700 $ — $ — $ 21,700 As of December 31, 2022 (In thousands) Total Quoted Market Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets carried at fair value Money market funds $ 15,763 $ 15,763 $ — $ — U.S. Government bonds and notes 96,371 — 96,371 — Corporate notes, bonds and commercial paper 106,355 — 106,355 — Total available-for-sale securities $ 218,489 $ 15,763 $ 202,726 $ — Liabilities carried at fair value Earn-out consideration related to PLDA acquisition $ 14,800 $ — $ — $ 14,800 Total liabilities carried at fair value $ 14,800 $ — $ — $ 14,800
Fair value, liabilities measured on recurring basis, unobservable input reconciliation	The following table presents additional information about liabilities measured at fair value for which the Company utilizes Level 3 inputs to determine fair value, as of March 31, 2023 and 2022. Three Months Ended March 31, (In thousands) 2023 2022 Balance as of beginning of period $ 14,800 $ 16,900 Change in fair value of earn-out liability due to remeasurement 6,900 1,200 Balance as of end of period $ 21,700 $ 18,100
Financial instruments not carried at fair value but requiring fair value disclosure	The following table presents the financial instruments that are not carried at fair value but require fair value disclosure as of March 31, 2023 and December 31, 2022: As of March 31, 2023 As of December 31, 2022 (In thousands) Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 1.375% Convertible Senior Notes due 2023 (the “2023 Notes”) $ — $ — $ — $ 10,381 $ 10,378 $ 19,625

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2023
Leases [Abstract]
Lessee, operating lease liability, maturities and undiscounted cash flows	The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded on the unaudited condensed consolidated balance sheet as of March 31, 2023 (in thousands): Years ending December 31, Amount 2023 (remaining nine months) $ 4,459 2024 5,292 2025 5,360 2026 5,588 2027 4,750 Thereafter 12,999 Total minimum lease payments 38,448 Less: amount of lease payments representing interest (6,034) Present value of future minimum lease payments 32,414 Less: current obligations under leases (4,287) Long-term lease obligations $ 28,127

Convertible Notes (Tables)

Convertible Notes (Tables)	3 Months Ended
Convertible Notes (Tables)	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of convertible notes	The Company’s convertible notes are shown in the following table: As of (In thousands) March 31, 2023 December 31, 2022 2023 Notes $ — $ 10,381 Unamortized debt issuance costs — 2023 Notes — (3) Total convertible notes — 10,378 Less current portion — 10,378 Total long-term convertible notes $ — $ —
Schedule of interest expense on notes	Interest expense related to the convertible notes for the three months ended March 31, 2023 and 2022 was as follows: Three Months Ended March 31, (In thousands) 2023 2022 2023 Notes coupon interest at a rate of 1.375% $ 12 $ 316 2023 Notes amortization of debt issuance cost 3 105 Total interest expense on convertible notes $ 15 $ 421

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of material contractual obligations	As of March 31, 2023, the Company’s material contractual obligations were as follows: (In thousands) Total Remainder of 2023 2024 2025 2026 2027 Contractual obligations (1) (2) (3) Other contractual obligations $ 3,960 $ 3,360 $ 600 $ — $ — $ — Software licenses (4) 39,370 14,835 16,452 8,083 — — Acquisition retention bonuses (5) 5,364 2,507 2,507 350 — — Total $ 48,694 $ 20,702 $ 19,559 $ 8,433 $ — $ — _________________________________________ (1) The above table does not reflect possible payments in connection with unrecognized tax benefits of approximately $21.1 million, including $19.8 million recorded as a reduction of long-term deferred tax assets and $1.3 million in long-term income taxes payable as of March 31, 2023. As noted below in Note 13, “Income Taxes,” although it is possible that some of the unrecognized tax benefits could be settled within the next 12 months, the Company cannot reasonably estimate the outcome at this time. (2) For the Company’s lease commitments as of March 31, 2023, refer to Note 8, “Leases.” (3) During the three months ended March 31, 2023 , the Company paid upon maturity the remaining $10.4 million in aggregate principal amount of the 2023 Notes. Refer to Note 9, “Convertible Notes,” for additional information. (4) The Company has commitments with various software vendors for agreements generally having terms longer than one year. As of March 31, 2023, approximately $15.6 million of the fair value of the software licenses was included in other current liabilities and $19.1 million was included in other long-term liabilities, in the accompanying unaudited condensed consolidated balance sheet. (5) In connection with the acquisition of Hardent in the second quarter of 2022 and the acquisitions of AnalogX and PLDA in the third quarter of 2021, the Company is obligated to pay retention bonuses to certain employees subject to certain eligibility and acceleration provisions, including the condition of employment.

Equity Incentive Plans and St_2

Equity Incentive Plans and Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of shares available for grant	A summary of shares available for grant under the Company’s plans is as follows: Shares Available for Grant Total shares available for grant as of December 31, 2022 7,655,769 Nonvested equity stock and stock units granted (1) (2) (1,915,751) Nonvested equity stock and stock units forfeited (1) 216,478 Total shares available for grant as of March 31, 2023 5,956,496 _________________________________________ (1) For purposes of determining the number of shares available for grant under the 2015 Plan against the maximum number of shares authorized, each restricted stock unit granted reduces the number of shares available for grant by 1.5 shares and each restricted stock unit forfeited increases shares available for grant by 1.5 shares. (2) Amount includes approximately 0.2 million shares that have been reserved for potential future issuance related to certain performance unit awards granted in the first quarter of 2023 and discussed under the section titled “Nonvested Equity Stock and Stock Units” below.
Schedule of stock option activity	The following table summarizes stock option activity under the Company’s equity incentive plans for the three months ended March 31, 2023 and information regarding stock options outstanding, exercisable, and vested and expected to vest as of March 31, 2023. Options Outstanding (In thousands, except shares, per share amounts and years) Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding as of December 31, 2022 432,443 $ 11.60 Options exercised (80,841) $ 9.74 $ 3,356 Outstanding as of March 31, 2023 351,602 $ 12.03 3.44 $ 13,793 Vested or expected to vest at March 31, 2023 351,589 $ 12.03 3.44 $ 13,793 Options exercisable at March 31, 2023 339,935 $ 11.99 3.34 $ 13,351
Schedule of nonvested equity stock and stock units activity	The following table reflects the activity related to nonvested equity stock and stock units for the three months ended March 31, 2023: Nonvested Equity Stock and Stock Units Shares Weighted- Average Grant-Date Fair Value Nonvested at December 31, 2022 4,718,060 $ 22.78 Granted 1,123,519 $ 45.84 Vested (1,402,672) $ 24.38 Forfeited (119,799) $ 25.19 Nonvested at March 31, 2023 4,319,108 $ 30.70

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Unbilled receivables	$ 112,983	$ 150,920
Deferred revenue	$ 22,661	$ 25,421

Revenue Recognition (Details 2)

Revenue Recognition (Details 2) - USD ($) $ in Millions	3 Months Ended
Revenue Recognition (Details 2) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract balances, revenue recognized	$ 11.6	$ 11.7

Revenue Recognition (Details 3)

Revenue Recognition (Details 3) $ in Millions	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 24.8
Remaining performance obligation, expected timing of satisfaction, start date: 2023-04-01
Remaining performance obligation, expected timing of satisfaction
Remaining performance obligations, expected timing of satisfaction period	2 years

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income (loss)	$ 3,281	$ (66,218)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	108,277	109,889
Effect of potentially dilutive common shares	2,876	0
Denominator:
Weighted-average common shares outstanding, diluted (in shares)	111,153	109,889
Basic net income (loss) per share	$ 0.03	$ (0.60)
Diluted net income (loss) per share	$ 0.03	$ (0.60)

Earnings (Loss) Per Share (De_2

Earnings (Loss) Per Share (Details 2) shares in Thousands	3 Months Ended
Earnings (Loss) Per Share (Details 2) shares in Thousands	Mar. 31, 2022 shares
Anti-dilutive shares excluded from calculation of earnings per share
Anti-dilutive shares excluded from calculation of earnings per share	3,445
Stock options
Anti-dilutive shares excluded from calculation of earnings per share
Anti-dilutive shares excluded from calculation of earnings per share	317
Restricted stock units
Anti-dilutive shares excluded from calculation of earnings per share
Anti-dilutive shares excluded from calculation of earnings per share	2,263
Potentially issuable shares related to the in-the-money conversion feature of convertible notes
Anti-dilutive shares excluded from calculation of earnings per share
Anti-dilutive shares excluded from calculation of earnings per share	824
Contingently issuable ESPP shares
Anti-dilutive shares excluded from calculation of earnings per share
Anti-dilutive shares excluded from calculation of earnings per share	41

Earnings (Loss) Per Share (De_3

Earnings (Loss) Per Share (Details 3) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Anti-dilutive shares excluded from calculation of earnings per share
Payments for settlement and repurchase of convertible senior notes	$ 10,381	$ 174,454
Convertible senior notes \| 1.375% Convertible senior notes due 2023
Anti-dilutive shares excluded from calculation of earnings per share
Payments for settlement and repurchase of convertible senior notes	10,400
Face value	$ 0		$ 10,381
Issuance of common stock in connection with the maturity of the convertible senior notes related to the settlement of the in-the-money conversion feature of the convertible senior notes (in shares)	0.3

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill (Details) $ in Thousands	3 Months Ended
Intangible Assets and Goodwill (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill
Beginning balance	$ 292,040
Adjustments to goodwill	0
Ending balance	$ 292,040

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill (Details 2) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount	$ 313,810
Accumulated impairment losses	(21,770)
Net carrying amount	$ 292,040	$ 292,040

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill (Details 3) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Components of intangible assets
Intangible assets, gross	$ 349,421	$ 349,421
Accumulated amortization	(302,485)	(298,541)
Finite-lived intangible assets	35,736
In-process research and development	11,200
Intangible assets, net	46,936	50,880
In-process research and development
Components of intangible assets
In-process research and development	11,200	11,200
Existing technology
Components of intangible assets
Gross carrying amount	299,925	299,925
Accumulated amortization	(265,311)	(261,708)
Finite-lived intangible assets	$ 34,614	$ 38,217
Existing technology \| Minimum
Components of intangible assets
Useful life (in years)	3 years	3 years
Existing technology \| Maximum
Components of intangible assets
Useful life (in years)	10 years	10 years
Customer contracts and contractual relationships
Components of intangible assets
Gross carrying amount	$ 37,996	$ 37,996
Accumulated amortization	(36,874)	(36,533)
Finite-lived intangible assets	$ 1,122	$ 1,463
Customer contracts and contractual relationships \| Minimum
Components of intangible assets
Useful life (in years)	6 months	6 months
Customer contracts and contractual relationships \| Maximum
Components of intangible assets
Useful life (in years)	10 years	10 years
Non-compete agreements and trademarks
Components of intangible assets
Gross carrying amount	$ 300	$ 300
Accumulated amortization	(300)	(300)
Finite-lived intangible assets	$ 0	$ 0
Useful life (in years)	3 years	3 years

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill (Details 4) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 3,944	$ 3,786

Intangible Assets and Goodwil_6

Intangible Assets and Goodwill (Details 5) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Estimated future amortization expense of intangible assets
2023 (remaining nine months)	$ 11,490
2024	12,722
2025	6,683
2026	4,365
2027	476
Thereafter	0
Finite-lived intangible assets	35,736
In-process research and development	11,200
Intangible assets, net	$ 46,936	$ 50,880

Segment Information (Details)

Segment Information (Details) - Customer concentration risk - Accounts receivable	Mar. 31, 2023	Dec. 31, 2022
Customer 1
Concentration risk
Accounts receivable from major customer as a percentage of total accounts receivable	25%	16%
Customer 2
Concentration risk
Accounts receivable from major customer as a percentage of total accounts receivable	11%	23%
Customer 3
Concentration risk
Accounts receivable from major customer as a percentage of total accounts receivable		14%

Segment Information (Details 2)

Segment Information (Details 2) - Customer concentration risk - Revenue	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Customer A
Concentration risk
Revenue from major customer as a percentage of total revenue	19%	25%
Customer B
Concentration risk
Revenue from major customer as a percentage of total revenue	16%
Customer C
Concentration risk
Revenue from major customer as a percentage of total revenue	11%
Customer D
Concentration risk
Revenue from major customer as a percentage of total revenue	11%	14%

Segment Information (Details 3)

Segment Information (Details 3) - USD ($) $ in Thousands	3 Months Ended
Segment Information (Details 3) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Major customer disclosure
Revenue	$ 113,762	$ 99,050
USA
Major customer disclosure
Revenue	63,656	55,684
South Korea
Major customer disclosure
Revenue	14,144	1,465
Asia-Other
Major customer disclosure
Revenue	12,704	17,792
Singapore
Major customer disclosure
Revenue	11,328	14,045
Taiwan
Major customer disclosure
Revenue	6,509	4,960
Japan
Major customer disclosure
Revenue	2,415	3,535
Europe
Major customer disclosure
Revenue	1,753	1,564
Canada
Major customer disclosure
Revenue	$ 1,253	$ 5

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ in Thousands	3 Months Ended
Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash equivalents and marketable securities
Maximum maturity period of available-for-sale securities (in years)	3 years
Fair value	$ 209,345	$ 218,489
Amortized cost	211,738	222,105
Gross unrealized gains	20	8
Gross unrealized losses	(2,413)	(3,624)
Cash, cash equivalents and marketable securities
Cash, fair value	82,792	94,737
Cash, amortized cost	82,792	94,737
Fair value	292,137	313,226
Amortized cost	294,530	316,842
Gross unrealized gains	20	8
Gross unrealized losses	(2,413)	(3,624)
Money market funds
Cash equivalents and marketable securities
Fair value	13,089	15,763
Amortized cost	13,089	15,763
Gross unrealized gains	0	0
Gross unrealized losses	$ 0	$ 0
Weighted rate of return (as a percentage)	3.80%	2.63%
Time deposits
Cash equivalents and marketable securities
Fair value	$ 9,646
Amortized cost	9,646
Gross unrealized gains	0
Gross unrealized losses	$ 0
Weighted rate of return (as a percentage)	6.98%
U.S. Government bonds and notes
Cash equivalents and marketable securities
Fair value	$ 96,250	$ 96,371
Amortized cost	97,469	98,250
Gross unrealized gains	16	1
Gross unrealized losses	$ (1,235)	$ (1,880)
Weighted rate of return (as a percentage)	2.37%	1.73%
Corporate notes, bonds and commercial paper
Cash equivalents and marketable securities
Fair value	$ 90,360	$ 106,355
Amortized cost	91,534	108,092
Gross unrealized gains	4	7
Gross unrealized losses	$ (1,178)	$ (1,744)
Weighted rate of return (as a percentage)	2.31%	2.59%

Marketable Securities (Details

Marketable Securities (Details 2) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt securities, available-for-sale
Fair value	$ 209,345	$ 218,489
Cash, fair value	82,792	94,737
Cash, cash equivalents and marketable securities, fair value	292,137	313,226
Cash equivalents
Debt securities, available-for-sale
Fair value	17,084	30,597
Marketable securities
Debt securities, available-for-sale
Fair value	$ 192,261	$ 187,892

Marketable Securities (Detail_2

Marketable Securities (Details 3) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt securities, available-for-sale
Less than 12 months, fair value	$ 59,550	$ 74,431
Less than 12 months, gross unrealized losses	(50)	(58)
12 months or greater, fair value	102,177	112,147
12 months or greater, gross unrealized losses	(2,363)	(3,566)
Fair value	161,727	186,578
Gross unrealized losses	(2,413)	(3,624)
U.S. Government bonds and notes
Debt securities, available-for-sale
Less than 12 months, fair value	30,240	28,893
Less than 12 months, gross unrealized losses	(26)	(23)
12 months or greater, fair value	52,211	62,588
12 months or greater, gross unrealized losses	(1,209)	(1,857)
Corporate notes, bonds and commercial paper
Debt securities, available-for-sale
Less than 12 months, fair value	29,310	45,538
Less than 12 months, gross unrealized losses	(24)	(35)
12 months or greater, fair value	49,966	49,559
12 months or greater, gross unrealized losses	$ (1,154)	$ (1,709)

Marketable Securities (Detail_3

Marketable Securities (Details 4) $ in Thousands	Mar. 31, 2023 USD ($)
Contractual maturities
Contractual maturities, fair value, due less than one year	$ 170,602
Contractual maturities, fair value, due from one year through three years	25,654
Contractual maturities, fair value	$ 196,256

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets carried at fair value
Fair value	$ 209,345	$ 218,489
Money market funds
Assets carried at fair value
Fair value	13,089	15,763
Time deposits
Assets carried at fair value
Fair value	9,646
U.S. Government bonds and notes
Assets carried at fair value
Fair value	96,250	96,371
Corporate notes, bonds and commercial paper
Assets carried at fair value
Fair value	90,360	106,355
Recurring basis
Assets carried at fair value
Total assets carried at fair value	209,345	218,489
Liabilities carried at fair value
Earn-out consideration related to PLDA acquisition	21,700	14,800
Total liabilities carried at fair value	21,700	14,800
Recurring basis \| Money market funds
Assets carried at fair value
Fair value	13,089	15,763
Recurring basis \| Time deposits
Assets carried at fair value
Fair value	9,646
Recurring basis \| U.S. Government bonds and notes
Assets carried at fair value
Fair value	96,250	96,371
Recurring basis \| Corporate notes, bonds and commercial paper
Assets carried at fair value
Fair value	90,360	106,355
Recurring basis \| Quoted market prices in active markets (Level 1)
Assets carried at fair value
Total assets carried at fair value	13,089	15,763
Liabilities carried at fair value
Earn-out consideration related to PLDA acquisition	0	0
Total liabilities carried at fair value	0	0
Recurring basis \| Quoted market prices in active markets (Level 1) \| Money market funds
Assets carried at fair value
Fair value	13,089	15,763
Recurring basis \| Quoted market prices in active markets (Level 1) \| Time deposits
Assets carried at fair value
Fair value	0
Recurring basis \| Quoted market prices in active markets (Level 1) \| U.S. Government bonds and notes
Assets carried at fair value
Fair value	0	0
Recurring basis \| Quoted market prices in active markets (Level 1) \| Corporate notes, bonds and commercial paper
Assets carried at fair value
Fair value	0	0
Recurring basis \| Significant other observable inputs (Level 2)
Assets carried at fair value
Total assets carried at fair value	196,256	202,726
Liabilities carried at fair value
Earn-out consideration related to PLDA acquisition	0	0
Total liabilities carried at fair value	0	0
Recurring basis \| Significant other observable inputs (Level 2) \| Money market funds
Assets carried at fair value
Fair value	0	0
Recurring basis \| Significant other observable inputs (Level 2) \| Time deposits
Assets carried at fair value
Fair value	9,646
Recurring basis \| Significant other observable inputs (Level 2) \| U.S. Government bonds and notes
Assets carried at fair value
Fair value	96,250	96,371
Recurring basis \| Significant other observable inputs (Level 2) \| Corporate notes, bonds and commercial paper
Assets carried at fair value
Fair value	90,360	106,355
Recurring basis \| Significant unobservable inputs (Level 3)
Assets carried at fair value
Total assets carried at fair value	0	0
Liabilities carried at fair value
Earn-out consideration related to PLDA acquisition	21,700	14,800
Total liabilities carried at fair value	21,700	14,800
Recurring basis \| Significant unobservable inputs (Level 3) \| Money market funds
Assets carried at fair value
Fair value	0	0
Recurring basis \| Significant unobservable inputs (Level 3) \| Time deposits
Assets carried at fair value
Fair value	0
Recurring basis \| Significant unobservable inputs (Level 3) \| U.S. Government bonds and notes
Assets carried at fair value
Fair value	0	0
Recurring basis \| Significant unobservable inputs (Level 3) \| Corporate notes, bonds and commercial paper
Assets carried at fair value
Fair value	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Details 2) - Earn-out liability - Significant unobservable inputs (Level 3) - Recurring basis - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair value, assets measured on recurring basis, unobservable input reconciliation, rollforward
Balance as of beginning of period	$ 14,800	$ 16,900
Change in fair value of earn-out liability due to remeasurement	6,900	1,200
Balance as of end of period	$ 21,700	$ 18,100

Fair Value of Financial Instr_5

Fair Value of Financial Instruments (Details 3) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt instrument
Carrying value	$ 0	$ 10,378
Convertible senior notes \| 1.375% Convertible senior notes due 2023
Debt instrument
Face value	0	10,381
Carrying value	0	10,378
Fair value	$ 0	$ 19,625

Fair Value of Financial Instr_6

Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Equity security without readily determinable fair value
Payments for settlement and repurchase of convertible senior notes	$ 10,381	$ 174,454
Convertible senior notes \| 1.375% Convertible senior notes due 2023
Equity security without readily determinable fair value
Payments for settlement and repurchase of convertible senior notes	10,400
Face value	$ 0		$ 10,381
Private company
Equity security without readily determinable fair value
Equity method investment, ownership percentage	25%		25%
Private company \| Other assets
Equity security without readily determinable fair value
Equity method investment	$ 100		$ 500
Recurring basis \| Significant unobservable inputs (Level 3) \| Earn-out liability
Equity security without readily determinable fair value
Change in fair value of earn-out liability due to remeasurement	$ 6,900	$ 1,200

Leases, Operating Lease Maturit

Leases, Operating Lease Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (remaining nine months)	$ 4,459
2024	5,292
2025	5,360
2026	5,588
2027	4,750
Thereafter	12,999
Total minimum lease payments	38,448
Less: amount of lease payments representing interest	(6,034)
Present value of future minimum lease payments	32,414
Operating lease liabilities	4,287	$ 5,024
Long-term operating lease liabilities	$ 28,127	$ 29,079

Leases, Additional Details (Det

Leases, Additional Details (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessee, lease, description
Operating lease, weighted-average remaining lease term	7 years
Operating lease, weighted-average discount rate (as a percentage)	5.40%
Operating lease costs	$ 1.9	$ 1.9
Operating lease payments	$ 2.2	$ 2.3
Minimum
Lessee, lease, description
Lessee, operating lease, remaining lease term	1 year
Maximum
Lessee, lease, description
Lessee, operating lease, remaining lease term	8 years

Convertible Notes (Details)

Convertible Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt instrument
Total convertible notes	$ 0	$ 10,378
Convertible senior notes \| 1.375% Convertible senior notes due 2023
Debt instrument
Face value	0	10,381
Unamortized debt issuance costs	0	(3)
Total convertible notes	0	10,378
Less current portion	0	10,378
Total long-term convertible notes	$ 0	$ 0

Convertible Notes (Details 2)

Convertible Notes (Details 2) - Convertible senior notes - 1.375% Convertible senior notes due 2023 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest expense related to notes
Convertible notes, stated interest rate (as a percentage)	1.375%	1.375%
Coupon interest expense	$ 12	$ 316
Amortization of debt issuance costs	3	105
Interest Expense, Other Long-Term Debt	$ 15	$ 421

Convertible Notes (Details Text

Convertible Notes (Details Textual) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt instrument
Payments for settlement and repurchase of convertible senior notes	$ 10,381	$ 174,454
Payments for settlement of warrants	(10,697)	(55,148)
Loss on fair value adjustment of derivatives, net	$ 240	$ 8,283
Common stock
Debt instrument
Issuance of common stock in connection with the maturity of the convertible senior notes related to the settlement of the in-the-money conversion feature of the convertible senior notes (in shares)	284
Exercise of the convertible senior note hedges in conjunction with the conversion of convertible senior notes (in shares)	(284)
Convertible senior notes \| 1.375% Convertible senior notes due 2023
Debt instrument
Payments for settlement and repurchase of convertible senior notes	$ 10,400
Face value	$ 0		$ 10,381
Issuance of common stock in connection with the maturity of the convertible senior notes related to the settlement of the in-the-money conversion feature of the convertible senior notes (in shares)	300

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Contractual obligations
Remainder of 2023	[1],[2],[3]	$ 20,702
2024	[1],[2],[3]	19,559
2025	[1],[2],[3]	8,433
2026	[1],[2],[3]	0
2027	[1],[2],[3]	0
Total contractual obligation	[1],[2],[3]	48,694
Unrecognized tax benefit excluding foreign tax withholdings		21,100
Unrecognized tax benefits		169,900		$ 164,500
Payments for settlement and repurchase of convertible senior notes		10,381	$ 174,454
Convertible senior notes \| 1.375% Convertible senior notes due 2023
Contractual obligations
Payments for settlement and repurchase of convertible senior notes		10,400
Face value		0		10,381
Long-term deferred tax assets
Contractual obligations
Unrecognized tax benefits		19,800		19,600
Long-term income taxes payable
Contractual obligations
Unrecognized tax benefits		1,300		$ 1,300
Other contractual obligations
Contractual obligations
Remainder of 2023	[1],[2],[3]	3,360
2024	[1],[2],[3]	600
2025	[1],[2],[3]	0
2026	[1],[2],[3]	0
2027	[1],[2],[3]	0
Total contractual obligation	[1],[2],[3]	3,960
Software licenses
Contractual obligations
Remainder of 2023	[1],[2],[3],[4]	14,835
2024	[1],[2],[3],[4]	16,452
2025	[1],[2],[3],[4]	8,083
2026	[1],[2],[3],[4]	0
2027	[1],[2],[3],[4]	0
Total contractual obligation	[1],[2],[3],[4]	$ 39,370
Terms of noncancellable license agreements, minimum (in years)		1 year
Software licenses \| Engineering development tools \| Other current liabilities
Contractual obligations
Total contractual obligation		$ 15,600
Software licenses \| Engineering development tools \| Other long-term liabilities
Contractual obligations
Total contractual obligation		19,100
Acquisition retention bonuses
Contractual obligations
Remainder of 2023	[1],[2],[3],[5]	2,507
2024	[1],[2],[3],[5]	2,507
2025	[1],[2],[3],[5]	350
2026	[1],[2],[3],[5]	0
2027	[1],[2],[3],[5]	0
Total contractual obligation	[1],[2],[3],[5]	$ 5,364

[1] During the three months ended March 31, 2023 , the Company paid upon maturity the remaining $10.4 million in aggregate principal amount of the 2023 Notes. Refer to Note 9, “Convertible Notes,” for additional information.

Equity Incentive Plans and St_3

Equity Incentive Plans and Stock-Based Compensation (Details)	3 Months Ended
	Mar. 31, 2023 shares
Stock compensation plan
Shares available for grant
Shares available as of beginning of period	7,655,769
Nonvested equity stock and stock units granted (in shares)	(1,915,751)	[1],[2]
Nonvested equity stock and stock units forfeited (in shares)	216,478	[2]
Shares available as of end of period	5,956,496
Conversion factor used to calculate the decrease in the number of shares available for grant resulting from the grant of restricted stock awards	1.5
Conversion factor used to calculate the increase in the number of shares available for grant resulting from the forfeiture of restricted stock awards	1.5
Potential additional performance stock units
Shares available for grant
Nonvested equity stock and stock units granted (in shares)	200,000

[1]Amount includes approximately 0.2 million shares that have been reserved for potential future issuance related to certain performance unit awards granted in the first quarter of 2023 and discussed under the section titled “Nonvested Equity Stock and Stock Units” below.[2]For purposes of determining the number of shares available for grant under the 2015 Plan against the maximum number of shares authorized, each restricted stock unit granted reduces the number of shares available for grant by 1.5 shares and each restricted stock unit forfeited increases shares available for grant by 1.5 shares.

Equity Incentive Plans and St_4

Equity Incentive Plans and Stock-Based Compensation (Details 2) - Options $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Number of shares
Outstanding as of beginning of period \| shares	432,443
Options exercised \| shares	(80,841)
Outstanding as of end of period \| shares	351,602
Vested or expected to vest as of end of period \| shares	351,589
Options exercisable as of end of period \| shares	339,935
Weighted-average exercise price
Outstanding as of beginning of period \| $ / shares	$ 11.60
Options exercised \| $ / shares	9.74
Outstanding as of end of period \| $ / shares	12.03
Vested or expected to vest as of end of period \| $ / shares	12.03
Options exercisable as of end of period \| $ / shares	$ 11.99
Weighted-average remaining contractual term (in years)
Outstanding	3 years 5 months 8 days
Vested or expected to vest	3 years 5 months 8 days
Options exercisable	3 years 4 months 2 days
Aggregate intrinsic value
Outstanding \| $	$ 13,793
Vested or expected to vest \| $	13,793
Options exercisable \| $	13,351
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value \| $	$ 3,356

Equity Incentive Plans and St_5

Equity Incentive Plans and Stock-Based Compensation (Details 3) - Nonvested equity stock units and stock units - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Nonvested equity stock and stock units
Nonvested as of beginning of period (in shares)	4,718,060
Granted (in shares)	1,123,519	1,600,000
Vested (in shares)	(1,402,672)
Forfeited (in shares)	(119,799)
Nonvested as of end of period (in shares)	4,319,108
Weighted-average grant-date fair value
Nonvested as of beginning of period (in dollars per share)	$ 22.78
Granted (in dollars per share)	45.84
Vested (in dollars per share)	24.38
Forfeited (in dollars per share)	25.19
Nonvested as of end of period (in dollars per share)	$ 30.70

Equity Incentive Plans and St_6

Equity Incentive Plans and Stock-Based Compensation (Details Textual) - USD ($) $ in Millions		3 Months Ended
	Apr. 27, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Stock compensation plan
Stock-based compensation
Shares available for issuance		5,956,496		7,655,769
Stock compensation plan \| 2015 Equity Incentive Plan \| Subsequent event
Stock-based compensation
Number of additional shares authorized	5,210,000
Contingently issuable ESPP shares
Stock-based compensation
Shares available for issuance		2,600,000
Discount from the fair market value (as a percentage)		15%
Stock-based compensation expense		$ 0.6	$ 0.5
Unrecognized compensation cost		$ 0.2
Unrecognized compensation cost, weighted-average period		1 month
Options
Stock-based compensation
Unrecognized compensation cost		$ 0.1
Unrecognized compensation cost, weighted-average period		6 months
Nonvested equity stock units and stock units
Stock-based compensation
Stock-based compensation expense		$ 12.5	$ 7.3
Unrecognized compensation cost		$ 98.5
Unrecognized compensation cost, weighted-average period		2 years 7 months 6 days
Awards, nonvested grants in period, shares		1,123,519	1,600,000
Requisite service period		4 years	4 years
Awards, nonvested grants in period, fair value		$ 52.7	$ 44.6
Nonvested equity stock units and stock units \| Director
Stock-based compensation
Requisite service period		1 year	1 year
Nonvested equity stock units and stock units \| Minimum
Stock-based compensation
Awards, vesting rights (as a percentage)		0%	0%
Nonvested equity stock units and stock units \| Maximum
Stock-based compensation
Awards, vesting rights (as a percentage)		200%	200%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - 2020 Share repurchase program - shares	Mar. 31, 2023	Oct. 29, 2020
Class of stock
Total number of shares authorized to be repurchased under the program		20,000,000
Remaining number of shares authorized to be repurchased	9,700,000

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - 2022 Accelerated share repurchase program - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Accelerated share repurchases
Accelerated share repurchase program, upfront payment		$ 100
Repurchase and retirement of common stock under repurchase program (in shares)	(0.1)	(3.1)
Repurchase and retirement of common stock under repurchase program		$ (80)
Remaining initial payment, unsettled forward contract indexed to Company's stock		$ 20

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 201	$ 514
Income taxes paid	$ 5,400	$ 5,000

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Valuation allowance
Unrecognized tax benefits	$ 169.9	$ 164.5
Portion of unrecognized tax benefits, which if recognized, would be recorded as an income tax benefit	150.1
Long-term deferred tax assets
Valuation allowance
Unrecognized tax benefits	19.8	19.6
Other assets \| Foreign tax authority \| National Tax Services
Valuation allowance
Unrecognized tax benefits	148.8	143.6
Long-term income taxes payable
Valuation allowance
Unrecognized tax benefits	$ 1.3	$ 1.3

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Details) - Mar. 31, 2023 € in Millions, $ in Millions	EUR (€)	USD ($)
Not designated as hedging instrument \| Foreign currency forward contract \| Euro
Derivative instruments and hedging activities disclosures
Derivative, notional amount	€ 9.1	$ 9.7