Balance Sheet Components

12 Months Ended

Dec. 31, 2020

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

7. Balance Sheet Components

Cash and Restricted Cash

	December 31,
	2020		2019
	(In thousands)
Cash	$	129,543	$	48,165
Restricted cash—short term		3,795		3,552
Restricted cash—noncurrent		230		230
Total cash and restricted cash	$	133,568	$	51,947

Accounts Receivable, net	December 31,
	2020			2019
	(In thousands)
Accounts receivable	$	293,975		$	202,546
Allowance for credit losses		(346	)		(212	)
Accounts receivable, net	$	293,629		$	202,334

Inventories

	December 31,
	2020		2019
	(In thousands)
Raw materials	$	52,165	$	25,547
Work in progress		9,654		2,690
Finished goods		164,188		122,826
Inventories	$	226,007	$	151,063

Property and Equipment, Net

	December 31,
	2020			2019
	(In thousands)
Manufacturing equipment	$	22,035		$	15,291
Computer equipment, software and office equipment		9,407			6,958
Furniture and fixtures		3,675			2,602
Leasehold improvements		4,521			3,544
Total property and equipment	$	39,638		$	28,395
Less: Accumulated depreciation and amortization		(23,163	)		(13,030	)
Property and equipment, net	$	16,475		$	15,365

Other Liabilities and Accrued Expenses

	December 31,
	2020		2019
	(In thousands)
Accrued reserves for customer incentive programs	$	49,619	$	36,582
Accrued reserves for sales returns		35,673		24,610
Accrued payroll and related expenses		26,877		10,638
Income tax payable		22,445		8,524
Operating lease liabilities, current		9,070		—
Other		62,061		35,187
Other liabilities and accrued expenses	$	205,745	$	115,541

Contract Balances

Contract assets represent amounts that have been recognized as revenue but for which we did not have the unconditional right to invoice the customer. There were no contract assets as of December 31, 2020 and 2019.

Contract liabilities consist of deferred revenue and unearned revenue.

Deferred revenue consists primarily of amounts that have been shipped and invoiced but not recognized as revenue as of period end because the control of the inventory has not been passed to the customer. Revenue will be recognized when the customer has obtained control of the inventory sold, which is generally within 3 months or less. The current portion of deferred revenue balances are recognized over the next 12 months. As of December 31, 2020, the current and long-term portion of our deferred revenue was $1.8 million and $0.5 million, respectively. As of December 31, 2019, the current and long-term portion of our deferred revenue was $2.9 million and $0.4 million, respectively.

Unearned revenue consists of payments received from customers in advance of product shipment for our webstore orders. These orders are generally shipped within two weeks from order date and revenue will be recognized when the customer has obtained control of the inventory sold. The unearned revenue balance as of December 31, 2020 and 2019 was $8.0 million and $1.3 million, respectively, and the increase in unearned revenue from prior year was primarily due to higher backlog of webstore orders not yet shipped at the end of 2020 compared to 2019.

Unearned revenue and the current portion of deferred revenue are included in other liabilities and accrued expenses, and the long-term portion of deferred revenue is included in other liabilities on the combined consolidated balance sheets.