☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) |
OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) |
OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 04-2742817 | |
(State or other jurisdiction of incorporation or organization) | (IRS employer identification no.) | |
25 Frontage Road, Andover, Massachusetts | 01810 | |
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, par value $0.01 per share | VICR | The NASDAQ Stock Market LLC |
Large Accelerated Filer ☑ | Accelerated Filer ☐ | Non-accelerated Filer ☐ | Smaller Reporting Company ☐ | |||
Emerging growth company ☐ |
Title of Each Class | Number of Shares of Common Stock Outstanding as of February | |
Common Stock | ||
Class B Common Stock | 11,758,218 |
ITEM 1. | BUSINESS |
ITEM 1A. | RISK FACTORS |
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
ITEM 2. | PROPERTIES |
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
Month of Fourth Quarter | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased Pursuant to November 2000 Plan | Remaining Dollar Value of Shares Authorized For Purchase Pursuant to November 2000 Plan | ||||||||||||
October 1 — 31, | — | $ | — | — | $ | 8,541,000 | ||||||||||
November 1 — 30, | — | $ | — | — | $ | 8,541,000 | ||||||||||
December 1 | — | $ | — | — | $ | 8,541,000 | ||||||||||
Total | — | $ | — | — | $ | 8,541,000 | ||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||||||||||||||||||||
Vicor Corporation | $100.00 | $ | 165.57 | $ | 229.17 | $ | 414.36 | $ | 512.28 | $ | 1,011.18 | $100.00 | $ | 138.41 | $ | 250.26 | $ | 309.40 | $ | 610.73 | $ | 840.93 | ||||||||||||||||||||||
S&P 500 Index | $100.00 | $ | 111.96 | $ | 136.40 | $ | 130.42 | $ | 171.49 | $ | 203.04 | $100.00 | $ | 121.83 | $ | 116.49 | $ | 153.17 | $ | 181.35 | $ | 233.41 | ||||||||||||||||||||||
S&P SmallCap 600 Index | $100.00 | $ | 126.56 | $ | 143.30 | $ | 131.15 | $ | 161.03 | $ | 179.20 | $100.00 | $ | 113.23 | $ | 103.63 | $ | 127.24 | $ | 141.60 | $ | 179.58 |
ITEM 6. | [RESERVED] |
Year Ended December 31, | ||||||||||||||||||||
Statement of Operations Data | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Net revenues | $ | 296,576 | $ | 262,977 | $ | 291,220 | $ | 227,830 | $ | 200,280 | ||||||||||
Income (loss) from operations | 17,368 | 13,821 | 32,059 | (1,360 | ) | (6,314 | ) | |||||||||||||
Consolidated net income (loss) | 17,922 | 14,109 | 31,846 | 258 | (6,261 | ) | ||||||||||||||
Net income (loss) attributable to noncontrolling interest | 12 | 11 | 121 | 91 | (14 | ) | ||||||||||||||
Net income (loss) attributable to Vicor Corporation | 17,910 | 14,098 | 31,725 | 167 | (6,247 | ) | ||||||||||||||
Net income (loss) per share — basic attributable to Vicor Corporation | 0.42 | 0.35 | 0.80 | 0.00 | (0.16 | ) | ||||||||||||||
Net income (loss) per share — diluted attributable to Vicor Corporation | 0.41 | 0.34 | 0.78 | 0.00 | (0.16 | ) | ||||||||||||||
Weighted average shares — basic | 42,186 | 40,330 | 39,872 | 39,228 | 38,842 | |||||||||||||||
Weighted average shares — diluted | 43,869 | 41,677 | 40,729 | 39,933 | 38,842 |
As of December 31, | ||||||||||||||||||||
Balance Sheet Data | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Working capital | $ | 276,419 | $ | 149,136 | $ | 129,062 | $ | 90,796 | $ | 89,545 | ||||||||||
Total assets | 396,239 | 240,727 | 221,068 | 165,724 | 154,067 | |||||||||||||||
Total liabilities | 45,084 | 34,857 | 36,978 | 29,305 | 23,050 | |||||||||||||||
Total equity | 351,155 | 205,870 | 184,090 | 136,419 | 131,017 |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
December 31, 2021, compared to the year ended December 31, 2020. Net revenues for Brick Products for 2021 decreased slightly compared to 2020. The increase in orders of Advanced Products largely reflected our customers’ response to the 20% to 30% increase in lead-times, as well as growth in our data center and high performance computing business for Advanced Products. |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
Net revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||
Gross margin | 44.3 | % | 46.8 | % | 47.7 | % | 49.6 | % | 44.3 | % | 46.8 | % | ||||||||||||
Selling, general and administrative expenses | 21.3 | % | 23.8 | % | 21.4 | % | 19.3 | % | 21.3 | % | 23.8 | % | ||||||||||||
Research and development expenses | 17.2 | % | 17.7 | % | 15.2 | % | 14.8 | % | 17.2 | % | 17.7 | % | ||||||||||||
Income before income taxes | 6.2 | % | 5.7 | % | 11.3 | % | 15.8 | % | 6.2 | % | 5.7 | % |
Increase | Increase (decrease) | |||||||||||||||||||||||||||||||
2020 | 2019 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||
Brick Products | $ | 190,256 | $ | 187,896 | $ | 2,360 | 1.3 | % | $ | 189,144 | $ | 190,256 | $ | (1,112 | ) | (0.6 | )% | |||||||||||||||
Advanced Products | 106,320 | 75,081 | 31,239 | 41.6 | % | 170,220 | 106,320 | 63,900 | 60.1 | % | ||||||||||||||||||||||
Total | $ | 296,576 | $ | 262,977 | $ | 33,599 | 12.8 | % | $ | 359,364 | $ | 296,576 | $ | 62,788 | 21.2 | % | ||||||||||||||||
Increase (decrease) | Increase | |||||||||||||||
Compensation | $ | 3,153 | 8.2 | %(1) | $ | 3,090 | 7.4 | %(1) | ||||||||
Legal fees | 1,418 | 77.6 | %(2) | |||||||||||||
Outside services | 394 | 19.8 | %(3) | |||||||||||||
Employment recruiting | 394 | 168.1 | %(4) | |||||||||||||
Advertising expenses | 375 | 12.4 | %(5) | |||||||||||||
Depreciation and amortization | 318 | 11.3 | %(2) | 282 | 9.0 | %(6) | ||||||||||
Legal fees | 231 | 14.5 | %(3) | |||||||||||||
Facilities allocations | (137 | ) | (8.3 | )% | ||||||||||||
Outside services | (191 | ) | (8.7 | )%(4) | ||||||||||||
Advertising expenses | (281 | ) | (8.5 | )%(5) | ||||||||||||
Commissions | (326 | ) | (9.1 | )%(6) | ||||||||||||
Travel expense | (1,973 | ) | (63.3 | )%(7) | 160 | 13.9 | %(7) | |||||||||
Computer expense | 138 | 12.9 | % | |||||||||||||
Other, net | (188 | ) | (3.2 | )% | 70 | 0.8 | % | |||||||||
$ | 606 | 1.0 | % | $ | 6,321 | 10.0 | % | |||||||||
(1) | Increase primarily attributable to |
(2) | Increase primarily attributable to an increase in activity related to the SynQor litigation and for certain corporate legal matters. |
(3) | Increase primarily attributable to an increase in the use of outside service providers at our Andover, MA facility. |
(4) | Increase primarily attributable to an increase in employee recruitment activities at Andover. |
(5) | Increase primarily attributable to increases in sales support expenses, direct mailings, and advertising in trade publications. |
(6) | Increase attributable to net additions of furniture and fixtures and capitalization of building improvements. |
Increase primarily attributable to |
COVID-19 pandemic. |
Increase (decrease) | Increase (decrease) | |||||||||||||||
Compensation | $ | 2,613 | 7.9 | %(1) | $ | 2,495 | 7.0 | %(1) | ||||||||
Deferred costs | 1,004 | 57.6 | %(2) | 329 | 44.6 | %(2) | ||||||||||
Facilities allocations | 258 | 10.4 | %(3) | |||||||||||||
Supplies | 203 | 15.0 | %(4) | |||||||||||||
Depreciation and amortization | 127 | 6.4 | % | |||||||||||||
Set-up and tooling expenses | 108 | 21.6 | % | |||||||||||||
Freight | 106 | 71.6 | % | |||||||||||||
Project and pre-production materials | 789 | 11.3 | %(3) | (326 | ) | (4.2 | )%(5) | |||||||||
Computer expense | 170 | 33.3 | % | |||||||||||||
Depreciation and amortization | 164 | 9.1 | % | |||||||||||||
Overhead absorption | (296 | ) | (33.1 | )%(4) | (1,208 | ) | (101.6 | )%(6) | ||||||||
Other, net | (116 | ) | (1.7 | )% | 106 | 21.6 | % | |||||||||
$4,328 | 9.3% | $ | 2,198 | 4.3 | % | |||||||||||
(1) | Increase primarily attributable to |
(2) | Increase primarily attributable to a decrease in non-recurring engineering projects for which the related revenues |
(3) | Increase primarily attributable to |
(4) | Increase in engineering supplies. |
(5) | Decrease primarily attributable to |
(6) | Decrease primarily attributable to an increase in research and development (“R&D”) personnel incurring time on production activities, compared to R&D activities. |
2020 | 2019 | Increase (decrease) | Increase | |||||||||||||||||||||
2021 | 2020 | (decrease) | ||||||||||||||||||||||
Interest income | $ | 930 | $ | 95 | $ | 835 | ||||||||||||||||||
Rental income | $ | 792 | $ | 792 | $ | — | 792 | 792 | — | |||||||||||||||
Foreign currency gains (losses), net | 181 | (108 | ) | 289 | ||||||||||||||||||||
Interest income | 95 | 300 | (205 | ) | ||||||||||||||||||||
Gain on disposal of equipment | 13 | 38 | (25 | ) | ||||||||||||||||||||
Credit gains on available-for-sale | 4 | 4 | — | |||||||||||||||||||||
(Loss) gain on disposal of equipment | (72 | ) | 13 | (85 | ) | |||||||||||||||||||
Foreign currency (losses) gains, net | (336 | ) | 181 | (517 | ) | |||||||||||||||||||
Other | 8 | 40 | (32 | ) | (111 | ) | 12 | (123 | ) | |||||||||||||||
$ | 1,093 | $ | 1,066 | $ | 27 | $ | 1,203 | $ | 1,093 | $ | 110 | |||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Provision for income taxes | $ | 539 | $ | 778 | $ | 176 | $ | 539 | ||||||||
Effective income tax rate | 2.9 | % | 5.2 | % | 0.3 | % | 2.9 | % |
Increase (decrease) | Increase (decrease) | |||||||
Cash and cash equivalents | $ | 77,074 | $ | 20,676 | ||||
Short-term investments | 50,166 | (4,951 | ) | |||||
Accounts receivable | 2,884 | 14,098 | ||||||
Inventories | 8,082 | 10,053 | ||||||
Other current assets | (340 | ) | (48 | ) | ||||
Accounts payable | (5,116 | ) | (7,068 | ) | ||||
Accrued compensation and benefits | (3,684 | ) | 1,341 | |||||
Accrued expenses | 66 | (1,534 | ) | |||||
Sales allowances | 144 | (867 | ) | |||||
Short-term lease liabilities | (109 | ) | 78 | |||||
Income taxes payable | (82 | ) | 73 | |||||
Short-term deferred revenue and customer prepayments | (1,802 | ) | (603 | ) | ||||
$ | 127,283 | $ | 31,248 | |||||
Payments Due by Period | ||||||||||||||||||||
Contractual Obligations | Total | Less than 1 Year | Years 2 & 3 | Years 4 & 5 | More Than 5 Years | |||||||||||||||
Operating lease obligations (1) | $ | 4,919 | $ | 1,740 | $ | 2,199 | $ | 980 | $ | — | ||||||||||
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
Page | ||||
FINANCIAL STATEMENTS | ||||
2020 | 2019 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 161,742 | $ | 84,668 | ||||
Short-term investments | 50,166 | — | ||||||
Accounts receivable, less allowance of $82 in 2020 and $59 in 2019 | 40,999 | 38,115 | ||||||
Inventories, net | 57,269 | 49,187 | ||||||
Other current assets | 6,756 | 7,096 | ||||||
Total current assets | 316,932 | 179,066 | ||||||
Long-term deferred tax assets | 226 | 205 | ||||||
Long-term investment, net | 2,517 | 2,510 | ||||||
Property, plant and equipment, net | 74,843 | 56,952 | ||||||
Other assets | 1,721 | 1,994 | ||||||
Total assets | $ | 396,239 | $ | 240,727 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 14,121 | $ | 9,005 | ||||
Accrued compensation and benefits | 14,094 | 10,410 | ||||||
Accrued expenses | 2,624 | 2,690 | ||||||
Sales allowances | 597 | 741 | ||||||
Short-term lease liabilities | 1,629 | 1,520 | ||||||
Income taxes payable | 139 | 57 | ||||||
Short-term deferred revenue and customer prepayments | 7,309 | 5,507 | ||||||
Total current liabilities | 40,513 | 29,930 | ||||||
Long-term deferred revenue | 733 | 1,054 | ||||||
Contingent consideration obligations | 227 | 451 | ||||||
Long-term income taxes payable | 643 | 567 | ||||||
Long-term lease liabilities | 2,968 | 2,855 | ||||||
Total liabilities | 45,084 | 34,857 | ||||||
Commitments and contingencies (Note 17) | 0 | 0 | ||||||
Equity: | ||||||||
Vicor Corporation stockholders’ equity: | ||||||||
Class B Common Stock: 10 votes per share, $.01 par value, 14,000,000 shares authorized, 11,758,218 shares issued and outstanding in 2020 and 2019 | 118 | 118 | ||||||
Common Stock: 1vote per share, $.01 par value, 62,000,000 shares authorized 43,204,671 shares issued and 31,569,865 shares outstanding in 2020; 40,403,058 shares issued and 28,768,252 shares outstanding in 2019 | 433 | 405 | ||||||
Additional paid-in capital | 328,392 | 201,251 | ||||||
Retained earnings | 161,008 | 143,098 | ||||||
Accumulated other comprehensive loss | (204 | ) | (383 | ) | ||||
Treasury stock at cost: 11,634,806 shares in 2020 and 2019 | (138,927 | ) | (138,927 | ) | ||||
Total Vicor Corporation stockholders’ equity | 350,820 | 205,562 | ||||||
Noncontrolling interest | 335 | 308 | ||||||
Total equity | 351,155 | 205,870 | ||||||
Total liabilities and equity | $ | 396,239 | $ | 240,727 | ||||
2021 | 2020 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 182,418 | $ | 161,742 | ||||
Short-term investments | 45,215 | 50,166 | ||||||
Accounts receivable, less allowance of $82 in 2021 and 2020 | 55,097 | 40,999 | ||||||
Inventories, net | 67,322 | 57,269 | ||||||
Other current assets | 6,708 | 6,756 | ||||||
Total current assets | 356,760 | 316,932 | ||||||
Deferred tax assets | 208 | 226 | ||||||
Long-term investment, net | 2,639 | 2,517 | ||||||
Property, plant and equipment, net | 115,975 | 74,843 | ||||||
Other assets | 1,623 | 1,721 | ||||||
Total assets | $ | 477,205 | $ | 396,239 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 21,189 | $ | 14,121 | ||||
Accrued compensation and benefits | 12,753 | 14,094 | ||||||
Accrued expenses | 4,158 | 2,624 | ||||||
Sales allowances | 1,464 | 597 | ||||||
Short-term lease liabilities | 1,551 | 1,629 | ||||||
Income taxes payable | 66 | 139 | ||||||
Short-term deferred revenue and customer prepayments | 7,912 | 7,309 | ||||||
Total current liabilities | 49,093 | 40,513 | ||||||
Long-term deferred revenue | 413 | 733 | ||||||
Long-term income taxes payable | 569 | 643 | ||||||
Long-term lease liabilities | 3,225 | 2,968 | ||||||
Contingent consideration obligations | 0 | 227 | ||||||
Total liabilities | 53,300 | 45,084 | ||||||
Commitments and contingencies (Note 15) | 0 | 0 | ||||||
Equity: | ||||||||
Vicor Corporation stockholders’ equity: | ||||||||
Class B Common Stock: 10 votes per share, $.01 par value, | ||||||||
14,000,000 shares authorized, 11,758,218 shares issued and outstanding in 2021 and 2020 | 118 | 118 | ||||||
Common Stock: 1 vote per share, $.01 par value, 62,000,000 shares authorized 43,789,528 43,204,671 shares issued and31,569,865 shares outstanding in 2020 | 439 | 433 | ||||||
Additional paid-in capital | 345,664 | 328,392 | ||||||
Retained earnings | 217,633 | 161,008 | ||||||
Accumulated other comprehensive loss | (1,328 | ) | (204 | ) | ||||
Treasury stock at cost: 11,634,806 shares in 2021 and 2020 | (138,927 | ) | (138,927 | ) | ||||
Total Vicor Corporation stockholders’ equity | 423,599 | 350,820 | ||||||
Noncontrolling interest | 306 | 335 | ||||||
Total equity | 423,905 | 351,155 | ||||||
Total liabilities and equity | $ | 477,205 | $ | 396,239 | ||||
2021 | 2020 | 2019 | ||||||||||
Net revenues | $ | 359,364 | $ | 296,576 | $ | 262,977 | ||||||
Cost of revenues | 181,164 | 165,129 | 140,011 | |||||||||
Gross margin | 178,200 | 131,447 | 122,966 | |||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 69,484 | 63,163 | 62,557 | |||||||||
Research and development | 53,114 | 50,916 | 46,588 | |||||||||
Total operating expenses | 122,598 | 114,079 | 109,145 | |||||||||
Income from operations | 55,602 | 17,368 | 13,821 | |||||||||
Other income (expense), net: | ||||||||||||
Total unrealized gains (losses) on available-for-sale | 122 | 7 | (16 | ) | ||||||||
Portion of (gains) losses recognized in other comprehensive income | (118 | ) | (3 | ) | 20 | |||||||
Net credit gains recognized in earnings | 4 | 4 | 4 | |||||||||
Other income (expense), net | 1,199 | 1,089 | 1,062 | |||||||||
Total other income (expense), net | 1,203 | 1,093 | 1,066 | |||||||||
Income before income taxes | 56,805 | 18,461 | 14,887 | |||||||||
Less: Provision for income taxes | 176 | 539 | 778 | |||||||||
Consolidated net income | 56,629 | 17,922 | 14,109 | |||||||||
Less: Net income attributable to noncontrolling interest | 4 | 12 | 11 | |||||||||
Net income attributable to Vicor Corporation | $ | 56,625 | $ | 17,910 | $ | 14,098 | ||||||
Net income per common share attributable to Vicor Corporation: | ||||||||||||
Basic | $ | 1.30 | $ | 0.42 | $ | 0.35 | ||||||
Diluted | $ | 1.26 | $ | 0.41 | $ | 0.34 | ||||||
Shares used to compute net income per common share attributable to Vicor Corporation: | ||||||||||||
Basic | 43,651 | 42,186 | 40,330 | |||||||||
Diluted | 44,966 | 43,869 | 41,677 |
2020 | 2019 | 2018 | ||||||||||
Net revenues | $ | 296,576 | $ | 262,977 | $ | 291,220 | ||||||
Cost of revenues | 165,129 | 140,011 | 152,249 | |||||||||
Gross margin | 131,447 | 122,966 | 138,971 | |||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 63,163 | 62,557 | 62,224 | |||||||||
Research and development | 50,916 | 46,588 | 44,286 | |||||||||
Severance and other charges | — | — | 402 | |||||||||
Total operating expenses | 114,079 | 109,145 | 106,912 | |||||||||
Income from operations | 17,368 | 13,821 | 32,059 | |||||||||
Other income (expense), net: | ||||||||||||
Total unrealized gains (losses) on available-for-sale | 7 | (16 | ) | 1 | ||||||||
Portion of losses (gains) recognized in other comprehensive income (loss) | (3 | ) | 20 | 6 | ||||||||
Net credit gains recognized in earnings | 4 | 4 | 7 | |||||||||
Other income (expense), net | 1,089 | 1,062 | 867 | |||||||||
Total other income (expense), net | 1,093 | 1,066 | 874 | |||||||||
Income before income taxes | 18,461 | 14,887 | 32,933 | |||||||||
Less: Provision for income taxes | 539 | 778 | 1,087 | |||||||||
Consolidated net income | 17,922 | 14,109 | 31,846 | |||||||||
Less: Net income attributable to noncontrolling interest | 12 | 11 | 121 | |||||||||
Net income attributable to Vicor Corporation | $ | 17,910 | $ | 14,098 | $ | 31,725 | ||||||
Net income per common share attributable to Vicor Corporation: | ||||||||||||
Basic | $ | 0.42 | $ | 0.35 | $ | 0.80 | ||||||
Diluted | $ | 0.41 | $ | 0.34 | $ | 0.78 | ||||||
Shares used to compute net income per common share attributable to Vicor Corporation: | ||||||||||||
Basic | 42,186 | 40,330 | 39,872 | |||||||||
Diluted | 43,869 | 41,677 | 40,729 |
2020 | 2019 | 2018 | ||||||||||
Consolidated net income | $ | 17,922 | $ | 14,109 | $ | 31,846 | ||||||
Foreign currency translation gains, net of tax benefit (1) | 200 | 33 | 98 | |||||||||
Unrealized losses on available-for-sale | (6 | ) | (20 | ) | (6 | ) | ||||||
Other comprehensive income | 194 | 13 | 92 | |||||||||
Consolidated comprehensive income | 18,116 | 14,122 | 31,938 | |||||||||
Less: Comprehensive income attributable to noncontrolling interest | 27 | 13 | 129 | |||||||||
Comprehensive income attributable to Vicor Corporation | $ | 18,089 | $ | 14,109 | $ | 31,809 | ||||||
2021 | 2020 | 2019 | ||||||||||
Consolidated net income | $ | 56,629 | $ | 17,922 | $ | 14,109 | ||||||
Foreign currency translation (losses) gains, net of tax benefit (1) | (425 | ) | 200 | 33 | ||||||||
Unrealized losses on available-for-sale | (732 | ) | (6 | ) | (20 | ) | ||||||
Other comprehensive (loss) income | (1,157 | ) | 194 | 13 | ||||||||
Consolidated comprehensive income | 55,472 | 18,116 | 14,122 | |||||||||
Less: Comprehensive (loss) income attributable to noncontrolling interest | (29 | ) | 27 | 13 | ||||||||
Comprehensive income attributable to Vicor Corporation | $ | 55,501 | $ | 18,089 | $ | 14,109 | ||||||
(1) | The deferred tax assets associated with cumulative foreign currency translation gains and cumulative unrealized losses on available for sale securities are completely offset by a tax valuation allowance as of December 31, 2021, 2020, |
2021 | 2020 | 2019 | ||||||||||
Operating activities: | ||||||||||||
Consolidated net income | $ | 56,629 | $ | 17,922 | $ | 14,109 | ||||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 11,705 | 11,056 | 10,334 | |||||||||
Stock-based compensation expense | 7,035 | 5,883 | 3,036 | |||||||||
(Decrease) increase in long-term deferred revenue | (320 | ) | (321 | ) | 822 | |||||||
(Decrease) increase in long-term income taxes payable | (74 | ) | 76 | 329 | ||||||||
Deferred income taxes | 18 | (21 | ) | 60 | ||||||||
Provision (recovery) for doubtful accounts | 0 | 23 | (144 | ) | ||||||||
Credit gain on available-for-sale | (4 | ) | (4 | ) | (4 | ) | ||||||
(Decrease) increase in contingent consideration obligations | (74 | ) | 0 | 280 | ||||||||
(Decrease) increase in other assets | (43 | ) | 182 | (35 | ) | |||||||
Change in current assets and liabilities, net | (20,428 | ) | (54 | ) | (6,576 | ) | ||||||
Net cash provided by operating activities | 54,444 | 34,742 | 22,211 | |||||||||
Investing activities: | ||||||||||||
Purchases of short-term investments | (70,900 | ) | (50,166 | ) | 0 | |||||||
Additions to property, plant and equipment | (47,761 | ) | (28,653 | ) | (12,485 | ) | ||||||
Sales and maturities of short-term investments | 75,000 | 0 | 0 | |||||||||
Net cash used for investing activities | (43,661 | ) | (78,819 | ) | (12,485 | ) | ||||||
Financing activities: | ||||||||||||
Proceeds from employee stock plans | 10,243 | 11,585 | 4,742 | |||||||||
Proceeds from public offering of Common Stock | 0 | 109,681 | 0 | |||||||||
Payment of contingent consideration obligations | (153 | ) | (224 | ) | (237 | ) | ||||||
Noncontrolling interest dividend paid | 0 | 0 | (139 | ) | ||||||||
Net cash provided by financing activities | 10,090 | 121,042 | 4,366 | |||||||||
Effect of foreign exchange rates on cash | (197 | ) | 109 | 19 | ||||||||
Net increase in cash and cash equivalents | 20,676 | 77,074 | 14,111 | |||||||||
Cash and cash equivalents at beginning of year | 161,742 | 84,668 | 70,557 | |||||||||
Cash and cash equivalents at end of year | $ | 182,418 | $ | 161,742 | $ | 84,668 | ||||||
Change in current assets and liabilities: | ||||||||||||
Accounts receivable | $ | (14,301 | ) | $ | (2,816 | ) | $ | 5,714 | ||||
Inventories, net | (10,134 | ) | (8,049 | ) | (1,812 | ) | ||||||
Other current assets | 10 | 369 | (2,895 | ) | ||||||||
Accounts payable and accrued liabilities | 2,503 | 8,668 | (7,339 | ) | ||||||||
Accrued severance and other charges | 93 | 0 | (234 | ) | ||||||||
Short-term lease payable | 4 | 34 | 12 | |||||||||
Income taxes payable | (73 | ) | 82 | (653 | ) | |||||||
Deferred revenue | 1,470 | 1,658 | 631 | |||||||||
Change in current assets and liabilities, net | $ | (20,428 | ) | $ | (54 | ) | $ | (6,576 | ) | |||
Supplemental disclosures: | ||||||||||||
Cash paid during the year for income taxes, net of refunds | $ | 645 | $ | 79 | $ | 2,194 |
Class B Common Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Vicor Corporation Stockholders’ Equity | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||
Balance on December 31, 2018 | $ | 118 | $ | 402 | $ | 193,457 | $ | 129,000 | $ | (394 | ) | $ | (138,927 | ) | $ | 183,656 | $ | 434 | $ | 184,090 | ||||||||||||||||
Issuance of Common Stock under employee stock plans | 3 | 4,739 | 4,742 | 4,742 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 3,036 | 3,036 | 3,036 | |||||||||||||||||||||||||||||||||
Noncontrolling interest dividend paid | — | (139 | ) | (139 | ) | |||||||||||||||||||||||||||||||
Other | 19 | 19 | 19 | |||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax | ||||||||||||||||||||||||||||||||||||
Net income | 14,098 | 14,098 | 11 | 14,109 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 11 | 11 | 2 | 13 | ||||||||||||||||||||||||||||||||
Total comprehensive income | 14,109 | 13 | 14,122 | |||||||||||||||||||||||||||||||||
Balance on December 31, 2019 | 118 | 405 | 201,251 | 143,098 | (383 | ) | (138,927 | ) | 205,562 | 308 | 205,870 | |||||||||||||||||||||||||
Issuance of Common Stock under employee stock plans | 10 | 11,575 | 11,585 | 11,585 | ||||||||||||||||||||||||||||||||
Issuance of Common Stock in public offering, net | 18 | 109,663 | 109,681 | 109,681 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 5,883 | 5,883 | 5,883 | |||||||||||||||||||||||||||||||||
Other | 20 | 20 | 20 | |||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax | ||||||||||||||||||||||||||||||||||||
Net income | 17,910 | 17,910 | 12 | 17,922 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 179 | 179 | 15 | 194 | ||||||||||||||||||||||||||||||||
Total comprehensive income | 18,089 | 27 | 18,116 | |||||||||||||||||||||||||||||||||
Balance on December 31, 2020 | 118 | 433 | 328,392 | 161,008 | (204 | ) | (138,927 | ) | 350,820 | 335 | 351,155 | |||||||||||||||||||||||||
Issuance of Common Stock under employee stock plans | 6 | 10,237 | 10,243 | 10,243 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 7,035 | 7,035 | 7,035 | |||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax | ||||||||||||||||||||||||||||||||||||
Net income | 56,625 | 56,625 | 4 | 56,629 | ||||||||||||||||||||||||||||||||
Other comprehensive loss | (1,124 | ) | (1,124 | ) | (33 | ) | (1,157 | ) | ||||||||||||||||||||||||||||
Total comprehensive income (loss) | 55,501 | (29 | ) | 55,472 | ||||||||||||||||||||||||||||||||
Balance on December 31, 2021 | $ | 118 | $ | 439 | $ | 345,664 | $ | 217,633 | $ | (1,328 | ) | $ | (138,927 | ) | $ | 423,599 | $ | 306 | $ | 423,905 | ||||||||||||||||
2020 | 2019 | 2018 | ||||||||||
Operating activities: | ||||||||||||
Consolidated net income | $ | 17,922 | $ | 14,109 | $ | 31,846 | ||||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 11,056 | 10,334 | 9,254 | |||||||||
Stock-based compensation expense | 5,883 | 3,036 | 3,396 | |||||||||
(Decrease) increase in long-term deferred revenue | (321 | ) | 822 | (71 | ) | |||||||
Increase in long-term income taxes payable | 76 | 329 | 43 | |||||||||
Deferred income taxes | (21 | ) | 60 | (55 | ) | |||||||
Increase in other long-term liabilities | — | — | 9 | |||||||||
Gain on disposal of equipment | (13 | ) | (38 | ) | (57 | ) | ||||||
Provision (recovery) for doubtful accounts | 23 | (144 | ) | 65 | ||||||||
Credit gain on available-for-sale | (4 | ) | (4 | ) | (7 | ) | ||||||
Increase in contingent consideration obligations | — | 280 | — | |||||||||
Change in current assets and liabilities, net | (54 | ) | (6,576 | ) | (8,252 | ) | ||||||
Net cash provided by operating activities | 34,547 | 22,208 | 36,171 | |||||||||
Investing activities: | ||||||||||||
Purchases of short-term investments | (50,166 | ) | — | — | ||||||||
Additions to property, plant and equipment | (28,653 | ) | (12,485 | ) | (18,211 | ) | ||||||
Proceeds from sale of equipment | 13 | 38 | 57 | |||||||||
Decrease (increase) in other assets | 182 | (35 | ) | (85 | ) | |||||||
Net cash used for investing activities | (78,624 | ) | (12,482 | ) | (18,239 | ) | ||||||
Financing activities: | ||||||||||||
Proceeds from public offering of Common Stock | 109,681 | — | — | |||||||||
Proceeds from employee stock plans | 11,585 | 4,742 | 8,656 | |||||||||
Payment of contingent consideration obligations | (224 | ) | (237 | ) | (270 | ) | ||||||
Noncontrolling interest dividend paid | — | (139 | ) | — | ||||||||
Net cash provided by financing activities | 121,042 | 4,366 | 8,386 | |||||||||
Effect of foreign exchange rates on cash | 109 | 19 | 9 | |||||||||
Net increase in cash and cash equivalents | 77,074 | 14,111 | 26,327 | |||||||||
Cash and cash equivalents at beginning of year | 84,668 | 70,557 | 44,230 | |||||||||
Cash and cash equivalents at end of year | $ | 161,742 | $ | 84,668 | $ | 70,557 | ||||||
Change in current assets and liabilities: | ||||||||||||
Accounts receivable | $ | (2,816 | ) | $ | 5,714 | $ | (8,834 | ) | ||||
Inventories, net | (8,049 | ) | (1,812 | ) | (10,827 | ) | ||||||
Other current assets | 369 | (2,895 | ) | 176 | ||||||||
Accounts payable and accrued liabilities | 8,668 | (7,339 | ) | 7,450 | ||||||||
Accrued severance and other charges | — | (234 | ) | 234 | ||||||||
Short-term lease payable | 34 | 12 | — | |||||||||
Income taxes payable | 82 | (653 | ) | 410 | ||||||||
Deferred revenue | 1,658 | 631 | 3,139 | |||||||||
Change in current assets and liabilities, net | $ | (54 | ) | $ | (6,576 | ) | $ | (8,252 | ) | |||
Supplemental disclosures: | ||||||||||||
Cash paid during the year for income taxes, net of refunds | $ | 79 | $ | 2,194 | $ | 743 |
Class B Common Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Vicor Corporation Stockholders’ Equity | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||
Balance on December 31, 2017 | $ | 118 | $ | 401 | $ | 181,395 | $ | 93,605 | $ | (478 | ) | $ | (138,927 | ) | $ | 136,114 | $ | 305 | $ | 136,419 | ||||||||||||||||
Issuance of Common Stock under employee stock plans | 7 | 8,649 | 8,656 | 8,656 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 3,396 | 3,396 | 3,396 | |||||||||||||||||||||||||||||||||
Cumulative effect of adoption of new accounting principle (Topic 606) | 3,670 | 3,670 | 3,670 | |||||||||||||||||||||||||||||||||
Other | (6 | ) | 17 | 11 | 11 | |||||||||||||||||||||||||||||||
Components of comprehensive income, net of ta x | ||||||||||||||||||||||||||||||||||||
Net income | 31,725 | 31,725 | 121 | 31,846 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 84 | 84 | 8 | 92 | ||||||||||||||||||||||||||||||||
Total comprehensive income | 31,809 | 129 | 31,938 | |||||||||||||||||||||||||||||||||
Balance on December 31, 2018 | 118 | 402 | 193,457 | 129,000 | (394 | ) | (138,927 | ) | 183,656 | 434 | 184,090 | |||||||||||||||||||||||||
Issuance of Common Stock under employee stock plans | 3 | 4,739 | 4,742 | 4,742 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 3,036 | 3,036 | 3,036 | |||||||||||||||||||||||||||||||||
Noncontrolling interest dividend paid | — | (139 | ) | (139 | ) | |||||||||||||||||||||||||||||||
Other | 19 | 19 | 19 | |||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax | ||||||||||||||||||||||||||||||||||||
Net income | 14,098 | 14,098 | 11 | 14,109 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 11 | 11 | 2 | 13 | ||||||||||||||||||||||||||||||||
Total comprehensive income | 14,109 | 13 | 14,122 | |||||||||||||||||||||||||||||||||
Balance on December 31, 2019 | 118 | 405 | 201,251 | 143,098 | (383 | ) | (138,927 | ) | 205,562 | 308 | 205,870 | |||||||||||||||||||||||||
Issuance of Common Stock under employee stock plans | 10 | 11,575 | 11,585 | 11,585 | ||||||||||||||||||||||||||||||||
Issuance of Common Stock in public offering, net (See Note 1 0 ) | 18 | 109,663 | 109,681 | 109,681 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 5,883 | 5,883 | 5,883 | |||||||||||||||||||||||||||||||||
Other | 20 | 20 | 20 | |||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax | ||||||||||||||||||||||||||||||||||||
Net income | 17,910 | 17,910 | 12 | 17,922 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 179 | 179 | 15 | 194 | ||||||||||||||||||||||||||||||||
Total comprehensive income | 18,089 | 27 | 18,116 | |||||||||||||||||||||||||||||||||
Balance on December 31, 2020 | $ | 118 | $ | 433 | $ | 328,392 | $ | 161,008 | $ | (204 | ) | $ | (138,927 | ) | $ | 350,820 | $ | 335 | $ | 351,155 | ||||||||||||||||
Level 1 | Inputs used to measure fair value are unadjusted quoted prices available in active markets for the identical assets or liabilities as of the reporting date. |
Level 2 | Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in inactive markets. Level 2 also includes assets and liabilities valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. | |
Level 3 | Inputs used to measure fair value are unobservable inputs supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. |
2021 | 2020 | 2019 | ||||||||||
Numerator: | ||||||||||||
Net income attributable to Vicor Corporation | $ | 56,625 | $ | 17,910 | $ | 14,098 | ||||||
Denominator: | ||||||||||||
Denominator for basic net income per share- weighted average shares (1) | 43,651 | 42,186 | 40,330 | |||||||||
Effect of dilutive securities: | ||||||||||||
Employee stock options (2) | 1,315 | 1,683 | 1,347 | |||||||||
Denominator for diluted net income per share- adjusted weighted-average shares and assumed conversions (3) | 44,966 | 43,869 | 41,677 | |||||||||
Basic net income per share | $ | 1.30 | $ | 0.42 | $ | 0.35 | ||||||
Diluted net income per share | $ | 1.26 | $ | 0.41 | $ | 0.34 | ||||||
2020 | 2019 | 2018 | ||||||||||
Numerator: | ||||||||||||
Net income attributable to Vicor Corporation | $ | 17,910 | $ | 14,098 | $ | 31,725 | ||||||
Denominator: | ||||||||||||
Denominator for basic net income per share-weighted average shares (1) | 42,186 | 40,330 | 39,872 | |||||||||
Effect of dilutive securities: | ||||||||||||
Employee stock options (2) | 1,683 | 1,347 | 857 | |||||||||
Denominator for diluted net income per share-adjusted weighted-average shares and assumed conversions (3) | 43,869 | 41,677 | 40,729 | |||||||||
Basic net income per share | $ | 0.42 | $ | 0.35 | $ | 0.80 | ||||||
Diluted net income per share | $ | 0.41 | $ | 0.34 | $ | 0.78 | ||||||
(1) | Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding. |
(2) | Options to purchase 60,736, 181,196 |
(3) | Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding for the year, adjusted to include the dilutive effect, if any, of i ng options. |
2020 | 2019 | |||||||
Raw materials | $ | 42,556 | $ | 35,901 | ||||
Work-in-process | 7,424 | 5,184 | ||||||
Finished goods | 7,289 | 8,102 | ||||||
$ | 57,269 | $ | 49,187 | |||||
2021 | 2020 | |||||||
Raw materials | $ | 51,289 | $ | 42,556 | ||||
Work-in-process | 12,514 | 7,424 | ||||||
Finished goods | 3,519 | 7,289 | ||||||
$ | 67,322 | $ | 57,269 | |||||
December 31, 2020 | ||||||||||||
Cash and Cash Equivalents | Short-Term Investments | Long-Term Investments | ||||||||||
Measured at fair value: | ||||||||||||
Available-for-sale | ||||||||||||
Money Market Funds | $ | 69,493 | $ | — | $ | — | ||||||
U.S. Treasury Obligations | 19,998 | 50,166 | — | |||||||||
Failed Auction Security | — | — | 2,517 | |||||||||
Total | 89,491 | 50,166 | 2,517 | |||||||||
Other measurement basis: | ||||||||||||
Cash on hand | 72,251 | — | — | |||||||||
Total | $ | 161,742 | $ | 50,166 | $ | 2,517 | ||||||
December 31, 2019 | ||||||||||||
Cash and Cash Equivalents | Short-Term Investments | Long-Term Investments | ||||||||||
Measured at fair value: | ||||||||||||
Available-for-sale | ||||||||||||
Money Market Funds | $ | 9,630 | $ | — | $ | — | ||||||
Failed Auction Security | — | — | 2,510 | |||||||||
Total | 9,630 | — | 2,510 | |||||||||
Other measurement basis: | ||||||||||||
Cash on hand | 75,038 | — | — | |||||||||
Total | $ | 84,668 | $ | — | $ | 2,510 | ||||||
December 31, 2020 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
U.S. Treasury Obligations | $ | 70,172 | $ | — | $ | 8 | $ | 70,164 | ||||||||
Failed Auction Security | 3,000 | — | 483 | 2,517 | ||||||||||||
December 31, 2019 | ||||||||||||||||
Failed Auction Security | $ | 3,000 | $ | — | $ | 490 | $ | 2,510 | ||||||||
U.S. Treasury Obligations: | ||||||||
Cost | Estimated Fair Value | |||||||
Maturities greater than three months but less than one year | $ | 50,174 | $ | 50,166 | ||||
Maturities less than three months | 19,998 | 19,998 | ||||||
$ | 70,172 | $ | 70,164 | |||||
Failed Auction Security: | ||||||||
Cost | Estimated Fair Value | |||||||
Due in twenty to forty years | $ | 3,000 | $ | 2,517 | ||||
2020 | 2019 | 2018 | ||||||||||
Balance at the beginning of the period | $ | 37 | $ | 41 | $ | 48 | ||||||
Reductions in the amount related to credit gain for which other-than-temporary impairment was not previously recognized | (4 | ) | (4 | ) | (7 | ) | ||||||
Balance at the end of the period | $ | 33 | $ | 37 | $ | 41 | ||||||
December 31, 2021 | ||||||||||||
Cash and Cash Equivalents | Short-Term Investments | Long-Term Investments | ||||||||||
Measured at fair value: | ||||||||||||
Available-for-sale | ||||||||||||
Money Market Funds | $ | 94,282 | $ | — | $ | — | ||||||
U.S. Treasury Obligations | — | 45,215 | — | |||||||||
Failed Auction Security | — | — | 2,639 | |||||||||
Total | 94,282 | 45,215 | 2,639 | |||||||||
Other measurement basis: | ||||||||||||
Cash on hand | 88,136 | — | — | |||||||||
Total | $ | 182,418 | $ | 45,215 | $ | 2,639 | ||||||
December 31, 2020 | ||||||||||||
Cash and Cash Equivalents | Short-Term Investments | Long-Term Investments | ||||||||||
Measured at fair value: | ||||||||||||
Available-for-sale | ||||||||||||
Money Market Funds | $ | 69,493 | $ | — | $ | — | ||||||
U.S. Treasury Obligations | 19,998 | 50,166 | — | |||||||||
Failed Auction Security | — | — | 2,517 | |||||||||
Total | 89,491 | 50,166 | 2,517 | |||||||||
Other measurement basis: | ||||||||||||
Cash on hand | 72,251 | — | — | |||||||||
Total | $ | 161,742 | $ | 50,166 | $ | 2,517 | ||||||
December 31, 2021 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
U.S. Treasury Obligations | $ | 45,238 | $ | — | $ | 23 | $ | 45,215 | ||||||||
Failed Auction Security | 3,000 | — | 361 | 2,639 | ||||||||||||
December 31, 2020 | ||||||||||||||||
U.S. Treasury Obligations | $ | 70,172 | $ | — | $ | 8 | $ | 70,164 | ||||||||
Failed Auction Security | 3,000 | — | 483 | 2,517 |
U.S. Treasury Obligations: | ||||||||
Cost | Estimated Fair Value | |||||||
Maturities greater than three months but less than one year | $ | 45,238 | $ | 45,215 | ||||
Failed Auction Security: | ||||||||
Cost | Estimated Fair Value | |||||||
Due in twenty to forty years | $ | 3,000 | $ | 2,639 | ||||
Using | Using | |||||||||||||||||||||||||||||||
Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value as of December 31, 2020 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value as of December 31, 2021 | |||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||
Money market funds | $ | 69,493 | $ | — | $ | — | $ | 69,493 | $ | 94,282 | $ | — | $ | — | $ | 94,282 | ||||||||||||||||
U.S. Treasury Obligations | 19,998 | — | — | 19,998 | ||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||
U.S. Treasury Obligations | 50,166 | — | — | 50,166 | 45,215 | — | — | 45,215 | ||||||||||||||||||||||||
Long-term investments: | �� | |||||||||||||||||||||||||||||||
Failed Auction Security | — | — | 2,517 | 2,517 | — | — | 2,639 | 2,639 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Contingent consideration obligations | — | — | (227 | ) | (227 | ) |
Using | ||||||||||||||||
Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value as of December 31, 2019 | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 9,630 | $ | — | $ | — | $ | 9,630 | ||||||||
Long-term investments: | ||||||||||||||||
Failed Auction Security | — | — | 2,510 | 2,510 | ||||||||||||
Liabilities: | ||||||||||||||||
Contingent consideration obligations | — | — | (451 | ) | (451 | ) |
Fair Value | Valuation Technique | Unobservable Input | Weighted Average | |||||||||
Failed Auction Security | $ | 2,517 | Discounted cash flow | Cumulative probability of earning the maximum rate until maturity | 0.14 | % | ||||||
Cumulative probability of principal return prior to maturity | 93.62 | % | ||||||||||
Cumulative probability of default | 6.23 | % | ||||||||||
Liquidity risk premium | 5.00 | % | ||||||||||
Recovery rate in default | 40.00 | % |
Using | ||||||||||||||||
Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value as of December 31, 2020 | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 69,493 | $ | — | $ | — | $ | 69,493 | ||||||||
U.S. Treasury Obligations | 19,998 | — | — | 19,998 | ||||||||||||
Short-term investments: | ||||||||||||||||
U.S. Treasury Obligations | 50,166 | — | — | 50,166 | ||||||||||||
Long-term investments: | ||||||||||||||||
Failed Auction Security | — | — | 2,517 | 2,517 | ||||||||||||
Liabilities: | ||||||||||||||||
Contingent consideration obligations | — | — | (227 | ) | (227 | ) |
Balance at the beginning of the period | $ | 2,510 | $ | 2,517 | ||||
Credit gain on available-for-sale | 4 | 4 | ||||||
Gain included in Other comprehensive income | 3 | 118 | ||||||
Balance at the end of the period | $ | 2,517 | $ | 2,639 | ||||
Balance at the beginning of the period | $ | 451 | ||
Payments | (224 | ) | ||
Balance at the end of the period | $ | 227 | ||
2021 | 2020 | |||||||
Land | $ | 3,600 | $ | 3,600 | ||||
Buildings and improvements | 50,138 | 45,905 | ||||||
Machinery and equipment | 247,926 | 233,635 | ||||||
Furniture and fixtures | 9,825 | 8,429 | ||||||
Construction in-progress and deposits | 48,088 | 17,987 | ||||||
359,577 | 309,556 | |||||||
Accumulated depreciation and amortization | (248,226 | ) | (239,162 | ) | ||||
Right of use asset — net | 4,624 | 4,449 | ||||||
Net balance | $ | 115,975 | $ | 74,843 | ||||
2020 | 2019 | |||||||
Land | $ | 3,600 | $ | 3,600 | ||||
Buildings and improvements | 45,905 | 45,791 | ||||||
Machinery and equipment | 233,635 | 220,405 | ||||||
Furniture and fixtures | 8,429 | 8,231 | ||||||
Construction in-progress and deposits | 17,987 | 4,362 | ||||||
309,556 | 282,389 | |||||||
Accumulated depreciation and amortization | (239,162 | ) | (229,698 | ) | ||||
Right of use asset — net | 4,449 | 4,261 | ||||||
Net balance | $ | 74,843 | $ | 56,952 | ||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Patent costs | $ | 1,859 | $ | 1,992 | $ | 1,686 | $ | 1,859 | ||||||||
Accumulated amortization | (1,434 | ) | (1,483 | ) | (1,354 | ) | (1,434 | ) | ||||||||
$ | 425 | $ | 509 | $ | 332 | $ | 425 | |||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
Balance at the beginning of the period | $ | 372 | $ | 268 | $ | 290 | $ | 308 | $ | 372 | $ | 268 | ||||||||||||
Accruals for warranties for products sold in the period | 366 | 250 | 173 | 158 | 366 | 250 | ||||||||||||||||||
Fulfillment of warranty obligations | (398 | ) | (140 | ) | (117 | ) | (151 | ) | (398 | ) | (140 | ) | ||||||||||||
Revisions of estimated obligations | (32 | ) | (6 | ) | (78 | ) | (23 | ) | (32 | ) | (6 | ) | ||||||||||||
Balance at the end of the period | $ | 308 | $ | 372 | $ | 268 | $ | 292 | $ | 308 | $ | 372 | ||||||||||||
Twelve Months Ended December 31, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States | $ | 80,065 | $ | 25,493 | $ | 105,558 | ||||||
Europe | 23,491 | 6,641 | 30,132 | |||||||||
Asia Pacific | 83,985 | 73,899 | 157,884 | |||||||||
All other | 2,715 | 287 | 3,002 | |||||||||
$ | 190,256 | $ | 106,320 | $ | 296,576 | |||||||
Year Ended December 31, 2021 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States | $ | 74,280 | $ | 44,360 | $ | 118,640 | ||||||
Europe | 32,762 | 5,145 | 37,907 | |||||||||
Asia Pacific | 80,344 | 120,459 | 200,803 | |||||||||
All other | 1,758 | 256 | 2,014 | |||||||||
$ | 189,144 | $ | 170,220 | $ | 359,364 | |||||||
Twelve Months Ended December 31, 2019 | Year Ended December 31, 2020 | |||||||||||||||||||||||
Brick Products | Advanced Products | Total | Brick Products | Advanced Products | Total | |||||||||||||||||||
United States | $ | 98,822 | $ | 22,806 | $ | 121,628 | $ | 80,065 | $ | 25,493 | $ | 105,558 | ||||||||||||
Europe | 22,172 | 5,090 | 27,262 | 23,491 | 6,641 | 30,132 | ||||||||||||||||||
Asia Pacific | 62,720 | 46,107 | 108,827 | 83,985 | 73,899 | 157,884 | ||||||||||||||||||
All other | 4,182 | 1,078 | 5,260 | 2,715 | 287 | 3,002 | ||||||||||||||||||
$ | 187,896 | $ | 75,081 | $ | 262,977 | $ | 190,256 | $ | 106,320 | $ | 296,576 | |||||||||||||
Twelve Months Ended December 31, 2018 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States | $ | 77,995 | $ | 32,784 | $ | 110,779 | ||||||
Europe | 23,484 | 4,205 | 27,689 | |||||||||
Asia Pacific | 80,097 | 66,981 | 147,078 | |||||||||
All other | 5,128 | 546 | 5,674 | |||||||||
$ | 186,704 | $ | 104,516 | $ | 291,220 | |||||||
Year Ended December 31, 2019 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States | $ | 98,822 | $ | 22,806 | $ | 121,628 | ||||||
Europe | 22,172 | 5,090 | 27,262 | |||||||||
Asia Pacific | 62,720 | 46,107 | 108,827 | |||||||||
All other | 4,182 | 1,078 | 5,260 | |||||||||
$ | 187,896 | $ | 75,081 | $ | 262,977 | |||||||
Year Ended December 31, 2021 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 139,099 | $ | 144,180 | $ | 283,279 | ||||||
Stocking distributors, net of sales allowances | 49,359 | 14,123 | 63,482 | |||||||||
Non-recurring engineering | 686 | 10,027 | 10,713 | |||||||||
Royalties | — | 1,819 | 1,819 | |||||||||
Other | — | 71 | 71 | |||||||||
$ | 189,144 | $ | 170,220 | $ | 359,364 | |||||||
Year Ended December 31, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 160,004 | $ | 91,405 | $ | 251,409 | ||||||
Stocking distributors, net of sales allowances | 29,411 | 8,510 | 37,921 | |||||||||
Non-recurring engineering | 841 | 6,181 | 7,022 | |||||||||
Royalties | — | 152 | 152 | |||||||||
Other | — | 72 | 72 | |||||||||
$ | 190,256 | $ | 106,320 | $ | 296,576 | |||||||
Year Ended December 31, 2019 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 159,135 | $ | 63,567 | $ | 222,702 | ||||||
Stocking distributors, net of sales allowances | 27,797 | 9,802 | 37,599 | |||||||||
Non-recurring engineering | 843 | 1,614 | 2,457 | |||||||||
Royalties | 121 | 24 | 145 | |||||||||
Other | — | 74 | 74 | |||||||||
$ | 187,896 | $ | 75,081 | $ | 262,977 | |||||||
Twelve Months Ended December 31, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 160,004 | $ | 91,405 | $ | 251,409 | ||||||
Stocking distributors, net of sales allowances | 29,411 | 8,510 | 37,921 | |||||||||
Non-recurring engineering | 841 | 6,181 | 7,022 | |||||||||
Royalties | — | 152 | 152 | |||||||||
Other | — | 72 | 72 | |||||||||
$ | 190,256 | $ | 106,320 | $ | 296,576 | |||||||
Twelve Months Ended December 31, 2019 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 159,135 | $ | 63,567 | $ | 222,702 | ||||||
Stocking distributors, net of sales allowances | 27,797 | 9,802 | 37,599 | |||||||||
Non-recurring engineering | 843 | 1,614 | 2,457 | |||||||||
Royalties | 121 | 24 | 145 | |||||||||
Other | — | 74 | 74 | |||||||||
$ | 187,896 | $ | 75,081 | $ | 262,977 | |||||||
Twelve Months Ended December 31, 2018 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 163,206 | $ | 91,579 | $ | 254,785 | ||||||
Stocking distributors, net of sales allowances | 22,362 | 9,370 | 31,732 | |||||||||
Non-recurring engineering | 1,066 | 3,356 | 4,422 | |||||||||
Royalties | 70 | 140 | 210 | |||||||||
Other | — | 71 | 71 | |||||||||
$ | 186,704 | $ | 104,516 | $ | 291,220 | |||||||
December 31, 2021 | December 31, 2020 | Change | ||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | Change | ||||||||||||||||||||||
Accounts receivable | $ | 40,999 | $ | 38,115 | $ | 2,884 | ||||||||||||||||||
Short-term deferred revenue and customer prepayments | (7,309 | ) | (5,507 | ) | (1,802 | ) | $ | (7,912 | ) | $ | (7,309 | ) | $ | (603 | ) | |||||||||
Long-term deferred revenue | (733 | ) | (1,054 | ) | 321 | (413 | ) | (733 | ) | 320 | ||||||||||||||
Deferred expenses | 1,650 | 1,897 | (247 | ) | 560 | 1,650 | (1,090 | ) | ||||||||||||||||
Sales allowances | (597 | ) | (741 | ) | 144 | (1,464 | ) | (597 | ) | (867 | ) |
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
United States | $ | 105,558 | $ | 121,628 | $ | 110,779 | $ | 118,640 | $ | 105,558 | $ | 121,628 | ||||||||||||
Europe | 30,132 | 27,262 | 27,689 | 37,907 | 30,132 | 27,262 | ||||||||||||||||||
Asia Pacific | 157,884 | 108,827 | 147,078 | 200,803 | 157,884 | 108,827 | ||||||||||||||||||
All other | 3,002 | 5,260 | 5,674 | 2,014 | 3,002 | 5,260 | ||||||||||||||||||
$ | 296,576 | $ | 262,977 | $ | 291,220 | $ | 359,364 | $ | 296,576 | $ | 262,977 | |||||||||||||
2021 | 2020 | 2019 | ||||||||||
Cost of revenues | $ | 1,000 | $ | 934 | $ | 342 | ||||||
Selling, general and administrative | 3,873 | 3,164 | 1,979 | |||||||||
Research and development | 2,162 | 1,785 | 715 | |||||||||
Total stock-based compensation | $ | 7,035 | $ | 5,883 | $ | 3,036 | ||||||
2020 | 2019 | 2018 | ||||||||||
Cost of revenues | $ | 934 | $ | 342 | $ | 237 | ||||||
Selling, general and administrative | 3,164 | 1,979 | 2,517 | |||||||||
Research and development | 1,785 | 715 | 642 | |||||||||
Total stock-based compensation | $ | 5,883 | $ | 3,036 | $ | 3,396 | ||||||
2020 | 2019 | 2018 | ||||||||||
Stock options | $ | 4,982 | $ | 2,072 | $ | 2,649 | ||||||
ESPP | 901 | 964 | 747 | |||||||||
Total stock-based compensation | $ | 5,883 | $ | 3,036 | $ | 3,396 | ||||||
2021 | 2020 | 2019 | ||||||||||
Stock options | $ | 6,122 | $ | 4,982 | $ | 2,072 | ||||||
ESPP | 913 | 901 | 964 | |||||||||
Total stock-based compensation | $ | 7,035 | $ | 5,883 | $ | 3,036 | ||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
Risk-free interest rate | 0.5 | % | 1.8 | % | 2.9 | % | 0.8 | % | 0.5 | % | 1.8 | % | ||||||||||||
Expected dividend yield | — | — | — | — | — | — | ||||||||||||||||||
Expected volatility | 48 | % | 42 | % | 44 | % | 49 | % | 48 | % | 42 | % | ||||||||||||
Expected lives (years) | 6.1 | 6.3 | 6.4 | 4.9 | 6.1 | 6.3 |
Options Outstanding | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life in Years | Aggregate Intrinsic Value | |||||||||||||
Outstanding on December 31, 2020 | 2,023,477 | $ | 20.98 | |||||||||||||
Granted | 267,559 | $ | 93.40 | |||||||||||||
Forfeited and expired | (61,924 | ) | $ | 58.95 | ||||||||||||
Exercised | (551,451 | ) | $ | 13.81 | ||||||||||||
Outstanding on December 31, 2021 | 1,677,661 | $ | 33.48 | 4.56 | $ | 157,309 | ||||||||||
Exercisable on December 31, 2021 | 776,559 | $ | 11.63 | 2.93 | $ | 89,576 | ||||||||||
Vested or expected to vest as of December 31, 2021(1) | 1,617,003 | $ | 32.10 | 4.46 | $ | 153,817 | ||||||||||
Options Outstanding | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life in Years | Aggregate Intrinsic Value | |||||||||||||
Outstanding on December 31, 2019 | 2,687,896 | $ | 10.81 | |||||||||||||
Granted | 354,075 | $ | 68.34 | |||||||||||||
Forfeited and expired | (69,987 | ) | $ | 23.77 | ||||||||||||
Exercised | (948,507 | ) | $ | 9.62 | ||||||||||||
Outstanding on December 31, 2020 | 2,023,477 | $ | 20.98 | 4.87 | $ | 144,153 | ||||||||||
Exercisable on December 31, 2020 | 924,964 | $ | 9.05 | 3.41 | $ | 76,932 | ||||||||||
Vested or expected to vest as of December 31, 2020(1) | 1,947,127 | $ | 20.22 | 4.79 | $ | 140,186 | ||||||||||
(1) | In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. The number of options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options. |
2021 | $ | 1,740 | ||||||
2022 | 1,316 | $ | 1,668 | |||||
2023 | 883 | 1,194 | ||||||
2024 | 663 | 973 | ||||||
2025 | 317 | 536 | ||||||
2026 | 700 | |||||||
Total lease payments | $ | 4,919 | $ | 5,071 | ||||
Less: Imputed interest | 322 | 295 | ||||||
Present value of lease liabilities | $ | 4,597 | $ | 4,776 | ||||
2021 | $ | 901 | ||
2022 | 928 | |||
2023 | 955 | |||
2024 | 402 | |||
Total lease payments to be received | $ | 3,186 | ||
2022 | $ | 928 | ||
2023 | 955 | |||
2024 | 402 | |||
Total lease payments to be received | $ | 2,285 | ||
2021 | 2020 | 2019 | ||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||
Interest income | $ | 930 | $ | 95 | $ | 300 | ||||||||||||||||||
Rental income, net | $ | 792 | $ | 792 | $ | 792 | 792 | 792 | 792 | |||||||||||||||
Foreign currency gains (losses), net | 181 | (108 | ) | (260 | ) | |||||||||||||||||||
Interest income | 95 | 300 | 257 | |||||||||||||||||||||
Gain on disposal of equipment | 13 | 38 | 57 | |||||||||||||||||||||
Credit gains on available-for-sale | 4 | 4 | 7 | |||||||||||||||||||||
(Loss) gain on disposal of equipment | (72 | ) | 13 | 38 | ||||||||||||||||||||
Foreign currency (losses) gains, net | (336 | ) | 181 | (108 | ) | |||||||||||||||||||
Other | 8 | 40 | 21 | (111 | ) | 12 | 44 | |||||||||||||||||
�� | ||||||||||||||||||||||||
$ | 1,093 | $ | 1,066 | $ | 874 | $ | 1,203 | $ | 1,093 | $ | 1,066 | |||||||||||||
2020 | 2019 | 2018 | ||||||||||
Statutory federal tax rate | 21.0 | % | 21.0 | % | 21.0 | % | ||||||
State income taxes, net of federal income tax benefit | (0.5 | ) | (8.1 | ) | 3.6 | |||||||
Increase (decrease) in valuation allowance | 41.2 | 2.2 | (9.1 | ) | ||||||||
Permanent items | (48.7 | ) | (3.9 | ) | (5.9 | ) | ||||||
Tax credits | (11.2 | ) | (15.6 | ) | (5.5 | ) | ||||||
Provision vs. tax return differences | 0.7 | 9.0 | (1.7 | ) | ||||||||
Foreign rate differential and deferred items | 0.1 | 0.6 | 0.7 | |||||||||
Change in tax reserves | — | — | 0.1 | |||||||||
Other | 0.3 | — | 0.1 | |||||||||
2.9% | 5.2% | 3.3% | ||||||||||
2021 | 2020 | 2019 | ||||||||||
Statutory federal tax rate | 21.0 | % | 21.0 | % | 21.0 | % | ||||||
State income taxes, net of federal income tax benefit | (4.2 | ) | (0.5 | ) | (8.1 | ) | ||||||
Increase in valuation allowance | 9.2 | 41.2 | 2.2 | |||||||||
Permanent items | (17.9 | ) | (48.7 | ) | (3.9 | ) | ||||||
Tax credits | (5.7 | ) | (11.2 | ) | (15.6 | ) | ||||||
Provision vs. tax return differences | (2.0 | ) | 0.7 | 9.0 | ||||||||
Foreign rate differential and deferred items | 0 | 0.1 | 0.6 | |||||||||
Other | (0.1 | ) | 0.3 | 0 | ||||||||
0.3 | % | 2.9 | % | 5.2 | % | |||||||
2020 | 2019 | 2018 | ||||||||||
Domestic | $ | 17,688 | $ | 13,493 | $ | 31,455 | ||||||
Foreign | 773 | 1,394 | 1,478 | |||||||||
$ | 18,461 | $ | 14,887 | $ | 32,933 | |||||||
2021 | 2020 | 2019 | ||||||||||
Domestic | $ | 56,620 | $ | 17,688 | $ | 13,493 | ||||||
Foreign | 185 | 773 | 1,394 | |||||||||
$ | 56,805 | $ | 18,461 | $ | 14,887 | |||||||
2020 | 2019 | 2018 | ||||||||||
Current: | ||||||||||||
Federal | $ | 215 | $ | — | $ | — | ||||||
State | 93 | 268 | 231 | |||||||||
Foreign | 252 | 450 | 911 | |||||||||
560 | 718 | 1,142 | ||||||||||
Deferred: | ||||||||||||
Foreign | (21 | ) | 60 | (55 | ) | |||||||
(21 | ) | 60 | (55 | ) | ||||||||
$ | 539 | $ | 778 | $ | 1,087 | |||||||
2021 | 2020 | 2019 | ||||||||||
Current: | ||||||||||||
Federal | $ | 1 | $ | 215 | $ | — | ||||||
State | (14 | ) | 93 | 268 | ||||||||
Foreign | 171 | 252 | 450 | |||||||||
158 | 560 | 718 | ||||||||||
Deferred: | ||||||||||||
Foreign | 18 | (21 | ) | 60 | ||||||||
18 | (21 | ) | 60 | |||||||||
$ | 176 | $ | 539 | $ | 778 | |||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Deferred tax assets: | ||||||||||||||||
Research and development tax credit carryforwards | $ | 29,046 | $ | 27,607 | $ | 36,041 | $ | 29,046 | ||||||||
Net operating loss carryforwards | 5,923 | 328 | 5,985 | 5,923 | ||||||||||||
Stock-based compensation | 2,341 | 1,796 | ||||||||||||||
Inventory reserves | 2,282 | 1,522 | 2,268 | 2,282 | ||||||||||||
Investment tax credit carryforwards | 1,927 | 2,102 | 1,928 | 1,927 | ||||||||||||
Stock-based compensation | 1,796 | 1,587 | ||||||||||||||
UNICAP | 1,363 | 1,336 | ||||||||||||||
Vacation accrual | 1,349 | 1,280 | 1,338 | 1,349 | ||||||||||||
UNICAP | 1,336 | 351 | ||||||||||||||
Lease liabilities | 787 | 518 | ||||||||||||||
Accrued payroll tax deferral | 764 | — | 384 | 764 | ||||||||||||
Lease liabilities | 518 | 679 | ||||||||||||||
Other | 1,197 | 1,708 | 1,568 | 1,197 | ||||||||||||
Total deferred tax assets | 46,138 | 37,164 | 54,003 | 46,138 | ||||||||||||
Less: Valuation allowance for deferred tax assets | (37,856 | ) | (30,363 | ) | (43,329 | ) | (37,856 | ) | ||||||||
Net deferred tax assets | 8,282 | 6,801 | 10,674 | 8,282 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Depreciation | (6,809 | ) | (5,296 | ) | (9,048 | ) | (6,809 | ) | ||||||||
ROU assets | (756 | ) | (490 | ) | ||||||||||||
Prepaid expenses | (616 | ) | (552 | ) | (662 | ) | (616 | ) | ||||||||
ROU assets | (490 | ) | (653 | ) | ||||||||||||
Other | (141 | ) | (95 | ) | 0 | (141 | ) | |||||||||
Total deferred tax liabilities | (8,056 | ) | (6,596 | ) | (10,466 | ) | (8,056 | ) | ||||||||
Net deferred tax assets (liabilities) | $ | 226 | $ | 205 | $ | 208 | $ | 226 | ||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
Balance on January 1 | $ | 2,070 | $ | 1,462 | $ | 1,104 | $ | 2,297 | $ | 2,070 | $ | 1,462 | ||||||||||||
Additions based on tax positions related to the current year | 244 | 571 | 245 | 625 | 244 | 571 | ||||||||||||||||||
(Reductions) additions for tax positions of prior years | (13 | ) | 43 | 120 | ||||||||||||||||||||
Additions (reductions) for tax positions of prior years | 393 | (13 | ) | 43 | ||||||||||||||||||||
Lapse of statute | (4 | ) | (6 | ) | (7 | ) | (69 | ) | (4 | ) | (6 | ) | ||||||||||||
Balance on December 31 | $ | 2,297 | $ | 2,070 | $ | 1,462 | $ | 3,246 | $ | 2,297 | $ | 2,070 | ||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
2020: | ||||||||||||||||||||
Net revenues | $ | 63,401 | $ | 70,761 | $ | 78,112 | $ | 84,302 | $ | 296,576 | ||||||||||
Gross margin | 27,331 | 30,318 | 33,347 | 40,451 | 131,447 | |||||||||||||||
Consolidated net (loss) income | (1,731 | ) | 2,672 | 5,786 | 11,195 | 17,922 | ||||||||||||||
Net income attributable to noncontrolling interest | 4 | 5 | 1 | 2 | 12 | |||||||||||||||
Net (loss) income attributable to Vicor Corporation | (1,735 | ) | 2,667 | 5,785 | 11,193 | 17,910 | ||||||||||||||
Net (loss) income per share attributable to Vicor Corporation: | ||||||||||||||||||||
Basic | (0.04 | ) | 0.06 | 0.13 | 0.26 | 0.42 | ||||||||||||||
Diluted | (0.04 | ) | 0.06 | 0.13 | 0.25 | 0.41 | ||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
2019: | ||||||||||||||||||||
Net revenues | $ | 65,725 | $ | 63,355 | $ | 70,772 | $ | 63,125 | $ | 262,977 | ||||||||||
Gross margin | 31,086 | 29,117 | 33,002 | 29,761 | 122,966 | |||||||||||||||
Consolidated net income | 4,306 | 2,556 | 5,932 | 1,315 | 14,109 | |||||||||||||||
Net income (loss) attributable to noncontrolling interest | 20 | (7 | ) | (5 | ) | 3 | 11 | |||||||||||||
Net income attributable to Vicor Corporation | 4,286 | 2,563 | 5,937 | 1,312 | 14,098 | |||||||||||||||
Net income per share attributable to Vicor Corporation: | ||||||||||||||||||||
Basic | 0.11 | 0.06 | 0.15 | 0.03 | 0.35 | |||||||||||||||
Diluted | 0.10 | 0.06 | 0.14 | 0.03 | 0.34 |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 9B. | OTHER INFORMATION |
ITEM 9C. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE |
ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
* | Indicates a management contract or compensatory plan or arrangement required to be filled pursuant to Item 15(b) of Form 10-K. |
** |
(1) | Filed as an exhibit to the Company’s Annual Report on Form 10-K filed on March 29, 2001 and incorporated herein by reference. |
(2) | Filed as an exhibit to the Company’s Registration Statement on Form 10, as amended, under the Securities Exchange Act of 1934 (File No. 000-18277), and incorporated herein by reference. (P) |
(3) | Filed as an exhibit to the Company’s Registration Statement on Form S-8, as amended, under the Securities Act of 1933(No. 333-61177), and incorporated herein by reference. |
(4) | Filed as Appendix A to the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on May 1, 2017 (File No. 000-18277), and incorporated herein by reference. |
(5) | Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q filed on November 4, 2004 (FileNo. 000-18277) and incorporated herein by reference. |
(6) | Filed as an exhibit to the Company’s Annual Report on Form 10-K filed on March 16, 2005 (FileNo. 000-18277) and incorporated herein by reference. |
(7) | Filed as an exhibit to the Company’s Annual Report on Form 10-K filed on March 14, 2006 (FileNo. 000-18277) and incorporated herein by reference. |
(8) | Filed as an exhibit to the Company’s Current Report on Form 8-K filed on June 4, 2020 (FileNo. 000-18277) and incorporated herein by reference. |
(9) | Filed as an exhibit to the Company’s Current Report on Form 8-K, dated June 6, 2007 (FileNo. 000-18277) and incorporated herein by reference. |
(10) | Filed as an exhibit to the Company’s Current Report and Form 8-K, dated March 6, 2008 (FileNo. 000-18277) incorporated herein by reference. |
(11) | Filed as Appendix B to the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on May 1, 2017 (File No. 000-18277), and incorporated herein by reference. |
(12) | Filed as Appendix C to the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on May 1, 2017 (File No. 000-18277), and incorporated herein by reference. |
(13) | Filed as Appendix D to the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on May 1, 2017 (File No. 000-18277), and incorporated herein by reference. |
(14) | Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 5, 2018 (FileNo. 000-18277), and incorporated herein by reference. |
(15) | Filed as Exhibit 10.1 to the Company’s Registration Statement on Form S-8, under the Securities Act of 1933 (No.333-232864), and incorporated herein by reference. |
(16) | Filed as an exhibit to the Company’s Annual Report on Form 10-K filed on March 1, 2021 (FileNo. 000-18277) and incorporated herein by reference. |
(17) | Filed as an exhibit to the Company’s Current Report on Form 8-K filed on May 13, 2021 (FileNo. 000-18277) and incorporated herein by reference. |
(18) | Filed herewith. |
Description | Balance at Beginning of Period | Charge (Recovery)to Costs and Expenses | Other Charges, Deductions (1) | Balance at End of Period | Balance at Beginning of Period | Charge (Recovery) to Costs and Expenses | Other Charges, Deductions (1) | Balance at End of Period | ||||||||||||||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||||||||||||||||||
Year ended: | ||||||||||||||||||||||||||||||||
December 31, 2021 | $ | 82,000 | $ | — | $ | — | $ | 82,000 | ||||||||||||||||||||||||
December 31, 2020 | $ | 59,000 | $ | 23,000 | $ | — | $ | 82,000 | 59,000 | 23,000 | — | 82,000 | ||||||||||||||||||||
December 31, 2019 | 224,000 | (144,000 | ) | (21,000 | ) | 59,000 | 224,000 | (144,000 | ) | (21,000 | ) | 59,000 | ||||||||||||||||||||
December 31, 2018 | 159,000 | 65,000 | — | 224,000 |
(1) | Reflects uncollectible accounts written off, net of recoveries. |
Vicor Corporation | ||
By: | /s/ James | |
James | ||
Vice President, Chief Financial Officer |
Signature | Title | Date | ||
/s/ Patrizio Vinciarelli Patrizio Vinciarelli | President, Chief Executive Officer and Chairman of the Board (Principal Executive Officer) | March 1, | ||
/s/ James James | Chief Financial Officer, (Principal Financial Officer and Principal Accounting Officer) | March 1, | ||
/s/ Estia J. Eichten Estia J. Eichten | Director | March 1, | ||
/s/ Michael S. McNamara Michael S. McNamara | Director | March 1, | ||
/s/ Samuel J. Anderson Samuel J. Anderson | Director | March 1, | ||
/s/ Claudio Tuozzolo Claudio Tuozzolo | Director | March 1, | ||
/s/ Jason L. Carlson Jason L. Carlson | Director | March 1, | ||
/s/ Philip D. Davies Philip D. Davies | Director | March 1, | ||
/s/ Andrew T. D’Amico Andrew T. D’Amico | Director | March 1, | ||
/s/ M. Michael Ansour M. Michael Ansour | Director | March 1, 2022 |