☒ | QUARTERLY 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 of Incorporation) | (I.R.S. Employer Identification No.) |
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 | ☒ | Smaller reporting company | ☐ | |||
Accelerated filer | ☐ | Emerging growth company | ☐ | |||
Non-accelerated filer | ☐ |
Common Stock, $.01 par value | ||||
Class B Common Stock, $.01 par value | 11,758,218 |
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EX-31.1 SECTION 302 CERTIFICATION OF CEO | ||||
EX-31.2 SECTION 302 CERTIFICATION OF CFO | ||||
EX-32.1 SECTION 906 CERTIFICATION OF CEO | ||||
EX-32.2 SECTION 906 CERTIFICATION OF CFO |
June 30, 2019 | December 31, 2018 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 71,482 | $ | 70,557 | ||||
Accounts receivable, less allowance of $102 in 2019 and $224 in 2018 | 38,537 | 43,673 | ||||||
Inventories, net | 54,572 | 47,370 | ||||||
Other current assets | 5,054 | 3,460 | ||||||
Total current assets | 169,645 | 165,060 | ||||||
Long-term deferred tax assets, net | 241 | 265 | ||||||
Long-term investments, net | 2,565 | 2,526 | ||||||
Property, plant and equipment, net | 55,285 | 50,432 | ||||||
Other assets | 2,867 | 2,785 | ||||||
Total assets | $ | 230,603 | $ | 221,068 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 10,819 | $ | 16,149 | ||||
Accrued compensation and benefits | 11,144 | 10,657 | ||||||
Accrued expenses | 2,228 | 2,631 | ||||||
Operating lease liabilities | 1,660 | — | ||||||
Sales allowances | 640 | 548 | ||||||
Accrued severance and other charges | — | 234 | ||||||
Income taxes payable | 85 | 710 | ||||||
Deferred revenue | 6,581 | 5,069 | ||||||
Total current liabilities | 33,157 | 35,998 | ||||||
Long-term deferred revenue | 196 | 232 | ||||||
Contingent consideration obligations | 306 | 408 | ||||||
Long-term income taxes payable | 236 | 238 | ||||||
Long-term operating lease liabilities | 2,392 | 102 | ||||||
Total liabilities | 36,287 | 36,978 | ||||||
Commitments and contingencies (Note 12) | ||||||||
Equity: | ||||||||
Vicor Corporation stockholders’ equity: | ||||||||
Class B Common Stock | 118 | 118 | ||||||
Common Stock | 403 | 402 | ||||||
Additional paid-in capital | 196,698 | 193,457 | ||||||
Retained earnings | 135,849 | 129,000 | ||||||
Accumulated other comprehensive loss | (278 | ) | (394 | ) | ||||
Treasury stock, at cost | (138,927 | ) | (138,927 | ) | ||||
Total Vicor Corporation stockholders’ equity | 193,863 | 183,656 | ||||||
Noncontrolling interest | 453 | 434 | ||||||
Total equity | 194,316 | 184,090 | ||||||
Total liabilities and equity | $ | 230,603 | $ | 221,068 | ||||
March 31, 2020 | December 31, 2019 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 82,751 | $ | 84,668 | ||||
Accounts receivable, less allowance of $102 in 2020 and $59 in 2019 | 41,279 | 38,115 | ||||||
Inventories, net | 53,352 | 49,187 | ||||||
Other current assets | 7,808 | 7,096 | ||||||
Total current assets | 185,190 | 179,066 | ||||||
Long-term deferred tax assets, net | 206 | 205 | ||||||
Long-term investments, net | 2,557 | 2,510 | ||||||
Property, plant and equipment, net | 56,879 | 56,952 | ||||||
Other assets | 1,893 | 1,994 | ||||||
Total assets | $ | 246,725 | $ | 240,727 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 13,440 | $ | 9,005 | ||||
Accrued compensation and benefits | 10,081 | 10,410 | ||||||
Accrued expenses | 2,761 | 2,690 | ||||||
Short-term lease liabilities | 1,370 | 1,520 | ||||||
Sales allowances | 781 | 741 | ||||||
Income taxes payable | 34 | 57 | ||||||
Short-term deferred revenue and customer prepayments | 6,753 | 5,507 | ||||||
Total current liabilities | 35,220 | 29,930 | ||||||
Long-term deferred revenue | 974 | 1,054 | ||||||
Contingent consideration obligations | 362 | 451 | ||||||
Long-term income taxes payable | 571 | 567 | ||||||
Long-term lease liabilities | 2,601 | 2,855 | ||||||
Total liabilities | 39,728 | 34,857 | ||||||
Commitments and contingencies (Note 1 0 ) | ||||||||
Equity: | ||||||||
Vicor Corporation stockholders’ equity: | ||||||||
Class B Common Stock | 118 | 118 | ||||||
Common Stock | 407 | 405 | ||||||
Additional paid-in capital | 204,020 | 201,251 | ||||||
Retained earnings | 141,363 | 143,098 | ||||||
Accumulated other comprehensive loss | (300 | ) | (383 | ) | ||||
Treasury stock, at cost | (138,927 | ) | (138,927 | ) | ||||
Total Vicor Corporation stockholders’ equity | 206,681 | 205,562 | ||||||
Noncontrolling interest | 316 | 308 | ||||||
Total equity | 206,997 | 205,870 | ||||||
Total liabilities and equity | $ | 246,725 | $ | 240,727 | ||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Net revenues | $ | 63,401 | $ | 65,725 | ||||
Cost of revenues | 36,070 | 34,639 | ||||||
Gross margin | 27,331 | 31,086 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 16,369 | 15,373 | ||||||
Research and development | 13,335 | 11,220 | ||||||
Total operating expenses | 29,704 | 26,593 | ||||||
(Loss) income from operations | (2,373 | ) | 4,493 | |||||
Other income (expense), net: | ||||||||
Total unrealized gains on available-for-sale securities, net | 47 | 20 | ||||||
Less: portion of gains recognized in other comprehensive income | (46 | ) | (19 | ) | ||||
Net credit gains recognized in earnings | 1 | 1 | ||||||
Other income (expense), net | 147 | 238 | ||||||
Total other income (expense), net | 148 | 239 | ||||||
(Loss) income before income taxes | (2,225 | ) | 4,732 | |||||
Less: (Benefit) provision for income taxes | (494 | ) | 426 | |||||
Consolidated net (loss) income | (1,731 | ) | 4,306 | |||||
Less: Net income attributable to noncontrolling interest | 4 | 20 | ||||||
Net (loss) income attributable to Vicor Corporation | $ | (1,735 | ) | $ | 4,286 | |||
Net (loss) income per common share attributable to Vicor Corporation: | ||||||||
Basic | $ | (0.04 | ) | $ | 0.11 | |||
Diluted | $ | (0.04 | ) | $ | 0.10 | |||
Shares used to compute net (loss) income per common share attributable to Vicor Corporation: | ||||||||
Basic | 40,635 | 40,229 | ||||||
Diluted | 40,635 | 41,029 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net revenues | $ | 63,355 | $ | 74,196 | $ | 129,080 | $ | 139,465 | ||||||||
Cost of revenues | 34,238 | 38,313 | 68,877 | 73,371 | ||||||||||||
Gross margin | 29,117 | 35,883 | 60,203 | 66,094 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 15,030 | 15,814 | 30,403 | 31,213 | ||||||||||||
Research and development | 11,706 | 11,403 | 22,926 | 22,529 | ||||||||||||
Severance and other charges | — | 350 | — | 350 | ||||||||||||
Total operating expenses | 26,736 | 27,567 | 53,329 | 54,092 | ||||||||||||
Income from operations | 2,381 | 8,316 | 6,874 | 12,002 | ||||||||||||
Other income (expense), net: | ||||||||||||||||
Total unrealized gains on available-for-sale securities, net | 19 | 33 | 39 | 56 | ||||||||||||
Less: portion of gains recognized in other comprehensive income | (18 | ) | (31 | ) | (37 | ) | (52 | ) | ||||||||
Net credit gains recognized in earnings | 1 | 2 | 2 | 4 | ||||||||||||
Other income (expense), net | 287 | (46 | ) | 525 | 382 | |||||||||||
Total other income (expense), net | 288 | (44 | ) | 527 | 386 | |||||||||||
Income before income taxes | 2,669 | 8,272 | 7,401 | 12,388 | ||||||||||||
Less: Provision for income taxes | 113 | 363 | 539 | 497 | ||||||||||||
Consolidated net income | 2,556 | 7,909 | 6,862 | 11,891 | ||||||||||||
Less: Net (loss) income attributable to noncontrolling interest | (7 | ) | 49 | 13 | 88 | |||||||||||
Net income attributable to Vicor Corporation | $ | 2,563 | $ | 7,860 | $ | 6,849 | $ | 11,803 | ||||||||
Net income per common share attributable to Vicor Corporation: | ||||||||||||||||
Basic | $ | 0.06 | $ | 0.20 | $ | 0.17 | $ | 0.30 | ||||||||
Diluted | $ | 0.06 | $ | 0.19 | $ | 0.17 | $ | 0.29 | ||||||||
Shares used to compute net income per common share attributable to Vicor Corporation: | ||||||||||||||||
Basic | 40,275 | 39,709 | 40,252 | 39,594 | ||||||||||||
Diluted | 41,081 | 40,646 | 41,055 | 40,406 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Consolidated net income | $ | 2,556 | $ | 7,909 | $ | 6,862 | $ | 11,891 | ||||||||
Foreign currency translation gains (losses) , net of tax (1) | 151 | (215 | ) | 85 | 27 | |||||||||||
Unrealized gains on available-for-sale securities, net of tax (1) | 18 | 31 | 37 | 52 | ||||||||||||
Other comprehensive income (loss) | 169 | (184 | ) | 122 | 79 | |||||||||||
Consolidated comprehensive income | 2,725 | 7,725 | 6,984 | 11,970 | ||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | 4 | 32 | 19 | 90 | ||||||||||||
Comprehensive income attributable to Vicor Corporation | $ | 2,721 | $ | 7,693 | $ | 6,965 | $ | 11,880 | ||||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Consolidated net (loss) income | $ | (1,731 | ) | $ | 4,306 | |||
Foreign currency translation gains (losses), net of tax (1) | 46 | (66 | ) | |||||
Unrealized gains on available-for-sale securities, net of tax (1) | 41 | 19 | ||||||
Other comprehensive income (loss) | 87 | (47 | ) | |||||
Consolidated comprehensive (loss) income | (1,644 | ) | 4,259 | |||||
Less: Comprehensive income attributable to noncontrolling interest | 8 | 15 | ||||||
Comprehensive (loss) income attributable to Vicor Corporation | $ | (1,652 | ) | $ | 4,244 | |||
(1) | The deferred tax assets associated with cumulative foreign currency translation gains and cumulative unrealized gains on available-for-sale securities are completely offset by a tax valuation allowance as of |
Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
Operating activities: | ||||||||
Consolidated net income | $ | 6,862 | $ | 11,891 | ||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 4,998 | 4,539 | ||||||
Stock-based compensation expense, net | 1,539 | 1,916 | ||||||
(Benefit) provision for doubtful accounts | (117 | ) | 65 | |||||
Decrease in long-term income taxes payable | (2 | ) | — | |||||
Increase in other long-term liabilities | — | 5 | ||||||
Decrease in long-term deferred revenue | (36 | ) | (36 | ) | ||||
Gain on disposal of equipment | (22 | ) | (16 | ) | ||||
Deferred income taxes | 24 | 25 | ||||||
Credit gain on available-for-sale securities | (2 | ) | (4 | ) | ||||
Change in current assets and liabilities, net | (8,005 | ) | (9,857 | ) | ||||
Net cash provided by operating activities | 5,239 | 8,528 | ||||||
Investing activities: | ||||||||
Additions to property, plant and equipment | (5,864 | ) | (3,558 | ) | ||||
Proceeds from sale of equipment | 22 | 16 | ||||||
Decrease in other assets | (137 | ) | (67 | ) | ||||
Net cash used for investing activities | (5,979 | ) | (3,609 | ) | ||||
Financing activities: | ||||||||
Proceeds from issuance of Common Stock | 1,707 | 4,966 | ||||||
Payment of contingent consideration obligations | (102 | ) | (172 | ) | ||||
Net cash provided by financing activities | 1,605 | 4,794 | ||||||
Effect of foreign exchange rates on cash | 60 | (23 | ) | |||||
Net increase in cash and cash equivalents | 925 | 9,690 | ||||||
Cash and cash equivalents at beginning of period | 70,557 | 44,230 | ||||||
Cash and cash equivalents at end of period | $ | 71,482 | $ | 53,920 | ||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Operating activities: | ||||||||
Consolidated net (loss) income | $ | (1,731 | ) | $ | 4,306 | |||
Adjustments to reconcile consolidated net (loss) income to net cash used by operating activities: | ||||||||
Depreciation and amortization | 2,711 | 2,445 | ||||||
Stock-based compensation expense, net | 710 | 773 | ||||||
Provision (benefit) for doubtful accounts | 43 | (88 | ) | |||||
Increase in long-term income taxes payable | 4 | 2 | ||||||
Decrease in long-term deferred revenue | (80 | ) | (18 | ) | ||||
Gain on disposal of equipment | — | (9 | ) | |||||
Deferred income taxes | (1 | ) | (1 | ) | ||||
Credit gain on available-for-sale securities | (1 | ) | (1 | ) | ||||
Change in current assets and liabilities, net | (2,639 | ) | (9,529 | ) | ||||
Net cash used by operating activities | (984 | ) | (2,120 | ) | ||||
Investing activities: | ||||||||
Additions to property, plant and equipment | (2,999 | ) | (3,322 | ) | ||||
Proceeds from sale of equipment | — | 9 | ||||||
Decrease in other assets | 75 | (8 | ) | |||||
Net cash used for investing activities | (2,924 | ) | (3,321 | ) | ||||
Financing activities: | ||||||||
Proceeds from issuance of Common Stock | 2,061 | 1,570 | ||||||
Payment of contingent consideration obligations | (89 | ) | (30 | ) | ||||
Net cash provided by financing activities | 1,972 | 1,540 | ||||||
Effect of foreign exchange rates on cash | 19 | (42 | ) | |||||
Net decrease in cash and cash equivalents | (1,917 | ) | (3,943 | ) | ||||
Cash and cash equivalents at beginning of period | 84,668 | 70,557 | ||||||
Cash and cash equivalents at end of period | $ | 82,751 | $ | 66,614 | ||||
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 March 31, 2019 | 118 | $ | 403 | $ | 195,799 | $ | 133,286 | $ | (436 | ) | $ | (138,927 | ) | $ | 190,243 | $ | 449 | $ | 190,692 | |||||||||||||||||
Sales of Common Stock | 137 | 137 | 137 | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | 766 | 766 | 766 | |||||||||||||||||||||||||||||||||
Other | (4 | ) | (4 | ) | (4 | ) | ||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 2,563 | 2,563 | (7 | ) | 2,556 | |||||||||||||||||||||||||||||||
Other comprehensive income | 158 | 158 | 11 | 169 | ||||||||||||||||||||||||||||||||
Total comprehensive income | 2,721 | 4 | 2,725 | |||||||||||||||||||||||||||||||||
Balance on June 30, 2019 | 118 | $ | 403 | $ | 196,698 | $ | 135,849 | $ | (278 | ) | $ | (138,927 | ) | $ | 193,863 | $ | 453 | $ | 194,316 | |||||||||||||||||
Balance on December 31, 2018 | 118 | $ | 402 | $ | 193,457 | $ | 129,000 | $ | (394 | ) | $ | (138,927 | ) | $ | 183,656 | $ | 434 | $ | 184,090 | |||||||||||||||||
Sales of Common Stock | 428 | 428 | 428 | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | 1,539 | 1,539 | 1,539 | |||||||||||||||||||||||||||||||||
Issuances of stock through employee stock purchase plan | 1 | 1,278 | 1,279 | 1,279 | ||||||||||||||||||||||||||||||||
Other | (4 | ) | (4 | ) | (4 | ) | ||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 6,849 | 6,849 | 13 | 6,862 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 116 | 116 | 6 | 122 | ||||||||||||||||||||||||||||||||
Total comprehensive income | 6,965 | 19 | 6,984 | |||||||||||||||||||||||||||||||||
Balance on June 30, 2019 | 118 | $ | 403 | $ | 196,698 | $ | 135,849 | $ | (278 | ) | $ | (138,927 | ) | $ | 193,863 | $ | 453 | $ | 194,316 | |||||||||||||||||
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 March 31, 2018 | 118 | $ | 402 | $ | 183,415 | $ | 101,218 | $ | (234 | ) | $ | (138,927 | ) | $ | 145,992 | $ | 363 | $ | 146,355 | |||||||||||||||||
Sales of Common Stock | 3 | 3,678 | 3,681 | 3,681 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 1,180 | 1,180 | 1,180 | |||||||||||||||||||||||||||||||||
Other | (6 | ) | 3 | (3 | ) | (3 | ) | |||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 7,860 | 7,860 | 49 | 7,909 | ||||||||||||||||||||||||||||||||
Other comprehensive loss | (167 | ) | (167 | ) | (17 | ) | (184 | ) | ||||||||||||||||||||||||||||
Total comprehensive income | 7,693 | 32 | 7,725 | |||||||||||||||||||||||||||||||||
Balance on June 30, 2018 | 118 | $ | 399 | $ | 188,276 | $ | 109,078 | $ | (401 | ) | $ | (138,927 | ) | $ | 158,543 | $ | 395 | $ | 158,938 | |||||||||||||||||
Balance on December 31, 2017 | 118 | $ | 401 | $ | 181,395 | $ | 93,605 | $ | (478 | ) | $ | (138,927 | ) | $ | 136,114 | $ | 305 | $ | 136,419 | |||||||||||||||||
Sales of Common Stock | 3 | 4,036 | 4,039 | 4,039 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 1,916 | 1,916 | 1,916 | |||||||||||||||||||||||||||||||||
Issuances of stock through employee stock purchase plan | 1 | 926 | 927 | 927 | ||||||||||||||||||||||||||||||||
Cumulative effect of adoption of new accounting principle (Topic 606) | 3,670 | 3,670 | 3,670 | |||||||||||||||||||||||||||||||||
Other | (6 | ) | 3 | (3 | ) | (3 | ) | |||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 11,803 | 11,803 | 88 | 11,891 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 77 | 77 | 2 | 79 | ||||||||||||||||||||||||||||||||
Total comprehensive income | 11,880 | 90 | 11,970 | |||||||||||||||||||||||||||||||||
Balance on June 30, 2018 | 118 | $ | 399 | $ | 188,276 | $ | 109,078 | $ | (401 | ) | $ | (138,927 | ) | $ | 158,543 | $ | 395 | $ | 158,938 | |||||||||||||||||
Three months ended March 31, 2020 | 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, 2019 | $ | 118 | $ | 405 | $ | 201,251 | $ | 143,098 | $ | (383 | ) | $ | (138,927 | ) | $ | 205,562 | $ | 308 | $ | 205,870 | ||||||||||||||||
Sales of Common Stock | 1 | 788 | 789 | 789 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 710 | 710 | 710 | |||||||||||||||||||||||||||||||||
Issuances of stock through employee stock purchase plan | 1 | 1,271 | 1,272 | 1,272 | ||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | (1,735 | ) | (1,735 | ) | 4 | (1,731 | ) | |||||||||||||||||||||||||||||
Other comprehensive income | 83 | 83 | 4 | 87 | ||||||||||||||||||||||||||||||||
Total comprehensive income | (1,652 | ) | 8 | (1,644 | ) | |||||||||||||||||||||||||||||||
Balance on March 31, 2020 | $ | 118 | $ | 407 | $ | 204,020 | $ | 141,363 | $ | (300 | ) | $ | (138,927 | ) | $ | 206,681 | $ | 316 | $ | 206,997 | ||||||||||||||||
Three months ended March 31, 2019 | 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 | ||||||||||||||||
Sales of Common Stock | 291 | 291 | 291 | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | 773 | 773 | 773 | |||||||||||||||||||||||||||||||||
Issuances of stock through employee stock purchase plan | 1 | 1,278 | 1,279 | 1,279 | ||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 4,286 | 4,286 | 20 | 4,306 | ||||||||||||||||||||||||||||||||
Other comprehensive loss | (42 | ) | (42 | ) | (5 | ) | (47 | ) | ||||||||||||||||||||||||||||
Total comprehensive income | 4,244 | 15 | 4,259 | |||||||||||||||||||||||||||||||||
Balance on March 31, 2019 | $ | 118 | $ | 403 | $ | 195,799 | $ | 133,286 | $ | (436 | ) | $ | (138,927 | ) | $ | 190,243 | $ | 449 | $ | 190,692 | ||||||||||||||||
June 30, 2019 | December 31, 2018 | March 31, 2020 | December 31, 2019 | |||||||||||||
Raw materials | $ | 36,925 | $ | 37,696 | $ | 38,758 | $ | 35,901 | ||||||||
Work-in-process | 6,052 | 4,740 | 7,705 | 5,184 | ||||||||||||
Finished goods | 11,595 | 4,934 | 6,889 | 8,102 | ||||||||||||
Net balance | $ | 54,572 | $ | 47,370 | $ | 53,352 | $ | 49,187 | ||||||||
June 30, 2019 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
Failed Auction Security | $ | 3,000 | $ | — | $ | 435 | $ | 2,565 | ||||||||
Gross | Gross | Estimated | ||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||
March 31, 2020 | Cost | Gains | Losses | Value | ||||||||||||
Failed Auction Security | $ | 3,000 | $ | — | $ | 443 | $ | 2,557 | ||||||||
December 31, 2018 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
Failed Auction Security | $ | 3,000 | $ | — | $ | 474 | $ | 2,526 | ||||||||
Gross | Gross | Estimated | ||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||
December 31, 2019 | Cost | Gains | Losses | Value | ||||||||||||
Failed Auction Security | $ | 3,000 | $ | — | $ | 490 | $ | 2,510 | ||||||||
Cost | Estimated Fair Value | |||||||
Due in twenty to forty years | $ | 3,000 | $ | 2,565 | ||||
Estimated | ||||||||
Cost | Fair Value | |||||||
Due in twenty to forty years | $ | 3,000 | $ | 2,557 | ||||
2019 | 2018 | |||||||
Balance at the beginning of the period | $ | 41 | $ | 48 | ||||
Reductions in the amount related to credit gain for which other-than-temporary impairment was not previously recognized | (2 | ) | (4 | ) | ||||
Balance at the end of the period | $ | 39 | $ | 44 | ||||
2020 | 2019 | |||||||
Balance at the beginning of the period | $ | 37 | $ | 41 | ||||
Reductions in the amount related to credit gain for which other-than-temporary impairment was not previously recognized | (1 | ) | (1 | ) | ||||
Balance at the end of the period | $ | 36 | $ | 40 | ||||
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 June 30, 2019 | Quoted Prices Markets (Level | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value as of March 31, 2020 | ||||||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||||||||||
Money market funds | $ | 9,538 | $ | — | $ | — | $ | 9,538 | $ | 9,665 | $ | — | $ | — | $ | 9,665 | |||||||||||||||||
Long-term investments: | |||||||||||||||||||||||||||||||||
Failed Auction Security | — | — | 2,565 | 2,565 | — | — | 2,557 | 2,557 | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Contingent consideration obligations | — | — | (306 | ) | (306 | ) | — | — | (362 | ) | (362 | ) |
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, 2018 | ||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 9,433 | $ | — | $ | — | $ | 9,433 | |||||||||
Long-term investments: | |||||||||||||||||
Failed Auction Security | — | — | 2,526 | 2,526 | |||||||||||||
Liabilities: | |||||||||||||||||
Contingent consideration obligations | — | — | (408 | ) | (408 | ) |
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 Tech nique | Unobservable Input | Weighted Average | |||||||||
Failed Auction Security | $ | 2,557 | Discounted cash flow | Cumulative probability of earning the maximum rate until maturity | 0.11 | % | ||||||
Cumulative probability of principal return prior to maturity | 93.98 | % | ||||||||||
Cumulative probability of default | 5.91 | % | ||||||||||
Liquidity risk premium | 5.00 | % | ||||||||||
Recovery rate in default | 40.00 | % |
Fair Value | Valuation Technique | Unobservable Input | Weighted Average | |||||||||
Failed Auction Security | $ | 2,565 | Discounted cash flow | Cumulative probability of earning the maximum rate until maturity | 0.08 | % | ||||||
Cumulative probability of principal return prior to maturity | 94.34 | % | ||||||||||
Cumulative probability of default | 5.58 | % | ||||||||||
Liquidity risk premium | 5.00 | % | ||||||||||
Recovery rate in default | 40.00 | % |
Balance at the beginning of the period | $ | 2,526 | $ | 2,510 | ||||
Credit gain on available-for-sale securities included in Other income (expense), net | 2 | |||||||
Credit gain on available-for-sale security included in Other income (expense), net | 1 | |||||||
Gain included in Other comprehensive income | 37 | 46 | ||||||
Balance at the end of the period | $ | 2,565 | $ | 2,557 | ||||
| ||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2019 | Three Months Ended March 31, 2020 | |||||||||||||||||||||||
Brick Products | Advanced Products | Total | Brick Products | Advanced Products | Total | |||||||||||||||||||
United States | $ | 25,732 | 5,323 | $ | 31,055 | $ | 25,970 | $ | 7,597 | $ | 33,567 | |||||||||||||
Europe | 6,374 | 1,642 | 8,016 | 4,568 | 879 | 5,447 | ||||||||||||||||||
Asia Pacific | 15,287 | 7,843 | 23,130 | 13,656 | 9,376 | 23,032 | ||||||||||||||||||
All other | 612 | 542 | 1,154 | 1,323 | 32 | 1,355 | ||||||||||||||||||
$ | 48,005 | $ | 15,350 | $ | 63,355 | $ | 45,517 | $ | 17,884 | $ | 63,401 | |||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||
Brick Products | Advanced Products | Total | ||||||||||||||||||||||
United States | $ | 48,024 | 12,272 | $ | 60,296 | |||||||||||||||||||
Europe | 12,383 | 2,628 | 15,011 | |||||||||||||||||||||
Asia Pacific | 32,398 | 18,743 | 51,141 | |||||||||||||||||||||
All other | 1,825 | 807 | 2,632 | |||||||||||||||||||||
$ | 94,630 | $ | 34,450 | $ | 129,080 | |||||||||||||||||||
Three Months Ended March 31, 2019 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States | $ | 22,292 | $ | 6,949 | $ | 29,241 | ||||||
Europe | 6,009 | 986 | 6,995 | |||||||||
Asia Pacific | 17,111 | 10,900 | 28,011 | |||||||||
All other | 1,213 | 265 | 1,478 | |||||||||
$ | 46,625 | $ | 19,100 | $ | 65,725 | |||||||
Three Months Ended June 30, 2018 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States | $ | 18,295 | 8,124 | $ | 26,419 | |||||||
Europe | 4,877 | 1,275 | 6,152 | |||||||||
Asia Pacific | 23,876 | 16,387 | 40,263 | |||||||||
All other | 1,301 | 61 | 1,362 | |||||||||
$ | 48,349 | $ | 25,847 | $ | 74,196 | |||||||
Six Months Ended June 30, 2018 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States | $ | 35,286 | 16,756 | $ | 52,042 | |||||||
Europe | 9,602 | 1,923 | 11,525 | |||||||||
Asia Pacific | 42,087 | 31,532 | 73,619 | |||||||||
All other | 2,011 | 268 | 2,279 | |||||||||
$ | 88,986 | $ | 50,479 | $ | 139,465 | |||||||
Three Months Ended June 30, 2019 | Three Months Ended March 31, 2020 | |||||||||||||||||||||||
Brick Products | Advanced Products | Total | Brick Products | Advanced Products | Total | |||||||||||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 40,843 | 12,184 | $ | 53,027 | $ | 35,739 | $ | 14,767 | $ | 50,506 | |||||||||||||
Stocking distributors, net of sales allowances | 7,111 | 2,918 | 10,029 | 9,622 | 3,062 | 12,684 | ||||||||||||||||||
Non-recurring engineering | 51 | 230 | 281 | 156 | 37 | 193 | ||||||||||||||||||
Royalties | — | — | — | |||||||||||||||||||||
Other | — | 18 | 18 | — | 18 | 18 | ||||||||||||||||||
$ | 48,005 | $ | 15,350 | $ | 63,355 | $ | 45,517 | $ | 17,884 | $ | 63,401 | |||||||||||||
Six Months Ended June 30, 2019 | Three Months Ended March 31, 2019 | |||||||||||||||||||||||
Brick Products | Advanced Products | Total | Brick Products | Advanced Products | Total | |||||||||||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 80,791 | 26,950 | $ | 107,741 | $ | 39,948 | $ | 14,766 | $ | 54,714 | |||||||||||||
Stocking distributors, net of sales allowances | 13,228 | 6,083 | 19,311 | 6,117 | 3,166 | 9,283 | ||||||||||||||||||
Non-recurring engineering | 599 | 1,355 | 1,954 | 548 | 1,125 | 1,673 | ||||||||||||||||||
Royalties | 12 | 24 | 36 | 12 | 24 | 36 | ||||||||||||||||||
Other | — | 38 | 38 | — | 19 | 19 | ||||||||||||||||||
$ | 94,630 | $ | 34,450 | $ | 129,080 | $ | 46,625 | $ | 19,100 | $ | 65,725 | |||||||||||||
Three Months Ended June 30, 2018 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 43,404 | 23,130 | $ | 66,534 | |||||||
Stocking distributors, net of sales allowances | 4,735 | 2,208 | 6,943 | |||||||||
Non-recurring engineering | 197 | 465 | 662 | |||||||||
Royalties | 13 | 26 | 39 | |||||||||
Other | — | 18 | 18 | |||||||||
$ | 48,349 | $ | 25,847 | $ | 74,196 | |||||||
Six Months Ended June 30, 2018 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 78,878 | 44,416 | $ | 123,294 | |||||||
Stocking distributors, net of sales allowances | 9,698 | 5,151 | 14,849 | |||||||||
Non-recurring engineering | 372 | 800 | 1,172 | |||||||||
Royalties | 38 | 76 | 114 | |||||||||
Other | — | 36 | 36 | |||||||||
$ | 88,986 | $ | 50,479 | $ | 139,465 | |||||||
June 30, 2019 | December 31, 2018 | Increase (decrease) | March 31, 2020 | December 31, 2019 | Change | |||||||||||||||||||
Accounts receivable | $ | 38,537 | $ | 43,673 | $ | (5,136 | ) | $ | 41,279 | $ | 38,115 | $ | 3,164 | |||||||||||
Deferred revenue | (5,232 | ) | (3,820 | ) | (1,412 | ) | ||||||||||||||||||
Short-term deferred revenue and customer prepayments | (6,753 | ) | (5,507 | ) | (1,246 | ) | ||||||||||||||||||
Long-term deferred revenue | (974 | ) | (1,054 | ) | 80 | |||||||||||||||||||
Deferred expenses | 1,216 | 501 | 715 | 2,023 | 1,897 | 126 | ||||||||||||||||||
Customer prepayments | (1,349 | ) | (1,250 | ) | (99 | ) | ||||||||||||||||||
Sales allowances | (640 | ) | (548 | ) | (92 | ) | (781 | ) | (741 | ) | (40 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Balance at the beginning of the period | $ | 231 | $ | 346 | $ | 268 | $ | 290 | ||||||||
Accruals for warranties for products sold in the period | 56 | 10 | 85 | 133 | ||||||||||||
Fulfillment of warranty obligations | (17 | ) | (20 | ) | (83 | ) | (77 | ) | ||||||||
Revisions of estimated obligations | — | (10 | ) | — | (20 | ) | ||||||||||
Balance at the end of the period | $ | 270 | $ | 326 | $ | 270 | $ | 326 | ||||||||
Three Months Ended | ||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | March 31, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | |||||||||||||||||||
Cost of revenues | $ | 73 | $ | 59 | $ | 142 | $ | 115 | $ | 119 | $ | 69 | ||||||||||||
Selling, general and administrative | 506 | 957 | 1,025 | 1,499 | 437 | 519 | ||||||||||||||||||
Research and development | 187 | 164 | 372 | 302 | 154 | 185 | ||||||||||||||||||
Total stock-based compensation | $ | 766 | $ | 1,180 | $ | 1,539 | $ | 1,916 | $ | 710 | $ | 773 | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Stock options | $ | 509 | $ | 1,005 | $ | 1,042 | $ | 1,598 | ||||||||
ESPP | 257 | 175 | 497 | 318 | ||||||||||||
Total stock-based compensation | $ | 766 | $ | 1,180 | $ | 1,539 | $ | 1,916 | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2020 | 2019 | |||||||
Stock options | $ | 506 | $ | 533 | ||||
ESPP | 204 | 240 | ||||||
Total stock-based compensation | $ | 710 | $ | 773 | ||||
2019 | $ | 911 | ||
2020 | 1,461 | |||
2021 | 756 | |||
2022 | 453 | |||
2023 | 357 | |||
Thereafter | 413 | |||
Total lease payments | $ | 4,351 | ||
Less: Imputed interest | 299 | |||
Present value of lease liabilities | $ | 4,052 | ||
2019 | $ | 429 | ||
2020 | 874 | |||
2021 | 901 | |||
2022 | 928 | |||
2023 | 955 | |||
Thereafter | 402 | |||
Total lease payments to be received | $ | 4,489 | ||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | |||||||||||||||||||
Provision for income taxes | $ | 113 | $ | 363 | $ | 539 | $ | 497 | ||||||||||||||||
(Benefit) provision for income taxes | $ | (494 | ) | $ | 426 | |||||||||||||||||||
Effective income tax rate | 4.2 | % | 4.4 | % | 7.3 | % | 4.0 | % | (22.2 | )% | 9.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Numerator: | ||||||||||||||||
Net income attributable to Vicor Corporation | $ | 2,563 | $ | 7,860 | $ | 6,849 | $ | 11,803 | ||||||||
Denominator: | ||||||||||||||||
Denominator for basic net income per share-weighted average shares (1) | 40,275 | 39,709 | 40,252 | 39,594 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Employee stock options (2) | 806 | 937 | 803 | 812 | ||||||||||||
Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions | 41,081 | 40,646 | 41,055 | 40,406 | ||||||||||||
Basic net income per share | $ | 0.06 | $ | 0.20 | $ | 0.17 | $ | 0.30 | ||||||||
Diluted net income per share | $ | 0.06 | $ | 0.19 | $ | 0.17 | $ | 0.29 | ||||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Numerator: | ||||||||
Net (loss) income attributable to Vicor Corporation | $ | (1,735 | ) | $ | 4,286 | |||
Denominator: | ||||||||
Denominator for basic net (loss) income per share-weighted average shares (1) | 40,635 | 40,229 | ||||||
Effect of dilutive securities: | ||||||||
Employee stock options (2) | — | 800 | ||||||
Denominator for diluted net (loss) income per share – adjusted weighted-average shares and assumed conversions | 40,635 | 41,029 | ||||||
Basic net (loss) income per share | $ | (0.04 | ) | $ | 0.11 | |||
Diluted net (loss) income per share | $ | (0.04 | ) | $ | 0.10 | |||
(1) | Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding. |
(2) | Options to purchase |
Decrease | ||||||||||||||||
2020 | 2019 | $ | % | |||||||||||||
Brick Products | $ | 45,517 | $ | 46,625 | $ | (1,108 | ) | (2.4 | )% | |||||||
Advanced Products | 17,884 | 19,100 | (1,216 | ) | (6.4 | )% | ||||||||||
Total | $ | 63,401 | $ | 65,725 | $ | (2,324 | ) | (3.5 | )% | |||||||
Decrease | ||||||||||||||||
2019 | 2018 | $ | % | |||||||||||||
Brick Products | $ | 48,005 | $ | 48,349 | $ | (344 | ) | (0.7 | )% | |||||||
Advanced Products | 15,350 | 25,847 | (10,497 | ) | (40.6 | )% | ||||||||||
Total | $ | 63,355 | $ | 74,196 | $ | (10,841 | ) | (14.6 | )% | |||||||
Increase (decrease) | ||||||||
Legal fees | $ | 564 | 161.6 | %(1) | ||||
Compensation | 456 | 4.6 | %(2) | |||||
Bad debt expense | 131 | 148.9 | % | |||||
Depreciation and amortization | 118 | 18.4 | % | |||||
Outside services | 101 | 23.8 | % | |||||
Travel expense | (145 | ) | (21.9 | )%(3) | ||||
Business taxes and bank fees | (164 | ) | (58.6 | )%(4) | ||||
Other, net | (65 | ) | (2.0 | )% | ||||
$ | 996 | 6.5 | % | |||||
(1) | Increase primarily attributable to an increase in outside legal services associated with the December 2019 ransomware incident. |
(2) | Increase primarily attributable to annual compensation adjustments in May 2019 and an increase in headcount. |
(3) | Decrease primarily attributable to decreased travel by our sales and marketing personnel, notably due to the COVID-19 pandemic. |
(4) | Decrease primarily attributable to a decrease in certain business taxes. |
Increase (decrease) | ||||||||
Compensation | $ | (617 | ) | (6.1 | )%(1) | |||
Legal fees | (236 | ) | (40.5 | )%(2) | ||||
Audit, tax, and accounting fees | (143 | ) | (30.0 | )% | ||||
Advertising expenses | 174 | 26.6 | % | |||||
Facilities allocations | 102 | 32.1 | % | |||||
Other, net | (64 | ) | (1.8 | )% | ||||
$ | (784 | ) | (5.0 | )% | ||||
Increase (decrease) | ||||||||
Compensation | $ | 265 | 3.3 | %(1) | ||||
Project and pre-production materials | 181 | 12.4 | % | |||||
Facilities allocations | 136 | 25.8 | % | |||||
Supplies expense | (129 | ) | (28.5 | )% | ||||
Deferred costs | (211 | ) | (79.5 | )%(2) | ||||
Other, net | 61 | 5.2 | % | |||||
$ | 303 | 2.7 | % | |||||
Increase (decrease) | ||||||||
Project and pre-production materials | $ | 970 | 61.6 | %(1) | ||||
Compensation | 575 | 6.9 | %(2) | |||||
Deferred costs | 364 | 74.9 | %(3) | |||||
Overhead absorption | 89 | 29.3 | % | |||||
Supplies expense | 87 | 40.8 | % | |||||
Other, net | 30 | 1.5 | % | |||||
$ | 2,115 | 18.9 | % | |||||
(1) | Increase primarily attributable to increased prototype development costs for Advanced Products. |
(2) | Increase primarily attributable to annual compensation adjustments in May |
non-recurring engineering projects for which the related revenues have been deferred. |
2019 | 2018 | Increase (decrease) | ||||||||||
Rental income | $ | 198 | $ | 198 | $ | — | ||||||
Interest income | 79 | 53 | 26 | |||||||||
Gain on disposals of equipment | 13 | 3 | 10 | |||||||||
Foreign currency losses, net | (2 | ) | (312 | ) | 310 | |||||||
Credit gains on available-for-sale securities | 1 | 2 | (1 | ) | ||||||||
Other, net | (1 | ) | 12 | (13 | ) | |||||||
$ | 288 | $ | (44 | ) | $ | 332 | ||||||
2020 | 2019 | Increase (decrease) | ||||||||||
Rental income | $ | 198 | $ | 198 | $ | — | ||||||
Interest income | 53 | 83 | (30 | ) | ||||||||
Gain on disposals of equipment | — | 9 | (9 | ) | ||||||||
Foreign currency losses, net | (121 | ) | (58 | ) | (63 | ) | ||||||
Other, net | 18 | 7 | 11 | |||||||||
$ | 148 | $ | 239 | $ | (91 | ) | ||||||
2019 | 2018 | |||||||
Provision for income taxes | $ | 113 | $ | 363 | ||||
Effective income tax rate | 4.2 | % | 4.4 | % |
2020 | 2019 | |||||||
(Benefit) provision for income taxes | $ | (494 | ) | $ | 426 | |||
Effective income tax rate | (22.2 | )% | 9.0 | % |
Increase (decrease) | ||||||||||||||||
2019 | 2018 | $ | % | |||||||||||||
Brick Products | $ | 94,630 | $ | 88,986 | $ | 5,644 | 6.3 | % | ||||||||
Advanced Products | 34,450 | 50,479 | (16,029 | ) | (31.8 | )% | ||||||||||
Total | $ | 129,080 | $ | 139,465 | $ | (10,385 | ) | (7.4 | )% | |||||||
Increase (decrease) | ||||
Cash and cash equivalents | $ | (1,917 | ) | |
Accounts receivable | 3,164 | |||
Inventories, net | 4,165 | |||
Other current assets | 712 | |||
Accounts payable | (4,435 | ) | ||
Accrued compensation and benefits | 329 | |||
Accrued expenses | (71 | ) | ||
Short-term lease liabilities | 150 | |||
Sales allowances | (40 | ) | ||
Income taxes payable | 23 | |||
Short-term deferred revenue | (1,246 | ) | ||
$ | 834 | |||
Increase (decrease) | ||||||||
Compensation | $ | (457 | ) | (2.3 | )%(1) | |||
Audit, tax, and accounting fees | (356 | ) | (27.5 | )%(2) | ||||
Legal fees | (273 | ) | (28.2 | )%(3) | ||||
Bad debt expense | (184 | ) | (274.5 | )%(4) | ||||
Commissions expense | 107 | 6.6 | % | |||||
Depreciation and amortization | 114 | 9.4 | % | |||||
Facilities allocations | 143 | 19.7 | % | |||||
Advertising expenses | 152 | 11.3 | % | |||||
Other, net | (56 | ) | (1.4 | )% | ||||
$ | (810 | ) | (2.6 | )% | ||||
Increase (decrease) | ||||||||
Compensation | $ | 636 | 4.0 | %(1) | ||||
Project and pre-production materials | 239 | 8.0 | %(2) | |||||
Facilities allocations | 184 | 16.3 | % | |||||
Depreciation and amortization | (97 | ) | (9.9 | )% | ||||
Supplies expense | (138 | ) | (20.5 | )% | ||||
Deferred costs | (407 | ) | (73.5 | )%(3) | ||||
Other, net | (20 | ) | (1.5 | )% | ||||
$ | 397 | 1.8 | % | |||||
2019 | 2018 | Increase (decrease) | ||||||||||
Rental income | $ | 396 | $ | 396 | $ | — | ||||||
Interest income | 162 | 108 | 54 | |||||||||
Foreign currency losses, net | (60 | ) | (152 | ) | 92 | |||||||
Gain on disposals of equipment | 22 | 16 | 6 | |||||||||
Credit gains on available-for-sale securities | 2 | 4 | (2 | ) | ||||||||
Other, net | 5 | 14 | (9 | ) | ||||||||
$ | 527 | $ | 386 | $ | 141 | |||||||
2019 | 2018 | |||||||
Provision for income taxes | $ | 539 | $ | 497 | ||||
Effective income tax rate | 7.3 | % | 4.0 | % |
Increase (decrease) | ||||
Cash and cash equivalents | $ | 925 | ||
Accounts receivable | (5,136 | ) | ||
Inventories, net | 7,202 | |||
Other current assets | 1,594 | |||
Accounts payable | 5,330 | |||
Accrued compensation and benefits | (487 | ) | ||
Accrued expenses | 403 | |||
Operating lease liabilities | (1,660 | ) | ||
Sales allowances | (92 | ) | ||
Accrued severance charge | 234 | |||
Income taxes payable | 625 | |||
Deferred revenue | (1,512 | ) | ||
$ | 7,426 | |||
Exhibit Number | Description | |||
31.1 | ||||
31.2 | ||||
32.1 | ||||
32.2 | ||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit |
VICOR CORPORATION | ||||||
Date: | By: | /s/ Patrizio Vinciarelli | ||||
Patrizio Vinciarelli | ||||||
Chairman of the Board, President and | ||||||
Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
Date: | By: | /s/ James A. Simms | ||||
James A. Simms | ||||||
Vice President, Chief Financial Officer | ||||||
(Principal Financial Officer) |