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 | 32,209,071 | |||
Class B Common Stock, $.01 par value | 11,758,218 |
Page | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
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, 2021 | December 31, 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 159,763 | $ | 161,742 | ||||
Short-term investments | 70,469 | 50,166 | ||||||
Accounts receivable, less allowance of $82 in 2021 and 2020 | 55,012 | 40,999 | ||||||
Inventories, net | 57,129 | 57,269 | ||||||
Other current assets | 6,657 | 6,756 | ||||||
Total current assets | 349,030 | 316,932 | ||||||
Long-term deferred tax assets, net | 221 | 226 | ||||||
Long-term investments, net | 2,561 | 2,517 | ||||||
Property, plant and equipment, net | 92,956 | 74,843 | ||||||
Other assets | 1,608 | 1,721 | ||||||
Total assets | $ | 446,376 | $ | 396,239 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 22,081 | $ | 14,121 | ||||
Accrued compensation and benefits | 15,794 | 14,094 | ||||||
Accrued expenses | 3,618 | 2,624 | ||||||
Short-term lease liabilities | 1,559 | 1,629 | ||||||
Sales allowances | 1,919 | 597 | ||||||
Income taxes payable | 890 | 139 | ||||||
Short-term deferred revenue and customer prepayments | 3,916 | 7,309 | ||||||
Total current liabilities | 49,777 | 40,513 | ||||||
Long-term deferred revenue | 573 | 733 | ||||||
Contingent consideration obligations | 46 | 227 | ||||||
Long-term income taxes payable | 649 | 643 | ||||||
Long-term lease liabilities | 2,439 | 2,968 | ||||||
Total liabilities | 53,484 | 45,084 | ||||||
Commitments and contingencies (Note 10) | 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 | ||||||||
43,452,740 shares issued and 31,817,934 shares outstanding in 2021; | ||||||||
43,204,671 shares issued and 31,569,865 shares outstanding in 2020 | 436 | 433 | ||||||
Additional paid-in capital | 336,278 | 328,392 | ||||||
Retained earnings | 195,494 | 161,008 | ||||||
Accumulated other comprehensive loss | (813 | ) | (204 | ) | ||||
Treasury stock at cost: 11,634,806 shares in 2021 and 2020 | (138,927 | ) | (138,927 | ) | ||||
Total Vicor Corporation stockholders’ equity | 392,586 | 350,820 | ||||||
Noncontrolling interest | 306 | 335 | ||||||
Total equity | 392,892 | 351,155 | ||||||
Total liabilities and equity | $ | 446,376 | $ | 396,239 | ||||
March 31, 2022 | December 31, 2021 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 191,050 | $ | 182,418 | ||||
Short-term investments | 20,003 | 45,215 | ||||||
Accounts receivable, net | 52,659 | 55,097 | ||||||
Inventories, net | 73,861 | 67,322 | ||||||
Other current assets | 7,021 | 6,708 | ||||||
Total current assets | 344,594 | 356,760 | ||||||
Long-term deferred tax assets, net | 206 | 208 | ||||||
Long-term investment, net | 2,536 | 2,639 | ||||||
Property, plant and equipment, net | 140,494 | 115,975 | ||||||
Other assets | 1,519 | 1,623 | ||||||
Total assets | $ | 489,349 | $ | 477,205 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 22,572 | $ | 21,189 | ||||
Accrued compensation and benefits | 12,592 | 12,660 | ||||||
Accrued expenses | 3,172 | 4,158 | ||||||
Short-term lease liabilities | 1,214 | 1,551 | ||||||
Sales allowances | 1,605 | 1,464 | ||||||
Accrued severance and other charges | 0 — | 93 | ||||||
Income taxes payable | 21 | 66 | ||||||
Short-term deferred revenue and customer prepayments | 8,384 | 7,912 | ||||||
Total current liabilities | 49,560 | 49,093 | ||||||
Long-term deferred revenue | 332 | 413 | ||||||
Long-term income taxes payable | 574 | 569 | ||||||
Long-term lease liabilities | 6,694 | 3,225 | ||||||
Total liabilities | 57,160 | 53,300 | ||||||
Commitments and contingencies (Note 10) | 0 | 0 | ||||||
Equity: | ||||||||
Vicor Corporation stockholders’ equity: | ||||||||
Class B Common Stock: 10 votes per share, $.01par value, 14,000,000 shares authorized, 11,758,218 shares issued and outstanding in 2022 and 2021 | 118 | 118 | ||||||
Common Stock: 1 vote per share, $.01par value, 62,000,000 shares authorized 43,842,974 shares issued and 32,208,168 shares outstanding in 2022; 43,789,528 shares issued and 32,154,722 shares outstanding in 2021 | 440 | 439 | ||||||
Additional paid-in capital | 349,467 | 345,664 | ||||||
Retained earnings | 222,632 | 217,633 | ||||||
Accumulated other comprehensive loss | (1,824 | ) | (1,328 | ) | ||||
Treasury stock at cost: 11,634,806 shares in 2022 and 2021 | (138,927 | ) | (138,927 | ) | ||||
Total Vicor Corporation stockholders’ equity | 431,906 | 423,599 | ||||||
Noncontrolling interest | 283 | 306 | ||||||
Total equity | 432,189 | 423,905 | ||||||
Total liabilities and equity | $ | 489,349 | $ | 477,205 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net revenues | $ | 95,376 | $ | 70,761 | $ | 184,172 | $ | 134,162 | ||||||||
Cost of revenues | 45,505 | 40,443 | 89,601 | 76,513 | ||||||||||||
Gross margin | 49,871 | 30,318 | 94,571 | 57,649 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 16,589 | 15,455 | 33,543 | 31,824 | ||||||||||||
Research and development | 13,273 | 12,830 | 26,299 | 26,165 | ||||||||||||
Total operating expenses | 29,862 | 28,285 | 59,842 | 57,989 | ||||||||||||
Income (loss) from operations | 20,009 | 2,033 | 34,729 | (340 | ) | |||||||||||
Other income (expense), net: | ||||||||||||||||
Total unrealized gains (losses) on available-for-sale | 20 | (2 | ) | 44 | 45 | |||||||||||
Less: portion of (gains) losses recognized in other comprehensive income | (19 | ) | 3 | (42 | ) | (43 | ) | |||||||||
Net credit gains recognized in earnings | 1 | 1 | 2 | 2 | ||||||||||||
Other income (expense), net | 372 | 232 | 603 | 379 | ||||||||||||
Total other income (expense), net | 373 | 233 | 605 | 381 | ||||||||||||
Income before income taxes | 20,382 | 2,266 | 35,334 | 41 | ||||||||||||
Provision (benefit) for income taxes | 999 | (406 | ) | 856 | (900 | ) | ||||||||||
Consolidated net income | 19,383 | 2,672 | 34,478 | 941 | ||||||||||||
Less: Net (loss) income attributable to noncontrolling interest | (11 | ) | 5 | (8 | ) | 9 | ||||||||||
Net income attributable to Vicor Corporation | $ | 19,394 | $ | 2,667 | $ | 34,486 | $ | 932 | ||||||||
Net income per common share attributable to Vicor Corporation: | ||||||||||||||||
Basic | $ | 0.45 | $ | 0.06 | $ | 0.79 | $ | 0.02 | ||||||||
Diluted | $ | 0.43 | $ | 0.06 | $ | 0.77 | $ | 0.02 | ||||||||
Shares used to compute net income per common share attributable to Vicor Corporation: | ||||||||||||||||
Basic | 43,553 | 41,643 | 43,504 | 41,140 | ||||||||||||
Diluted | 44,841 | 43,385 | 44,841 | 42,980 | ||||||||||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Net revenues | $ | 88,282 | $ | 88,796 | ||||
Cost of revenues | 50,681 | 44,096 | ||||||
Gross margin | 37,601 | 44,700 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 18,568 | 16,954 | ||||||
Research and development | 14,253 | 13,026 | ||||||
Total operating expenses | 32,821 | 29,980 | ||||||
Income from operations | 4,780 | 14,720 | ||||||
Other income (expense), net: | ||||||||
Total unrealized (losses) gains on available-for-sale | (103 | ) | 24 | |||||
Less: portion of losses (gains) recognized in other comprehensive income | 104 | (23 | ) | |||||
Net credit gains recognized in earnings | 1 | 1 | ||||||
Other income (expense), net | 161 | 231 | ||||||
Total other income (expense), net | 162 | 232 | ||||||
Income before income taxes | 4,942 | 14,952 | ||||||
Benefit for income taxes | (48 | ) | (143 | ) | ||||
Consolidated net income | 4,990 | 15,095 | ||||||
Less: Net (loss) income attributable to noncontrolling interest | (9 | ) | 3 | |||||
Net income attributable to Vicor Corporation | $ | 4,999 | $ | 15,092 | ||||
Net income per common share attributable to Vicor Corporation: | ||||||||
Basic | $ | 0.11 | $ | 0.35 | ||||
Diluted | $ | 0.11 | $ | 0.34 | ||||
Shares used to compute net income per common share attributable to Vicor Corporation: | ||||||||
Basic | 43,952 | 43,455 | ||||||
Diluted | 44,954 | 44,841 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Consolidated net income | $ | 19,383 | $ | 2,672 | $ | 34,478 | $ | 941 | ||||||||
Foreign currency translation (losses) gains, net of tax (1) | (10 | ) | (15 | ) | (271 | ) | 26 | |||||||||
Unrealized (losses) gains on available-for-sale | (231 | ) | (3 | ) | (359 | ) | 43 | |||||||||
Other comprehensive (loss) income | (241 | ) | (18 | ) | (630 | ) | 69 | |||||||||
Consolidated comprehensive income | 19,142 | 2,654 | 33,848 | 1,010 | ||||||||||||
Less: Comprehensive (loss) income attributable to noncontrolling interest | (12 | ) | 3 | (29 | ) | 11 | ||||||||||
Comprehensive income attributable to Vicor Corporation | $ | 19,154 | $ | 2,651 | $ | 33,877 | $ | 999 | ||||||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Consolidated net income | $ | 4,990 | $ | 15,095 | ||||
Foreign currency translation losses, net of tax (1) | (194 | ) | (261 | ) | ||||
Unrealized losses on available-for-sale | (316 | ) | (128 | ) | ||||
Other comprehensive loss | (510 | ) | (389 | ) | ||||
Consolidated comprehensive income | 4,480 | 14,706 | ||||||
Less: Comprehensive loss attributable to noncontrolling interest | (23 | ) | (17 | ) | ||||
Comprehensive income attributable to Vicor Corporation | $ | 4,503 | $ | 14,723 | ||||
(1) | The deferred tax assets associated with foreign currency translation available-for-sale |
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
Operating activities: | ||||||||||||||||
Consolidated net income | $ | 34,478 | $ | 941 | $ | 4,990 | $ | 15,095 | ||||||||
Adjustments to reconcile consolidated net income to net cash provided by (used for) operating activities: | ||||||||||||||||
Depreciation and amortization | 5,618 | 5,439 | 3,296 | 2,806 | ||||||||||||
Stock-based compensation expense, net | 3,138 | 2,646 | ||||||||||||||
Stock-based compensation expense | 1,994 | 1,571 | ||||||||||||||
Decrease in long-term deferred revenue | (160 | ) | (160 | ) | (81 | ) | (80 | ) | ||||||||
Loss (gain) on disposal of equipment | 106 | (6 | ) | |||||||||||||
Decrease in contingent consideration obligations | (74 | ) | — | |||||||||||||
Decrease in other assets | 37 | 95 | ||||||||||||||
Decrease (increase) in other assets | 62 | (26 | ) | |||||||||||||
Increase in long-term income taxes payable | 6 | 4 | 5 | 5 | ||||||||||||
Deferred income taxes | 5 | 17 | 2 | 2 | ||||||||||||
Credit gain on available-for-sale | (2 | ) | (2 | ) | (1 | ) | (1 | ) | ||||||||
Provision for doubtful accounts | — | 23 | ||||||||||||||
Change in current assets and liabilities, net | (13,037 | ) | (5,233 | ) | (5,682 | ) | (1,599 | ) | ||||||||
Net cash provided by operating activities | 30,115 | 3,764 | 4,585 | 17,773 | ||||||||||||
Investing activities: | ||||||||||||||||
Purchases of short-term investments | (50,706 | ) | — | 0 | (50,706 | ) | ||||||||||
Sales or maturities of short-term investments | 30,000 | — | 25,000 | 5,000 | ||||||||||||
Additions to property, plant and equipment | (15,782 | ) | (8,724 | ) | (22,683 | ) | (9,264 | ) | ||||||||
Other | (106 | ) | 6 | |||||||||||||
Net cash used for investing activities | (36,594 | ) | (8,718 | ) | ||||||||||||
Net cash provided by ( used for) investing activities | 2,317 | (54,970 | ) | |||||||||||||
Financing activities: | ||||||||||||||||
Proceeds from employee stock plans | 4,751 | 7,385 | 1,810 | 3,050 | ||||||||||||
Payment of contingent consideration obligations | (107 | ) | (144 | ) | 0 | (46 | ) | |||||||||
Proceeds from public offering of Common Stock | — | 109,732 | ||||||||||||||
Net cash provided by financing activities | 4,644 | 116,973 | 1,810 | 3,004 | ||||||||||||
Effect of foreign exchange rates on cash | (144 | ) | 17 | (80 | ) | (138 | ) | |||||||||
Net (decrease) increase in cash and cash equivalents | (1,979 | ) | 112,036 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 8,632 | (34,331 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 161,742 | 84,668 | 182,418 | 161,742 | ||||||||||||
Cash and cash equivalents at end of period | $ | 159,763 | $ | 196,704 | $ | 191,050 | $ | 127,411 | ||||||||
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 | ||||||||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||
Balance on March 31, 2021 | $ | 118 | $ | 435 | $ | 333,011 | $ | 176,100 | $ | (573 | ) | $ | (138,927 | ) | $ | 370,164 | $ | 318 | $ | 370,482 | ||||||||||||||||
Issuance of Common Stock under employee stock plans | 1 | 1,700 | 1,701 | 1,701 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 1,567 | 1,567 | 1,567 | |||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 19,394 | 19,394 | (11 | ) | 19,383 | |||||||||||||||||||||||||||||||
Other comprehensive loss | (240 | ) | (240 | ) | (1 | ) | (241 | ) | ||||||||||||||||||||||||||||
Total comprehensive income (loss) | 19,154 | (12 | ) | 19,142 | ||||||||||||||||||||||||||||||||
Balance on June 30, 2021 | $ | 118 | $ | 436 | $ | 336,278 | $ | 195,494 | $ | (813 | ) | $ | (138,927 | ) | $ | 392,586 | $ | 306 | $ | 392,892 | ||||||||||||||||
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 | ||||||||||||||||||||||||||||
Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||
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 | 3 | 4,748 | 4,751 | 4,751 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 3,138 | 3,138 | 3,138 | |||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 34,486 | 34,486 | (8 | ) | 34,478 | |||||||||||||||||||||||||||||||
Other comprehensive loss | (609 | ) | (609 | ) | (21 | ) | (630 | ) | ||||||||||||||||||||||||||||
Total comprehensive income (loss) | 33,877 | (29 | ) | 33,848 | ||||||||||||||||||||||||||||||||
Balance on June 30, 2021 | $ | 118 | $ | 436 | $ | 336,278 | $ | 195,494 | $ | (813 | ) | $ | (138,927 | ) | $ | 392,586 | $ | 306 | $ | 392,892 | ||||||||||||||||
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 | ||||||||||||||||||||||||||||
Three months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||
Balance on March 31, 2020 | $ | 118 | $ | 407 | $ | 204,020 | $ | 141,363 | $ | (300 | ) | $ | (138,927 | ) | $ | 206,681 | $ | 316 | $ | 206,997 | ||||||||||||||||
Issuance of Common Stock under employee stock plans | 6 | 5,318 | 5,324 | 5,324 | ||||||||||||||||||||||||||||||||
Issuances of Common Stock in public offering | 18 | 109,714 | 109,732 | 109,732 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 1,936 | 1,936 | 1,936 | |||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 2,667 | 2,667 | 5 | 2,672 | ||||||||||||||||||||||||||||||||
Other comprehensive loss | (16 | ) | (16 | ) | (2 | ) | (18 | ) | ||||||||||||||||||||||||||||
Total comprehensive income | 2,651 | 3 | 2,654 | |||||||||||||||||||||||||||||||||
Balance on June 30, 2020 | $ | 118 | $ | 431 | $ | 320,988 | $ | 144,030 | $ | (316 | ) | $ | (138,927 | ) | $ | 326,324 | $ | 319 | $ | 326,643 | ||||||||||||||||
Class B Common Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Vicor Corporation Stockholders’ Equity | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||
Three | ||||||||||||||||||||||||||||||||||||
Balance | $ | 118 | $ | 439 | $ | 345,664 | $ | 217,633 | $ | (1,328 | ) | $ | (138,927 | ) | $ | 423,599 | $ | 306 | $ | 423,905 | ||||||||||||||||
Issuance of Common Stock under employee stock plans | 1 | 1,809 | 1,810 | 1,810 | ||||||||||||||||||||||||||||||||
Stock-based compensation | 1,994 | 1,994 | 1,994 | |||||||||||||||||||||||||||||||||
Components of comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||
Net incom e (loss) | 4,999 | 4,999 | (9 | ) | 4,990 | |||||||||||||||||||||||||||||||
Other comprehensive loss | (496 | ) | (496 | ) | (14 | ) | (510 | ) | ||||||||||||||||||||||||||||
Total comprehensive income (loss) | 4,503 | (23 | ) | 4,480 | ||||||||||||||||||||||||||||||||
Balance on March 31, 2022 | $ | 118 | $ | 440 | $ | 349,467 | $ 222,632 | $ | (1,824 | ) | $ | (138,927 | ) | $ | 431,906 | $ | 283 | $ | 432,189 | |||||||||||||||||
Class B Common Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Vicor Corporation Stockholders’ Equity | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||
Three | ||||||||||||||||||||||||||||||||||||
Balance | $ | 118 | $ | 433 | $ | 328,392 | $ | 161,008 | $ | (204 | ) | $ | (138,927 | ) | $ | 350,820 | $ | 335 | $ | 351,155 | ||||||||||||||||
Issuance of Common Stock under employee stock plans | 2 | 3,048 | 3,050 | 3,050 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 1,571 | 1,571 | 1,571 | |||||||||||||||||||||||||||||||||
Components of comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 15,092 | 15,092 | 3 | 15,095 | ||||||||||||||||||||||||||||||||
Other comprehensive loss | (369 | ) | (369 | ) | (20 | ) | (389 | ) | ||||||||||||||||||||||||||||
Total | 14,723 | (17 | ) | 14,706 | ||||||||||||||||||||||||||||||||
Balance on March 31, 2021 | $ | 118 | $ | 435 | $ | 333,011 | $ | 176,100 | $ | (573 | ) | $ | (138,927 | ) | $ | 370,164 | $ | 318 | $ | 370,482 | ||||||||||||||||
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 | ||||||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||
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 | 8 | 7,377 | 7,385 | 7,385 | ||||||||||||||||||||||||||||||||
Issuances of Common Stock in public offering | 18 | 109,714 | 109,732 | 109,732 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 2,646 | 2,646 | 2,646 | |||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 932 | 932 | 9 | 941 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 67 | 67 | 2 | 69 | ||||||||||||||||||||||||||||||||
Total comprehensive income | 999 | 11 | 1,010 | |||||||||||||||||||||||||||||||||
Balance on June 30, 2020 | $ | 118 | $ | 431 | $ | 320,988 | $ | 144,030 | $ | (316 | ) | $ | (138,927 | ) | $ | 326,324 | $ | 319 | $ | 326,643 | ||||||||||||||||
1. | Basis of Presentation |
2. | Inventories |
June 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||
Raw materials | $ | 42,530 | $ | 42,556 | $ | 57,547 | $ | 51,289 | ||||||||
Work-in-process | 10,101 | 7,424 | 11,998 | 12,514 | ||||||||||||
Finished goods | 4,498 | 7,289 | 4,316 | 3,519 | ||||||||||||
$ | 57,129 | $ | 57,269 | $ | 73,861 | $ | 67,322 | |||||||||
3. | Short-Term and Long-Term Investments |
June 30, 2021 | March 31, 2022 | |||||||||||||||||||||||
Cash and Cash Equivalents | Short-Term Investments | Long-Term Investments | Cash and Cash Equivalents | Short-Term Investments | Long-Term Investment | |||||||||||||||||||
Measured at fair value: | ||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||
Money market funds | $ | 68,978 | $ | — | $ | — | $ | 119,506 | $ | — | $ | — | ||||||||||||
U.S. Treasury Obligations | — | 70,469 | — | — | 20,003 | — | ||||||||||||||||||
Failed Auction Security | — | — | 2,561 | — | — | 2,536 | ||||||||||||||||||
Total | 68,978 | 70,469 | 2,561 | 119,506 | 20,003 | 2,536 | ||||||||||||||||||
Other measurement basis: | ||||||||||||||||||||||||
Cash on hand | 90,785 | — | — | 71,544 | — | — | ||||||||||||||||||
Total | $ | 159,763 | $ | 70,469 | $ | 2,561 | $ | 191,050 | $ | 20,003 | $ | 2,536 | ||||||||||||
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 | ||||||||||||
Cash and Cash Equivalents | Short-Term Investments | Long-Term Investment | ||||||||||
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 | ||||||
March 31, 2022 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
U.S. Treasury Obligations | $ | 20,137 | $ | 0 | $ | 134 | $ | 20,003 | ||||||||
Failed Auction Security | 3,000 | — | 464 | 2,536 |
June 30, 2021 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||
December 31, 2021 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||
U.S. Treasury Obligations | $ | 70,470 | $ | 0 | $ | 1 | $ | 70,469 | $ | 45,238 | $ | 0 | $ | 23 | $ | 45,215 | ||||||||||||||||
Failed Auction Security | 3,000 | — | 439 | 2,561 | 3,000 | — | 361 | 2,639 | ||||||||||||||||||||||||
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 |
Cost | Estimated Fair Value | |||||||
U.S. Treasury Obligations: | ||||||||
Maturities greater than three months but less than one year | $ | 70,470 | $ | 70,469 | ||||
$ | 70,470 | $ | 70,469 | |||||
Cost | Estimated Fair Value | |||||||
Failed Auction Security: | ||||||||
Due in twenty to forty years | $ | 3,000 | $ | 2,561 | ||||
Cost | Estimated Fair Value | |||||||
U.S. Treasury Obligations: | ||||||||
Maturities greater than three months but less than one year | $ | 20,137 | $ | 20,003 | ||||
Cost | Estimated Fair Value | |||||||
Failed Auction Security: | ||||||||
Due in twenty to forty years | $ | 3,000 | $ | 2,536 | ||||
2021 | 2020 | |||||||
Balance at the beginning of the period | $ | 33 | $ | 37 | ||||
Reductions in the amount related to credit gain for which other-than- temporary impairment was not previously recognized | (2 | ) | (2 | ) | ||||
Balance at the end of the period | $ | 31 | $ | 35 | ||||
4. | Fair Value Measurements |
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, 2021 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value as of March 31, 2022 | |||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||
Money market funds | $ | 68,978 | $ | — | $ | — | $ | 68,978 | $ | 119,506 | $ | — | $ | — | $ | 119,506 | ||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||
U.S. Treasury Obligations | 70,469 | — | — | 70,469 | 20,003 | — | — | 20,003 | ||||||||||||||||||||||||
Long-term investment: | ||||||||||||||||||||||||||||||||
Failed Auction Security | — | — | 2,561 | 2,561 | — | — | 2,536 | 2,536 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Contingent consideration obligations | — | — | (46 | ) | (46 | ) |
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 investment: | ||||||||||||||||
Failed Auction Security | — | — | 2,517 | 2,517 | ||||||||||||
Liabilities: | ||||||||||||||||
Contingent consideration obligations | — | — | (227 | ) | (227 | ) |
Fair Value | Valuation Technique | Unobservable Input | Weighted Average | |||||||||
Failed Auction Security | $ | 2,561 | Discounted cash flow | Cumulative probability of earning the maximum rate until maturity | 0.15 | % | ||||||
Cumulative probability of principal return prior to maturity | 94.27 | % | ||||||||||
Cumulative probability of default | 5.58 | % | ||||||||||
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, 2021 | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 94,282 | $ | — | $ | — | $ | 94,282 | ||||||||
Short-term investments: | ||||||||||||||||
U.S. Treasury Obligations | 45,215 | — | — | 45,215 | ||||||||||||
Long-term investment: | ||||||||||||||||
Failed Auction Security | — | — | 2,639 | 2,639 |
Balance at the beginning of the period | $ | 2,517 | $ | 2,639 | ||||
Credit gain on available-for-sale | 2 | 1 | ||||||
Gain included in Other comprehensive income | 42 | |||||||
Loss included in Other comprehensive income | (104 | ) | ||||||
Balance at the end of the period | $ | 2,561 | $ | 2,536 | ||||
Balance at the beginning of the period | $ | 227 | ||
Payments | (107 | ) | ||
Decrease in contingent consideration obligations | (74 | ) | ||
Balance at the end of the period | $ | 46 | ||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||
Brick Products | Advanced Products | Total | Three Months Ended March 31, 2022 | |||||||||||||||||||||
Brick Products | Advanced Products | Total | ||||||||||||||||||||||
United States | $ | 19,708 | $ | 14,356 | $ | 34,064 | $ | 14,061 | $ | 10,626 | $ | 24,687 | ||||||||||||
Europe | 10,224 | 1,285 | 11,509 | 7,042 | 2,768 | 9,810 | ||||||||||||||||||
Asia Pacific | 24,045 | 25,339 | 49,384 | 13,521 | 39,495 | 53,016 | ||||||||||||||||||
All other | 375 | 44 | 419 | 733 | 36 | 769 | ||||||||||||||||||
$ | 54,352 | $ | 41,024 | $ | 95,376 | $ | 35,357 | $ | 52,925 | $ | 88,282 | |||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||
Brick Products | Advanced Products | Total | ||||||||||||||||||||||
United States | $ | 38,291 | $ | 22,905 | $ | 61,196 | ||||||||||||||||||
Europe | 18,420 | 2,280 | 20,700 | |||||||||||||||||||||
Asia Pacific | 51,373 | 49,992 | 101,365 | |||||||||||||||||||||
All other | 727 | 184 | 911 | |||||||||||||||||||||
$ | 108,811 | $ | 75,361 | $ | 184,172 | |||||||||||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||
Brick Products | Advanced Products | Total | ||||||||||||||||||||||
United States | $ | 15,005 | $ | 5,217 | $ | 20,222 | ||||||||||||||||||
Europe | 9,427 | 2,289 | 11,716 | |||||||||||||||||||||
Asia Pacific | 21,383 | 16,774 | 38,157 | |||||||||||||||||||||
All other | 613 | 53 | 666 | |||||||||||||||||||||
$ | 46,428 | $ | 24,333 | $ | 70,761 | |||||||||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||
Brick Products | Advanced Products | Total | ||||||||||||||||||||||
United States | $ | 40,975 | $ | 12,814 | $ | 53,789 | ||||||||||||||||||
Europe | 13,995 | 3,168 | 17,163 | |||||||||||||||||||||
Asia Pacific | 35,039 | 26,150 | 61,189 | |||||||||||||||||||||
All other | 1,936 | 85 | 2,021 | |||||||||||||||||||||
$ | 91,945 | $ | 42,217 | $ | 134,162 | |||||||||||||||||||
Three Months Ended March 31, 2021 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States | $ | 18,583 | $ | 8,549 | $ | 27,132 | ||||||
Europe | 8,196 | 995 | 9,191 | |||||||||
Asia Pacific | 27,328 | 24,653 | 51,981 | |||||||||
All other | 352 | 140 | 492 | |||||||||
$ | 54,459 | $ | 34,337 | $ | 88,796 | |||||||
Three Months Ended June 30, 2021 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 37,614 | $ | 32,644 | $ | 70,258 | ||||||
Stocking distributors, net of sales allowances | 16,634 | 4,634 | 21,268 | |||||||||
Non-recurring engineering | 104 | 3,726 | 3,830 | |||||||||
Royalties | — | 3 | 3 | |||||||||
Other | — | 17 | 17 | |||||||||
$ | 54,352 | $ | 41,024 | $ | 95,376 | |||||||
Six Months Ended June 30, 2021 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 81,422 | $ | 61,701 | $ | 143,123 | ||||||
Stocking distributors, net of sales allowances | 27,181 | 8,772 | 35,953 | |||||||||
Non-recurring engineering | 208 | 4,797 | 5,005 | |||||||||
Royalties | — | 56 | 56 | |||||||||
Other | — | 35 | 35 | |||||||||
$ | 108,811 | $ | 75,361 | $ | 184,172 | |||||||
Three Months Ended June 30, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 39,472 | $ | 20,044 | $ | 59,516 | ||||||
Stocking distributors, net of sales allowances | 6,814 | 1,576 | 8,390 | |||||||||
Non-recurring engineering | 142 | 2,695 | 2,837 | |||||||||
Other | — | 18 | 18 | |||||||||
$ | 46,428 | $ | 24,333 | $ | 70,761 | |||||||
Three Months Ended March 31, 2022 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturersand non-stocking distributors | $ | 24,401 | $ | 47,471 | $ | 71,872 | ||||||
Stocking distributors, net of sales allowances | 10,764 | 3,744 | 14,508 | |||||||||
Non-recurring engineering | 192 | 1,386 | 1,578 | |||||||||
Royalties | — | 306 | 306 | |||||||||
Other | — | 18 | 18 | |||||||||
$ | 35,357 | $ | 52,925 | $ | 88,282 | |||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||
Brick Products | Advanced Products | Total | Three Months Ended March 31, 2021 | |||||||||||||||||||||
Brick Products | Advanced Products | Total | ||||||||||||||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 75,211 | $ | 34,811 | $ | 110,022 | $ | 43,808 | $ | 29,057 | $ | 72,865 | ||||||||||||
Stocking distributors, net of sales allowances | 16,436 | 4,638 | 21,074 | 10,547 | 4,138 | 14,685 | ||||||||||||||||||
Non-recurring engineering | 298 | 2,732 | 3,030 | 104 | 1,071 | 1,175 | ||||||||||||||||||
Royalties | — | 53 | 53 | |||||||||||||||||||||
Other | — | 36 | 36 | — | 18 | 18 | ||||||||||||||||||
$ | 91,945 | $ | 42,217 | $ | 134,162 | $ | 54,459 | $ | 34,337 | $ | 88,796 | |||||||||||||
June 30, 2021 | December 31, 2020 | Change | ||||||||||
Accounts receivable | $ | 55,012 | $ | 40,999 | $ | 14,013 | ||||||
Short-term deferred revenue and customer prepayments | (3,916 | ) | (7,309 | ) | 3,393 | |||||||
Long-term deferred revenue | (573 | ) | (733 | ) | 160 | |||||||
Deferred expenses | 980 | 1,650 | (670 | ) | ||||||||
Sales allowances | (1,919 | ) | (597 | ) | (1,322 | ) |
March 31, 2022 | December 31, 2021 | Change | ||||||||||
Short-term deferred revenue and customer prepayments | $ | (8,384 | ) | $ | (7,912 | ) | $ | (472 | ) | |||
Long-term deferred revenue | (332 | ) | (413 | ) | 81 | |||||||
Deferred expenses | 610 | 560 | 50 | |||||||||
Sales allowances | (1,605 | ) | (1,464 | ) | (141 | ) |
6. | Stock-Based Compensation |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | March 31, | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||
Cost of revenues | $ | 252 | $ | 277 | $ | 480 | $ | 396 | $ | 251 | $ | 228 | ||||||||||||
Selling, general and administrative | 779 | 1,030 | 1,632 | 1,467 | 1,207 | 853 | ||||||||||||||||||
Research and development | 536 | 629 | 1,026 | 783 | 536 | 490 | ||||||||||||||||||
Total stock-based compensation | $ | 1,567 | $ | 1,936 | $ | 3,138 | $ | 2,646 | $ | 1,994 | $ | 1,571 | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | March 31, | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||
Stock options | $ | 1,336 | $ | 1,737 | $ | 2,667 | $ | 2,243 | $ | 1,759 | $ | 1,331 | ||||||||||||
ESPP | 231 | 199 | 471 | 403 | 235 | 240 | ||||||||||||||||||
Total stock-based compensation | $ | 1,567 | $ | 1,936 | $ | 3,138 | $ | 2,646 | $ | 1,994 | $ | 1,571 | ||||||||||||
7. | Rental Income |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Provision (benefit) for income taxes | $ | 999 | $ | (406 | ) | $ | 856 | $ | (900 | ) | ||||||
Effective income tax rate | 4.9 | % | (17.9 | )% | 2.4 | % | (2,195.1 | )% |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Benefit for income taxes | $ | (48 | ) | $ | (143 | ) | ||
Effective income tax rate | (1.0 | )% | (1.0 | )% |
9. | Net Income per Share |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | March 31, | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||
Numerator: | Numerator: | |||||||||||||||||||||||
Net income attributable to Vicor Corporation | $ | 19,394 | $ | 2,667 | $ | 34,486 | $ | 932 | $ | 4,999 | $ | 15,092 | ||||||||||||
Denominator: | Denominator: | |||||||||||||||||||||||
Denominator for basic net income per share-weighted average shares (1) | 43,553 | 41,643 | 43,504 | 41,140 | 43,952 | 43,455 | ||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||
Employee stock options (2) | 1,288 | 1,742 | 1,337 | 1,840 | ||||||||||||||||||||
Effect of dilutive securities: | 1,002 | 1,386 | ||||||||||||||||||||||
Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions | 44,841 | 43,385 | 44,841 | 42,980 | 44,954 | 44,841 | ||||||||||||||||||
Basic net income per share | $ | 0.45 | $ | 0.06 | $ | 0.79 | $ | 0.02 | $ | 0.11 | $ | 0.35 | ||||||||||||
Diluted net income per share | $ | 0.43 | $ | 0.06 | $ | 0.77 | $ | 0.02 | $ | 0.11 | $ | 0.34 | ||||||||||||
(1) | Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding. |
(2) | Options to purchase |
10. | Commitments and Contingencies |
Increase | ||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | Increase (decrease) | ||||||||||||||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||||||||||||||||||
Brick Products | $ | 54,352 | $ | 46,428 | $ | 7,924 | 17.1 | % | $ | 35,357 | $ | 54,459 | $ | (19,102 | ) | (35.1 | )% | |||||||||||||||
Advanced Products | 41,024 | 24,333 | 16,691 | 68.6 | % | 52,925 | 34,337 | 18,588 | 54.1 | % | ||||||||||||||||||||||
Total | $ | 95,376 | $ | 70,761 | $ | 24,615 | 34.8 | % | $ | 88,282 | $ | 88,796 | $ | (514 | ) | (0.6 | )% | |||||||||||||||
Increase (decrease) | Increase (decrease) | |||||||||||||||||||
Outside services | $ | 492 | 86.8 | %(1) | ||||||||||||||||
Legal fees | $ | 510 | 213.6 | % | (1 | ) | 490 | 83.0 | %(2) | |||||||||||
Advertising | 307 | 44.2 | % | (2 | ) | |||||||||||||||
Compensation | 191 | 1.8 | % | (3 | ) | 485 | 4.3 | %(3) | ||||||||||||
Depreciation and amortization | 318 | 39.9 | %(4) | |||||||||||||||||
Travel expense | 89 | 53.0 | % | (4 | ) | 136 | 60.8 | % | ||||||||||||
Depreciation and amortization | 63 | 8.1 | % | |||||||||||||||||
Audit and accounting fees | 109 | 16.3 | % | |||||||||||||||||
Facilities allocations | (158 | ) | (37.4 | )% | ||||||||||||||||
Commissions | (92 | ) | (10.6 | )% | (5 | ) | (302 | ) | (32.1 | )%(5) | ||||||||||
Other, net | 66 | 3.0 | % | 44 | 2.9 | % | ||||||||||||||
$ | 1,134 | 7.3 | % | $ | 1,614 | 9.5 | % | |||||||||||||
(1) | Increase primarily attributable to an increase in the use of outside service providers at our Andover, MA facility. |
(2) | Increase primarily attributable to an increase in activity related to the SynQor litigation (see Note |
(3) | Increase primarily attributable to annual compensation adjustments in May 2021 |
(4) | Increase |
(5) | Decrease primarily attributable to |
Increase (decrease) | ||||||||||||||||
Increase | ||||||||||||||||
Compensation | $ | 375 | 4.1 | % (1) | $ | 393 | 4.2 | %(1) | ||||||||
Project and pre-production materials | 321 | | 16.6 | % (2) | ||||||||||||
Overhead absorption | 187 | 35.8 | %(2) | |||||||||||||
Supplies | 79 | 24.7 | % | 175 | 60.6 | %(3) | ||||||||||
Facilities allocations | 55 | 9.4 | % | |||||||||||||
Freight | 40 | 153.3 | % | |||||||||||||
Overhead absorption | (523 | ) | (200.2 | )% (3) | ||||||||||||
Depreciation and amortization | 75 | 14.5 | % | |||||||||||||
Equipment set-up | 57 | 47.8 | % | |||||||||||||
Computer expense | 56 | 32.3 | % | |||||||||||||
Travel expense | 47 | 212.9 | % | |||||||||||||
Other, net | 96 | 8.7 | % | 237 | 8.0 | % | ||||||||||
$ | 443 | 3.5 | % | $ | 1,227 | 9.4 | % | |||||||||
(1) | Increase primarily attributable to annual compensation adjustments in May 2021 |
(2) | Increase primarily attributable to |
(3) | Increase in engineering supplies. |
2021 | 2020 | Increase (decrease) | 2022 | 2021 | Increase (decrease) | |||||||||||||||||||
Rental income | $ | 198 | $ | 198 | $ | — | ||||||||||||||||||
Interest income | $ | 276 | $ | 17 | $ | 259 | 142 | 193 | (51 | ) | ||||||||||||||
Rental income | 198 | 198 | — | |||||||||||||||||||||
Foreign currency (losses) gains, net | (12 | ) | 3 | (15 | ) | |||||||||||||||||||
(Losses) gains on disposals of equipment | (106 | ) | 6 | (112 | ) | |||||||||||||||||||
Foreign currency losses, net | (207 | ) | (163 | ) | (44 | ) | ||||||||||||||||||
Other, net | 17 | 9 | 8 | 29 | 4 | 25 | ||||||||||||||||||
$ | 373 | $ | 233 | $ | 140 | $ | 162 | $ | 232 | $ | (70 | ) | ||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
Provision (benefit) for income taxes | $ | 999 | $ | (406 | ) | |||||||||||
Benefit for income taxes | $ | (48 | ) | $ | (143 | ) | ||||||||||
Effective income tax rate | 4.9 | % | (17.9 | )% | (1.0 | )% | (1.0 | )% |
Increase | ||||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Brick Products | $ | 108,811 | $ | 91,945 | $ | 16,866 | 18.3 | % | ||||||||
Advanced Products | 75,361 | 42,217 | 33,144 | 78.5 | % | |||||||||||
Total | $ | 184,172 | $ | 134,162 | $ | 50,010 | 37.3 | % | ||||||||
Increase (decrease) | ||||||||
Compensation | $ | 1,196 | 5.7 | % (1) | ||||
Advertising expense | 251 | | 18.6 | % (2) | ||||
Legal fees | 188 | 16.3 | % (3) | |||||
Depreciation and amortization | 102 | 6.7 | % (4) | |||||
Facilities allocations | 95 | 13.3 | % | |||||
Travel expense | (205 | ) | (30.0 | )% (5) | ||||
Other, net | 92 | 1.6 | % | |||||
$ | 1,719 | 5.4 | % | |||||
Increase (decrease) | ||||
Cash and cash equivalents | $ | 8,632 | ||
Short-term investments | (25,212 | ) | ||
Accounts receivable | (2,438 | ) | ||
Inventories, net | 6,539 | |||
Other current assets | 313 | |||
Accounts payable | (1,383 | ) | ||
Accrued compensation and benefits | 68 | |||
Accrued expenses | 1,079 | |||
Sales allowances | (141 | ) | ||
Short-term lease liabilities | 337 | |||
Income taxes payable | 45 | |||
Short-term deferred revenue | (472 | ) | ||
$ | (12,633 | ) | ||
Increase (decrease) | ||||||||
Compensation | $ | 968 | 5.4 | % (1) | ||||
Facilities allocations | 198 | 17.0 | % (2) | |||||
Freight | 66 | 115.5 | % | |||||
Computer expense | 60 | 19.0 | % | |||||
Project and pre-production materials | (354 | ) | (7.9 | )% (3) | ||||
Overhead absorption | (830 | ) | (174.2 | )% (4) | ||||
Other, net | 26 | 1.0 | % | |||||
$ | 134 | 0.5 | % | |||||
Increase | ||||||||||||
2021 | 2020 | (decrease) | ||||||||||
Interest income | $ | 469 | $ | 70 | $ | 399 | ||||||
Rental income | 396 | 396 | — | |||||||||
(Losses) gains on disposals of equipment | (106 | ) | 6 | (112 | ) | |||||||
Foreign currency losses, net | (174 | ) | (117 | ) | (57 | ) | ||||||
Other, net | 20 | 26 | (6 | ) | ||||||||
$ | 605 | $ | 381 | $ | 224 | |||||||
2021 | 2020 | |||||||
Provision (benefit) for income taxes | $ | 856 | $ | (900 | ) | |||
Effective income tax rate | 2.4 | % | (2,195.1 | )% |
Increase (decrease) | ||||
Cash and cash equivalents | $ | (1,979 | ) | |
Short-term investments | 20,303 | |||
Accounts receivable | 14,013 | |||
Inventories, net | (140 | ) | ||
Other current assets | (99 | ) | ||
Accounts payable | (7,960 | ) | ||
Accrued compensation and benefits | (1,700 | ) | ||
Accrued expenses | (994 | ) | ||
Sales allowances | (1,322 | ) | ||
Short-term lease liabilities | 70 | |||
Income taxes payable | (751 | ) | ||
Short-term deferred revenue | 3,393 | |||
$ | 22,834 | |||
(a) Disclosure regarding controls and procedures. |
-25- Vicor Corporation March 31, 2022 (b) Changes in internal control over financial reporting. |
(1) | Filed as an exhibit to the Company’s Annual Report on Form 10-K filed on March 29, 2001 (FileNo. 000-18277) and incorporated herein by reference. |
(2) | 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. |
VICOR CORPORATION | ||||||
Date: May 5, 2022 | ||||||
By: | /s/ Patrizio Vinciarelli | |||||
Patrizio Vinciarelli | ||||||
Chairman of the Board, President and | ||||||
Chief Executive Officer | ||||||
(Principal Executive Officer) |
Date: May 5, 2022 | ||||||
By: | /s/ James F. Schmidt | |||||
James F. Schmidt | ||||||
Vice President, Chief Financial Officer | ||||||
(Principal Financial Officer) |