Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 01, 2017 | May 02, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 1, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | IVAC | |
Entity Registrant Name | INTEVAC INC | |
Entity Central Index Key | 1,001,902 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 21,431,768 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 25,577 | $ 27,043 |
Short-term investments | 15,227 | 17,602 |
Trade and other accounts receivable, net of allowances of $0 at both April 1, 2017 and at December 31, 2016 | 21,630 | 17,447 |
Inventories | 24,077 | 24,876 |
Prepaid expenses and other current assets | 2,103 | 1,768 |
Total current assets | 88,614 | 88,736 |
Property, plant and equipment, net | 11,883 | 11,237 |
Long-term investments | 4,038 | 3,593 |
Restricted cash | 1,450 | 1,602 |
Intangible assets, net of amortization of $6,342 at April 1, 2017 and $6,129 at December 31, 2016 | 2,045 | 2,258 |
Deferred income taxes and other long-term assets | 698 | 898 |
Total assets | 108,728 | 108,324 |
Current liabilities: | ||
Accounts payable | 6,824 | 5,323 |
Accrued payroll and related liabilities | 4,029 | 4,220 |
Other accrued liabilities | 6,429 | 17,011 |
Customer advances | 11,572 | 5,422 |
Total current liabilities | 28,854 | 31,976 |
Other long-term liabilities | 3,288 | 3,082 |
Stockholders' equity: | ||
Common stock, $0.001 par value | 21 | 21 |
Additional paid-in capital | 173,865 | 171,314 |
Treasury stock, 4,845 shares at both April 1, 2017 and December 31, 2016 | (28,489) | (28,489) |
Accumulated other comprehensive income | 359 | 321 |
Accumulated deficit | (69,170) | (69,901) |
Total stockholders' equity | 76,586 | 73,266 |
Total liabilities and stockholders' equity | $ 108,728 | $ 108,324 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Net of allowances of trade, note and other accounts receivable | $ 0 | $ 0 |
Net of amortization of intangible assets | $ 6,342 | $ 6,129 |
Common stock, par value | $ 0.001 | $ 0.001 |
Treasury stock, shares | 4,845 | 4,845 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Net revenues: | ||
Systems and components | $ 28,423 | $ 13,282 |
Technology development | 1,965 | 382 |
Total net revenues | 30,388 | 13,664 |
Cost of net revenues: | ||
Systems and components | 15,674 | 8,950 |
Technology development | 1,667 | 858 |
Total cost of net revenues | 17,341 | 9,808 |
Gross profit | 13,047 | 3,856 |
Operating expenses: | ||
Research and development | 4,682 | 5,176 |
Selling, general and administrative | 6,274 | 4,996 |
Total operating expenses | 10,956 | 10,172 |
Income (loss) from operations | 2,091 | (6,316) |
Interest income and other income (expense), net | 110 | 37 |
Income (loss) before income taxes | 2,201 | (6,279) |
Provision for income taxes | 372 | 26 |
Net income (loss) | $ 1,829 | $ (6,305) |
Net income (loss) per share: | ||
Basic | $ 0.09 | $ (0.31) |
Diluted | $ 0.08 | $ (0.31) |
Weighted average common shares outstanding: | ||
Basic | 21,216 | 20,551 |
Diluted | 22,790 | 20,551 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Net income (loss) | $ 1,829 | $ (6,305) |
Other comprehensive income, before tax: | ||
Change in unrealized net gain (loss) on available-for-sale investments | 4 | 44 |
Foreign currency translation gains | 34 | 67 |
Other comprehensive income, before tax | 38 | 111 |
Income tax provision related to items in other comprehensive income | 0 | 0 |
Other comprehensive income, net of tax | 38 | 111 |
Comprehensive income (loss) | $ 1,867 | $ (6,194) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Operating activities | ||
Net income (loss) | $ 1,829 | $ (6,305) |
Adjustments to reconcile net income (loss) to net cash and cash equivalents used in operating activities: | ||
Depreciation and amortization | 1,015 | 1,176 |
Net amortization of investment premiums and discounts | 28 | 36 |
Equity-based compensation | 1,077 | 1,111 |
Change in the fair value of acquisition-related contingent consideration | 80 | 16 |
Changes in operating assets and liabilities | (6,010) | 1,518 |
Total adjustments | (3,810) | 3,857 |
Net cash and cash equivalents used in operating activities | (1,981) | (2,448) |
Investing activities | ||
Purchases of investments | (3,944) | (2,109) |
Proceeds from sales and maturities of investments | 5,850 | 13,305 |
Decrease in restricted cash | 152 | |
Purchases of leasehold improvements and equipment | (1,448) | (1,250) |
Net cash and cash equivalents provided by investing activities | 610 | 9,946 |
Financing activities | ||
Proceeds from issuance of common stock | 1,083 | 711 |
Taxes paid related to net share settlement | (1,210) | (222) |
Payment of acquisition-related contingent consideration | (2) | |
Net cash and cash equivalents provided by (used in) financing activities | (129) | 489 |
Effect of exchange rate changes on cash and cash equivalents | 34 | 67 |
Net increase (decrease) in cash and cash equivalents | (1,466) | 8,054 |
Cash and cash equivalents at beginning of period | 27,043 | 13,746 |
Cash and cash equivalents at end of period | $ 25,577 | $ 21,800 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 01, 2017 | |
Basis of Presentation | 1. Basis of Presentation In the opinion of management, the unaudited interim condensed consolidated financial statements of Intevac, Inc. and its subsidiaries (“Intevac” or the “Company”) included herein have been prepared on a basis consistent with the December 31, 2016 audited consolidated financial statements and include all material adjustments, consisting of normal recurring adjustments, necessary to fairly present the information set forth therein. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in Intevac’s Annual Report on Form 10-K 10-K”). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Apr. 01, 2017 | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): 2017-08 In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment 2017-04 2017-04, In March 2016, the FASB issued ASU 2016-09 Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting |
Inventories
Inventories | 3 Months Ended |
Apr. 01, 2017 | |
Inventories | 3. Inventories Inventories are stated at the lower of average cost or market and consist of the following: April 1, December 31, 2017 2016 (In thousands) Raw materials $ 11,000 $ 10,290 Work-in-progress 10,351 6,470 Finished goods 2,726 8,116 $ 24,077 $ 24,876 Finished goods inventory consists primarily of completed systems at customer sites that are undergoing installation and acceptance testing. |
Equity-Based Compensation
Equity-Based Compensation | 3 Months Ended |
Apr. 01, 2017 | |
Equity-Based Compensation | 4. Equity-Based Compensation At April 1, 2017, Intevac had equity-based awards outstanding under the 2012 Equity Incentive Plan and the 2004 Equity Incentive Plan (together, the “Plans”) and the 2003 Employee Stock Purchase Plan (the “ESPP”). Intevac’s stockholders approved all of these plans. The Plans permit the grant of incentive or non-statutory The ESPP provides that eligible employees may purchase Intevac’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market value at the entry date of the applicable offering period or at the end of each applicable purchase interval. Offering periods are generally two years in length, and consist of a series of six-month six-month Compensation Expense The effect of recording equity-based compensation for the three-month periods ended April 1, 2017 and April 2, 2016 was as follows: Three Months Ended April 1, 2017 April 2, 2016 (In thousands) Equity-based compensation by type of award: Stock options $ 255 $ 276 RSUs 718 634 Employee stock purchase plan 104 201 Total equity-based compensation $ 1,077 $ 1,111 Equity-based compensation expense is based on awards ultimately expected to vest and such amount has been reduced for estimated forfeitures. Beginning January 1, 2017, Intevac accounts for forfeitures as they occur, rather than estimate expected forfeitures. The net cumulative effect of this change was recognized as a $1.1 million increase to the accumulated deficit as of January 1, 2017. Stock Options and ESPP The fair value of stock options and ESPP awards is estimated at the grant date using the Black-Scholes option valuation model. The determination of fair value of stock options and ESPP awards on the date of grant using an option-pricing model is affected by Intevac’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, our expected stock price volatility over the term of the awards, and actual employee stock option exercise behavior. Option activity as of April 1, 2017 and changes during the three months ended April 1, 2017 were as follows: Shares Weighted Average Options outstanding at December 31, 2016 2,740,364 $ 7.00 Options granted 30,625 $ 7.89 Options cancelled and forfeited (21,405 ) $ 6.60 Options exercised (57,657 ) $ 6.03 Options outstanding at April 1, 2017 2,691,927 $ 7.03 Options exercisable at April 1, 2017 1,783,825 $ 7.78 Intevac issued 195,184 shares under the ESPP during the three months ended April 1, 2017. Intevac estimated the weighted-average fair value of stock options and employee stock purchase rights using the following weighted-average assumptions: Three Months Ended April 1, 2017 April 2, 2016 Stock Options: Weighted-average fair value of grants per share $ 4.56 $ 1.50 Expected volatility 41.78 % 42.96 % Risk free interest rate 1.38 % 1.04 % Expected term of options (in years) 2.54 3.96 Dividend yield None None Stock Purchase Rights: Weighted-average fair value of grants per share $ 2.74 $ 1.54 Expected volatility 40.66 % 39.33 % Risk free interest rate 1.14 % 0.76 % Expected term of purchase rights (in years) 0.74 1.93 Dividend yield None None The computation of the expected volatility assumptions used in the Black-Scholes calculations for new stock option grants and ESPP purchase rights is based on the historical volatility of Intevac’s stock price, measured over a period equal to the expected term of the stock option grant or purchase right. The risk-free interest rate is based on the yield available on U.S. Treasury Strips with an equivalent remaining term. The expected term of employee stock options represents the weighted-average period that the stock options are expected to remain outstanding and was determined based on historical experience of similar awards, giving consideration to the contractual terms of the equity-based awards and vesting schedules. The expected term of purchase rights represents the period of time remaining in the current offering period. The dividend yield assumption is based on Intevac’s history of not paying dividends and the assumption of not paying dividends in the future. RSUs A summary of the RSU activity is as follows: Shares Weighted Average Grant Date Fair Value Non-vested 949,455 $ 4.64 Granted 142,749 $ 9.67 Vested (325,796 ) $ 4.21 Cancelled and forfeited (2,910 ) $ 5.77 Non-vested 763,498 $ 5.75 Time-based RSUs are converted into shares of Intevac common stock upon vesting on a one-for-one Market condition-based RSUs vest upon the achievement of certain market conditions (our stock performance) during a set performance period (typically five years) subject to the grantee’s continued service with Intevac through the date the applicable market condition is achieved. The fair value is based on the values calculated under the Monte Carlo simulation model on the grant date. Compensation cost is not adjusted in future periods for subsequent changes in the expected outcome of market related conditions. The compensation expense is recognized over the derived service period. We granted 125,000 of such awards to certain executive officers in the three months ended April 2, 2016. These awards have a derived service period of 2.8 years. Intevac estimated the weighted-average fair value of market condition-based RSUs using the following weighted-average assumptions: Three Months Ended April 2, 2016 Weighted-average fair value of grants per share $ 2.46 Expected volatility 47.65 % Risk free interest rate 1.35 % Expected term (in years) 4.79 Dividend yield None In fiscal 2016, the annual bonus for certain participants in the Company’s annual incentive plan was settled with RSUs with one-year one-year one-year |
Purchased Intangible Assets
Purchased Intangible Assets | 3 Months Ended |
Apr. 01, 2017 | |
Purchased Intangible Assets | 5. Purchased Intangible Assets Details of finite-lived intangible assets by segment as of April 1, 2017, are as follows. April 1, 2017 Gross Accumulated Net (In thousands) Thin-film Equipment $ 7,172 $ (5,318 ) $ 1,854 Photonics 1,215 (1,024 ) 191 $ 8,387 $ (6,342 ) $ 2,045 Total amortization expense of finite-lived intangibles for the three months ended April 1, 2017 was $213,000. As of April 1, 2017, future amortization expense is expected to be as follows. (In thousands) 2017 $ 541 2018 615 2019 615 2020 274 $ 2,045 |
Acquisition-Related Contingent
Acquisition-Related Contingent Consideration | 3 Months Ended |
Apr. 01, 2017 | |
Acquisition-Related Contingent Consideration | 6. Acquisition-Related Contingent Consideration In connection with the acquisition of Solar Implant Technologies, Inc. (“SIT”), Intevac agreed to pay to the selling shareholders a revenue earnout in cash on Intevac’s net revenue from commercial sales of certain products over a specified period, up to an aggregate of $9.0 million. Intevac estimated the fair value of this contingent consideration on April 1, 2017 based on probability-based forecasted revenues reflecting Intevac’s own assumptions concerning future revenue from such products. As of April 1, 2017, payments made associated with the revenue earnout obligation have not been significant. The fair value measurement of contingent consideration is based on significant inputs not observed in the market and thus represents a Level 3 measurement. Any change in fair value of the contingent consideration subsequent to the acquisition date is recognized in operating income within the condensed consolidated statements of operations. The following table represents a reconciliation of the change in the fair value measurement of the contingent consideration liability for the three-month periods ended April 1, 2017 and April 2, 2016: Three Months Ended April 1,2017 April 2,2016 (In thousands) Opening balance $ 759 $ 890 Changes in fair value 80 16 Cash payments made (2 ) — Closing balance $ 837 $ 906 The following table displays the balance sheet classification of the contingent consideration liability account at April 1, 2017 and at December 31, 2016: April 1, December 31, 2017 2016 (In thousands) Other accrued liabilities $ 198 $ 329 Other long-term liabilities 639 430 Total acquisition-related contingent consideration $ 837 $ 759 The following table represents the quantitative range of the significant unobservable inputs used in the calculation of fair value of the continent consideration liability as of April 1, 2017. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower (higher) fair value measurement. Quantitative Information about Level 3 Fair Value Measurements at April 1, 2017 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (In thousands, except for percentages) Revenue Earnout $ 837 Discounted cash flow Weighted average cost of capital Probability weighting of achieving revenue forecasts 15.3% 10.0% - 80.0% (31.9%) |
Warranty
Warranty | 3 Months Ended |
Apr. 01, 2017 | |
Warranty | 7. Warranty Intevac provides for the estimated cost of warranty when revenue is recognized. Intevac’s warranty is per contract terms and for its disk manufacturing, solar photovoltaic (“PV”) manufacturing and display cover panel (“DCP”) manufacturing systems the warranty typically ranges between 12 and 24 months from customer acceptance. During this warranty period any defective non-consumable On the condensed consolidated balance sheets, the short-term portion of the warranty provision is included in other accrued liabilities, while the long-term portion is included in other long-term liabilities. The expense associated with product warranties issued or adjusted is included in cost of net revenues on the condensed consolidated statements of operations. The following table displays the activity in the warranty provision account for the three-month periods ended April 1, 2017 and April 2, 2016: Three Months Ended April 1,2017 April 2,2016 (In thousands) Opening balance $ 1,007 $ 982 Expenditures incurred under warranties (142 ) (198 ) Accruals for product warranties issued during the reporting period 250 114 Adjustments to previously existing warranty accruals (9 ) (122 ) Closing balance $ 1,106 $ 776 The following table displays the balance sheet classification of the warranty provision account at April 1, 2017 and at December 31, 2016: April 1, December 31, 2017 2017 (In thousands) Other accrued liabilities $ 935 $ 829 Other long-term liabilities 171 178 Total warranty provision $ 1,106 $ 1,007 |
Guarantees
Guarantees | 3 Months Ended |
Apr. 01, 2017 | |
Guarantees | 8. Guarantees Officer and Director Indemnifications As permitted or required under Delaware law and to the maximum extent allowable under that law, Intevac has certain obligations to indemnify its current and former officers and directors for certain events or occurrences while the officer or director is, or was, serving at Intevac’s request in such capacity. These indemnification obligations are valid as long as the director or officer acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The maximum potential amount of future payments Intevac could be required to make under these indemnification obligations is unlimited; however, Intevac has a director and officer insurance policy that mitigates Intevac’s exposure and enables Intevac to recover a portion of any future amounts paid. As a result of Intevac’s insurance policy coverage, Intevac believes the estimated fair value of these indemnification obligations is not material. Other Indemnifications As is customary in Intevac’s industry, many of Intevac’s contracts provide remedies to certain third parties such as defense, settlement, or payment of judgments for intellectual property claims related to the use of its products. Such indemnification obligations may not be subject to maximum loss clauses. Historically, payments made related to these indemnifications have been immaterial. Letters of Credit As of April 1, 2017, we had letters of credit and bank guarantees outstanding totaling $1.5 million, including the standby letter of credit outstanding under the Santa Clara, California facility lease and various other guarantees with our bank. These letters of credit and bank guarantees are collateralized by $1.5 million of restricted cash. |
Cash, Cash Equivalents and Inve
Cash, Cash Equivalents and Investments | 3 Months Ended |
Apr. 01, 2017 | |
Cash, Cash Equivalents and Investments | 9. Cash, Cash Equivalents and Investments Cash and cash equivalents, short-term investments and long-term investments consist of: April 1, 2017 Amortized Unrealized Unrealized Fair (In thousands) Cash and cash equivalents: Cash $ 15,290 $ — $ — $ 15,290 Money market funds 8,414 — — 8,414 Commercial paper 1,273 — — 1,273 Municipal bonds 600 — — 600 Total cash and cash equivalents $ 25,577 $ — $ — $ 25,577 Short-term investments: Certificates of deposit $ 1,000 $ — $ — $ 1,000 Commercial paper 1,597 — — 1,597 Corporate bonds and medium-term notes 8,231 — 9 8,222 U.S. treasury and agency securities 4,410 — 2 4,408 Total short-term investments $ 15,238 $ — $ 11 $ 15,227 Long-term investments: Corporate bonds and medium-term notes $ 1,948 $ — $ 5 $ 1,943 Municipal bonds 500 — 2 498 U.S. treasury and agency securities 1,597 — — 1,597 Total long-term investments $ 4,045 $ — $ 7 $ 4,038 Total cash, cash equivalents, and investments $ 44,860 $ — $ 18 $ 44,842 December 31, 2016 Amortized Unrealized Unrealized Fair (in thousands) Cash and cash equivalents: Cash $ 18,726 $ — $ — $ 18,726 Money market funds 8,317 — — 8,317 Total cash and cash equivalents $ 27,043 $ — $ — $ 27,043 Short-term investments: Commercial paper $ 1,992 $ — $ 1 $ 1,991 Corporate bonds and medium-term notes 8,586 — 6 8,580 Municipal bonds 600 — — 600 U.S. treasury and agency securities 6,432 — 1 6,431 Total short-term investments $ 17,610 $ — $ 8 $ 17,602 Long-term investments: Corporate bonds and medium-term notes $ 2,510 $ — $ 11 $ 2,499 Municipal bonds 500 — 4 496 U.S. treasury and agency securities 597 1 — 598 Total long-term investments $ 3,607 $ 1 $ 15 $ 3,593 Total cash, cash equivalents, and investments $ 48,260 $ 1 $ 23 $ 48,238 The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of April 1, 2017. April 1, 2017 In Loss Position for Less than 12 Months In Loss Position for Fair Value Gross Unrealized Fair Value Gross Unrealized (in thousands) Corporate bonds and medium-term notes $ 9,105 $ 14 $ — $ — Municipal bonds 498 2 — — U.S. treasury and agency securities 4,408 2 — — $ 14,011 $ 18 $ — $ — The contractual maturities of available-for-sale Amortized Fair Value (In thousands) Due in one year or less $ 25,525 $ 25,514 Due after one through two years 4,045 4,038 $ 29,570 $ 29,552 All prices for the fixed maturity securities including U.S. Treasury and agency securities, certificates of deposit, commercial paper, corporate bonds and municipal bonds are received from independent pricing services utilized by Intevac’s outside investment manager. This investment manager performs a review of the pricing methodologies and inputs utilized by the independent pricing services for each asset type priced by the vendor. In addition, on at least an annual basis, the investment manager conducts due diligence visits and interviews with each pricing vendor to verify the inputs utilized for each asset class. The due diligence visits include a review of the procedures performed by each vendor to ensure that pricing evaluations are representative of the price that would be received for a security in an orderly sale. Any pricing where the input is based solely on a broker price is deemed to be a Level 3 price. Intevac uses the pricing data obtained from its outside investment manager as the primary input to make its assessments and determinations as to the ultimate valuation of the above-mentioned securities and has not made, during the periods presented, any material adjustments to such inputs. The following table represents the fair value hierarchy of Intevac’s available-for-sale Fair Value Measurements at April 1, 2017 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Available-for-sale Money market funds $ 8,414 $ 8,414 $ — U.S. treasury and agency securities 6,005 2,098 3,907 Certificates of deposit 1,000 — 1,000 Commercial paper 2,870 — 2,870 Corporate bonds and medium-term notes 10,165 — 10,165 Municipal bonds 1,098 — 1,098 Total recurring fair value measurements $ 29,552 $ 10,512 $ 19,040 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Apr. 01, 2017 | |
Derivative Instruments | 10. Derivative Instruments The Company uses foreign currency forward contracts to mitigate variability in gains and losses generated from the re-measurement re-measurement The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its condensed consolidated balance sheets as of April 1, 2017 and December 31, 2016: Notional Amounts Derivative Liabilities Derivative Instrument April 1, December 31, April 1, December 31, Balance Sheet Line Fair Value Balance Sheet Line Fair Value (in thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 1,286 $ 1,146 (a ) $ 6 (a ) $ 8 Total Hedges $ 1,286 $ 1,146 $ 6 $ 8 (a) Other accrued liabilities |
Equity
Equity | 3 Months Ended |
Apr. 01, 2017 | |
Equity | 11. Equity Stock Repurchase Program On November 21, 2013, Intevac’s Board of Directors approved a stock repurchase program authorizing up to $30.0 million in repurchases. At April 1, 2017, $1.5 million remains available for future stock repurchases under the repurchase program. Intevac did not make any stock repurchases during the three months ended April 1, 2017 and April 2, 2016, respectively. Intevac records treasury stock purchases under the cost method using the first-in, first-out paid-in paid-in Accumulated Other Comprehensive Income The changes in accumulated other comprehensive income by component for the three months ended April 1, 2017 and April 2, 2016, are as follows. Three Months Ended Three Months Ended April 1, 2017 April 2, 2016 Foreign Unrealized holding gains (losses) on available- for-sale Total Foreign Unrealized holding gains (losses) on available- for-sale Total (In thousands) Beginning balance $ 343 $ (22 ) $ 321 $ 452 $ (40 ) $ 412 Other comprehensive income before reclassification 34 4 38 67 44 111 Amounts reclassified from other comprehensive income — — — — — — Net current-period other comprehensive income 34 4 38 67 44 111 Ending balance $ 377 $ (18 ) $ 359 $ 519 $ 4 $ 523 |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Apr. 01, 2017 | |
Net Income (Loss) Per Share | 12. Net Income (Loss) Per Share The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended April 1, 2017 April 2, 2016 (In thousands) Net income (loss) $ 1,829 $ (6,305 ) Weighted-average shares – basic 21,216 20,551 Effect of dilutive potential common shares 1,574 — Weighted-average shares – diluted 22,790 20,551 Net income (loss) per share – basic $ 0.09 $ (0.31 ) Net income (loss) per share – diluted $ 0.08 $ (0.31 ) The following potentially dilutive securities were excluded (as common stock equivalents) from the computation of diluted net income (loss) per share for the periods presented as their effect would have been antidilutive: April 1, April 2, 2017 2016 (In thousands) Stock options to purchase common stock 452 2,423 RSUs — 940 Employee stock purchase plan — 81 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 01, 2017 | |
Segment Reporting | 13. Segment Reporting Intevac’s two reportable segments are: Thin-film Equipment and Photonics. Intevac’s chief operating decision-maker has been identified as the President and CEO, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Segment information is presented based upon Intevac’s management organization structure as of April 1, 2017 and the distinctive nature of each segment. Future changes to this internal financial structure may result in changes to the reportable segments disclosed. Each reportable segment is separately managed and has separate financial results that are reviewed by Intevac’s chief operating decision-maker. Each reportable segment contains closely related products that are unique to the particular segment. Segment operating profit is determined based upon internal performance measures used by the chief operating decision-maker. Intevac derives the segment results from its internal management reporting system. The accounting policies Intevac uses to derive reportable segment results are substantially the same as those used for external reporting purposes. Management measures the performance of each reportable segment based upon several metrics, including orders, net revenues and operating income. Management uses these results to evaluate the performance of, and to assign resources to, each of the reportable segments. Intevac manages certain operating expenses separately at the corporate level. Intevac allocates certain of these corporate expenses to the segments in an amount equal to 3% of net revenues. Segment operating income excludes interest income/expense and other financial charges and income taxes according to how a particular reportable segment’s management is measured. Management does not consider impairment charges, gains and losses on divestitures and sales of intellectual property, and unallocated costs in measuring the performance of the reportable segments. The Thin-film Equipment segment designs, develops and markets vacuum process equipment solutions for high-volume manufacturing of small substrates with precise thin-film properties, such as for the hard drive, solar cell and DCP industries, as well as other adjacent thin-film markets. The Photonics segment develops compact, cost-effective, high-sensitivity digital-optical products for the capture and display of low-light Information for each reportable segment for the three months ended April 1, 2017 and April 2, 2016 is as follows: Net Revenues Three Months Ended April 1, 2017 April 2, 2016 (In thousands) Thin-film Equipment $ 21,484 $ 5,580 Photonics 8,904 8,084 Total segment net revenues $ 30,388 $ 13,664 Operating Income (Loss) Three Months Ended April 1, 2017 April 2, 2016 (In thousands) Thin-film Equipment $ 1,859 $ (5,445 ) Photonics 1,465 407 Total segment operating profit (loss) 3,324 (5,038 ) Unallocated costs (1,233 ) (1,278 ) Income (loss) from operations 2,091 (6,316 ) Interest income and other income (expense), net 110 37 Income (loss) before income taxes $ 2,201 $ (6,279 ) Total assets for each reportable segment as of April 1, 2017 and December 31, 2016 are as follows: Assets April 1, 2017 December 31, 2016 (In thousands) Thin-film Equipment $ 41,862 $ 39,503 Photonics 17,291 16,071 Total segment assets 59,153 55,574 Cash, cash equivalents and investments 44,842 48,238 Restricted cash 1,450 1,602 Deferred income taxes 3 3 Other current assets 1,001 997 Common property, plant and equipment 1,608 1,039 Other assets 671 871 Consolidated total assets $ 108,728 $ 108,324 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 01, 2017 | |
Income Taxes | 14. Income Taxes Intevac recorded income tax provisions of $372,000 for the three months ended April 1, 2017 and of $26,000 for the three months ended April 2, 2016. The income tax provisions for the three month periods are based upon estimates of annual income (loss), annual permanent differences and statutory tax rates in the various jurisdictions in which Intevac operates. For the three month period ended April 1, 2017 Intevac utilized net operating loss carry-forwards to reduce taxable U.S. income to the AMT level and recorded discrete items for audit considerations in foreign jurisdictions and stock-based compensation excess tax benefits. Intevac did not recognize benefits on the U.S. net operating loss or on the Singapore net operating loss for the three month period ended April 2, 2016 due to having full valuation allowances on the U.S. deferred tax assets and on the Singapore deferred tax assets. Intevac’s tax rate differs from the applicable statutory rates due primarily to establishment of a valuation allowance, the utilization of deferred and current credits and the effect of permanent differences and adjustments of prior permanent differences. Intevac’s future effective income tax rate depends on various factors, including the level of Intevac’s projected earnings, the geographic composition of worldwide earnings, tax regulations governing each region, net operating loss carry-forwards, availability of tax credits and the effectiveness of Intevac’s tax planning strategies. Management carefully monitors these factors and timely adjusts the effective income tax rate. The Inland Revenue Authority of Singapore (“IRAS”) is currently conducting a review of the fiscal 2009 through 2012 tax returns of the Company’s wholly-owned subsidiary, Intevac Asia Pte. Ltd. IRAS has challenged the Company’s tax position with respect to certain aspects of the Company’s transfer pricing. Under Singapore tax law, the Company must pay all contested taxes and the related interest to have the right to defend its position. The contested tax deposits of $671,000 at April 1, 2017 and $871,000 at December 31, 2016 are included in other long-term assets on the condensed consolidated balance sheets. The Company’s management and its advisors continue to believe that the Company is “more likely than not” to successfully defend that the tax treatment was proper and in accordance with Singapore tax regulations. Presently, there are no other active income tax examinations in the jurisdictions where Intevac operates. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 01, 2017 | |
Commitments and Contingencies | 15. Commitments and Contingencies From time to time, Intevac may have certain contingent liabilities that arise in the ordinary course of its business activities. Intevac accounts for contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Summary of Inventories | Inventories are stated at the lower of average cost or market and consist of the following: April 1, December 31, 2017 2016 (In thousands) Raw materials $ 11,000 $ 10,290 Work-in-progress 10,351 6,470 Finished goods 2,726 8,116 $ 24,077 $ 24,876 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Effect of Recording Equity-Based Compensation | The effect of recording equity-based compensation for the three-month periods ended April 1, 2017 and April 2, 2016 was as follows: Three Months Ended April 1, 2017 April 2, 2016 (In thousands) Equity-based compensation by type of award: Stock options $ 255 $ 276 RSUs 718 634 Employee stock purchase plan 104 201 Total equity-based compensation $ 1,077 $ 1,111 |
Option Activity and Changes | Option activity as of April 1, 2017 and changes during the three months ended April 1, 2017 were as follows: Shares Weighted Average Options outstanding at December 31, 2016 2,740,364 $ 7.00 Options granted 30,625 $ 7.89 Options cancelled and forfeited (21,405 ) $ 6.60 Options exercised (57,657 ) $ 6.03 Options outstanding at April 1, 2017 2,691,927 $ 7.03 Options exercisable at April 1, 2017 1,783,825 $ 7.78 |
Employee Stock Options Weighted-Average Assumptions | Intevac estimated the weighted-average fair value of stock options and employee stock purchase rights using the following weighted-average assumptions: Three Months Ended April 1, 2017 April 2, 2016 Stock Options: Weighted-average fair value of grants per share $ 4.56 $ 1.50 Expected volatility 41.78 % 42.96 % Risk free interest rate 1.38 % 1.04 % Expected term of options (in years) 2.54 3.96 Dividend yield None None Stock Purchase Rights: Weighted-average fair value of grants per share $ 2.74 $ 1.54 Expected volatility 40.66 % 39.33 % Risk free interest rate 1.14 % 0.76 % Expected term of purchase rights (in years) 0.74 1.93 Dividend yield None None |
Summary of Restricted Stock Units Activity | A summary of the RSU activity is as follows: Shares Weighted Average Grant Date Fair Value Non-vested 949,455 $ 4.64 Granted 142,749 $ 9.67 Vested (325,796 ) $ 4.21 Cancelled and forfeited (2,910 ) $ 5.77 Non-vested 763,498 $ 5.75 |
Weighted Average Fair Value of Market Condition Based RSUs | Intevac estimated the weighted-average fair value of market condition-based RSUs using the following weighted-average assumptions: Three Months Ended April 2, 2016 Weighted-average fair value of grants per share $ 2.46 Expected volatility 47.65 % Risk free interest rate 1.35 % Expected term (in years) 4.79 Dividend yield None |
Purchased Intangible Assets (Ta
Purchased Intangible Assets (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Details of Finite-lived Intangible Assets by Segment | Details of finite-lived intangible assets by segment as of April 1, 2017, are as follows. April 1, 2017 Gross Accumulated Net (In thousands) Thin-film Equipment $ 7,172 $ (5,318 ) $ 1,854 Photonics 1,215 (1,024 ) 191 $ 8,387 $ (6,342 ) $ 2,045 |
Future Amortization Expense | As of April 1, 2017, future amortization expense is expected to be as follows. (In thousands) 2017 $ 541 2018 615 2019 615 2020 274 $ 2,045 |
Acquisition-Related Contingen25
Acquisition-Related Contingent Consideration (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Reconciliation of Change in Fair Value Measurement of Contingent Consideration Liability | The following table represents a reconciliation of the change in the fair value measurement of the contingent consideration liability for the three-month periods ended April 1, 2017 and April 2, 2016: Three Months Ended April 1,2017 April 2,2016 (In thousands) Opening balance $ 759 $ 890 Changes in fair value 80 16 Cash payments made (2 ) — Closing balance $ 837 $ 906 |
Balance Sheet Classification of Contingent Consideration Liability | The following table displays the balance sheet classification of the contingent consideration liability account at April 1, 2017 and at December 31, 2016: April 1, December 31, 2017 2016 (In thousands) Other accrued liabilities $ 198 $ 329 Other long-term liabilities 639 430 Total acquisition-related contingent consideration $ 837 $ 759 |
Quantitative Information of Significant Unobservable Inputs of Contingent Consideration Liability | The following table represents the quantitative range of the significant unobservable inputs used in the calculation of fair value of the continent consideration liability as of April 1, 2017. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower (higher) fair value measurement. Quantitative Information about Level 3 Fair Value Measurements at April 1, 2017 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (In thousands, except for percentages) Revenue Earnout $ 837 Discounted cash flow Weighted average cost of capital Probability weighting of achieving revenue forecasts 15.3% 10.0% - 80.0% (31.9%) |
Warranty (Tables)
Warranty (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Activity in Warranty Provision Account | The following table displays the activity in the warranty provision account for the three-month periods ended April 1, 2017 and April 2, 2016: Three Months Ended April 1,2017 April 2,2016 (In thousands) Opening balance $ 1,007 $ 982 Expenditures incurred under warranties (142 ) (198 ) Accruals for product warranties issued during the reporting period 250 114 Adjustments to previously existing warranty accruals (9 ) (122 ) Closing balance $ 1,106 $ 776 The following table displays the balance sheet classification of the warranty provision account at April 1, 2017 and at December 31, 2016: April 1, December 31, 2017 2017 (In thousands) Other accrued liabilities $ 935 $ 829 Other long-term liabilities 171 178 Total warranty provision $ 1,106 $ 1,007 |
Cash, Cash Equivalents and In27
Cash, Cash Equivalents and Investments (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments | Cash and cash equivalents, short-term investments and long-term investments consist of: April 1, 2017 Amortized Unrealized Unrealized Fair (In thousands) Cash and cash equivalents: Cash $ 15,290 $ — $ — $ 15,290 Money market funds 8,414 — — 8,414 Commercial paper 1,273 — — 1,273 Municipal bonds 600 — — 600 Total cash and cash equivalents $ 25,577 $ — $ — $ 25,577 Short-term investments: Certificates of deposit $ 1,000 $ — $ — $ 1,000 Commercial paper 1,597 — — 1,597 Corporate bonds and medium-term notes 8,231 — 9 8,222 U.S. treasury and agency securities 4,410 — 2 4,408 Total short-term investments $ 15,238 $ — $ 11 $ 15,227 Long-term investments: Corporate bonds and medium-term notes $ 1,948 $ — $ 5 $ 1,943 Municipal bonds 500 — 2 498 U.S. treasury and agency securities 1,597 — — 1,597 Total long-term investments $ 4,045 $ — $ 7 $ 4,038 Total cash, cash equivalents, and investments $ 44,860 $ — $ 18 $ 44,842 December 31, 2016 Amortized Unrealized Unrealized Fair (in thousands) Cash and cash equivalents: Cash $ 18,726 $ — $ — $ 18,726 Money market funds 8,317 — — 8,317 Total cash and cash equivalents $ 27,043 $ — $ — $ 27,043 Short-term investments: Commercial paper $ 1,992 $ — $ 1 $ 1,991 Corporate bonds and medium-term notes 8,586 — 6 8,580 Municipal bonds 600 — — 600 U.S. treasury and agency securities 6,432 — 1 6,431 Total short-term investments $ 17,610 $ — $ 8 $ 17,602 Long-term investments: Corporate bonds and medium-term notes $ 2,510 $ — $ 11 $ 2,499 Municipal bonds 500 — 4 496 U.S. treasury and agency securities 597 1 — 598 Total long-term investments $ 3,607 $ 1 $ 15 $ 3,593 Total cash, cash equivalents, and investments $ 48,260 $ 1 $ 23 $ 48,238 |
Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired | The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of April 1, 2017. April 1, 2017 In Loss Position for Less than 12 Months In Loss Position for Fair Value Gross Unrealized Fair Value Gross Unrealized (in thousands) Corporate bonds and medium-term notes $ 9,105 $ 14 $ — $ — Municipal bonds 498 2 — — U.S. treasury and agency securities 4,408 2 — — $ 14,011 $ 18 $ — $ — |
Contractual Maturities of Available-for-Sale Securities | The contractual maturities of available-for-sale Amortized Fair Value (In thousands) Due in one year or less $ 25,525 $ 25,514 Due after one through two years 4,045 4,038 $ 29,570 $ 29,552 |
Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis | The following table represents the fair value hierarchy of Intevac’s available-for-sale Fair Value Measurements at April 1, 2017 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Available-for-sale Money market funds $ 8,414 $ 8,414 $ — U.S. treasury and agency securities 6,005 2,098 3,907 Certificates of deposit 1,000 — 1,000 Commercial paper 2,870 — 2,870 Corporate bonds and medium-term notes 10,165 — 10,165 Municipal bonds 1,098 — 1,098 Total recurring fair value measurements $ 29,552 $ 10,512 $ 19,040 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets | The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its condensed consolidated balance sheets as of April 1, 2017 and December 31, 2016: Notional Amounts Derivative Liabilities Derivative Instrument April 1, December 31, April 1, December 31, Balance Sheet Line Fair Value Balance Sheet Line Fair Value (in thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 1,286 $ 1,146 (a ) $ 6 (a ) $ 8 Total Hedges $ 1,286 $ 1,146 $ 6 $ 8 (a) Other accrued liabilities |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Change in Accumulated Other Comprehensive Income by Component | The changes in accumulated other comprehensive income by component for the three months ended April 1, 2017 and April 2, 2016, are as follows. Three Months Ended Three Months Ended April 1, 2017 April 2, 2016 Foreign Unrealized holding gains (losses) on available- for-sale Total Foreign Unrealized holding gains (losses) on available- for-sale Total (In thousands) Beginning balance $ 343 $ (22 ) $ 321 $ 452 $ (40 ) $ 412 Other comprehensive income before reclassification 34 4 38 67 44 111 Amounts reclassified from other comprehensive income — — — — — — Net current-period other comprehensive income 34 4 38 67 44 111 Ending balance $ 377 $ (18 ) $ 359 $ 519 $ 4 $ 523 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Computation of Basic and Diluted Net Income (Loss) Per Share | The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended April 1, 2017 April 2, 2016 (In thousands) Net income (loss) $ 1,829 $ (6,305 ) Weighted-average shares – basic 21,216 20,551 Effect of dilutive potential common shares 1,574 — Weighted-average shares – diluted 22,790 20,551 Net income (loss) per share – basic $ 0.09 $ (0.31 ) Net income (loss) per share – diluted $ 0.08 $ (0.31 ) |
Antidilutive Securities Excluded from Computation of Diluted Net Income (Loss) Per Share | The following potentially dilutive securities were excluded (as common stock equivalents) from the computation of diluted net income (loss) per share for the periods presented as their effect would have been antidilutive: April 1, April 2, 2017 2016 (In thousands) Stock options to purchase common stock 452 2,423 RSUs — 940 Employee stock purchase plan — 81 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Information for Each Reportable Segment | Information for each reportable segment for the three months ended April 1, 2017 and April 2, 2016 is as follows: Net Revenues Three Months Ended April 1, 2017 April 2, 2016 (In thousands) Thin-film Equipment $ 21,484 $ 5,580 Photonics 8,904 8,084 Total segment net revenues $ 30,388 $ 13,664 Operating Income (Loss) Three Months Ended April 1, 2017 April 2, 2016 (In thousands) Thin-film Equipment $ 1,859 $ (5,445 ) Photonics 1,465 407 Total segment operating profit (loss) 3,324 (5,038 ) Unallocated costs (1,233 ) (1,278 ) Income (loss) from operations 2,091 (6,316 ) Interest income and other income (expense), net 110 37 Income (loss) before income taxes $ 2,201 $ (6,279 ) |
Assets for Each Reportable Segment | Total assets for each reportable segment as of April 1, 2017 and December 31, 2016 are as follows: Assets April 1, 2017 December 31, 2016 (In thousands) Thin-film Equipment $ 41,862 $ 39,503 Photonics 17,291 16,071 Total segment assets 59,153 55,574 Cash, cash equivalents and investments 44,842 48,238 Restricted cash 1,450 1,602 Deferred income taxes 3 3 Other current assets 1,001 997 Common property, plant and equipment 1,608 1,039 Other assets 671 871 Consolidated total assets $ 108,728 $ 108,324 |
Recent Accounting Pronounceme32
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Apr. 01, 2017 | Jan. 01, 2017 | |
Revisions [Line Items] | ||
Cumulative effect of change in accumulated deficit | $ 1,100,000 | |
Stock-based compensation excess tax benefits | $ 47,000 |
Inventories Stated at Lower of
Inventories Stated at Lower of Average Cost or Market (Detail) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Inventory [Line Items] | ||
Raw materials | $ 11,000 | $ 10,290 |
Work-in-progress | 10,351 | 6,470 |
Finished goods | 2,726 | 8,116 |
Inventories | $ 24,077 | $ 24,876 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional information (Detail) | 1 Months Ended | 3 Months Ended | |||
Feb. 28, 2017Employee$ / sharesshares | Feb. 29, 2016Employee$ / sharesshares | Apr. 01, 2017USD ($)shares | Apr. 02, 2016USD ($)shares | Jan. 01, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase of common stock through payroll deductions | 85.00% | ||||
Offering periods | 2 years | ||||
Purchase intervals of a series | 6 months | ||||
Maximum employee salary withholdings for purchase of common stock under the terms of the ESPP | 15.00% | ||||
Cumulative effect of change in accumulated deficit | $ | $ 1,100,000 | ||||
Number of shares issued under employee stock purchase plan | 195,184 | ||||
RSU conversion ratio | 100.00% | ||||
Annual incentive plan stock awards granted | 30,625 | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award, vesting period | 4 years | ||||
Number of share awards granted | 142,749 | ||||
Annual incentive plan equity-based compensation expense | $ | $ 102,000 | $ 115,000 | |||
Number of participants in restricted stock grants awarded | Employee | 33 | 34 | |||
Annual incentive plan stock awards granted | 134,000 | 266,000 | |||
Weighted-average fair value of grants per share | $ / shares | $ 9.63 | $ 4.40 | |||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of share awards granted | 125,000 | ||||
Derived service period | 2 years 9 months 18 days |
Effect of Recording Equity-Base
Effect of Recording Equity-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 1,077 | $ 1,111 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 255 | 276 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 718 | 634 |
Employee stock purchase plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 104 | $ 201 |
Option Activity and Changes (De
Option Activity and Changes (Detail) | 3 Months Ended |
Apr. 01, 2017$ / sharesshares | |
Shares | |
Options outstanding at December 31, 2016 | shares | 2,740,364 |
Options granted | shares | 30,625 |
Options cancelled and forfeited | shares | (21,405) |
Options exercised | shares | (57,657) |
Options outstanding at April 1, 2017 | shares | 2,691,927 |
Options exercisable at April 1, 2017 | shares | 1,783,825 |
Weighted Average Exercise Price | |
Options outstanding at December 31, 2016 | $ / shares | $ 7 |
Options granted | $ / shares | 7.89 |
Options cancelled and forfeited | $ / shares | 6.60 |
Options exercised | $ / shares | 6.03 |
Options outstanding at April 1, 2017 | $ / shares | 7.03 |
Options exercisable at April 1, 2017 | $ / shares | $ 7.78 |
Weighted-Average Fair Value of
Weighted-Average Fair Value of Stock Options and Employee Stock Purchase Rights using Weighted-Average Assumptions (Detail) - $ / shares | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Stock Options | ||
Weighted-average assumptions | ||
Weighted-average fair value of grants per share | $ 4.56 | $ 1.50 |
Expected volatility | 41.78% | 42.96% |
Risk free interest rate | 1.38% | 1.04% |
Expected term of options (in years) | 2 years 6 months 15 days | 3 years 11 months 16 days |
Dividend yield | 0.00% | 0.00% |
Stock Purchase Rights | ||
Weighted-average assumptions | ||
Weighted-average fair value of grants per share | $ 2.74 | $ 1.54 |
Expected volatility | 40.66% | 39.33% |
Risk free interest rate | 1.14% | 0.76% |
Expected term of options (in years) | 8 months 27 days | 1 year 11 months 5 days |
Dividend yield | 0.00% | 0.00% |
Summary of Restricted Stock Uni
Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) | 3 Months Ended |
Apr. 01, 2017$ / sharesshares | |
Shares | |
Non-vested RSUs at December 31, 2016 | shares | 949,455 |
Granted | shares | 142,749 |
Vested | shares | (325,796) |
Cancelled and forfeited | shares | (2,910) |
Non-vested RSUs at April 1, 2017 | shares | 763,498 |
Weighted Average Grant Date Fair Value | |
Non-vested RSUs at December 31, 2016 | $ / shares | $ 4.64 |
Granted | $ / shares | 9.67 |
Vested | $ / shares | 4.21 |
Cancelled and forfeited | $ / shares | 5.77 |
Non-vested RSUs at April 1, 2017 | $ / shares | $ 5.75 |
Weighted Average Fair Value of
Weighted Average Fair Value of Market Condition Based RSUs (Detail) - Restricted Stock | 3 Months Ended |
Apr. 02, 2016$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average fair value of grants per share | $ 2.46 |
Expected volatility | 47.65% |
Risk free interest rate | 1.35% |
Expected term (in years) | 4 years 9 months 15 days |
Dividend yield | 0.00% |
Details of Finite-lived Intangi
Details of Finite-lived Intangible Assets by Segment (Detail) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived, Gross Carrying Amount | $ 8,387 | |
Accumulated Amortization | (6,342) | $ (6,129) |
Finite Lived, Net Carrying Amount | 2,045 | $ 2,258 |
Thin-film Equipment Segment | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived, Gross Carrying Amount | 7,172 | |
Accumulated Amortization | (5,318) | |
Finite Lived, Net Carrying Amount | 1,854 | |
Photonics | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived, Gross Carrying Amount | 1,215 | |
Accumulated Amortization | (1,024) | |
Finite Lived, Net Carrying Amount | $ 191 |
Purchased Intangible Assets - A
Purchased Intangible Assets - Additional Information (Detail) | 3 Months Ended |
Apr. 01, 2017USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total amortization expense of finite-lived intangibles | $ 213,000 |
Future Amortization Expense (De
Future Amortization Expense (Detail) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
2,017 | $ 541 | |
2,018 | 615 | |
2,019 | 615 | |
2,020 | 274 | |
Finite Lived, Net Carrying Amount | $ 2,045 | $ 2,258 |
Acquisition-Related Contingen43
Acquisition-Related Contingent Consideration - Additional Information (Detail) $ in Millions | Nov. 19, 2010USD ($) |
Solar Implant Technologies | Revenue Earnout | |
Business Acquisition [Line Items] | |
Maximum amount of cash potentially earned in contingent compensation arrangements | $ 9 |
Reconciliation of Change in Fai
Reconciliation of Change in Fair Value Measurement of Contingent Consideration Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Business Acquisition, Contingent Consideration [Line Items] | ||
Opening balance | $ 759 | $ 890 |
Changes in fair value | 80 | 16 |
Cash payments made | (2) | |
Closing balance | $ 837 | $ 906 |
Balance Sheet Classification of
Balance Sheet Classification of Contingent Consideration Liability (Detail) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Business Combination, Transactions [Line Items] | ||
Other accrued liabilities | $ 837 | $ 759 |
Other accrued liabilities | ||
Business Combination, Transactions [Line Items] | ||
Other accrued liabilities | 198 | 329 |
Other long-term liabilities | ||
Business Combination, Transactions [Line Items] | ||
Other accrued liabilities | $ 639 | $ 430 |
Quantitative Range of Significa
Quantitative Range of Significant Unobservable Inputs Used in Calculation of Fair Value of Continent Consideration Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2016 | |
Business Acquisition, Contingent Consideration [Line Items] | ||
Fair Value | $ 837 | $ 759 |
Fair Value, Inputs, Level 3 | Revenue Earnout | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Valuation technique | Discounted cash flow | |
Fair Value | $ 837 | |
Fair Value, Inputs, Level 3 | Revenue Earnout | Weighted Average | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Weighted average cost of capital | 15.30% | |
Probability weighting of achieving revenue forecasts | 31.90% | |
Fair Value, Inputs, Level 3 | Revenue Earnout | Minimum | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Probability weighting of achieving revenue forecasts | 10.00% | |
Fair Value, Inputs, Level 3 | Revenue Earnout | Maximum | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Probability weighting of achieving revenue forecasts | 80.00% |
Warranty - Additional Informati
Warranty - Additional Information (Detail) | 3 Months Ended |
Apr. 01, 2017 | |
Warranties [Line Items] | |
Minimum product warranty range | 12 months |
Maximum product warranty range | 24 months |
Warranty Provision Account (Det
Warranty Provision Account (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Accrued Warranty [Line Items] | ||
Opening balance | $ 1,007 | $ 982 |
Expenditures incurred under warranties | (142) | (198) |
Accruals for product warranties issued during the reporting period | 250 | 114 |
Adjustments to previously existing warranty accruals | (9) | (122) |
Closing balance | $ 1,106 | $ 776 |
Balance Sheet Classification 49
Balance Sheet Classification of Warranty Provision Account (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Apr. 01, 2017 | Jan. 01, 2017 | Apr. 02, 2016 | Jan. 02, 2016 |
Product Warranty [Line Items] | |||||
Other accrued liabilities | $ 829 | $ 935 | |||
Other long-term liabilities | 178 | 171 | |||
Total warranty provision | $ 1,007 | $ 1,106 | $ 1,007 | $ 776 | $ 982 |
Guarantees - Additional Informa
Guarantees - Additional Information (Detail) $ in Millions | Apr. 01, 2017USD ($) |
Guarantor Obligations [Line Items] | |
Letters of credit and bank guarantees outstanding, amount | $ 1.5 |
Letters of credit and bank guarantees collateralized by restricted cash | $ 1.5 |
Cash, Cash Equivalents and Shor
Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments (Detail) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 44,860 | $ 48,260 |
Unrealized Holdings Gains | 1 | |
Unrealized Holdings Losses | 18 | 23 |
Fair Value | 44,842 | 48,238 |
Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 600 | |
Fair Value | 600 | |
Cash and Cash Equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 25,577 | 27,043 |
Fair Value | 25,577 | 27,043 |
Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15,238 | 17,610 |
Unrealized Holdings Losses | 11 | 8 |
Fair Value | 15,227 | 17,602 |
Short-term Investments | Corporate bonds and medium-term notes | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,231 | 8,586 |
Unrealized Holdings Losses | 9 | 6 |
Fair Value | 8,222 | 8,580 |
Short-term Investments | Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 600 | |
Fair Value | 600 | |
Short-term Investments | U.S. treasury and agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,410 | 6,432 |
Unrealized Holdings Losses | 2 | 1 |
Fair Value | 4,408 | 6,431 |
Other Long-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,045 | 3,607 |
Unrealized Holdings Gains | 1 | |
Unrealized Holdings Losses | 7 | 15 |
Fair Value | 4,038 | 3,593 |
Other Long-term Investments | Corporate bonds and medium-term notes | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,948 | 2,510 |
Unrealized Holdings Losses | 5 | 11 |
Fair Value | 1,943 | 2,499 |
Other Long-term Investments | Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 500 | 500 |
Unrealized Holdings Losses | 2 | 4 |
Fair Value | 498 | 496 |
Other Long-term Investments | U.S. treasury and agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,597 | 597 |
Unrealized Holdings Gains | 1 | |
Fair Value | 1,597 | 598 |
Cash | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15,290 | 18,726 |
Fair Value | 15,290 | 18,726 |
Money market funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,414 | 8,317 |
Fair Value | 8,414 | 8,317 |
Certificate of deposit | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,000 | |
Fair Value | 1,000 | |
Commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,273 | |
Fair Value | 1,273 | |
Commercial paper | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,597 | 1,992 |
Unrealized Holdings Losses | 1 | |
Fair Value | $ 1,597 | $ 1,991 |
Fair Market Value of Investment
Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired (Detail) $ in Thousands | Apr. 01, 2017USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | $ 14,011 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 18 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 0 |
Corporate bonds and medium-term notes | |
Schedule of Available-for-sale Securities [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 9,105 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 14 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 0 |
Municipal bonds | |
Schedule of Available-for-sale Securities [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 498 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 2 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 0 |
U.S. treasury and agency securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 4,408 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 2 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | $ 0 |
Contractual Maturities of Avail
Contractual Maturities of Available-For-Sale Securities (Detail) $ in Thousands | Apr. 01, 2017USD ($) |
Amortized Cost | |
Amortized Cost, Due in one year or less | $ 25,525 |
Amortized Cost, Due after one through two years | 4,045 |
Amortized Cost | 29,570 |
Fair Value | |
Fair Value, Due in one year or less | 25,514 |
Fair Value, Due after one through two years | 4,038 |
Fair Value | $ 29,552 |
Fair Value Hierarchy of Availab
Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis (Detail) $ in Thousands | Apr. 01, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 29,552 |
Fair Value, Measurements, Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 29,552 |
Fair Value, Measurements, Recurring | Money market funds | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 8,414 |
Fair Value, Measurements, Recurring | Certificate of deposit | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 1,000 |
Fair Value, Measurements, Recurring | Commercial paper | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 2,870 |
Fair Value, Measurements, Recurring | U.S. treasury and agency securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 6,005 |
Fair Value, Measurements, Recurring | Corporate bonds and medium-term notes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 10,165 |
Fair Value, Measurements, Recurring | Municipal bonds | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 1,098 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 10,512 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Money market funds | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 8,414 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. treasury and agency securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 2,098 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 19,040 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Certificate of deposit | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 1,000 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial paper | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 2,870 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. treasury and agency securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 3,907 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Corporate bonds and medium-term notes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 10,165 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Municipal bonds | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 1,098 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 3 Months Ended |
Apr. 01, 2017 | |
Derivative [Line Items] | |
Maturity of foreign currency derivative | 30 days |
Summary of Outstanding Derivati
Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets (Detail) - Undesignated Hedges - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | $ 1,286 | $ 1,146 | |
Derivative Liabilities | [1] | 6 | 8 |
Forward foreign currency contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | 1,286 | 1,146 | |
Derivative Liabilities | [1] | $ 6 | $ 8 |
[1] | Other accrued liabilities |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) shares in Millions | 3 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Nov. 21, 2013 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchase authorized amount | $ 30,000,000 | ||
Stock repurchase remained available for future stock repurchase | $ 1,500,000 | ||
Stock repurchased | 0 | 0 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income before reclassification | $ 38 | $ 111 |
Amounts reclassified from other comprehensive income | 0 | 0 |
Net current-period other comprehensive income | 38 | 111 |
Ending balance | 76,586 | |
Foreign currency | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 343 | 452 |
Other comprehensive income before reclassification | 34 | 67 |
Amounts reclassified from other comprehensive income | 0 | 0 |
Net current-period other comprehensive income | 34 | 67 |
Ending balance | 377 | 519 |
Unrealized holding gains on available-for-sale investments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (22) | (40) |
Other comprehensive income before reclassification | 4 | 44 |
Amounts reclassified from other comprehensive income | 0 | 0 |
Net current-period other comprehensive income | 4 | 44 |
Ending balance | (18) | 4 |
Accumulated other comprehensive income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 321 | 412 |
Other comprehensive income before reclassification | 38 | 111 |
Amounts reclassified from other comprehensive income | 0 | 0 |
Net current-period other comprehensive income | 38 | 111 |
Ending balance | $ 359 | $ 523 |
Computation of Basic and Dilute
Computation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items] | ||
Net income (loss) | $ 1,829 | $ (6,305) |
Weighted-average shares - basic | 21,216 | 20,551 |
Effect of dilutive potential common shares | 1,574 | |
Weighted-average shares - diluted | 22,790 | 20,551 |
Net income (loss) per share - basic | $ 0.09 | $ (0.31) |
Net income (loss) per share - diluted | $ 0.08 | $ (0.31) |
Antidilutive Securities Exclude
Antidilutive Securities Excluded from Computation of Diluted Net Income (Loss) Per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Stock Options | ||
Potentially Dilutive Securities Outstanding [Line Items] | ||
Antidilutive securities excluded from computation of diluted net income (loss) per share | 452 | 2,423 |
Restricted Stock Units (RSUs) | ||
Potentially Dilutive Securities Outstanding [Line Items] | ||
Antidilutive securities excluded from computation of diluted net income (loss) per share | 940 | |
Employee stock purchase plan | ||
Potentially Dilutive Securities Outstanding [Line Items] | ||
Antidilutive securities excluded from computation of diluted net income (loss) per share | 81 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Apr. 01, 2017Segment | |
Segment Reporting Disclosure [Line Items] | |
Number of reportable segments | 2 |
Allocation of corporate expenses to the segments | 3.00% |
Information for Each Reportable
Information for Each Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Segment Reporting Information [Line Items] | ||
Total segment net revenues | $ 30,388 | $ 13,664 |
Income (loss) from operations | 2,091 | (6,316) |
Interest income and other income (expense), net | 110 | 37 |
Income (loss) before income taxes | 2,201 | (6,279) |
Thin-film Equipment Segment | ||
Segment Reporting Information [Line Items] | ||
Total segment net revenues | 21,484 | 5,580 |
Photonics | ||
Segment Reporting Information [Line Items] | ||
Total segment net revenues | 8,904 | 8,084 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Income (loss) from operations | 3,324 | (5,038) |
Operating Segments | Thin-film Equipment Segment | ||
Segment Reporting Information [Line Items] | ||
Income (loss) from operations | 1,859 | (5,445) |
Operating Segments | Photonics | ||
Segment Reporting Information [Line Items] | ||
Income (loss) from operations | 1,465 | 407 |
Unallocated Amount to Segment | ||
Segment Reporting Information [Line Items] | ||
Unallocated costs | $ (1,233) | $ (1,278) |
Assets for Each Reportable Segm
Assets for Each Reportable Segment (Detail) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Cash, cash equivalents and investments | $ 44,842 | $ 48,238 |
Restricted cash | 1,450 | 1,602 |
Deferred income taxes | 3 | 3 |
Other current assets | 1,001 | 997 |
Common property, plant and equipment | 1,608 | 1,039 |
Other assets | 671 | 871 |
Consolidated total assets | 108,728 | 108,324 |
Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 59,153 | 55,574 |
Operating Segments | Thin-film Equipment Segment | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 41,862 | 39,503 |
Operating Segments | Photonics | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | $ 17,291 | $ 16,071 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||
Provision for income taxes | $ 372,000 | $ 26,000 | |
Inland Revenue, Singapore (IRAS) | |||
Income Taxes [Line Items] | |||
Deposit for contested taxes and related interest | $ 671,000 | $ 871,000 |