Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 29, 2018 | Feb. 08, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 29, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | INTEVAC INC | ||
Entity Central Index Key | 1,001,902 | ||
Current Fiscal Year End Date | --12-29 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 106,877,786 | ||
Entity Common Stock, Shares Outstanding | 22,911,918 | ||
Trading Symbol | IVAC | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 18,715 | $ 19,941 |
Short-term investments | 16,076 | 15,698 |
Trade and other accounts receivable, net of allowances of $0 at both December 29, 2018 and December 30, 2017 | 27,717 | 20,474 |
Inventories | 30,597 | 33,792 |
Prepaid expenses and other current assets | 2,528 | 2,524 |
Total current assets | 95,633 | 92,429 |
Property, plant and equipment, net | 11,198 | 12,478 |
Long-term investments | 4,372 | 6,849 |
Restricted cash | 1,169 | 1,000 |
Intangible assets, net of amortization of $7,498 and $6,884 at December 29, 2018 and December 30, 2017, respectively | 889 | 1,503 |
Deferred income taxes and other long-term assets | 8,809 | 764 |
Total assets | 122,070 | 115,023 |
Current liabilities: | ||
Accounts payable | 6,053 | 3,949 |
Accrued payroll and related liabilities | 4,689 | 6,818 |
Other accrued liabilities | 4,952 | 7,688 |
Customer advances | 14,314 | 11,026 |
Total current liabilities | 30,008 | 29,481 |
Other long-term liabilities | 2,438 | 2,879 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Undesignated preferred stock, $0.001 par value, 10,000 shares authorized, no shares issued and outstanding | ||
Common stock, $0.001 par value: Authorized shares - 50,000 issued and outstanding shares - 22,700 and 21,811 at December 29, 2018 and December 30, 2017, respectively | 23 | 22 |
Additional paid-in capital | 183,204 | 177,521 |
Treasury stock, 4,965 shares at December 29, 2018 and 4,845 shares at December 30, 2017 | (29,047) | (28,489) |
Accumulated other comprehensive income | 378 | 490 |
Accumulated deficit | (64,934) | (66,881) |
Total stockholders' equity | 89,624 | 82,663 |
Total liabilities and stockholders' equity | $ 122,070 | $ 115,023 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Net of allowances of trade, note and other accounts receivable | $ 0 | $ 0 |
Net of amortization of intangible assets | $ 7,498 | $ 6,884 |
Undesignated preferred stock, par value | $ 0.001 | $ 0.001 |
Undesignated preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Undesignated preferred stock, shares issued | 0 | 0 |
Undesignated preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 22,700,000 | 21,811,000 |
Common stock, shares outstanding | 22,700,000 | 21,811,000 |
Treasury stock, shares | 4,965,000 | 4,845,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Net revenues: | ||
Total net revenues | $ 95,114 | $ 112,847 |
Cost of net revenues: | ||
Total cost of net revenues | 62,420 | 67,184 |
Gross profit | 32,694 | 45,663 |
Operating expenses: | ||
Research and development | 16,862 | 17,724 |
Selling, general and administrative | 20,188 | 23,314 |
Acquisition-related (benefit), net | (139) | (223) |
Total operating expenses | 36,911 | 40,815 |
Operating income (loss) | (4,217) | 4,848 |
Interest income | 516 | 291 |
Other income (expense), net | 106 | 82 |
Income (loss) before income taxes | (3,595) | 5,221 |
Provision for (benefit from) income taxes | (7,176) | 1,103 |
Net income | $ 3,581 | $ 4,118 |
Net income per share: | ||
Basic | $ 0.16 | $ 0.19 |
Diluted | $ 0.16 | $ 0.18 |
Weighted average shares outstanding: | ||
Basic | 22,519 | 21,555 |
Diluted | 22,904 | 22,920 |
Systems and components | ||
Net revenues: | ||
Total net revenues | $ 85,320 | $ 104,856 |
Cost of net revenues: | ||
Total cost of net revenues | 53,334 | 60,120 |
Technology development | ||
Net revenues: | ||
Total net revenues | 9,794 | 7,991 |
Cost of net revenues: | ||
Total cost of net revenues | $ 9,086 | $ 7,064 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Net income | $ 3,581 | $ 4,118 |
Other comprehensive income (loss), before tax | ||
Change in unrealized net loss on available-for-sale investments | 18 | (23) |
Foreign currency translation gains and losses | (130) | 192 |
Other comprehensive income (loss), before tax | (112) | 169 |
Income tax expense related to items in other comprehensive income (loss) | 0 | 0 |
Net current-period other comprehensive income (loss) | (112) | 169 |
Comprehensive income | $ 3,469 | $ 4,287 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning Balance at Dec. 31, 2016 | $ 73,266 | $ 21 | $ 171,314 | $ (28,489) | $ 321 | $ (69,901) |
Beginning Balance (in shares) at Dec. 31, 2016 | 20,939,000 | 4,845,000 | ||||
Shares issued in connection with: | ||||||
Exercise of stock options (in shares) | 135,000 | |||||
Exercise of stock options | $ 878 | 878 | ||||
Settlement of RSUs (in shares) | 505,000 | |||||
Employee stock purchase plan (in shares) | 406,000 | 406,000 | ||||
Employee stock purchase plan | $ 1,551 | $ 1 | 1,550 | |||
Shares withheld in connection with net share settlement of RSUs (in shares) | (174,000) | |||||
Shares withheld in connection with net share settlement of RSUs | (1,999) | (1,999) | ||||
Equity-based compensation expense | 4,075 | 4,075 | ||||
Grant of RSUs to settle accrued bonus | 605 | 605 | ||||
Net income | 4,118 | 4,118 | ||||
Other comprehensive income (loss) | 169 | 169 | ||||
Ending Balance at Dec. 30, 2017 | 82,663 | $ 22 | 177,521 | $ (28,489) | 490 | (66,881) |
Ending Balance (in shares) at Dec. 30, 2017 | 21,811,000 | 4,845,000 | ||||
Cumulative effect of accounting change | 1,098 | (1,098) | ||||
Shares issued in connection with: | ||||||
Exercise of stock options (in shares) | 323,066 | 323,000 | ||||
Exercise of stock options | $ 1,573 | 1,573 | ||||
Settlement of RSUs (in shares) | 434,000 | |||||
Employee stock purchase plan (in shares) | 411,000 | 411,000 | ||||
Employee stock purchase plan | $ 1,635 | $ 1 | 1,634 | |||
Shares withheld in connection with net share settlement of RSUs (in shares) | (159,000) | |||||
Shares withheld in connection with net share settlement of RSUs | (831) | (831) | ||||
Equity-based compensation expense | 3,307 | 3,307 | ||||
Net income | 3,581 | 3,581 | ||||
Other comprehensive income (loss) | (112) | (112) | ||||
Common stock repurchases | $ (558) | $ (558) | ||||
Common Stock Repurchases (in shares) | 120,000 | (120,000) | 120,000 | |||
Ending Balance at Dec. 29, 2018 | $ 89,624 | $ 23 | 183,204 | $ (29,047) | 378 | (64,934) |
Ending Balance (in shares) at Dec. 29, 2018 | 22,700,000 | 4,965,000 | ||||
Cumulative effect of accounting change | $ (1,634) | $ (1,634) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Operating activities | ||
Net income | $ 3,581 | $ 4,118 |
Adjustments to reconcile net income to net cash and cash equivalents used in operating activities: | ||
Depreciation & amortization | 3,999 | 3,116 |
Net amortization (accretion) of investment premiums and discounts | (97) | 42 |
Amortization of intangible assets | 615 | 755 |
Equity-based compensation | 3,307 | 4,178 |
Deferred income taxes | (7,909) | (1) |
Change in the fair value of acquisition-related contingent consideration | (139) | (223) |
Loss on disposal of equipment | 442 | |
Changes in assets and liabilities: | ||
Accounts receivable | (7,243) | (3,027) |
Inventories | 3,278 | (8,916) |
Prepaid expenses and other assets | (141) | (621) |
Accounts payable | 2,104 | (1,374) |
Accrued payroll and other accrued liabilities | (6,801) | (6,029) |
Customer advances | 3,288 | 5,604 |
Total adjustments | (5,297) | (6,496) |
Net cash and cash equivalents used in operating activities | (1,716) | (2,378) |
Investing activities | ||
Purchase of investments | (27,353) | (26,581) |
Proceeds from sales and maturities of investments | 29,567 | 25,164 |
Purchase of equipment | (3,244) | (4,356) |
Net cash and cash equivalents used in investing activities | (1,030) | (5,773) |
Financing activities | ||
Proceeds from issuance of common stock | 3,208 | 2,429 |
Common stock repurchases | (558) | |
Taxes paid related to net share settlement | (831) | (1,999) |
Payment of acquisition-related contingent consideration | (174) | |
Net cash and cash equivalents provided by financing activities | 1,819 | 256 |
Effect of exchange rate changes on cash | (130) | 191 |
Net decrease in cash, cash equivalents and restricted cash | (1,057) | (7,704) |
Cash, cash equivalents and restricted cash at beginning of period | 20,941 | 28,645 |
Cash, cash equivalents and restricted cash at end of period | 19,884 | 20,941 |
Cash paid (received) for: | ||
Income taxes | 991 | 902 |
Income tax refund | $ (19) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 29, 2018 | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Intevac, Inc. and its subsidiaries (Intevac or the Company) after elimination of inter-company balances and transactions. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Fiscal Year End Date Intevac operates under a 52-53 Cash, Cash Equivalents and Investments Intevac considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Available-for-sale available-for-sale Restricted Cash Restricted cash of $600,000 as of December 29, 2018 secures a standby letter of credit obligation associated with a lease obligation and the restriction on the cash will be removed when the letter of credit expires. In addition, Intevac pledged $569,000 as collateral for various guarantees with its bank. Derivative Instruments and Hedging Arrangements Foreign Exchange Exposure Management re-measurement non-functional Fair Value Measurement—Definition and Hierarchy Intevac reports certain financial assets and liabilities at fair value. Intevac defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following three categories: Level 1 Level 2 Level 3 Trade Accounts Receivables and Doubtful Accounts Intevac evaluates the collectibility of trade accounts receivable on an ongoing basis and provides reserves against potential losses when appropriate. Management analyzes historical bad debts, customer concentrations, customer creditworthiness, changes in customer payment tendencies and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Customer accounts are written off against the allowance when the amount is deemed uncollectible. Inventories Inventories are generally stated at the lower of cost or net realizable value, with cost determined on an average cost basis. Property, Plant and Equipment Equipment and leasehold improvements are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: computers and software, 3 years; machinery and equipment, 5 years; furniture, 7 years; vehicles, 4 years; and leasehold improvements, remaining lease term Contingent Consideration and Purchased Intangible Assets Contingent consideration related to a business combination is recorded at the acquisition date at the estimated fair value of the contingent payments. The acquisition date fair value is measured based on the consideration expected to be transferred (probability-weighted), discounted back to present value. The discount rate used is determined at the time of the acquisition in accordance with accepted valuation methods. The fair value of the acquisition-related contingent consideration is remeasured at the estimated fair value at each reporting period with the change in fair value recognized as income or expense in the consolidated statements of income. Purchased intangible assets other than goodwill are amortized over their useful lives unless these lives are determined to be indefinite. Purchased intangible assets are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets, generally one to thirteen years using the straight line method. In 2012, as a result of its impairment analysis, Intevac wrote off all of the goodwill in both its TFE and Photonics reporting units. Impairment of Long-Lived Assets Long-lived assets and certain identifiable finite-lived intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability of long-lived assets is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets and certain identifiable intangible assets that management expects to hold and use is based on the fair value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value. No impairment charges were recognized in fiscal 2018 and 2017. Income Taxes Deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between book and tax bases of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion of the deferred tax asset will not be realized. In determining whether to establish or maintain a valuation allowance against a deferred tax asset, the Company reviews available evidence to determine whether it is more likely than not that all or a portion of the Company’s net deferred tax assets will be realized in future periods. Consideration is given to various positive and negative factors that could affect the realization of the net deferred tax assets. In making such a determination, the Company considers, among other things, future reversals of existing taxable temporary differences, projected future taxable income, tax-planning On a quarterly basis, Intevac provides for income taxes based upon an annual effective income tax rate. The effective tax rate is highly dependent upon the level of Intevac’s projected earnings, the geographic composition of worldwide earnings, tax regulations governing each region, net operating loss carryforwards, availability of tax credits and the effectiveness of Intevac’s tax planning strategies. Intevac carefully monitors the changes in many factors and adjust its effective income tax rate on a timely basis. If actual results differ from the estimates, this could have a material effect on Intevac’s business, financial condition and results of operations. The calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with Intevac’s expectations could have a material effect on Intevac’s business, financial condition and results of operations. Intevac recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. Sales and Value Added Taxes Taxes collected from customers and remitted to governmental authorities are presented on a net basis in the accompanying consolidated statements of income. Revenue Recognition On December 31, 2017, we adopted the new accounting standard ASC 606, Revenue from Contracts with Customers and all the related amendments (“new revenue standard”) to all contracts using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of the accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis. In our TFE segment, a majority of our equipment sales revenue continues to be recognized when products are shipped from our manufacturing facilities. Revenue recognition for our equipment sales arrangements, which includes systems, technology upgrades, service and spare parts, remains materially consistent with our historical practice. Under the new revenue standard, in our TFE segment, we recognize revenue for equipment sales at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. Our contracts with customers may include multiple performance obligations. For such arrangements, under the new revenue standard we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers or by using expected cost plus margin. Under the new revenue standard, the expected costs associated with our base warranties continue to be recognized as expense when the equipment is sold. Under the new revenue standard, in our Photonics segment, we recognize revenue for CPFF and FFP government contracts over time under the cost-to-cost non-U.S. cost-to-cost The majority of our contracts in our Photonics segment have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. Some of our contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the product lifecycle (development and production). For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service. Under the new revenue standard, in our Photonics segment, we recognize revenue for homogenous manufactured military products sold to the U.S. government and its contractors over time under the units-of-delivery units-of-delivery The nature of our contracts in our Photonics segment gives rise to several types of variable consideration including tiered pricing. Allocation of contract revenues among Photonics military products, and the timing of the recognition of those revenues, is impacted by agreements with tiered pricing or variable rate structures. We include variable consideration in the estimated transaction price when there is a basis to reasonably estimate the amount of the consideration. These estimates are based on historical experience, anticipated performance and our best judgment at the time. Because of our certainty in estimating these amounts, they are included in the transaction price of our contracts and the associated remaining performance obligations. Accounting for CPFF and FFP contracts and programs involves the use of various techniques to estimate total contract revenue and costs. For these contracts, we estimate the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognize that profit over the life of the contract. Contract estimates are based on various assumptions to project the outcome of future events. These assumptions include the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up Prior to December 31, 2017, Intevac recognized revenue when persuasive evidence of an arrangement existed, delivery had occurred and title and risk of loss had passed to Intevac’s customer or services had been rendered, the price was fixed or determinable, and collectibility was reasonably assured. Intevac’s revenue recognition policy generally resulted in revenue recognition at the following points: (1) for all transactions where legal title passed to the customer upon shipment, Intevac recognized revenue upon shipment for all products that had been demonstrated to meet product specifications prior to shipment; the portion of revenue associated with certain installation-related tasks was deferred, and that revenue was recognized upon completion of the installation-related tasks; (2) for products that had not been demonstrated to meet product specifications prior to shipment, revenue was recognized at customer acceptance; and (3) for arrangements containing multiple elements, the revenue relating to the undelivered elements was deferred until delivery of the deferred elements. When a sales arrangement contained multiple elements, Intevac allocated revenue to each element based on a selling price hierarchy. The selling price for a deliverable was based on its VSOE if available, TPE if VSOE was not available, or best ESP if neither VSOE nor TPE was available. Intevac generally utilized the ESP due to the nature of its products. In certain cases, technology upgrade sales were accounted for as multiple-element arrangements, usually split between delivery of the parts and installation on the customer’s systems. In those cases, Intevac recognized revenue for the relative sales price of the parts upon shipment and transfer of title, and recognized revenue for the relative sales price of installation services when those services were completed. Revenue related to sales of spare parts was generally recognized upon shipment. Intevac recognized revenue in certain circumstances before delivery had occurred (commonly referred to as bill and hold transactions). In such circumstances, among other things, risk of ownership had passed to the customer, the customer had made a written fixed commitment to purchase the finished goods, the customer had requested the finished goods be held for future delivery as scheduled and designated by them, and no additional performance obligations existed by Intevac. For those transactions, the finished goods were segregated from inventory and normal billing and credit terms granted. Revenue related to services was generally recognized upon completion of the services. In addition, Intevac used the installment method to record revenue based on cash receipts in situations where the account receivable was collected over an extended period of time and in management’s judgment the degree of collectibility was uncertain. Revenue on CPFF contracts was recognized to the extent of costs actually incurred plus a proportionate amount of the fee earned. Intevac considered fixed fees under CPFF contracts to be earned in proportion to the allowable costs actually incurred in performance of the contract. Revenue on FFP contracts was recognized on a milestone method or percentage-of-completion non-refundable, Adoption of New Accounting Standard Upon adoption of the new revenue standard, we recorded a cumulative effect adjustment to the beginning balance of our consolidated December 31, 2017 balance sheet for the impact of the allocation and the timing of the recognition of revenues for an open Photonics military product agreement with a tiered pricing structure. This change will also result in increased revenue in subsequent periods from this agreement. The cumulative effect of the changes made to our consolidated December 31, 2017 balance sheet were as follows (in thousands): Balance at December 30, 2017 Adjustments Due to ASC 606 Balance at December 31, 2017 Other accrued liabilities $ 7,688 $ 1,634 $ 9,322 Accumulated deficit $ (66,881 ) $ (1,634 ) $ (68,515 ) In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our selected consolidated statement of income line items was as follows (in thousands): Consolidated Statement of Income For the Year Ended December 29, 2018 As Reported Balances without ASC 606 Effect of Systems and components revenues $ 85,320 $ 84,787 $ 533 Total net revenues $ 95,114 $ 94,581 $ 533 Gross profit $ 32,694 $ 32,161 $ 533 Loss from operations $ (4,217 ) $ (4,750 ) $ 533 Loss before income taxes $ (3,595 ) $ (4,128 ) $ 533 Net income $ 3,581 $ 3,048 $ 533 In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on select consolidated balance sheet line items was as follows (in thousands): Consolidated Balance Sheet As of December 29, 2018 As Reported Balances without ASC 606 Effect of Change Other accrued liabilities $ 4,952 $ 3,851 $ 1,101 Total current liabilities $ 30,008 $ 28,907 $ 1,101 Accumulated deficit $ (64,934 ) $ (63,833 ) $ (1,101 ) Total stockholders’ equity $ 89,624 $ 90,725 $ (1,101 ) Advertising Costs Advertising costs are expensed as incurred. Advertising costs were not material for all periods presented. Foreign Currency Translation The functional currency of Intevac’s foreign subsidiaries in Singapore and Hong Kong and the Taiwan branch is the U.S. dollar. The functional currency of Intevac’s foreign subsidiaries in China, Malaysia and Korea is the local currency of the country in which the respective subsidiary operates. Assets and liabilities recorded in foreign currencies are translated at year-end exchange rates; revenues and expenses are translated at average exchange rates during the year. The effect of foreign currency translation adjustments are included in stockholders’ equity as a component of accumulated other comprehensive income in the accompanying consolidated balance sheets. The effects of foreign currency transactions are included in other income in the determination of net income (loss). Gains (losses) from foreign currency transactions were ($80,000) and ($107,000) in 2018 and 2017, respectively. Comprehensive Income The changes in accumulated other comprehensive income by component, were as follows for the years ended December 29, 2018 and December 30, 2017: Foreign currency Unrealized holding gains (losses) on available-for-sale investments Total (in thousands) Balance at December 31, 2016 $ 343 $ (22 ) $ 321 Other comprehensive income (loss) before reclassification 192 (23 ) 169 Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 192 (23 ) 169 Balance at December 30, 2017 $ 535 $ (45 ) $ 490 Other comprehensive income (loss) before reclassification (130 ) 18 (112 ) Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) (130 ) 18 (112 ) Balance at December 29, 2018 $ 405 $ (27 ) $ 378 Employee Stock Plans Intevac has equity-based compensation plans that provide for the grant to employees of equity-based awards, including incentive or non-statutory stock options, restricted stock, stock appreciation rights, restricted stock units (“RSUs”), performance units and performance bonus awards. In addition, these plans provide for the grant of non-statutory stock options and RSUs to non-employee directors and consultants. Intevac also has an employee stock purchase plan, which provides Intevac’s employees with the opportunity to purchase Intevac common stock at a discount through payroll deductions. See Note 3 for a complete description of these plans and their accounting treatment. Recent Accounting Pronouncements Not Yet Adopted In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Incom In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation: Scope of Modification Accounting In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326). In February 2016, the FASB issued ASU 2016-02, Leases Intevac leases certain facilities under non-cancelable operating leases that expire at various times up to March 2024 and has options to renew most leases, with rentals to be negotiated. Certain of Intevac’s leases contain provisions for rental adjustments. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the date we take possession of the property. At lease inception, we determine the lease term by assuming the exercise of those renewal options that are reasonably assured. The exercise of lease renewal options is at our sole discretion. The lease term is used to determine whether a lease is financing or operating and is used to calculate straight-line rent expense. Additionally, the depreciable life of leasehold improvements is limited by the expected lease term. We plan to adopt the standard as of December 30, 2018, the beginning of fiscal 2019. We will elect the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allows us to carry forward the historical lease classification. In addition, we are electing the hindsight practical expedient to determine the reasonably certain lease term for existing leases. We will make an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet. We will recognize those lease payments in the consolidated statements of income on a straight-line basis over the lease term. We also plan to elect the practical expedient that allow us to apply the new lease guidance at its effective date, December 30, 2018, without adjusting the comparative financial statements. We are currently completing the assessment phase of the implementation project and are finalizing our review of the impact of adoption. We expect the adoption of these accounting changes will materially increase our assets and liabilities, but will not have a material impact on our results of operations, equity, or cash flows. |
Revenue
Revenue | 12 Months Ended |
Dec. 29, 2018 | |
Revenue | 2. Revenue The following tables represent a disaggregation of revenue from contracts with customers for fiscal 2018 and 2017 along with the reportable segment for each category. As noted above, the prior period amounts have not been adjusted under the modified retrospective method. Major Products and Service Lines TFE 2018 2017 (in thousands) HDD DCP PV Total HDD DCP PV Total Systems, upgrades and spare parts $ 55,793 $ 1 $ 5,253 $ 61,047 $ 51,146 $ 13,139 $ 9,275 $ 73,560 Field service 8,255 — 46 8,301 5,436 — 8 5,444 Total TFE net revenues $ 64,048 $ 1 $ 5,299 $ 69,348 $ 56,582 $ 13,139 $ 9,283 $ 79,004 Photonics 2018 2017 (in thousands) Products: Military products $ 13,828 $ 24,373 Commercial products 335 237 Repair and other services 1,809 1,242 Total Photonics product net revenues 15,972 25,852 Technology development: CPFF 7,258 3,983 FFP 2,463 3,984 Time and materials 73 24 Total technology development net revenues 9,794 7,991 Total Photonics net revenues $ 25,766 $ 33,843 Primary Geography Markets 2018 2017 (in thousands) TFE Photonics Total TFE Photonics Total United States $ 4,050 $ 23,862 $ 27,912 $ 5,487 $ 31,824 $ 37,311 Asia 65,298 31 65,329 73,517 8 73,525 Europe — 1,648 1,648 — 884 884 Rest of World — 225 225 — 1,127 1,127 Total net revenues $ 69,348 $ 25,766 $ 95,114 $ 79,004 $ 33,843 $ 112,847 Timing of Revenue Recognition 2018 TFE Photonics Total (in thousands) Products transferred at a point in time $ 69,348 $ 1,809 $ 71,157 Products and services transferred over time — 23,957 23,957 $ 69,348 $ 25,766 $ 95,114 The following table reflects the changes in our contract assets, which we classify as accounts receivable, unbilled or retainage and our contract liabilities which we classify as deferred revenue and customer advances for fiscal 2018: December 29, December 30, Change (in thousands) TFE: Contract assets: Accounts receivable, unbilled $ 514 $ 1,368 $ (854 ) Contract liabilities: Deferred revenue $ 633 $ 5,190 $ (4,557 ) Customer advances 14,314 10,204 4,110 $ 14,947 $ 15,394 $ (447 ) Photonics: Contract assets: Accounts receivable, unbilled $ 1,493 $ 1,346 $ 147 Retainage 157 281 (124 ) $ 1,650 $ 1,627 $ 23 Contract liabilities: Deferred revenue $ 1,101 $ 97 $ 1,004 Customer advances — 822 (822 ) $ 1,101 $ 919 $ 182 Accounts receivable, unbilled in our TFE segment represents a contract asset for revenue that has been recognized in advance of billing the customer. For our system and certain upgrade sales, our TFE customers generally pay in three installments, with a portion of the system price billed upon receipt of an order, a portion of the price billed upon shipment, and the balance of the price due upon completion of installation and acceptance of the system at the customer’s factory. Accounts receivable, unbilled in our TFE segment generally represents the balance of the system price that is due upon completion of installation and acceptance less the amount that has been deferred as revenue for the performance of the installation tasks. During fiscal 2018 contract assets in our TFE segment decreased by $854,000 primarily due to the final billing on four systems that were pending acceptance as of December 30, 2017, that completed installation and were accepted by the customer, offset by the accrual of revenue for two additional systems delivered in the year that were pending acceptance as of December 29, 2018. Customer advances in our TFE segment generally represent amounts billed to the customer prior to transferring goods which represents a contract liability. The Company has elected to use the practical expedient to disregard the effect of the time value of money in a significant financing component when its payment terms are less than one year. These contract advances are liquidated when revenue is recognized. Deferred revenue in our TFE segment generally represents amounts billed to a customer for completed systems at the customer site that are undergoing installation and acceptance testing where transfer of control has not yet occurred as Intevac does not yet have a demonstrated history of meeting the acceptance criteria upon the customer’s receipt of product and represents a contract liability. During fiscal 2018, we recognized revenue in our TFE segment of $6.6 million and $5.2 million that was included in customer advances and deferred revenue, respectively, at the beginning of the period. Customer advances included in accounts receivable were $3.7 million at December 29, 2018. Accounts receivable, unbilled in our Photonics segment represents a contract asset for revenue that has been recognized in advance of billing the customer, which is common for contracts in the defense industry. In our Photonics segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly) or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. Our contracts with the U.S. government may also contain retainage provisions. Retainage represents a contract asset for the portion of the contract price earned by us for work performed, but held for payment by the U.S. government as a form of security until satisfactory completion of the contract. The retainage is billable upon completion of the contract performance and approval of final indirect expense rates by the government. During fiscal 2018, contract assets in our Photonics segment increased by $23,000 primarily due to the revenue recognized on FFP contracts in advance of billing and the accrual of revenue incurred costs under CPFF contracts, offset in part by the completion of certain CPFF contracts and the final settlement of retainage amounts under certain CPFF contracts. Customer advances in our Photonics segment generally represent deposits from customers upon contract execution and upon achievement of contractual milestones which represents a contract liability. These deposits are liquidated when revenue is recognized. Deferred revenue in our Photonics segment includes $1.1 million deferred for the impact of the allocation and the timing of the recognition of revenues for a military product agreement with a tiered pricing structure. Deferred revenue in our Photonics segment also includes incurred costs under CPFF contracts pending approval of final indirect expense rates by the government and represents a contract liability. During fiscal 2018, we recognized revenue in our Photonics segment of $822,000 and $520,000 that was included in customer advances and deferred revenue, respectively, at the beginning of the period. Customer advances included in accounts receivable were $206,000 at December 30, 2017. On December 29, 2018 we had $108.5 million of remaining performance obligations, which we also refer to as total backlog. Backlog at December 29, 2018 consisted of $64.8 million of TFE backlog and $43.7 million of Photonics backlog. We expect to recognize approximately 79% of our remaining performance obligations as revenue in 2019, and the balance in 2020. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 29, 2018 | |
Equity-Based Compensation | 3. Equity-Based Compensation Intevac accounts for share-based awards in accordance with the provisions of the accounting guidance which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, consultants and directors based upon the grant-date fair value of those awards. The estimated fair value of Intevac’s equity-based awards is amortized over the awards’ service periods using the graded vesting attribution method. Descriptions of Plans Equity Incentive Plans At December 29, 2018, Intevac had equity-based awards outstanding under the 2012 Equity Incentive Plan and the 2004 Equity Incentive Plan (the “Plans”) and the 2003 Employee Stock Purchase Plan (the “ESPP”). Intevac’s stockholders approved all of these plans. The Plans are a broad-based, long-term retention program intended to attract and retain qualified management and employees, and align stockholder and employee interests. The Plans permit the grant of incentive or non-statutory 2003 Employee Stock Purchase Plan In 2003, Intevac’s stockholders approved adoption of the ESPP, which serves as the successor to the Employee Stock Purchase Plan originally adopted in 1995. Upon adoption of the ESPP, all shares available for issuance under the prior plan were transferred to the ESPP. The ESPP provides that eligible employees may purchase Intevac common stock through payroll deductions at a price equal to 85% of the lower of the fair market value at the beginning 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 The effect of recording equity-based compensation for fiscal 2018 and 2017 was as follows (in thousands): 2018 2017 Equity-based compensation by type of award: Stock options $ 775 $ 1,176 RSUs 1,251 2,598 Employee stock purchase plan 1,281 404 Total equity-based compensation $ 3,307 $ 4,178 Equity-based compensation expense is based on awards ultimately expected to vest and such amount has been historically reduced for estimated forfeitures. Beginning January 1, 2017, Intevac accounts for forfeitures as they occur, rather than estimating 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 The exercise price of each stock option equals the market price of Intevac’s stock on the date of grant. Most options are scheduled to vest over three and/or four years and expire no later than ten years after the grant date. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. This model was developed for use in estimating the value of publicly traded options that have no vesting restrictions and are fully transferable. Intevac’s employee stock options have characteristics significantly different from those of publicly traded options. The weighted-average assumptions used in the model are outlined in the following table: 2018 2017 Stock Options: Weighted-average fair value of grants per share $ 1.97 $ 4.52 Expected volatility 43.83 % 40.49 % Risk free interest rate 2.58 % 1.81 % Expected term of options (in years) 4.4 4.22 Dividend yield None None The computation of the expected volatility assumption used in the Black-Scholes calculations for new grants is based on historical volatility of Intevac’s stock price. The risk-free interest rate is based on the yield available on U.S. Treasury Strips with an equivalent remaining term. The expected life 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 stock-based awards and vesting schedules. The dividend yield assumption is based on Intevac’s history of not paying dividends and the assumption of not paying dividends in the future. A summary of the stock option activity is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at December 30, 2017 2,925,861 $ 7.62 3.00 $ 2,292,521 Options granted 430,125 $ 5.11 Options cancelled and forfeited (962,171 ) $ 9.27 Options exercised (323,066 ) $ 4.87 Options outstanding at December 29, 2018 2,070,749 $ 6.76 3.78 $ 339,821 Options exercisable at December 29, 2018 1,333,415 $ 6.59 2.70 $ 186,019 The total intrinsic value of options exercised during fiscal years 2018 and 2017 was $431,000 and $586,000 , respectively. At December 29, 2018, Intevac had $985,000 of total unrecognized compensation expense related to stock option plans that will be recognized over the weighted-average period of 1.37 years. RSUs A summary of the RSU activity is as follows: Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Non-vested RSUs at December 30, 2017 769,451 $ 7.84 0.97 $ 5,270,739 Granted 230,917 $ 5.04 Vested (433,534 ) $ 7.14 Cancelled (104,425 ) $ 8.64 Non-vested RSUs at December 29, 2018 462,409 $ 6.92 1.47 $ 2,362,910 Time-based RSUs are converted into shares of Intevac common stock upon vesting on a one-for-one million of total unrecognized compensation expense related to RSUs that will be recognized over the weighted-average period of 1.47 years. The annual bonus for certain participants in the Company’s annual incentive plan for fiscal 2016 was settled with RSUs with one-year in fiscal 2017. In February 2017, 33 participants were granted stock awards to receive an aggregate of 134,000 shares of common stock with a weighted-average grant date fair value of $9.63 per share. ESPP The fair value of the employee stock purchase right is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: 2018 2017 Stock Purchase Rights: Weighted-average fair value of grants per share $ 2.24 $ 2.75 Expected volatility 47.64 % 43.51 % Risk free interest rate 2.01 % 1.22 % Expected term of purchase rights (in years) 1.33 0.65 Dividend yield None None The expected life of purchase rights is the period of time remaining in the current offering period. The ESPP activity during fiscal 2018 and 2017 is as follows: 2018 2017 (in thousands, except per share amounts) Shares purchased 411 406 Weighted-average purchase price per share $ 3.98 $ 3.82 Aggregate intrinsic value of purchase rights exercised $ 750 $ 2,673 As of December 29, 2018, Intevac had $900,000 of total unrecognized compensation expense related to purchase rights that will be recognized over the weighted-average period of 1.08 years. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 29, 2018 | |
Earnings Per Share | 4. Earnings Per Share Intevac calculates basic earnings per share (“EPS”) using net income and the weighted-average number of shares outstanding during the reporting period. Diluted EPS includes the effect from potential issuance of common stock pursuant to the exercise of employee stock options and vesting of RSUs. The following table sets forth the computation of basic and diluted net income per share: 2018 2017 (in thousands, except per share amounts) Net income $ 3,581 $ 4,118 Weighted-average shares – basic 22,519 21,555 Effect of dilutive potential common shares 385 1,365 Weighted-average shares – diluted 22,904 22,920 Net income per share – basic $ 0.16 $ 0.19 Net income per share – diluted $ 0.16 $ 0.18 The potentially dilutive securities were excluded (as common stock equivalents) from the computation of diluted net income per share for the periods presented as their effect would have been antidilutive: 2018 2017 (in thousands, except per share amounts) Stock options to purchase common stock 1,612 867 RSUs 124 218 Employee stock purchase plan 254 — |
Concentrations
Concentrations | 12 Months Ended |
Dec. 29, 2018 | |
Concentrations | 5. Concentrations Credit Risk and Significant Customers Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash equivalents, short- and long-term investments, restricted cash, and accounts receivable. Intevac generally invests its excess cash in money market funds, certificates of deposit, commercial paper, obligations of the U.S. government and its agencies, corporate debt securities, asset backed securities and municipal bonds. The Company has adopted an investment policy and established guidelines relating to credit quality, diversification and maturities of its investments in order to preserve principal and maintain liquidity. All investment securities in Intevac’s portfolio have an investment grade credit rating. Intevac’s accounts receivable tend to be concentrated in a limited number of customers. The following customers accounted for at least 10 percent of Intevac’s accounts receivable at December 29, 2018 and December 30, 2017. 2018 2017 Seagate Technology 45 % 70 % HGST 25 % * * Less than 10% Intevac’s largest customers tend to change from period to period. Historically, a significant portion of Intevac’s revenues in any particular period have been attributable to sales to a limited number of customers. Intevac performs credit evaluations of its customers’ financial condition and generally requires deposits on system orders but does not generally require collateral or other security to support customer receivables. The following customers accounted for at least 10 percent of Intevac’s consolidated net revenues in fiscal 2018 and/or 2017. 2018 2017 Seagate Technology 52 % 40 % HGST 13 % * U.S. Government * 15 % * Less than 10% Products Disk manufacturing products contributed a significant portion of Intevac’s revenues in fiscal 2018 and 2017. Intevac expects that the ability to maintain or expand its current levels of revenues in the future will depend upon continuing market demand for its products; its success in enhancing its existing systems and developing and manufacturing competitive disk manufacturing equipment, such as the 200 Lean; its success in utilizing Intevac’s expertise in complex manufacturing equipment to develop and sell new equipment products for PV and DCP manufacturing and Intevac’s success in developing military products based on its low-light |
Balance Sheet Details
Balance Sheet Details | 12 Months Ended |
Dec. 29, 2018 | |
Balance Sheet Details | 6. Balance Sheet Details Balance sheet details were as follows as of December 29, 2018 and December 30, 2017: Trade and Other Accounts Receivable, Net December 29, December 30, (in thousands) Trade receivables and other $ 25,397 $ 17,479 Unbilled costs and accrued profits 2,164 2,995 Income tax receivable 156 — Less: allowance for doubtful accounts — — $ 27,717 $ 20,474 Inventories Inventories are stated at the lower of average cost or net realizable value and consist of the following: December 29, December 30, (in thousands) Raw materials $ 16,354 $ 19,881 Work-in-progress 9,134 9,433 Finished goods 5,109 4,478 $ 30,597 $ 33,792 Finished goods inventory at December 29, 2018 includes three completed systems at Intevac’s factory pending customer shipment. Finished goods inventory at December 30, 2017 includes three completed systems at a customer site that were undergoing installation and acceptance testing. Property, Plant and Equipment December 29, December 30, (in thousands) Leasehold improvements $ 14,923 $ 15,035 Machinery and equipment 45,032 44,766 59,955 59,801 Less accumulated depreciation and amortization 48,757 47,323 Total property, plant and equipment, net $ 11,198 $ 12,478 Deferred Income Taxes and Other Long-Term Assets December 29, December 30, (in thousands) Deferred income taxes $ 7,913 $ 4 Contested tax deposits 723 743 Income tax receivable 157 — Other 16 17 $ 8,809 $ 764 Accounts Payable Included in accounts payable is $423,000 and $163,000 of book overdraft at December 29, 2018 and December 30, 2017, respectively. Other Accrued Liabilities December 29, December 30, (in thousands) Deferred revenue $ 1,734 $ 5,287 Other taxes payable 928 860 Accrued product warranties 839 757 Income taxes payable 389 262 Provision for estimated losses on uncompleted contracts 278 189 Acquisition-related contingent consideration 223 103 Other 561 230 Total other accrued liabilities $ 4,952 $ 7,688 Other Long-Term Liabilities December 29, December 30, 2018 2017 (in thousands) Deferred rent $ 2,270 $ 2,299 Accrued product warranties 158 237 Acquisition-related contingent consideration — 259 Accrued income taxes 10 84 Total other long-term liabilities $ 2,438 $ 2,879 |
Purchased Intangible Assets, Ne
Purchased Intangible Assets, Net | 12 Months Ended |
Dec. 29, 2018 | |
Purchased Intangible Assets, Net | 7. Purchased Intangible Assets, Net Information regarding acquisition-related intangible assets is as follows: December 29, 2018 December 30, 2017 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying (in thousands) Customer relationships $ 3,119 $ 3,040 $ 79 $ 3,119 $ 2,997 $ 122 Purchased technology 5,148 4,338 810 5,148 3,767 1,381 Covenants not to compete 40 40 — 40 40 — Backlog 80 80 — 80 80 — Total amortizable intangible assets $ 8,387 $ 7,498 $ 889 $ 8,387 $ 6,884 $ 1,503 Intangible assets by segment as of December 29, 2018 are as follows: TFE; $810,000 and Photonics; $79,000. Total amortization expense of purchased intangibles for fiscal 2018 and 2017 was $615,000 and $755,000, respectively. Estimated future amortization expense related to finite-lived purchased intangible assets as of December 29, 2018, is as follows. (in thousands) 2019 $ 615 2020 274 $ 889 |
Contingent Consideration
Contingent Consideration | 12 Months Ended |
Dec. 29, 2018 | |
Contingent Consideration | 8. Contingent Consideration In connection with the acquisition of SIT, Intevac agreed to pay up to an aggregate of $7.0 million in cash to the selling shareholders if certain milestones were achieved over a specified period. Intevac has made payments to the selling shareholders for achievement of the first milestone in 2011, and for achievement of the second and third milestones in 2012. The fourth and final milestone was not achieved on the targeted date outlined in the acquisition agreement and will not be paid. There is no remaining contingent consideration obligation associated with the milestone agreement at December 29, 2018. In connection with the acquisition of SIT, Intevac also agreed to pay to the selling shareholders in cash a revenue earnout 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 December 29, 2018 based on forecasted revenues reflecting Intevac’s own assumptions concerning future revenue from such products. The fair value measurement of contingent consideration is based on significant inputs not observable in the market and thus represents a Level 3 measurement. The following table represents the significant unobservable input used in the calculation of fair value of the contingent consideration liability as of December 29, 2018. Significant increases or decreases in this input would result in a significantly lower (higher) fair value measurement. Quantitative Information about Level 3 Fair Value Measurements at December 29, 2018 Fair Value Valuation Technique Unobservable Input Weighted Average (in thousands, except for percentages) Revenue Earnout $ 223 Discounted cash flow Weighted-average cost of capital 11.3 % Any change in fair value of the contingent consideration subsequent to the acquisition date is recognized in operating income within the consolidated statement of income. The following table represents a reconciliation of the change in the fair value measurement of the contingent consideration liability for fiscal 2018 and 2017: 2018 2017 (in thousands) Beginning balance $ 362 $ 759 Changes in fair value (139 ) (223 ) Cash payments made — (174 ) Ending balance $ 223 $ 362 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 29, 2018 | |
Financial Instruments | 9. Financial Instruments Cash, Cash Equivalents and Investments Cash and cash equivalents, short-term investments and long-term investments consist of: December 29, 2018 Amortized Cost Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 13,334 $ — $ — $ 13,334 Money market funds 3,335 — — 3,335 U.S. treasury and agency securities 2,046 — — 2,046 Total cash and cash equivalents $ 18,715 $ — $ — $ 18,715 Short-term investments: Certificates of deposit $ 5,299 $ 1 $ 1 $ 5,299 Commercial paper 2,242 — 1 2,241 Corporate bonds and medium-term notes 4,759 — 13 4,746 Municipal bonds 500 — 2 498 U.S. treasury and agency securities 3,297 — 5 3,292 Total short-term investments $ 16,097 $ 1 $ 22 $ 16,076 Long-term investments: Certificates of deposit $ 500 $ — $ — $ 500 Corporate bonds and medium-term notes 2,879 4 4 2,879 U.S. treasury and agency securities 999 — 6 993 Total long-term investments $ 4,378 $ 4 $ 10 $ 4,372 Total cash, cash equivalents, and investments $ 39,190 $ 5 $ 32 $ 39,163 December 30, 2017 Amortized Cost Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 13,195 $ — $ — $ 13,195 Money market funds 6,746 — — 6,746 Total cash and cash equivalents $ 19,941 $ — $ — $ 19,941 Short-term investments: Certificates of deposit $ 2,500 $ 1 $ 1 $ 2,500 Commercial paper 3,291 — — 3,291 Corporate bonds and medium-term notes 4,502 — 5 4,497 Municipal bonds 500 — 3 497 U.S. treasury and agency securities 4,917 — 4 4,913 Total short-term investments $ 15,710 $ 1 $ 13 $ 15,698 Long-term investments: Asset backed securities $ 500 $ — $ — $ 500 Corporate bonds and medium-term notes 4,384 — 21 4,363 U.S. treasury and agency securities 1,998 — 12 1,986 Total long-term investments $ 6,882 $ — $ 33 $ 6,849 Total cash, cash equivalents, and investments $ 42,533 $ 1 $ 46 $ 42,488 The contractual maturities of available-for-sale Amortized Cost Fair Value (in thousands) Due in one year or less $ 21,478 $ 21,457 Due after one through five years 4,378 4,372 $ 25,856 $ 25,829 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 December 29, 2018. December 29, 2018 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized (in thousands) Certificates of deposit $ 3,797 $ 1 $ — $ — Commercial paper 2,241 1 — — Corporate bonds and medium-term notes 2,675 6 3,537 11 Municipal bonds 498 2 — — U.S. treasury and agency securities 1,492 6 1,994 5 $ 10,703 $ 16 $ 5,531 $ 16 All prices for the fixed maturity securities including U.S. treasury and agency securities, certificates of deposit, commercial paper, corporate bonds, asset backed securities 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 to sell a security in an orderly transaction. 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 December 29, 2018 Total Level 1 Level 2 (in thousands) Recurring fair value measurements: Available-for-sale Money market funds $ 3,335 $ 3,335 $ — U.S. treasury and agency securities 6,331 5,331 1,000 Certificates of deposit 5,799 — 5,799 Commercial paper 2,241 — 2,241 Corporate bonds and medium-term notes 7,625 — 7,625 Municipal bonds 498 — 498 Total recurring fair value measurements $ 25,829 $ 8,666 $ 17,163 Derivatives 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 consolidated balance sheets as of December 29, 2018 and December 30, 2017: Notional Amounts Derivative Liabilities Derivative Instrument December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Balance Sheet Line Fair Value Balance Sheet Line Fair Value (In thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 1,764 1,276 * $ 8 * $ 5 Total Hedges $ 1,764 1,276 $ 8 $ 5 * Other accrued liabilities |
Equity
Equity | 12 Months Ended |
Dec. 29, 2018 | |
Equity | 10. 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. On August 15, 2018, Intevac’s Board of Directors approved a $10.0 million increase to the original stock repurchase program authorizing up to $40.0 million. Under this authorization, Intevac purchases shares of its common stock under a systematic stock repurchase program and may also make supplemental stock repurchases from time to time, depending on market conditions, stock price and other factors. At December 29, 2018, $10.9 million remains available for future stock repurchases under the repurchase program. The following table summarizes Intevac’s stock repurchases for fiscal 2018 and 2017: 2018 2017 (in thousands, except per share amounts) Shares of common stock repurchased 120 — Cost of stock repurchased $ 558 $ — Average price paid per share $ 4.63 $ — Intevac records treasury stock purchases under the cost method using the first-in, first-out paid-in paid-in |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 29, 2018 | |
Income Taxes | 11. Income Taxes The provision for (benefit from) income taxes on income (loss) from operations for fiscal 2018 and 2017 consists of the following (in thousands): 2018 2017 Federal: Current $ (313 ) $ — Deferred — — (313 ) — State: Current 5 13 Deferred — — 5 13 Foreign: Current 1,041 1,091 Deferred (7,909 ) (1 ) (6,868 ) 1,090 Total $ (7,176 ) $ 1,103 Income (loss) before income taxes for fiscal 2018 and 2017 consisted of the following (in thousands): 2018 2017 U.S $ (11,634 ) $ (794 ) Foreign 8,039 6,015 $ (3,595 ) $ 5,221 Effective tax rate 199.6 % 21.1 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of deferred tax assets are as follows (in thousands): December 29, 2018 December 30, 2017 Deferred tax assets: Vacation, warranty and other accruals $ 515 $ 601 Depreciation and amortization 656 91 Intangible amortization 902 1,071 Inventory valuation 1,401 1,341 Deferred income 256 22 Equity-based compensation 1,411 2,636 Net operating loss, research and other tax credit carryforwards 53,595 52,882 Other 545 543 59,281 59,187 Valuation allowance for deferred tax assets (50,804) (58,455) Total deferred tax assets 8,477 732 Deferred tax liabilities: Purchased technology (181 ) (307 ) Unbilled revenue (383 ) (421 ) Total deferred tax liabilities (564 ) (728 ) Net deferred tax assets $ 7,913 $ 4 As reported on the balance sheet: Non-current $ 7,913 $ 4 Intevac accounts for income taxes in accordance with accounting standards for such taxes, which requires that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between the financial reporting and tax bases of recorded assets and liabilities. Accounting standards also require that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion of or all of the deferred tax asset will not be realized. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. In fiscal 2014, a valuation allowance of $9.4 million was established to record the portion of the Singapore deferred tax asset that more likely than not will not be realized. The Company concluded that, as of December 29, 2018, it is more likely than not that the Company will generate sufficient taxable income in Singapore to realize its deferred tax assets and reversed the valuation allowance during the fourth quarter of 2018. This reversal resulted in the recognition of a non-cash In fiscal 2012, a valuation allowance of $23.4 million was established to record the portion of the U.S. federal deferred tax asset that more likely than not will not be realized. For fiscal 2018, a valuation allowance increase of $930,000 for the U.S. federal deferred tax asset was recorded. For fiscal 2017, a valuation allowance decrease of $6.9 million for the U.S. federal deferred tax asset was recorded that resulted from a revaluation of our deferred tax assets and liabilities at the newly enacted U.S federal tax rate. A valuation allowance is recorded against the entire state deferred tax asset which consists of state income tax temporary differences and deferred research and other tax credits that are not realizable in the foreseeable future. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as our projections for growth. As of December 29, 2018, our federal, foreign and state net operating loss carryforwards for income tax purposes were approximately $68.6 million, $45.3 million and $59.9 million, respectively. The federal and state net operating loss carryforwards are subject to various limitations under Section 382 of the Internal Revenue Code and applicable state tax laws. If not utilized, the federal net operating loss carryforwards and the state net operating loss carryforwards will begin to expire in 2028. The foreign net operating loss carryforwards do not expire. As of December 29, 2018, our federal and state tax credit carryforwards for income tax purposes were approximately $16.4 million and $15.4 million, respectively. If not utilized, the federal tax credit carryforwards will begin to expire in 2019 and the state tax credits carry forward indefinitely. Tax Reform was enacted on December 22, 2017. Tax Reform reduced the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time one-time The U.S. federal corporate alternative minimum tax (“AMT”) has been repealed for tax years beginning after December 31, 2017. Intevac has recorded income tax receivables of $313,000 for unused AMT credit carryforwards. On the consolidated balance sheets, the short-term portion of the income tax receivable is included in trade and other accounts receivable, net, while the long-term portion is included in deferred income taxes and other long-term assets. In fiscal 2017, we re-measured re-measurement The one-time one-time Tax Reform subjects a U.S. parent to tax on Global Intangible Low-Taxed Low-Taxed The difference between the tax provision at the statutory federal income tax rate and the tax provision for fiscal 2018 and 2017 was as follows (in thousands): 2018 2017 Income tax (benefit) at the federal statutory rate $ (756 ) $ 1,827 State income taxes, net of federal benefit 5 13 Change in valuation allowance: U.S 930 (6,873 ) Foreign (9,286 ) (603 ) Effect of foreign operations taxed at various rates (254 ) (1,036 ) Research tax credits (1,883 ) (2,267 ) Change in federal tax rate — 9,201 Effect of tax rate changes, permanent differences and adjustments of prior deferrals 4,142 639 Unrecognized tax benefits (74 ) 202 Total $ (7,176 ) $ 1,103 Intevac has not provided for foreign withholding taxes on approximately $1.2 million of undistributed earnings from non-U.S. The total amount of gross unrecognized tax benefits was $6.2 million as of December 29, 2018, of which $8,000 would affect Intevac’s effective tax rate if realized. The aggregate changes in the balance of gross unrecognized tax benefits were as follows for fiscal 2018 and 2017: 2018 2017 Beginning balance $ 5,678 $ 7,544 Additions based on tax positions related to the current year 784 898 Settlements (233 ) — Change in federal tax rate — (2,764 ) Lapse of statute of limitations (65 ) — Ending balance $ 6,164 $ 5,678 The Company does not anticipate any changes in the amount of unrecognized tax benefits in the next twelve months. It is Intevac’s policy to include interest and penalties related to unrecognized tax benefits in the provision for income taxes on the consolidated statements of income. During fiscal 2018 and 2017, Intevac recognized a net tax expense (benefit) for interest of $2,000 and $2,000, respectively. As of December 29, 2018 Intevac had $2,000 of accrued interest related to unrecognized tax benefits, which was classified as a long-term liability in the consolidated balance sheets. Intevac did not accrue any penalties related to these unrecognized tax benefits because Intevac has other tax attributes which would offset any potential taxes due. Intevac is subject to income taxes in the U.S. federal jurisdiction, and various state and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. Intevac has certain tax attributes that are subject to adjustment back to 1999. Intevac is subject to potential income tax return examination by tax authorities for tax years after 2009 in the following material jurisdictions: U.S. (Federal and California) and Singapore. Intevac has certain tax attributes that are subject to adjustment back to 1999. The Inland Revenue Authority of Singapore (“IRAS”) is currently conducting a review of the fiscal 2009 through 2010 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 $723,000 and $743,000 are included in other long-term assets at December 29, 2018 and December 30, 2017, respectively, on the consolidated balance sheets. The ultimate outcome of this examination is subject to uncertainty. 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. Based on the information currently available, the Company does not anticipate a significant increase or decrease to its unrecognized tax benefits for this matter within the next twelve months. We believe that adequate amounts have been reserved for any adjustments that may ultimately result from this or other examinations. Presently, there are no other active income tax examinations in the jurisdictions where Intevac operates. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 29, 2018 | |
Employee Benefit Plans | 12. Employee Benefit Plans Employee Savings and Retirement Plan In 1991, Intevac established a defined contribution retirement plan with 401(k) plan features. The plan covers all United States employees eighteen years and older. Employees may make contributions by a percentage reduction in their salaries, not to exceed the statutorily prescribed annual limit. Intevac made cash contributions of $345,000 for fiscal 2018 and $357,000 for fiscal 2017. Employees may choose among several investment options for their contributions and their share of Intevac’s contributions, and they are able to move funds between investment options at any time. Intevac’s common stock is not one of the investment options. Administrative expenses relating to the plan are insignificant. Employee Bonus Plans Intevac has various employee bonus plans. A profit-sharing plan provides for the distribution of a percentage of pre-tax |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 29, 2018 | |
Commitments and Contingencies | 13. Commitments and Contingencies Leases Intevac leases certain facilities under non-cancelable As of December 29, 2018, future minimum lease payments are as follows. (in thousands) 2019 $ 3,261 2020 2,858 2021 2,874 2022 2,960 2023 3,049 Thereafter 767 $ 15,769 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 judgment 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 December 29, 2018, we had letters of credit and bank guarantees outstanding totaling $1.2 million, including the standby letter of credit outstanding under the Santa Clara, California facility lease and various other guarantees with its bank. These letters of credit and bank guarantees are collateralized by $1.2 million of restricted cash. Warranty Intevac provides for the estimated cost of warranty when revenue is recognized. Intevac’s warranty is per contract terms and for its HDD, PV and DCP manufacturing systems the warranty typically ranges between 12 and 24 months from customer acceptance. For systems sold through a distributor, Intevac offers a 3-month non-consumable On the 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 consolidated statements of income. The following table displays the activity in the warranty provision account for fiscal 2018 and 2017: 2018 2017 (in thousands) Beginning balance $ 994 $ 1,007 Expenditures incurred under warranties (561 ) (773 ) Accruals for product warranties 641 854 Adjustments to previously existing warranty accruals (77 ) (94 ) Ending balance $ 997 $ 994 Legal Matters From time to time, Intevac receives notification from third parties, including customers and suppliers, seeking indemnification, litigation support, payment of money or other actions in connection with claims made against them. In addition, from time to time, Intevac receives notification from third parties claiming that Intevac may be or is infringing their intellectual property or other rights. Intevac also is subject to various other legal proceedings and claims, both asserted and unasserted, that arise in the ordinary course of business. Although the outcome of these claims and proceedings cannot be predicted with certainty, Intevac does not believe that any of these other existing proceedings or claims will have a material adverse effect on its consolidated financial condition or results of operations. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 29, 2018 | |
Segment and Geographic Information | 14. Segment and Geographic Information Intevac’s two reportable segments are: TFE 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 December 29, 2018 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 TFE 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 fiscal 2018 and 2017 is as follows: 2018 2017 (in thousands) Net Revenues TFE $ 69,348 $ 79,004 Photonics 25,766 33,843 Total segment net revenues $ 95,114 $ 112,847 2018 2017 (in thousands) Operating Profit (Loss) TFE $ (1,335 ) $ 6,116 Photonics 440 3,900 Total segment operating profit (loss) (895 ) 10,016 Unallocated costs (3,322 ) (5,168 ) Operating income (loss) (4,217 ) 4,848 Interest income 516 291 Other income (expense), net 106 82 Income (loss) before income taxes $ (3,595 ) $ 5,221 2018 2017 (in thousands) Depreciation and Amortization TFE $ 2,387 $ 1,773 Photonics 1,870 1,750 Total segment depreciation and amortization 4,257 3,523 Unallocated costs 357 348 Total consolidated depreciation and amortization $ 4,614 $ 3,871 2018 2017 (in thousands) Capital Additions TFE $ 1,640 $ 2,137 Photonics 1,295 1,643 Total segment capital additions 2,935 3,780 Unallocated 309 576 Total consolidated capital additions $ 3,244 $ 4,356 2018 2017 (in thousands) Segment Assets TFE $ 53,867 $ 52,156 Photonics 16,721 16,364 Total segment assets 70,588 68,520 Cash and investments 39,163 42,488 Restricted cash 1,169 1,000 Deferred income taxes 7,913 4 Other current assets 1,341 1,001 Common property, plant and equipment 1,017 1,267 Other assets 879 743 Consolidated total assets $ 122,070 $ 115,023 Net property, plant and equipment by geographic region at December 29, 2018 and December 30, 2017 was as follows: December 29, 2018 December 30, 2017 (in thousands) United States $ 11,113 $ 12,363 Asia 85 115 Net property, plant & equipment $ 11,198 $ 12,478 |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 29, 2018 | |
Restructuring Charges | 15. Restructuring Charges During the first quarter of fiscal 2018, Intevac substantially completed implementation of the 2018 cost reduction plan (the “2018 Plan”), which reduced expenses and reduced its workforce by 6 percent. The cost of implementing the 2018 Plan was reported under cost of net revenues and operating expenses in the consolidated statements of income. Substantially all cash outlays in connection with the 2018 Plan occurred in the first quarter of fiscal 2018. Implementation of the 2018 Plan reduced salary, wages and other employee-related expenses by approximately $1.8 million on an annual basis. As of December 29, 2018, activities related to the 2018 Plan were complete. The changes in restructuring reserves for severance and other employee-related costs associated with the cost reduction plan for fiscal 2018, are as follows. 2018 (in thousands) Balance at the beginning of the year $ — Provision for restructuring charges 95 Cash payments made (95 ) Balance at the end of the year $ — |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2018 | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Intevac, Inc. and its subsidiaries (Intevac or the Company) after elimination of inter-company balances and transactions. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. |
Fiscal Year End Date | Fiscal Year End Date Intevac operates under a 52-53 |
Cash, Cash Equivalents and Investments | Cash, Cash Equivalents and Investments Intevac considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Available-for-sale available-for-sale |
Restricted Cash | Restricted Cash Restricted cash of $600,000 as of December 29, 2018 secures a standby letter of credit obligation associated with a lease obligation and the restriction on the cash will be removed when the letter of credit expires. In addition, Intevac pledged $569,000 as collateral for various guarantees with its bank. |
Derivative Instruments and Hedging Arrangements | Derivative Instruments and Hedging Arrangements Foreign Exchange Exposure Management re-measurement non-functional |
Fair Value Measurement-Definition and Hierarchy | Fair Value Measurement—Definition and Hierarchy Intevac reports certain financial assets and liabilities at fair value. Intevac defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following three categories: Level 1 Level 2 Level 3 |
Trade Accounts Receivables and Doubtful Accounts | Trade Accounts Receivables and Doubtful Accounts Intevac evaluates the collectibility of trade accounts receivable on an ongoing basis and provides reserves against potential losses when appropriate. Management analyzes historical bad debts, customer concentrations, customer creditworthiness, changes in customer payment tendencies and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Customer accounts are written off against the allowance when the amount is deemed uncollectible. |
Inventories | Inventories Inventories are generally stated at the lower of cost or net realizable value, with cost determined on an average cost basis. |
Property, Plant and Equipment | Property, Plant and Equipment Equipment and leasehold improvements are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: computers and software, 3 years; machinery and equipment, 5 years; furniture, 7 years; vehicles, 4 years; and leasehold improvements, remaining lease term |
Contingent Consideration and Purchased Intangible Assets | Contingent Consideration and Purchased Intangible Assets Contingent consideration related to a business combination is recorded at the acquisition date at the estimated fair value of the contingent payments. The acquisition date fair value is measured based on the consideration expected to be transferred (probability-weighted), discounted back to present value. The discount rate used is determined at the time of the acquisition in accordance with accepted valuation methods. The fair value of the acquisition-related contingent consideration is remeasured at the estimated fair value at each reporting period with the change in fair value recognized as income or expense in the consolidated statements of income. Purchased intangible assets other than goodwill are amortized over their useful lives unless these lives are determined to be indefinite. Purchased intangible assets are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets, generally one to thirteen years using the straight line method. In 2012, as a result of its impairment analysis, Intevac wrote off all of the goodwill in both its TFE and Photonics reporting units. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets and certain identifiable finite-lived intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability of long-lived assets is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets and certain identifiable intangible assets that management expects to hold and use is based on the fair value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value. No impairment charges were recognized in fiscal 2018 and 2017. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between book and tax bases of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion of the deferred tax asset will not be realized. In determining whether to establish or maintain a valuation allowance against a deferred tax asset, the Company reviews available evidence to determine whether it is more likely than not that all or a portion of the Company’s net deferred tax assets will be realized in future periods. Consideration is given to various positive and negative factors that could affect the realization of the net deferred tax assets. In making such a determination, the Company considers, among other things, future reversals of existing taxable temporary differences, projected future taxable income, tax-planning On a quarterly basis, Intevac provides for income taxes based upon an annual effective income tax rate. The effective tax rate is highly dependent upon the level of Intevac’s projected earnings, the geographic composition of worldwide earnings, tax regulations governing each region, net operating loss carryforwards, availability of tax credits and the effectiveness of Intevac’s tax planning strategies. Intevac carefully monitors the changes in many factors and adjust its effective income tax rate on a timely basis. If actual results differ from the estimates, this could have a material effect on Intevac’s business, financial condition and results of operations. The calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with Intevac’s expectations could have a material effect on Intevac’s business, financial condition and results of operations. Intevac recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. |
Sales and Value Added Taxes | Sales and Value Added Taxes Taxes collected from customers and remitted to governmental authorities are presented on a net basis in the accompanying consolidated statements of income. |
Revenue Recognition | Revenue Recognition On December 31, 2017, we adopted the new accounting standard ASC 606, Revenue from Contracts with Customers and all the related amendments (“new revenue standard”) to all contracts using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of the accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis. In our TFE segment, a majority of our equipment sales revenue continues to be recognized when products are shipped from our manufacturing facilities. Revenue recognition for our equipment sales arrangements, which includes systems, technology upgrades, service and spare parts, remains materially consistent with our historical practice. Under the new revenue standard, in our TFE segment, we recognize revenue for equipment sales at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. Our contracts with customers may include multiple performance obligations. For such arrangements, under the new revenue standard we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers or by using expected cost plus margin. Under the new revenue standard, the expected costs associated with our base warranties continue to be recognized as expense when the equipment is sold. Under the new revenue standard, in our Photonics segment, we recognize revenue for CPFF and FFP government contracts over time under the cost-to-cost non-U.S. cost-to-cost The majority of our contracts in our Photonics segment have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. Some of our contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the product lifecycle (development and production). For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service. Under the new revenue standard, in our Photonics segment, we recognize revenue for homogenous manufactured military products sold to the U.S. government and its contractors over time under the units-of-delivery units-of-delivery The nature of our contracts in our Photonics segment gives rise to several types of variable consideration including tiered pricing. Allocation of contract revenues among Photonics military products, and the timing of the recognition of those revenues, is impacted by agreements with tiered pricing or variable rate structures. We include variable consideration in the estimated transaction price when there is a basis to reasonably estimate the amount of the consideration. These estimates are based on historical experience, anticipated performance and our best judgment at the time. Because of our certainty in estimating these amounts, they are included in the transaction price of our contracts and the associated remaining performance obligations. Accounting for CPFF and FFP contracts and programs involves the use of various techniques to estimate total contract revenue and costs. For these contracts, we estimate the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognize that profit over the life of the contract. Contract estimates are based on various assumptions to project the outcome of future events. These assumptions include the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up Prior to December 31, 2017, Intevac recognized revenue when persuasive evidence of an arrangement existed, delivery had occurred and title and risk of loss had passed to Intevac’s customer or services had been rendered, the price was fixed or determinable, and collectibility was reasonably assured. Intevac’s revenue recognition policy generally resulted in revenue recognition at the following points: (1) for all transactions where legal title passed to the customer upon shipment, Intevac recognized revenue upon shipment for all products that had been demonstrated to meet product specifications prior to shipment; the portion of revenue associated with certain installation-related tasks was deferred, and that revenue was recognized upon completion of the installation-related tasks; (2) for products that had not been demonstrated to meet product specifications prior to shipment, revenue was recognized at customer acceptance; and (3) for arrangements containing multiple elements, the revenue relating to the undelivered elements was deferred until delivery of the deferred elements. When a sales arrangement contained multiple elements, Intevac allocated revenue to each element based on a selling price hierarchy. The selling price for a deliverable was based on its VSOE if available, TPE if VSOE was not available, or best ESP if neither VSOE nor TPE was available. Intevac generally utilized the ESP due to the nature of its products. In certain cases, technology upgrade sales were accounted for as multiple-element arrangements, usually split between delivery of the parts and installation on the customer’s systems. In those cases, Intevac recognized revenue for the relative sales price of the parts upon shipment and transfer of title, and recognized revenue for the relative sales price of installation services when those services were completed. Revenue related to sales of spare parts was generally recognized upon shipment. Intevac recognized revenue in certain circumstances before delivery had occurred (commonly referred to as bill and hold transactions). In such circumstances, among other things, risk of ownership had passed to the customer, the customer had made a written fixed commitment to purchase the finished goods, the customer had requested the finished goods be held for future delivery as scheduled and designated by them, and no additional performance obligations existed by Intevac. For those transactions, the finished goods were segregated from inventory and normal billing and credit terms granted. Revenue related to services was generally recognized upon completion of the services. In addition, Intevac used the installment method to record revenue based on cash receipts in situations where the account receivable was collected over an extended period of time and in management’s judgment the degree of collectibility was uncertain. Revenue on CPFF contracts was recognized to the extent of costs actually incurred plus a proportionate amount of the fee earned. Intevac considered fixed fees under CPFF contracts to be earned in proportion to the allowable costs actually incurred in performance of the contract. Revenue on FFP contracts was recognized on a milestone method or percentage-of-completion non-refundable, |
Adoption of New Accounting Standard | Adoption of New Accounting Standard Upon adoption of the new revenue standard, we recorded a cumulative effect adjustment to the beginning balance of our consolidated December 31, 2017 balance sheet for the impact of the allocation and the timing of the recognition of revenues for an open Photonics military product agreement with a tiered pricing structure. This change will also result in increased revenue in subsequent periods from this agreement. The cumulative effect of the changes made to our consolidated December 31, 2017 balance sheet were as follows (in thousands): Balance at December 30, 2017 Adjustments Due to ASC 606 Balance at December 31, 2017 Other accrued liabilities $ 7,688 $ 1,634 $ 9,322 Accumulated deficit $ (66,881 ) $ (1,634 ) $ (68,515 ) In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our selected consolidated statement of income line items was as follows (in thousands): Consolidated Statement of Income For the Year Ended December 29, 2018 As Reported Balances without ASC 606 Effect of Systems and components revenues $ 85,320 $ 84,787 $ 533 Total net revenues $ 95,114 $ 94,581 $ 533 Gross profit $ 32,694 $ 32,161 $ 533 Loss from operations $ (4,217 ) $ (4,750 ) $ 533 Loss before income taxes $ (3,595 ) $ (4,128 ) $ 533 Net income $ 3,581 $ 3,048 $ 533 In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on select consolidated balance sheet line items was as follows (in thousands): Consolidated Balance Sheet As of December 29, 2018 As Reported Balances without ASC 606 Effect of Change Other accrued liabilities $ 4,952 $ 3,851 $ 1,101 Total current liabilities $ 30,008 $ 28,907 $ 1,101 Accumulated deficit $ (64,934 ) $ (63,833 ) $ (1,101 ) Total stockholders’ equity $ 89,624 $ 90,725 $ (1,101 ) |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising costs were not material for all periods presented. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of Intevac’s foreign subsidiaries in Singapore and Hong Kong and the Taiwan branch is the U.S. dollar. The functional currency of Intevac’s foreign subsidiaries in China, Malaysia and Korea is the local currency of the country in which the respective subsidiary operates. Assets and liabilities recorded in foreign currencies are translated at year-end exchange rates; revenues and expenses are translated at average exchange rates during the year. The effect of foreign currency translation adjustments are included in stockholders’ equity as a component of accumulated other comprehensive income in the accompanying consolidated balance sheets. The effects of foreign currency transactions are included in other income in the determination of net income (loss). Gains (losses) from foreign currency transactions were ($80,000) and ($107,000) in 2018 and 2017, respectively. |
Comprehensive Income | Comprehensive Income The changes in accumulated other comprehensive income by component, were as follows for the years ended December 29, 2018 and December 30, 2017: Foreign currency Unrealized holding gains (losses) on available-for-sale investments Total (in thousands) Balance at December 31, 2016 $ 343 $ (22 ) $ 321 Other comprehensive income (loss) before reclassification 192 (23 ) 169 Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 192 (23 ) 169 Balance at December 30, 2017 $ 535 $ (45 ) $ 490 Other comprehensive income (loss) before reclassification (130 ) 18 (112 ) Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) (130 ) 18 (112 ) Balance at December 29, 2018 $ 405 $ (27 ) $ 378 |
Employee Stock Plans | Employee Stock Plans Intevac has equity-based compensation plans that provide for the grant to employees of equity-based awards, including incentive or non-statutory stock options, restricted stock, stock appreciation rights, restricted stock units (“RSUs”), performance units and performance bonus awards. In addition, these plans provide for the grant of non-statutory stock options and RSUs to non-employee directors and consultants. Intevac also has an employee stock purchase plan, which provides Intevac’s employees with the opportunity to purchase Intevac common stock at a discount through payroll deductions. See Note 3 for a complete description of these plans and their accounting treatment. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Incom In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation: Scope of Modification Accounting In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326). In February 2016, the FASB issued ASU 2016-02, Leases Intevac leases certain facilities under non-cancelable operating leases that expire at various times up to March 2024 and has options to renew most leases, with rentals to be negotiated. Certain of Intevac’s leases contain provisions for rental adjustments. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the date we take possession of the property. At lease inception, we determine the lease term by assuming the exercise of those renewal options that are reasonably assured. The exercise of lease renewal options is at our sole discretion. The lease term is used to determine whether a lease is financing or operating and is used to calculate straight-line rent expense. Additionally, the depreciable life of leasehold improvements is limited by the expected lease term. We plan to adopt the standard as of December 30, 2018, the beginning of fiscal 2019. We will elect the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allows us to carry forward the historical lease classification. In addition, we are electing the hindsight practical expedient to determine the reasonably certain lease term for existing leases. We will make an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet. We will recognize those lease payments in the consolidated statements of income on a straight-line basis over the lease term. We also plan to elect the practical expedient that allow us to apply the new lease guidance at its effective date, December 30, 2018, without adjusting the comparative financial statements. We are currently completing the assessment phase of the implementation project and are finalizing our review of the impact of adoption. We expect the adoption of these accounting changes will materially increase our assets and liabilities, but will not have a material impact on our results of operations, equity, or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Effect of Changes in Financial Statements Due to Adoption of New Revenue Standard | The cumulative effect of the changes made to our consolidated December 31, 2017 balance sheet were as follows (in thousands): Balance at December 30, 2017 Adjustments Due to ASC 606 Balance at December 31, 2017 Other accrued liabilities $ 7,688 $ 1,634 $ 9,322 Accumulated deficit $ (66,881 ) $ (1,634 ) $ (68,515 ) In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our selected consolidated statement of income line items was as follows (in thousands): Consolidated Statement of Income For the Year Ended December 29, 2018 As Reported Balances without ASC 606 Effect of Systems and components revenues $ 85,320 $ 84,787 $ 533 Total net revenues $ 95,114 $ 94,581 $ 533 Gross profit $ 32,694 $ 32,161 $ 533 Loss from operations $ (4,217 ) $ (4,750 ) $ 533 Loss before income taxes $ (3,595 ) $ (4,128 ) $ 533 Net income $ 3,581 $ 3,048 $ 533 In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on select consolidated balance sheet line items was as follows (in thousands): Consolidated Balance Sheet As of December 29, 2018 As Reported Balances without ASC 606 Effect of Change Other accrued liabilities $ 4,952 $ 3,851 $ 1,101 Total current liabilities $ 30,008 $ 28,907 $ 1,101 Accumulated deficit $ (64,934 ) $ (63,833 ) $ (1,101 ) Total stockholders’ equity $ 89,624 $ 90,725 $ (1,101 ) |
Changes in Accumulated Other Comprehensive Income by Component | The changes in accumulated other comprehensive income by component, were as follows for the years ended December 29, 2018 and December 30, 2017: Foreign currency Unrealized holding gains (losses) on available-for-sale investments Total (in thousands) Balance at December 31, 2016 $ 343 $ (22 ) $ 321 Other comprehensive income (loss) before reclassification 192 (23 ) 169 Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 192 (23 ) 169 Balance at December 30, 2017 $ 535 $ (45 ) $ 490 Other comprehensive income (loss) before reclassification (130 ) 18 (112 ) Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) (130 ) 18 (112 ) Balance at December 29, 2018 $ 405 $ (27 ) $ 378 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Disaggregation of Revenue from Contracts with Customers | The following tables represent a disaggregation of revenue from contracts with customers for fiscal 2018 and 2017 along with the reportable segment for each category. As noted above, the prior period amounts have not been adjusted under the modified retrospective method. Major Products and Service Lines TFE 2018 2017 (in thousands) HDD DCP PV Total HDD DCP PV Total Systems, upgrades and spare parts $ 55,793 $ 1 $ 5,253 $ 61,047 $ 51,146 $ 13,139 $ 9,275 $ 73,560 Field service 8,255 — 46 8,301 5,436 — 8 5,444 Total TFE net revenues $ 64,048 $ 1 $ 5,299 $ 69,348 $ 56,582 $ 13,139 $ 9,283 $ 79,004 Photonics 2018 2017 (in thousands) Products: Military products $ 13,828 $ 24,373 Commercial products 335 237 Repair and other services 1,809 1,242 Total Photonics product net revenues 15,972 25,852 Technology development: CPFF 7,258 3,983 FFP 2,463 3,984 Time and materials 73 24 Total technology development net revenues 9,794 7,991 Total Photonics net revenues $ 25,766 $ 33,843 Primary Geography Markets 2018 2017 (in thousands) TFE Photonics Total TFE Photonics Total United States $ 4,050 $ 23,862 $ 27,912 $ 5,487 $ 31,824 $ 37,311 Asia 65,298 31 65,329 73,517 8 73,525 Europe — 1,648 1,648 — 884 884 Rest of World — 225 225 — 1,127 1,127 Total net revenues $ 69,348 $ 25,766 $ 95,114 $ 79,004 $ 33,843 $ 112,847 Timing of Revenue Recognition 2018 TFE Photonics Total (in thousands) Products transferred at a point in time $ 69,348 $ 1,809 $ 71,157 Products and services transferred over time — 23,957 23,957 $ 69,348 $ 25,766 $ 95,114 |
Changes in Contract Assets and Contract Liabilities | The following table reflects the changes in our contract assets, which we classify as accounts receivable, unbilled or retainage and our contract liabilities which we classify as deferred revenue and customer advances for fiscal 2018: December 29, December 30, Change (in thousands) TFE: Contract assets: Accounts receivable, unbilled $ 514 $ 1,368 $ (854 ) Contract liabilities: Deferred revenue $ 633 $ 5,190 $ (4,557 ) Customer advances 14,314 10,204 4,110 $ 14,947 $ 15,394 $ (447 ) Photonics: Contract assets: Accounts receivable, unbilled $ 1,493 $ 1,346 $ 147 Retainage 157 281 (124 ) $ 1,650 $ 1,627 $ 23 Contract liabilities: Deferred revenue $ 1,101 $ 97 $ 1,004 Customer advances — 822 (822 ) $ 1,101 $ 919 $ 182 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Effect of Recording Equity-Based Compensation | The effect of recording equity-based compensation for fiscal 2018 and 2017 was as follows (in thousands): 2018 2017 Equity-based compensation by type of award: Stock options $ 775 $ 1,176 RSUs 1,251 2,598 Employee stock purchase plan 1,281 404 Total equity-based compensation $ 3,307 $ 4,178 |
Employee Stock Options Weighted-Average Assumptions | The weighted-average assumptions used in the model are outlined in the following table: 2018 2017 Stock Options: Weighted-average fair value of grants per share $ 1.97 $ 4.52 Expected volatility 43.83 % 40.49 % Risk free interest rate 2.58 % 1.81 % Expected term of options (in years) 4.4 4.22 Dividend yield None None |
Summary of Stock Option Activity | A summary of the stock option activity is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at December 30, 2017 2,925,861 $ 7.62 3.00 $ 2,292,521 Options granted 430,125 $ 5.11 Options cancelled and forfeited (962,171 ) $ 9.27 Options exercised (323,066 ) $ 4.87 Options outstanding at December 29, 2018 2,070,749 $ 6.76 3.78 $ 339,821 Options exercisable at December 29, 2018 1,333,415 $ 6.59 2.70 $ 186,019 |
Summary of Restricted Stock Units Activity | A summary of the RSU activity is as follows: Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Non-vested RSUs at December 30, 2017 769,451 $ 7.84 0.97 $ 5,270,739 Granted 230,917 $ 5.04 Vested (433,534 ) $ 7.14 Cancelled (104,425 ) $ 8.64 Non-vested RSUs at December 29, 2018 462,409 $ 6.92 1.47 $ 2,362,910 |
Employee Stock Purchase Rights Weighted-Average Assumptions | The fair value of the employee stock purchase right is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: 2018 2017 Stock Purchase Rights: Weighted-average fair value of grants per share $ 2.24 $ 2.75 Expected volatility 47.64 % 43.51 % Risk free interest rate 2.01 % 1.22 % Expected term of purchase rights (in years) 1.33 0.65 Dividend yield None None |
Employee Stock Purchase Plan Activity | The ESPP activity during fiscal 2018 and 2017 is as follows: 2018 2017 (in thousands, except per share amounts) Shares purchased 411 406 Weighted-average purchase price per share $ 3.98 $ 3.82 Aggregate intrinsic value of purchase rights exercised $ 750 $ 2,673 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Computation of Basic and Diluted Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share: 2018 2017 (in thousands, except per share amounts) Net income $ 3,581 $ 4,118 Weighted-average shares – basic 22,519 21,555 Effect of dilutive potential common shares 385 1,365 Weighted-average shares – diluted 22,904 22,920 Net income per share – basic $ 0.16 $ 0.19 Net income per share – diluted $ 0.16 $ 0.18 |
Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share | The potentially dilutive securities were excluded (as common stock equivalents) from the computation of diluted net income per share for the periods presented as their effect would have been antidilutive: 2018 2017 (in thousands, except per share amounts) Stock options to purchase common stock 1,612 867 RSUs 124 218 Employee stock purchase plan 254 — |
Concentrations (Tables)
Concentrations (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Accounts Receivable | |
Customers that Accounted for at Least Ten percent of Accounts Receivable/Consolidated Net Revenues | The following customers accounted for at least 10 percent of Intevac’s accounts receivable at December 29, 2018 and December 30, 2017. 2018 2017 Seagate Technology 45 % 70 % HGST 25 % * * Less than 10% |
Sales Revenue Net | |
Customers that Accounted for at Least Ten percent of Accounts Receivable/Consolidated Net Revenues | The following customers accounted for at least 10 percent of Intevac’s consolidated net revenues in fiscal 2018 and/or 2017. 2018 2017 Seagate Technology 52 % 40 % HGST 13 % * U.S. Government * 15 % * Less than 10% |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Trade and Other Accounts Receivable, Net | Trade and Other Accounts Receivable, Net December 29, December 30, (in thousands) Trade receivables and other $ 25,397 $ 17,479 Unbilled costs and accrued profits 2,164 2,995 Income tax receivable 156 — Less: allowance for doubtful accounts — — $ 27,717 $ 20,474 |
Summary of Inventories | Inventories are stated at the lower of average cost or net realizable value and consist of the following: December 29, December 30, (in thousands) Raw materials $ 16,354 $ 19,881 Work-in-progress 9,134 9,433 Finished goods 5,109 4,478 $ 30,597 $ 33,792 |
Property, Plant and Equipment | Property, Plant and Equipment December 29, December 30, (in thousands) Leasehold improvements $ 14,923 $ 15,035 Machinery and equipment 45,032 44,766 59,955 59,801 Less accumulated depreciation and amortization 48,757 47,323 Total property, plant and equipment, net $ 11,198 $ 12,478 |
Deferred Income Taxes and Other Long-Term Assets | Deferred Income Taxes and Other Long-Term Assets December 29, December 30, (in thousands) Deferred income taxes $ 7,913 $ 4 Contested tax deposits 723 743 Income tax receivable 157 — Other 16 17 $ 8,809 $ 764 |
Other Accrued Liabilities | Other Accrued Liabilities December 29, December 30, (in thousands) Deferred revenue $ 1,734 $ 5,287 Other taxes payable 928 860 Accrued product warranties 839 757 Income taxes payable 389 262 Provision for estimated losses on uncompleted contracts 278 189 Acquisition-related contingent consideration 223 103 Other 561 230 Total other accrued liabilities $ 4,952 $ 7,688 |
Other Long-Term Liabilities | Other Long-Term Liabilities December 29, December 30, 2018 2017 (in thousands) Deferred rent $ 2,270 $ 2,299 Accrued product warranties 158 237 Acquisition-related contingent consideration — 259 Accrued income taxes 10 84 Total other long-term liabilities $ 2,438 $ 2,879 |
Purchased Intangible Assets, _2
Purchased Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Information Regarding Other Acquisition Related Intangible Assets | Information regarding acquisition-related intangible assets is as follows: December 29, 2018 December 30, 2017 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying (in thousands) Customer relationships $ 3,119 $ 3,040 $ 79 $ 3,119 $ 2,997 $ 122 Purchased technology 5,148 4,338 810 5,148 3,767 1,381 Covenants not to compete 40 40 — 40 40 — Backlog 80 80 — 80 80 — Total amortizable intangible assets $ 8,387 $ 7,498 $ 889 $ 8,387 $ 6,884 $ 1,503 |
Estimated Future Amortization Expense Related to Finite-Lived Purchased Intangible Assets | Estimated future amortization expense related to finite-lived purchased intangible assets as of December 29, 2018, is as follows. (in thousands) 2019 $ 615 2020 274 $ 889 |
Contingent Consideration (Table
Contingent Consideration (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Quantitative Information of Significant Unobservable Inputs of Contingent Consideration Liability | The following table represents the significant unobservable input used in the calculation of fair value of the contingent consideration liability as of December 29, 2018. Significant increases or decreases in this input would result in a significantly lower (higher) fair value measurement. Quantitative Information about Level 3 Fair Value Measurements at December 29, 2018 Fair Value Valuation Technique Unobservable Input Weighted Average (in thousands, except for percentages) Revenue Earnout $ 223 Discounted cash flow Weighted-average cost of capital 11.3 % |
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 fiscal 2018 and 2017: 2018 2017 (in thousands) Beginning balance $ 362 $ 759 Changes in fair value (139 ) (223 ) Cash payments made — (174 ) Ending balance $ 223 $ 362 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments | Cash and cash equivalents, short-term investments and long-term investments consist of: December 29, 2018 Amortized Cost Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 13,334 $ — $ — $ 13,334 Money market funds 3,335 — — 3,335 U.S. treasury and agency securities 2,046 — — 2,046 Total cash and cash equivalents $ 18,715 $ — $ — $ 18,715 Short-term investments: Certificates of deposit $ 5,299 $ 1 $ 1 $ 5,299 Commercial paper 2,242 — 1 2,241 Corporate bonds and medium-term notes 4,759 — 13 4,746 Municipal bonds 500 — 2 498 U.S. treasury and agency securities 3,297 — 5 3,292 Total short-term investments $ 16,097 $ 1 $ 22 $ 16,076 Long-term investments: Certificates of deposit $ 500 $ — $ — $ 500 Corporate bonds and medium-term notes 2,879 4 4 2,879 U.S. treasury and agency securities 999 — 6 993 Total long-term investments $ 4,378 $ 4 $ 10 $ 4,372 Total cash, cash equivalents, and investments $ 39,190 $ 5 $ 32 $ 39,163 December 30, 2017 Amortized Cost Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 13,195 $ — $ — $ 13,195 Money market funds 6,746 — — 6,746 Total cash and cash equivalents $ 19,941 $ — $ — $ 19,941 Short-term investments: Certificates of deposit $ 2,500 $ 1 $ 1 $ 2,500 Commercial paper 3,291 — — 3,291 Corporate bonds and medium-term notes 4,502 — 5 4,497 Municipal bonds 500 — 3 497 U.S. treasury and agency securities 4,917 — 4 4,913 Total short-term investments $ 15,710 $ 1 $ 13 $ 15,698 Long-term investments: Asset backed securities $ 500 $ — $ — $ 500 Corporate bonds and medium-term notes 4,384 — 21 4,363 U.S. treasury and agency securities 1,998 — 12 1,986 Total long-term investments $ 6,882 $ — $ 33 $ 6,849 Total cash, cash equivalents, and investments $ 42,533 $ 1 $ 46 $ 42,488 |
Contractual Maturities of Available-for-Sale Securities | The contractual maturities of available-for-sale Amortized Cost Fair Value (in thousands) Due in one year or less $ 21,478 $ 21,457 Due after one through five years 4,378 4,372 $ 25,856 $ 25,829 |
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 December 29, 2018. December 29, 2018 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized (in thousands) Certificates of deposit $ 3,797 $ 1 $ — $ — Commercial paper 2,241 1 — — Corporate bonds and medium-term notes 2,675 6 3,537 11 Municipal bonds 498 2 — — U.S. treasury and agency securities 1,492 6 1,994 5 $ 10,703 $ 16 $ 5,531 $ 16 |
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 December 29, 2018 Total Level 1 Level 2 (in thousands) Recurring fair value measurements: Available-for-sale Money market funds $ 3,335 $ 3,335 $ — U.S. treasury and agency securities 6,331 5,331 1,000 Certificates of deposit 5,799 — 5,799 Commercial paper 2,241 — 2,241 Corporate bonds and medium-term notes 7,625 — 7,625 Municipal bonds 498 — 498 Total recurring fair value measurements $ 25,829 $ 8,666 $ 17,163 |
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 consolidated balance sheets as of December 29, 2018 and December 30, 2017: Notional Amounts Derivative Liabilities Derivative Instrument December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Balance Sheet Line Fair Value Balance Sheet Line Fair Value (In thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 1,764 1,276 * $ 8 * $ 5 Total Hedges $ 1,764 1,276 $ 8 $ 5 * Other accrued liabilities |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Stock Repurchases | The following table summarizes Intevac’s stock repurchases for fiscal 2018 and 2017: 2018 2017 (in thousands, except per share amounts) Shares of common stock repurchased 120 — Cost of stock repurchased $ 558 $ — Average price paid per share $ 4.63 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Provision for (Benefit from) Income Taxes | The provision for (benefit from) income taxes on income (loss) from operations for fiscal 2018 and 2017 consists of the following (in thousands): 2018 2017 Federal: Current $ (313 ) $ — Deferred — — (313 ) — State: Current 5 13 Deferred — — 5 13 Foreign: Current 1,041 1,091 Deferred (7,909 ) (1 ) (6,868 ) 1,090 Total $ (7,176 ) $ 1,103 |
Income (Loss) Before Income Taxes | Income (loss) before income taxes for fiscal 2018 and 2017 consisted of the following (in thousands): 2018 2017 U.S $ (11,634 ) $ (794 ) Foreign 8,039 6,015 $ (3,595 ) $ 5,221 Effective tax rate 199.6 % 21.1 % |
Significant Components of Deferred Tax Assets | Significant components of deferred tax assets are as follows (in thousands): December 29, 2018 December 30, 2017 Deferred tax assets: Vacation, warranty and other accruals $ 515 $ 601 Depreciation and amortization 656 91 Intangible amortization 902 1,071 Inventory valuation 1,401 1,341 Deferred income 256 22 Equity-based compensation 1,411 2,636 Net operating loss, research and other tax credit carryforwards 53,595 52,882 Other 545 543 59,281 59,187 Valuation allowance for deferred tax assets (50,804) (58,455) Total deferred tax assets 8,477 732 Deferred tax liabilities: Purchased technology (181 ) (307 ) Unbilled revenue (383 ) (421 ) Total deferred tax liabilities (564 ) (728 ) Net deferred tax assets $ 7,913 $ 4 As reported on the balance sheet: Non-current $ 7,913 $ 4 |
Difference Between Tax Provision at Statutory Federal Income Tax Rate and Tax Provision | The difference between the tax provision at the statutory federal income tax rate and the tax provision for fiscal 2018 and 2017 was as follows (in thousands): 2018 2017 Income tax (benefit) at the federal statutory rate $ (756 ) $ 1,827 State income taxes, net of federal benefit 5 13 Change in valuation allowance: U.S 930 (6,873 ) Foreign (9,286 ) (603 ) Effect of foreign operations taxed at various rates (254 ) (1,036 ) Research tax credits (1,883 ) (2,267 ) Change in federal tax rate — 9,201 Effect of tax rate changes, permanent differences and adjustments of prior deferrals 4,142 639 Unrecognized tax benefits (74 ) 202 Total $ (7,176 ) $ 1,103 |
Aggregate Changes in Balance of Gross Unrecognized Tax Benefits | The aggregate changes in the balance of gross unrecognized tax benefits were as follows for fiscal 2018 and 2017: 2018 2017 Beginning balance $ 5,678 $ 7,544 Additions based on tax positions related to the current year 784 898 Settlements (233 ) — Change in federal tax rate — (2,764 ) Lapse of statute of limitations (65 ) — Ending balance $ 6,164 $ 5,678 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Future Minimum Lease Payments | As of December 29, 2018, future minimum lease payments are as follows. (in thousands) 2019 $ 3,261 2020 2,858 2021 2,874 2022 2,960 2023 3,049 Thereafter 767 $ 15,769 |
Activity in Warranty Provision Account | The following table displays the activity in the warranty provision account for fiscal 2018 and 2017: 2018 2017 (in thousands) Beginning balance $ 994 $ 1,007 Expenditures incurred under warranties (561 ) (773 ) Accruals for product warranties 641 854 Adjustments to previously existing warranty accruals (77 ) (94 ) Ending balance $ 997 $ 994 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Information for Each Reportable Segment | Information for each reportable segment for fiscal 2018 and 2017 is as follows: 2018 2017 (in thousands) Net Revenues TFE $ 69,348 $ 79,004 Photonics 25,766 33,843 Total segment net revenues $ 95,114 $ 112,847 2018 2017 (in thousands) Operating Profit (Loss) TFE $ (1,335 ) $ 6,116 Photonics 440 3,900 Total segment operating profit (loss) (895 ) 10,016 Unallocated costs (3,322 ) (5,168 ) Operating income (loss) (4,217 ) 4,848 Interest income 516 291 Other income (expense), net 106 82 Income (loss) before income taxes $ (3,595 ) $ 5,221 2018 2017 (in thousands) Depreciation and Amortization TFE $ 2,387 $ 1,773 Photonics 1,870 1,750 Total segment depreciation and amortization 4,257 3,523 Unallocated costs 357 348 Total consolidated depreciation and amortization $ 4,614 $ 3,871 2018 2017 (in thousands) Capital Additions TFE $ 1,640 $ 2,137 Photonics 1,295 1,643 Total segment capital additions 2,935 3,780 Unallocated 309 576 Total consolidated capital additions $ 3,244 $ 4,356 |
Segment Assets | 2018 2017 (in thousands) Segment Assets TFE $ 53,867 $ 52,156 Photonics 16,721 16,364 Total segment assets 70,588 68,520 Cash and investments 39,163 42,488 Restricted cash 1,169 1,000 Deferred income taxes 7,913 4 Other current assets 1,341 1,001 Common property, plant and equipment 1,017 1,267 Other assets 879 743 Consolidated total assets $ 122,070 $ 115,023 |
Net Property, Plant and Equipment by Geographic Region | Net property, plant and equipment by geographic region at December 29, 2018 and December 30, 2017 was as follows: December 29, 2018 December 30, 2017 (in thousands) United States $ 11,113 $ 12,363 Asia 85 115 Net property, plant & equipment $ 11,198 $ 12,478 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Changes in Restructuring Reserves | The changes in restructuring reserves for severance and other employee-related costs associated with the cost reduction plan for fiscal 2018, are as follows. 2018 (in thousands) Balance at the beginning of the year $ — Provision for restructuring charges 95 Cash payments made (95 ) Balance at the end of the year $ — |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Restricted cash | $ 1,169,000 | $ 1,000,000 |
Net income (losses) from foreign currency transactions | $ (80,000) | $ (107,000) |
Minimum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets estimated useful life | 1 year | |
Maximum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets estimated useful life | 13 years | |
Computers and Software | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of asset | 3 years | |
Machinery and Equipment | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of asset | 5 years | |
Furniture and Fixtures | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of asset | 7 years | |
Vehicles | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of asset | 4 years | |
Leasehold Improvements | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Lease and leasehold improvements estimated useful lives | Remaining lease term | |
Pledged as Collateral for Standby Letter of Credit | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Restricted cash | $ 600,000 | |
Collateral for Various Guarantees | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Restricted cash | $ 569,000 |
Effect of Changes in Balance Sh
Effect of Changes in Balance Sheet Due to Adoption of New Revenue Standard (Detail) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 31, 2017 | Dec. 30, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other accrued liabilities | $ 4,952 | $ 7,688 | |
Accumulated deficit | (64,934) | $ (66,881) | |
Accounting Standards Update 2014-09 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other accrued liabilities | 3,851 | $ 9,322 | |
Accumulated deficit | (63,833) | (68,515) | |
Accounting Standards Update 2014-09 | Difference Between Revenue Guidance in Effect Before and After Topic 606 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other accrued liabilities | 1,101 | 1,634 | |
Accumulated deficit | $ (1,101) | $ (1,634) |
Impact of adoption of New Reven
Impact of adoption of New Revenue Standard on Statement of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Systems and components revenues | $ 95,114 | $ 112,847 |
Gross profit | 32,694 | 45,663 |
Loss from operations | (4,217) | 4,848 |
Loss before income taxes | (3,595) | 5,221 |
Net income | 3,581 | 4,118 |
Systems and components | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Systems and components revenues | 85,320 | $ 104,856 |
Accounting Standards Update 2014-09 | Calculated under Revenue Guidance in Effect before Topic 606 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Systems and components revenues | 94,581 | |
Gross profit | 32,161 | |
Loss from operations | (4,750) | |
Loss before income taxes | (4,128) | |
Net income | 3,048 | |
Accounting Standards Update 2014-09 | Calculated under Revenue Guidance in Effect before Topic 606 | Systems and components | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Systems and components revenues | 84,787 | |
Accounting Standards Update 2014-09 | Difference Between Revenue Guidance in Effect Before and After Topic 606 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Systems and components revenues | 533 | |
Gross profit | 533 | |
Loss from operations | 533 | |
Loss before income taxes | 533 | |
Net income | 533 | |
Accounting Standards Update 2014-09 | Difference Between Revenue Guidance in Effect Before and After Topic 606 | Systems and components | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Systems and components revenues | $ 533 |
Impact of New Revenue Standard
Impact of New Revenue Standard on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 31, 2017 | Dec. 30, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other accrued liabilities | $ 4,952 | $ 7,688 | ||
Total current liabilities | 30,008 | 29,481 | ||
Accumulated deficit | (64,934) | (66,881) | ||
Total stockholders' equity | 89,624 | $ 82,663 | $ 73,266 | |
Accounting Standards Update 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other accrued liabilities | 3,851 | $ 9,322 | ||
Total current liabilities | 28,907 | |||
Accumulated deficit | (63,833) | (68,515) | ||
Total stockholders' equity | 90,725 | |||
Accounting Standards Update 2014-09 | Difference Between Revenue Guidance in Effect Before and After Topic 606 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other accrued liabilities | 1,101 | 1,634 | ||
Total current liabilities | 1,101 | |||
Accumulated deficit | (1,101) | $ (1,634) | ||
Total stockholders' equity | $ (1,101) |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 82,663 | $ 73,266 |
Other comprehensive income (loss) before reclassification | (112) | 169 |
Amounts reclassified from other comprehensive income (loss) | 0 | 0 |
Net current-period other comprehensive income (loss) | (112) | 169 |
Ending Balance | 89,624 | 82,663 |
Foreign currency | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 535 | 343 |
Other comprehensive income (loss) before reclassification | (130) | 192 |
Amounts reclassified from other comprehensive income (loss) | 0 | 0 |
Net current-period other comprehensive income (loss) | (130) | 192 |
Ending Balance | 405 | 535 |
Unrealized holding losses on available-for-sale investments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (45) | (22) |
Other comprehensive income (loss) before reclassification | 18 | (23) |
Amounts reclassified from other comprehensive income (loss) | 0 | 0 |
Net current-period other comprehensive income (loss) | 18 | (23) |
Ending Balance | (27) | (45) |
Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 490 | 321 |
Ending Balance | $ 378 | $ 490 |
Revenue -Disaggregation of Reve
Revenue -Disaggregation of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 95,114 | $ 112,847 |
TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 69,348 | 79,004 |
TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 61,047 | 73,560 |
TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 8,301 | 5,444 |
Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 25,766 | 33,843 |
HDD | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 64,048 | 56,582 |
HDD | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 55,793 | 51,146 |
HDD | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 8,255 | 5,436 |
DCP | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1 | 13,139 |
DCP | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1 | 13,139 |
PV | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 5,299 | 9,283 |
PV | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 5,253 | 9,275 |
PV | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 46 | 8 |
Military Products | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 13,828 | 24,373 |
Commercial Products | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 335 | 237 |
Repair and Other Services | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,809 | 1,242 |
Product | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 15,972 | 25,852 |
FFP | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 2,463 | 3,984 |
CPFF | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 7,258 | 3,983 |
Times and Materials | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 73 | 24 |
Technology Development | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 9,794 | $ 7,991 |
Revenue - Primary Geography Mar
Revenue - Primary Geography Markets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 95,114 | $ 112,847 |
Products Transferred at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 71,157 | |
Products and Services Transferred Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 23,957 | |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 27,912 | 37,311 |
Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 65,329 | 73,525 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,648 | 884 |
Rest of World | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 225 | 1,127 |
TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 69,348 | 79,004 |
TFE | Products Transferred at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 69,348 | |
TFE | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 4,050 | 5,487 |
TFE | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 65,298 | 73,517 |
Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 25,766 | 33,843 |
Photonics | Products Transferred at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,809 | |
Photonics | Products and Services Transferred Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 23,957 | |
Photonics | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 23,862 | 31,824 |
Photonics | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 31 | 8 |
Photonics | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,648 | 884 |
Photonics | Rest of World | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 225 | $ 1,127 |
Revenue - Changes in Contract A
Revenue - Changes in Contract Assets and Contract Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
TFE | ||
Contract liabilities: | ||
Contract liabilities | $ 14,947 | $ 15,394 |
Contract liabilities: | ||
Change in contract liabilities | (447) | |
TFE | Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 514 | 1,368 |
Contract assets: | ||
Change in contract assets | (854) | |
TFE | Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 633 | 5,190 |
Contract liabilities: | ||
Change in contract liabilities | (4,557) | |
TFE | Customer Advances | ||
Contract liabilities: | ||
Contract liabilities | 14,314 | 10,204 |
Contract liabilities: | ||
Change in contract liabilities | 4,110 | |
Photonics | ||
Contract assets: | ||
Contract assets | 1,650 | 1,627 |
Contract liabilities: | ||
Contract liabilities | 1,101 | 919 |
Contract assets: | ||
Change in contract assets | 23 | |
Contract liabilities: | ||
Change in contract liabilities | 182 | |
Photonics | Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 1,493 | 1,346 |
Contract assets: | ||
Change in contract assets | 147 | |
Photonics | Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 1,101 | 97 |
Contract liabilities: | ||
Change in contract liabilities | 1,004 | |
Photonics | Retainage | ||
Contract assets: | ||
Contract assets | 157 | 281 |
Contract assets: | ||
Change in contract assets | (124) | |
Photonics | Customer Advances | ||
Contract liabilities: | ||
Contract liabilities | $ 822 | |
Contract liabilities: | ||
Change in contract liabilities | $ (822) |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 12 Months Ended | |
Dec. 29, 2018USD ($)Installment | Dec. 30, 2017USD ($) | |
Revenue From Contract With Customers [Line Items] | ||
Revenue remaining performance obligation | $ 108,500,000 | |
Revenue performance obligation, description of timing | We expect to recognize approximately 79% of our remaining performance obligations as revenue in 2019, and the balance in 2020. | |
TFE | ||
Revenue From Contract With Customers [Line Items] | ||
Contract liabilities | $ 14,947,000 | $ 15,394,000 |
Revenue remaining performance obligation | 64,800,000 | |
TFE | Accounts Receivable | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer liability revenue recognized | $ 3,700,000 | |
TFE | Accounts Receivable, Unbilled | ||
Revenue From Contract With Customers [Line Items] | ||
Number of installments | Installment | 3 | |
Change in contract assets | $ (854,000) | |
TFE | Customer Advances | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer liability revenue recognized | 6,600,000 | |
Contract liabilities | 14,314,000 | 10,204,000 |
TFE | Deferred Revenue | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer liability revenue recognized | 5,200,000 | |
Contract liabilities | 633,000 | 5,190,000 |
Photonics | ||
Revenue From Contract With Customers [Line Items] | ||
Change in contract assets | 23,000 | |
Contract liabilities | 1,101,000 | 919,000 |
Revenue remaining performance obligation | 43,700,000 | |
Photonics | Accounts Receivable | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer liability revenue recognized | 206,000 | |
Photonics | Accounts Receivable, Unbilled | ||
Revenue From Contract With Customers [Line Items] | ||
Change in contract assets | 147,000 | |
Photonics | Customer Advances | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer liability revenue recognized | 822,000 | |
Contract liabilities | 822,000 | |
Photonics | Deferred Revenue | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer liability revenue recognized | 520,000 | |
Contract liabilities | $ 1,101,000 | $ 97,000 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional information (Detail) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2017Employee$ / sharesshares | Dec. 29, 2018USD ($)$ / sharesshares | Dec. 30, 2017USD ($)$ / shares | Jan. 01, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of option price related to fair market value | 100.00% | |||
Common stock shares authorized for further issuance | shares | 6,900,000 | |||
2012 plan options expiration date | May 8, 2022 | |||
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 | |||
Total intrinsic value of options exercised | $ 431,000 | $ 586,000 | ||
Total unrecognized compensation expense | $ 985,000 | |||
RSU conversion ratio | 100.00% | |||
Annual incentive plan stock awards granted | shares | 430,125 | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options, expiration period | 10 years | |||
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available under issuance of ESPP | shares | 425,000 | |||
Total unrecognized compensation expense | $ 900,000 | |||
Unrecognized compensation expenses recognition period | 1 year 29 days | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses recognition period | 1 year 5 months 19 days | |||
Weighted-average fair value of grants per share | $ / shares | $ 1.97 | $ 4.52 | ||
Stock Options | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award, vesting period | 3 years | |||
Stock Options | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award, vesting period | 4 years | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses recognition period | 1 year 4 months 13 days | |||
Unrecognized compensation expense | $ 1,500,000 | |||
Annual incentive plan equity-based compensation expense | $ 102,000 | |||
Number of participants in restricted stock grants awarded | Employee | 33 | |||
Annual incentive plan stock awards granted | shares | 134,000 | |||
Weighted-average fair value of grants per share | $ / shares | $ 9.63 | |||
Restricted Stock Units (RSUs) | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award, vesting period | 3 years | |||
Restricted Stock Units (RSUs) | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award, vesting period | 4 years |
Effect of Recording Equity-Base
Effect of Recording Equity-Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 3,307 | $ 4,178 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 775 | 1,176 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 1,251 | 2,598 |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 1,281 | $ 404 |
Weighted-Average Fair Value of
Weighted-Average Fair Value of Stock Options and Employee Stock Purchase Rights using Weighted-Average Assumptions (Detail) - $ / shares | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Stock Options | ||
Weighted-average assumptions | ||
Weighted-average fair value of grants per share | $ 1.97 | $ 4.52 |
Expected volatility | 43.83% | 40.49% |
Risk free interest rate | 2.58% | 1.81% |
Expected term of options (in years) | 4 years 4 months 24 days | 4 years 2 months 19 days |
Dividend yield | 0.00% | 0.00% |
Stock Purchase Rights | ||
Weighted-average assumptions | ||
Weighted-average fair value of grants per share | $ 2.24 | $ 2.75 |
Expected volatility | 47.64% | 43.51% |
Risk free interest rate | 2.01% | 1.22% |
Expected term of options (in years) | 1 year 3 months 29 days | 7 months 24 days |
Dividend yield | 0.00% | 0.00% |
Option Activity and Changes (De
Option Activity and Changes (Detail) - USD ($) | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Shares | ||
Options outstanding at December 30, 2017 | 2,925,861 | |
Options granted | 430,125 | |
Options cancelled and forfeited | (962,171) | |
Options exercised | (323,066) | |
Options outstanding at December 29, 2018 | 2,070,749 | 2,925,861 |
Options exercisable at December 29, 2018 | 1,333,415 | |
Weighted Average Exercise Price | ||
Options outstanding at December 30, 2017 | $ 7.62 | |
Options granted | 5.11 | |
Options cancelled and forfeited | 9.27 | |
Options exercised | 4.87 | |
Options outstanding at December 29, 2018 | 6.76 | $ 7.62 |
Options exercisable at December 29, 2018 | $ 6.59 | |
Weighted Average Remaining Contractual Term | ||
Options outstanding | 3 years 9 months 11 days | 3 years |
Options exercisable at December 29, 2018 | 2 years 8 months 12 days | |
Aggregate Intrinsic Value | ||
Options outstanding at December 30, 2017 | $ 2,292,521 | |
Options outstanding at December 29, 2018 | 339,821 | $ 2,292,521 |
Options exercisable at December 29, 2018 | $ 186,019 |
Summary of Restricted Stock Uni
Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) | 12 Months Ended |
Dec. 29, 2018USD ($)$ / sharesshares | |
Shares | |
Non-vested RSUs at December 30, 2017 | shares | 769,451 |
Granted | shares | 230,917 |
Vested | shares | (433,534) |
Cancelled | shares | (104,425) |
Non-vested RSUs at December 29, 2018 | shares | 462,409 |
Weighted Average Grant Date Fair Value | |
Non-vested RSUs at December 30, 2017 | $ / shares | $ 7.84 |
Granted | $ / shares | 5.04 |
Vested | $ / shares | 7.14 |
Cancelled | $ / shares | 8.64 |
Non-vested RSUs at December 29, 2018 | $ / shares | $ 6.92 |
Weighted Average Remaining Contractual Term | |
Non-vested RSUs at December 30, 2017 | 11 months 19 days |
Non-vested RSUs at December 29, 2018 | 1 year 5 months 19 days |
Aggregate Intrinsic Value | |
Non-vested RSUs at December 30, 2017 | $ | $ 5,270,739 |
Non-vested RSUs at December 29, 2018 | $ | $ 2,362,910 |
Employee Stock Purchase Plan Ac
Employee Stock Purchase Plan Activities (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Employee Stock Purchase Plan [Line Items] | ||
Shares purchased | 411 | 406 |
Weighted-average purchase price per share | $ 3.98 | $ 3.82 |
Aggregate intrinsic value of purchase rights exercised | $ 750 | $ 2,673 |
Computation of Basic and Dilute
Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items] | ||
Net income | $ 3,581 | $ 4,118 |
Weighted-average shares - basic | 22,519 | 21,555 |
Effect of dilutive potential common shares | 385 | 1,365 |
Weighted-average shares - diluted | 22,904 | 22,920 |
Net income per share -basic | $ 0.16 | $ 0.19 |
Net income per share -diluted | $ 0.16 | $ 0.18 |
Antidilutive Securities Exclude
Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share (Detail) - shares shares in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net income per share | 1,612 | 867 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net income per share | 124 | 218 |
Employee Stock Purchase Plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net income per share | 254 |
Customers That Accounted for at
Customers That Accounted for at Least Ten percent of Accounts Receivable (Detail) - Accounts Receivable - Credit Concentration Risk | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | ||
Seagate Technology | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 45.00% | 70.00% | |
HGST | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 25.00% | [1] | |
[1] | Less than 10% |
Customers That Accounted for _2
Customers That Accounted for at Least ten percent of Consolidated Net Revenue (Detail) - Sales Revenue Net - Customer Concentration Risk | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | |||
Seagate Technology | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 52.00% | 40.00% | ||
HGST | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 13.00% | [1] | ||
U.S. Government | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | [1] | 15.00% | ||
[1] | Less than 10% |
Trade and Other Accounts Receiv
Trade and Other Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade receivables and other | $ 25,397 | $ 17,479 |
Unbilled costs and accrued profits | 2,164 | 2,995 |
Income tax receivable | 156 | |
Less: allowance for doubtful accounts | 0 | 0 |
Trade and other accounts receivable, net of allowances of $0 at both December 29, 2018 and December 30, 2017 | $ 27,717 | $ 20,474 |
Inventories Stated at Lower of
Inventories Stated at Lower of Average Cost or Net Realizable Value (Detail) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Inventory [Line Items] | ||
Raw materials | $ 16,354 | $ 19,881 |
Work-in-progress | 9,134 | 9,433 |
Finished goods | 5,109 | 4,478 |
Inventories | $ 30,597 | $ 33,792 |
Property, Plant and Equipment (
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment | $ 59,955 | $ 59,801 |
Less accumulated depreciation and amortization | 48,757 | 47,323 |
Total property, plant and equipment, net | 11,198 | 12,478 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment | 14,923 | 15,035 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment | $ 45,032 | $ 44,766 |
Deferred Income Taxes and Other
Deferred Income Taxes and Other Long-Term Assets (Detail) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Deferred income taxes | $ 7,913 | $ 4 |
Contested tax deposits | 723 | 743 |
Income tax receivable | 157 | |
Other | 16 | 17 |
Deferred income taxes and other long-term assets | $ 8,809 | $ 764 |
Balance Sheet Details - Additio
Balance Sheet Details - Additional Information (Detail) - USD ($) | Dec. 29, 2018 | Dec. 30, 2017 |
Balance Sheet Details [Line Items] | ||
Accounts payable, book overdraft | $ 423,000 | $ 163,000 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Accrued Liabilities [Line Items] | ||
Deferred revenue | $ 1,734 | $ 5,287 |
Other taxes payable | 928 | 860 |
Accrued product warranties | 839 | 757 |
Income taxes payable | 389 | 262 |
Provision for estimated losses on uncompleted contracts | 278 | 189 |
Acquisition-related contingent consideration | 223 | 103 |
Other | 561 | 230 |
Total other accrued liabilities | $ 4,952 | $ 7,688 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Other Long Term Liabilities [Line Items] | ||
Deferred rent | $ 2,270 | $ 2,299 |
Accrued product warranties | 158 | 237 |
Acquisition-related contingent consideration | 259 | |
Accrued income taxes | 10 | 84 |
Total other long-term liabilities | $ 2,438 | $ 2,879 |
Information Regarding Other Acq
Information Regarding Other Acquisition Related Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived, Gross Carrying Amount | $ 8,387 | $ 8,387 |
Accumulated Amortization | 7,498 | 6,884 |
Finite Lived, Net Carrying Amount | 889 | 1,503 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived, Gross Carrying Amount | 3,119 | 3,119 |
Accumulated Amortization | 3,040 | 2,997 |
Finite Lived, Net Carrying Amount | 79 | 122 |
Purchased technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived, Gross Carrying Amount | 5,148 | 5,148 |
Accumulated Amortization | 4,338 | 3,767 |
Finite Lived, Net Carrying Amount | 810 | 1,381 |
Covenants not to compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived, Gross Carrying Amount | 40 | 40 |
Accumulated Amortization | 40 | 40 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived, Gross Carrying Amount | 80 | 80 |
Accumulated Amortization | $ 80 | $ 80 |
Purchased Intangible Assets, _3
Purchased Intangible Assets, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total amortization expense of finite-lived intangibles | $ 615,000 | $ 755,000 |
TFE | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 810,000 | |
Photonics | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 79,000 |
Estimated Future Amortization E
Estimated Future Amortization Expense Related to Finite-Lived Purchased Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
2,019 | $ 615 | |
2,020 | 274 | |
Finite Lived, Net Carrying Amount | $ 889 | $ 1,503 |
Contingent Consideration - Addi
Contingent Consideration - Additional Information (Detail) - Solar Implant Technologies $ in Millions | Nov. 19, 2010USD ($) |
Revenue Earnout | |
Business Acquisition [Line Items] | |
Maximum amount of cash potentially earned in contingent compensation arrangements | $ 9 |
Milestone | |
Business Acquisition [Line Items] | |
Maximum amount of cash potentially earned in contingent compensation arrangements | $ 7 |
Quantitative Range of Significa
Quantitative Range of Significant Unobservable Inputs Used in Calculation of Fair Value of Continent Consideration Liability (Detail) - Fair Value, Inputs, Level 3 - Revenue Earnout $ in Thousands | 12 Months Ended |
Dec. 29, 2018USD ($) | |
Business Acquisition, Contingent Consideration [Line Items] | |
Valuation technique | Discounted cash flow |
Fair Value | $ 223 |
Weighted Average | Measurement Input, Discount Rate | |
Business Acquisition, Contingent Consideration [Line Items] | |
Weighted average cost of capital | 11.30% |
Reconciliation of Change in Fai
Reconciliation of Change in Fair Value Measurement of Contingent Consideration Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Business Acquisition, Contingent Consideration [Line Items] | ||
Beginning balance | $ 362 | $ 759 |
Changes in fair value | (139) | (223) |
Cash payments made | (174) | |
Ending balance | $ 223 | $ 362 |
Cash, Cash Equivalents and Shor
Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments (Detail) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 39,190 | $ 42,533 |
Unrealized Holdings Gains | 5 | 1 |
Unrealized Holdings Losses | 32 | 46 |
Fair Value | 39,163 | 42,488 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 18,715 | 19,941 |
Fair Value | 18,715 | 19,941 |
Cash and Cash Equivalents | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,046 | |
Fair Value | 2,046 | |
Cash and Cash Equivalents | Cash | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,334 | 13,195 |
Fair Value | 13,334 | 13,195 |
Cash and Cash Equivalents | Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,335 | 6,746 |
Fair Value | 3,335 | 6,746 |
Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 16,097 | 15,710 |
Unrealized Holdings Gains | 1 | 1 |
Unrealized Holdings Losses | 22 | 13 |
Fair Value | 16,076 | 15,698 |
Short-term Investments | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | 500 |
Unrealized Holdings Losses | 2 | 3 |
Fair Value | 498 | 497 |
Short-term Investments | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,297 | 4,917 |
Unrealized Holdings Losses | 5 | 4 |
Fair Value | 3,292 | 4,913 |
Short-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,759 | 4,502 |
Unrealized Holdings Losses | 13 | 5 |
Fair Value | 4,746 | 4,497 |
Short-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,299 | 2,500 |
Unrealized Holdings Gains | 1 | 1 |
Unrealized Holdings Losses | 1 | 1 |
Fair Value | 5,299 | 2,500 |
Short-term Investments | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,242 | 3,291 |
Unrealized Holdings Losses | 1 | |
Fair Value | 2,241 | 3,291 |
Other Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,378 | 6,882 |
Unrealized Holdings Gains | 4 | |
Unrealized Holdings Losses | 10 | 33 |
Fair Value | 4,372 | 6,849 |
Other Long-term Investments | Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | |
Fair Value | 500 | |
Other Long-term Investments | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 999 | 1,998 |
Unrealized Holdings Losses | 6 | 12 |
Fair Value | 993 | 1,986 |
Other Long-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,879 | 4,384 |
Unrealized Holdings Gains | 4 | |
Unrealized Holdings Losses | 4 | 21 |
Fair Value | 2,879 | $ 4,363 |
Other Long-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | |
Fair Value | $ 500 |
Contractual Maturities of Avail
Contractual Maturities of Available-For-Sale Securities (Detail) $ in Thousands | Dec. 29, 2018USD ($) |
Available For Sale Securities [Line Items] | |
Amortized Cost, Due in one year or less | $ 21,478 |
Amortized Cost, Due after one through five years | 4,378 |
Amortized Cost | 25,856 |
Fair Value, Due in one year or less | 21,457 |
Fair Value, Due after one through five years | 4,372 |
Fair Value | $ 25,829 |
Fair Market Value of Investment
Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired (Detail) $ in Thousands | Dec. 29, 2018USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | $ 10,703 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 16 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 5,531 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 16 |
Certificates of deposit | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 3,797 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 1 |
Commercial paper | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 2,241 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 1 |
Corporate bonds and medium-term notes | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 2,675 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 6 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 3,537 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 11 |
Municipal bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 498 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 2 |
U.S. treasury and agency securities | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 1,492 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 6 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 1,994 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | $ 5 |
Fair Value Hierarchy of Availab
Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis (Detail) $ in Thousands | Dec. 29, 2018USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 25,829 |
Fair Value, Measurements, Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 25,829 |
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 | 3,335 |
Fair Value, Measurements, Recurring | Certificates of deposit | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 5,799 |
Fair Value, Measurements, Recurring | Commercial paper | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 2,241 |
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 | 6,331 |
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 | 7,625 |
Fair Value, Measurements, Recurring | Municipal bonds | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 498 |
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 | 8,666 |
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 | 3,335 |
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 | 5,331 |
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 | 17,163 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Certificates of deposit | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 5,799 |
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 | 2,241 |
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 | 1,000 |
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 | 7,625 |
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 | $ 498 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 29, 2018 | |
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 | Dec. 29, 2018 | Dec. 30, 2017 | |
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | $ 1,764 | $ 1,276 | |
Derivative Liabilities | 8 | 5 | |
Forward foreign currency contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | 1,764 | 1,276 | |
Derivative Liabilities | [1] | $ 8 | $ 5 |
[1] | Other accrued liabilities |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) | Aug. 15, 2018 | Dec. 29, 2018 | Nov. 21, 2013 |
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchase authorized amount | $ 40,000,000 | $ 30,000,000 | |
Stock repurchase remained available for future stock repurchase | $ 10,900,000 | ||
Increase in stock repurchase program | $ 10,000,000 |
Stock Repurchases (Detail)
Stock Repurchases (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 29, 2018USD ($)$ / sharesshares | |
Equity, Class of Treasury Stock [Line Items] | |
Shares of common stock repurchased | shares | 120 |
Cost of stock repurchased | $ | $ 558 |
Average price paid per share | $ / shares | $ 4.63 |
Provision for (Benefit from) In
Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Federal: | ||
Current | $ (313) | |
Deferred | 0 | $ 0 |
Federal Income Tax Expense (Benefit), Operations, Total | (313) | |
State: | ||
Current | 5 | 13 |
Deferred | 0 | 0 |
State and Local Income Tax Expense (Benefit), Operations, Total | 5 | 13 |
Foreign: | ||
Current | 1,041 | 1,091 |
Deferred | (7,909) | (1) |
Foreign Income Tax Expense (Benefit), Operations, Total | (6,868) | 1,090 |
Total | $ (7,176) | $ 1,103 |
Income (Loss) Before Income Tax
Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | ||
U.S | $ (11,634) | $ (794) |
Foreign | 8,039 | 6,015 |
Income (loss) before income taxes | $ (3,595) | $ 5,221 |
Effective tax rate | 199.60% | 21.10% |
Significant Components of Defer
Significant Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Deferred tax assets: | ||
Vacation, warranty and other accruals | $ 515 | $ 601 |
Depreciation and amortization | 656 | 91 |
Intangible amortization | 902 | 1,071 |
Inventory valuation | 1,401 | 1,341 |
Deferred income | 256 | 22 |
Equity-based compensation | 1,411 | 2,636 |
Net operating loss, research and other tax credit carryforwards | 53,595 | 52,882 |
Other | 545 | 543 |
Deferred tax assets, gross, total | 59,281 | 59,187 |
Valuation allowance for deferred tax assets | (50,804) | (58,455) |
Total deferred tax assets | 8,477 | 732 |
Deferred tax liabilities: | ||
Purchased technology | (181) | (307) |
Unbilled revenue | (383) | (421) |
Total deferred tax liabilities | (564) | (728) |
Net deferred tax assets | 7,913 | 4 |
As reported on the balance sheet: | ||
Non-current deferred tax assets | $ 7,913 | $ 4 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 29, 2018USD ($)Subsidiary | Dec. 30, 2017USD ($) | Jan. 03, 2015USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2016USD ($) | |
Income Taxes [Line Items] | |||||
Non-cash income tax benefit | $ (7,176,000) | $ 1,103,000 | |||
Corporate tax rate | 21.00% | 35.00% | |||
Adjusted provisional amount | $ (725,000) | $ (57,000) | |||
Income tax receivables | 313,000 | ||||
Provision for deferred income tax | $ (7,909,000) | (1,000) | |||
Number of subsidiaries | Subsidiary | 7 | ||||
Net adjustments to provisional amounts | $ 1,800,000 | ||||
Provisional transition tax | 1,800,000 | ||||
Undistributed earnings from non-U.S. operations | 1,200,000 | ||||
Unrecognized tax benefits | 6,164,000 | 5,678,000 | $ 7,544,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 8,000 | ||||
Unrecognized net tax expense (benefit) for interest | 2,000 | 2,000 | |||
Accrued interest related to unrealized tax benefits | 2,000 | ||||
Deposit for contested taxes and related interest | 723,000 | 743,000 | |||
Internal Revenue Service (IRS) | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | $ 68,600,000 | ||||
Net operating loss carryforwards, expiration year | 2,028 | ||||
Tax credit carryforwards | $ 16,400,000 | ||||
Tax credit carryforwards, expiration year | 2,019 | ||||
Inland Revenue, Singapore (IRAS) | |||||
Income Taxes [Line Items] | |||||
Deposit for contested taxes and related interest | $ 723,000 | 743,000 | |||
Singapore | |||||
Income Taxes [Line Items] | |||||
Income tax benefit from valuation allowance | (603,000) | $ 9,400,000 | |||
Non-cash income tax benefit | 7,900,000 | ||||
United States | |||||
Income Taxes [Line Items] | |||||
Income tax benefit from valuation allowance | 930,000 | $ (6,900,000) | $ 23,400,000 | ||
Foreign Tax Authority | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 45,300,000 | ||||
State and Local Jurisdiction | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | $ 59,900,000 | ||||
Net operating loss carryforwards, expiration year | 2,028 | ||||
Tax credit carryforwards | $ 15,400,000 |
Difference Between Tax Provisio
Difference Between Tax Provision at Statutory Federal Income Tax Rate and Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Reconciliation Of Income Taxes [Line Items] | ||
Income tax (benefit) at the federal statutory rate | $ (756) | $ 1,827 |
State income taxes, net of federal benefit | 5 | 13 |
Effect of foreign operations taxed at various rates | (254) | (1,036) |
Research tax credits | (1,883) | (2,267) |
Change in federal tax rate | 9,201 | |
Effect of tax rate changes, permanent differences and adjustments of prior deferrals | 4,142 | 639 |
Unrecognized tax benefits | (74) | 202 |
Total | (7,176) | 1,103 |
United States | ||
Reconciliation Of Income Taxes [Line Items] | ||
Change in valuation allowance | 930 | (6,873) |
Foreign Tax Authority | ||
Reconciliation Of Income Taxes [Line Items] | ||
Change in valuation allowance | $ (9,286) | $ (603) |
Aggregate Changes in Balance of
Aggregate Changes in Balance of Gross Unrecognized Tax benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Contingency [Line Items] | ||
Beginning balance | $ 5,678 | $ 7,544 |
Additions based on tax positions related to the current year | 784 | 898 |
Settlements | (233) | |
Change in federal tax rate | (2,764) | |
Lapse of statute of limitations | (65) | |
Ending balance | $ 6,164 | $ 5,678 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2017Employee$ / sharesshares | Dec. 29, 2018USD ($)shares | Dec. 30, 2017USD ($) | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution retirement plan, employee eligibility age | 18 years | |||
Cash contributions | $ 345,000 | $ 357,000 | ||
Annual incentive plan stock awards granted | shares | 430,125 | |||
Defined bonus plan, charges to expenses | $ 1,400,000 | 2,800,000 | ||
Equity-based compensation | 3,307,000 | 4,178,000 | ||
Restricted Stock Units (RSUs) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of participants in restricted stock grants awarded | Employee | 33 | |||
Annual incentive plan stock awards granted | shares | 134,000 | |||
Weighted-average fair value of grants per share | $ / shares | $ 9.63 | |||
Equity-based compensation | $ 1,251,000 | 2,598,000 | ||
Annual Incentive Plan | Restricted Stock Units (RSUs) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Award, vesting period | 1 year | |||
Equity-based compensation | $ 102,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Commitments and Contingencies [Line Items] | ||
Deferred rent, included in other long-term liabilities | $ 2,270,000 | $ 2,299,000 |
Tenant improvement allowance | 1,700,000 | |
Standby letter of credit for lease | 600,000 | |
Restricted cash | 1,169,000 | 1,000,000 |
Gross rental expense | 3,800,000 | $ 3,800,000 |
Letters of credit and bank guarantees outstanding, amount | 1,200,000 | |
Letters of credit and bank guarantees collateralized by restricted cash | $ 1,200,000 | |
Minimum product warranty range | 12 months | |
Maximum product warranty range | 24 months | |
Product warranty offer on sale | 3 months | |
Pledged as Collateral for Standby Letter of Credit | ||
Commitments and Contingencies [Line Items] | ||
Restricted cash | $ 600,000 | |
Maximum | ||
Commitments and Contingencies [Line Items] | ||
Operating lease expiration date | 2024-03 |
Future Minimum Lease Payments (
Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 29, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2,019 | $ 3,261 |
2,020 | 2,858 |
2,021 | 2,874 |
2,022 | 2,960 |
2,023 | 3,049 |
Thereafter | 767 |
Operating Leases, Future Minimum Payments Due, Total | $ 15,769 |
Activity in Warranty Provision
Activity in Warranty Provision Account (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Accrued Warranty [Line Items] | ||
Beginning balance | $ 994 | $ 1,007 |
Expenditures incurred under warranties | (561) | (773) |
Accruals for product warranties | 641 | 854 |
Adjustments to previously existing warranty accruals | (77) | (94) |
Ending balance | $ 997 | $ 994 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 29, 2018Segment | |
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 | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Segment Reporting Information [Line Items] | ||
Total segment net revenues | $ 95,114 | $ 112,847 |
Operating income (loss) | (4,217) | 4,848 |
Interest income | 516 | 291 |
Other income (expense), net | 106 | 82 |
Income (loss) before income taxes | (3,595) | 5,221 |
TFE | ||
Segment Reporting Information [Line Items] | ||
Total segment net revenues | 69,348 | 79,004 |
Photonics | ||
Segment Reporting Information [Line Items] | ||
Total segment net revenues | 25,766 | 33,843 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | (895) | 10,016 |
Operating Segments | TFE | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | (1,335) | 6,116 |
Operating Segments | Photonics | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | 440 | 3,900 |
Unallocated Amount to Segment | ||
Segment Reporting Information [Line Items] | ||
Unallocated costs | $ (3,322) | $ (5,168) |
Depreciation and Amortization (
Depreciation and Amortization (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $ 4,614 | $ 3,871 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 4,257 | 3,523 |
Operating Segments | TFE | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 2,387 | 1,773 |
Operating Segments | Photonics | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 1,870 | 1,750 |
Unallocated Amount to Segment | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $ 357 | $ 348 |
Capital Additions (Detail)
Capital Additions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital additions | $ 3,244 | $ 4,356 |
Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital additions | 2,935 | 3,780 |
Operating Segments | TFE | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital additions | 1,640 | 2,137 |
Operating Segments | Photonics | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital additions | 1,295 | 1,643 |
Unallocated Amount to Segment | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital additions | $ 309 | $ 576 |
Assets for Each Reportable Segm
Assets for Each Reportable Segment (Detail) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Cash and investments | $ 39,163 | $ 42,488 |
Restricted cash | 1,169 | 1,000 |
Deferred income taxes | 7,913 | 4 |
Other current assets | 1,341 | 1,001 |
Common property, plant and equipment | 1,017 | 1,267 |
Other assets | 879 | 743 |
Consolidated total assets | 122,070 | 115,023 |
Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 70,588 | 68,520 |
Operating Segments | TFE | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 53,867 | 52,156 |
Operating Segments | Photonics | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | $ 16,721 | $ 16,364 |
Net Property, Plant and Equipme
Net Property, Plant and Equipment by Geographic Region (Detail) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2017 |
Segment Reporting Information [Line Items] | ||
Net property, plant & equipment | $ 11,198 | $ 12,478 |
United States | ||
Segment Reporting Information [Line Items] | ||
Net property, plant & equipment | 11,113 | 12,363 |
Asia | ||
Segment Reporting Information [Line Items] | ||
Net property, plant & equipment | $ 85 | $ 115 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Percentage of reduction of global workforce | 6.00% |
Reduction in salary, wages and other employee-related expenses due to implementation of plan | $ 1.8 |
Changes in Restructuring Reserv
Changes in Restructuring Reserves (Detail) - Severance And Other Employee Related Costs $ in Thousands | 12 Months Ended |
Dec. 29, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | $ 0 |
Provision for restructuring charges | 95 |
Cash payments made | (95) |
Ending balance | $ 0 |