Cover Page
Cover Page - shares | 3 Months Ended | |
Apr. 03, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Interactive Data Current | Yes | |
Document Period End Date | Apr. 3, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | INTEVAC, INC. | |
Entity Central Index Key | 0001001902 | |
Current Fiscal Year End Date | --01-01 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | IVAC | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 0-26946 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3125814 | |
Entity Address, Address Line One | 3560 Bassett Street | |
Entity Address, City or Town | Santa Clara | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95054 | |
City Area Code | 408 | |
Local Phone Number | 986-9888 | |
Entity Small Business | true | |
Title of 12(b) Security | Common Stock | |
Entity Common Stock, Shares Outstanding | 24,122,215 | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 03, 2021 | Jan. 02, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 32,816 | $ 29,341 |
Short-term investments | 16,077 | 14,839 |
Trade and other accounts receivable, net of allowances of $0 at both April 3, 2021 and January 2, 2021 | 18,229 | 28,646 |
Inventories | 20,501 | 21,689 |
Prepaid expenses and other current assets | 1,789 | 1,893 |
Total current assets | 89,412 | 96,408 |
Long-term investments | 3,919 | 5,388 |
Restricted cash | 787 | 787 |
Property, plant and equipment, net | 10,456 | 11,004 |
Operating lease right-of-use-assets | 7,582 | 8,165 |
Deferred income taxes and other long-term assets | 5,485 | 5,486 |
Total assets | 117,641 | 127,238 |
Current liabilities: | ||
Current operating lease liabilities | 2,913 | 2,853 |
Accounts payable | 2,765 | 4,259 |
Accrued payroll and related liabilities | 5,150 | 7,679 |
Other accrued liabilities | 3,136 | 3,598 |
Customer advances | 42 | 33 |
Total current liabilities | 14,006 | 18,422 |
Noncurrent liabilities: | ||
Noncurrent operating lease liabilities | 6,045 | 6,803 |
Other long-term liabilities | 435 | 457 |
Total noncurrent liabilities | 6,480 | 7,260 |
Stockholders' equity: | ||
Common stock, $0.001 par value | 24 | 24 |
Additional paid-in capital | 195,364 | 193,173 |
Treasury stock, 5,087 shares at both April 3, 2021 and at January 2, 2021 | (29,551) | (29,551) |
Accumulated other comprehensive income | 552 | 640 |
Accumulated deficit | (69,234) | (62,730) |
Total stockholders' equity | 97,155 | 101,556 |
Total liabilities and stockholders' equity | $ 117,641 | $ 127,238 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Apr. 03, 2021 | Jan. 02, 2021 |
Statement of Financial Position [Abstract] | ||
Net of allowances of trade, note and other accounts receivable | $ 0 | $ 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Treasury stock, shares | 5,087 | 5,087 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 3 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Net revenues: | ||
Total net revenues | $ 16,241,000 | $ 18,840,000 |
Cost of net revenues: | ||
Total cost of net revenues | 13,187,000 | 10,684,000 |
Gross profit | 3,054,000 | 8,156,000 |
Operating expenses: | ||
Research and development | 3,625,000 | 3,284,000 |
Selling, general and administrative | 5,930,000 | 5,972,000 |
Total operating expenses | 9,555,000 | 9,256,000 |
Loss from operations | (6,501,000) | (1,100,000) |
Interest income and other income (expense), net | 29,000 | 142,000 |
Loss before provision for income taxes | (6,472,000) | (958,000) |
Provision for income taxes | 32,000 | 266,000 |
Net loss | $ (6,504,000) | $ (1,224,000) |
Net loss per share: | ||
Basic and Diluted | $ (0.27) | $ (0.05) |
Weighted average common shares outstanding: | ||
Basic and Diluted | 24,033 | 23,483 |
Systems and components | ||
Net revenues: | ||
Total net revenues | $ 13,060,000 | $ 13,836,000 |
Cost of net revenues: | ||
Total cost of net revenues | 9,964,000 | 7,767,000 |
Technology development | ||
Net revenues: | ||
Total net revenues | 3,181,000 | 5,004,000 |
Cost of net revenues: | ||
Total cost of net revenues | $ 3,223,000 | $ 2,917,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (6,504) | $ (1,224) |
Other comprehensive loss, before tax: | ||
Change in unrealized net gain (loss) on available-for-sale investments | (20) | 2 |
Foreign currency translation losses | (68) | (95) |
Other comprehensive loss, before tax | (88) | (93) |
Income tax provision related to items in other comprehensive loss | 0 | 0 |
Other comprehensive loss, net of tax | (88) | (93) |
Comprehensive loss | $ (6,592) | $ (1,317) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Operating activities | ||
Net loss | $ (6,504) | $ (1,224) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 791 | 858 |
Net amortization (accretion) of investment premiums and discounts | 33 | (19) |
Equity-based compensation | 968 | 672 |
Straight-line rent adjustment and amortization of lease incentives | (115) | (74) |
Deferred income taxes | (40) | 114 |
Changes in operating assets and liabilities | 7,399 | 786 |
Total adjustments | 9,036 | 2,337 |
Net cash provided by operating activities | 2,532 | 1,113 |
Investing activities | ||
Purchases of investments | (5,962) | (4,242) |
Proceeds from sales and maturities of investments | 6,140 | 5,530 |
Purchases of leasehold improvements and equipment | (243) | (1,145) |
Net cash provided by (used in) investing activities | (65) | 143 |
Financing activities | ||
Proceeds from issuance of common stock | 1,096 | 950 |
Common stock repurchases | 0 | (393) |
Taxes paid related to net share settlement | (20) | (36) |
Net cash provided by financing activities | 1,076 | 521 |
Effect of exchange rate changes on cash and cash equivalents | (68) | (94) |
Net increase in cash, cash equivalents and restricted cash | 3,475 | 1,683 |
Cash, cash equivalents and restricted cash at beginning of period | 30,128 | 20,554 |
Cash, cash equivalents and restricted cash at end of period | $ 33,603 | $ 22,237 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Apr. 03, 2021 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Intevac, Inc. (together with its subsidiaries “Intevac,” the “Company” or “we”) is a provider of vacuum deposition equipment for a wide variety of thin-film applications, and a leading provider of digital night-vision technologies and products to the defense industry. The Company leverages its core capabilities in high-volume manufacturing of small substrates to provide process manufacturing equipment solutions to the hard disk drive (“HDD”), display cover panel (“DCP”), photovoltaic (“PV”) solar cell and advanced semiconductor packaging (“ASP”) industries. Intevac also provides sensors, cameras and systems for government applications such as night vision. Intevac’s customers include manufacturers of hard disk media, DCPs and solar cells as well as the U.S. government and its agencies, allies and contractors. Intevac reports two segments: Thin-film Equipment (“TFE”) and Photonics. In the opinion of management, the unaudited interim condensed consolidated financial statements of Intevac included herein have been prepared on a basis consistent with the January 2, 2021 audited consolidated financial statements and include all material adjustments, consisting of normal recurring adjustments, necessary to fairly present the information set forth therein. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. The COVID-19 COVID-19, COVID-19 COVID-19 COVID-19 |
Revenue
Revenue | 3 Months Ended |
Apr. 03, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 2. Revenue The following tables represent a disaggregation of revenue from contracts with customers for the three months ended April 3, 2021 and March 28, 2020 along with the reportable segment for each category. Major Products and Service Lines TFE Three Months Ended April 3, 2021 Three Months Ended March 28, 2020 (In thousands) HDD DCP PV ASP Total HDD PV Total Systems, upgrades and spare parts $ 3,585 $ — $ 111 $ 3,850 $ 7,546 $ 6,361 $ 208 $ 6,569 Field service 1,636 14 42 — 1,692 1,393 — 1,393 Total TFE net revenues $ 5,221 $ 14 $ 153 $ 3,850 $ 9,238 $ 7,754 $ 208 $ 7,962 Three Months Ended Photonics April 3, 2021 March 28, 2020 (In thousands) Products: Military products $ 3,252 $ 5,365 Commercial products 128 79 Repair and other services 442 430 Total Photonics product net revenues 3,822 5,874 Three Months Ended Photonics April 3, 2021 March 28, 2020 (In thousands) Technology development: Firm Fixed Price (“FFP”) 1,804 4,430 Cost Plus Fixed Fee (“CPFF”) 1,377 574 Time and materials — — Total technology development net revenues 3,181 5,004 Total Photonics net revenues $ 7,003 $ 10,878 Primary Geographical Markets Three Months Ended April 3, 2021 March 28, 2020 (In thousands) TFE Photonics Total TFE Photonics Total United States $ 367 $ 6,960 $ 7,327 $ 519 $ 10,856 $ 11,375 Asia 5,021 — 5,021 7,443 — 7,443 Europe 3,850 43 3,893 — 22 22 Total net revenues $ 9,238 $ 7,003 $ 16,241 $ 7,962 $ 10,878 $ 18,840 Timing of Revenue Recognition Three Months Ended April 3, 2021 March 28, 2020 (In thousands) TFE Photonics Total TFE Photonics Total Products transferred at a point in time $ 9,238 $ 442 $ 9,680 $ 7,962 $ 430 $ 8,392 Products and services transferred over time — 6,561 6,561 — 10,448 10,448 $ 9,238 $ 7,003 $ 16,241 $ 7,962 $ 10,878 $ 18,840 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 the three months ended April 3 2021. April 3, 2021 January 2, 2021 Three Months Change (In thousands) TFE: Contract assets: Accounts receivable, unbilled $ — $ 369 $ (369 ) Contract liabilities: Deferred revenue $ 276 $ 482 $ (206 ) Customer advances 42 33 9 $ 318 $ 515 $ (197 ) Photonics: Contract assets: Accounts receivable, unbilled $ 4,689 $ 5,439 $ (750 ) Retainage 130 126 4 $ 4,819 $ 5,565 $ (746 ) Contract liabilities: Deferred revenue $ 1,126 $ 779 $ 347 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 the three months ended April 3, 2021, contract assets in our TFE segment decreased by $369,000 primarily due to the recognition of revenue for the installation portion of revenue for one system that completed installation and acceptance during the quarter. Customer advances in our TFE segment generally represent a contract liability for amounts billed to the customer prior to transferring goods. 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 a contract liability for 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. During the three months ended April 3, 2021, we recognized revenue in our TFE segment of $33,000 and $206,000 that was included in customer advances and deferred revenue, respectively, at the beginning of the period. 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 the three months ended April 3, 2021, contract assets in our Photonics segment decreased by $746,000 primarily due to the billing for achievement of contractual milestones, offset in part by the accrual of revenue for incurred costs under FFP and CPFF contracts. Deferred revenue in our Photonics segment generally represents a contract liability for amounts billed to the customer upon achievement of contractual milestones. These amounts are liquidated when revenue is recognized. During the three months ended April 3, 2021, we recognized revenue in our Photonics segment of $779,000 that was included in deferred revenue at the beginning of the period. On April 3, 2021, we had $43.1 million of remaining performance obligations, which we also refer to as total backlog. Backlog at April 3, 2021 consisted of $4.2 million of TFE backlog and $38.9 million of Photonics backlog. We expect to recognize approximately 56% of our remaining performance obligations as revenue in 2021, 42% in 2022 and 2% in 2023. |
Inventories
Inventories | 3 Months Ended |
Apr. 03, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories Inventories are stated at the lower of average cost or net realizable value and consist of the following: April 3, January 2, (In thousands) Raw materials $ 10,422 $ 9,999 Work-in-progress 5,885 4,832 Finished goods 4,194 6,858 $ 20,501 $ 21,689 Finished goods inventory at April 3, 2021 included one VERTEX SPECTRA system for DCP under evaluation at a customer’s factory. Finished goods inventory at January 2, 2021 included one VERTEX SPECTRA system for DCP under evaluation at a customer’s factory and one MATRIX PVD system for advanced semiconductor packaging under evaluation at a customer’s factory. |
Equity-Based Compensation
Equity-Based Compensation | 3 Months Ended |
Apr. 03, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 4. Equity-Based Compensation At April 3, 2021, Intevac had equity-based awards outstanding under the 2020 Equity Incentive Plan and the 2012 Equity Incentive Plan (together, the “Plans”) and the 2003 Employee Stock Purchase Plan (the “ESPP”). Intevac’s stockholders approved all of these plans. The Plans permit the grant of incentive or non-statutory The ESPP provides that eligible employees may purchase Intevac’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market value at the entry date of the applicable offering period or at the end of each applicable purchase interval. Offering periods are generally two years in length, and consist of a series of six-month six-month Compensation Expense The effect of recording equity-based compensation for the three-month periods ended April 3, 2021 and March 28, 2020 was as follows: Three Months Ended April 3, 2021 March 28, 2020 (In thousands) Equity-based compensation by type of award: Stock options $ 75 $ 215 RSUs 543 366 Employee stock purchase plan 350 91 Total equity-based compensation $ 968 $ 672 Stock Options and ESPP The fair value of stock options and ESPP awards is estimated at the grant date using the Black-Scholes option valuation model. The determination of the fair value of stock options and ESPP awards on the date of grant using an option-pricing model is affected by Intevac’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, our expected stock price volatility over the term of the awards, and actual employee stock option exercise behavior. Option activity as of April 3, 2021 and changes during the three months ended April 3, 2021 were as follows: Shares Weighted-Average Exercise Price Options outstanding at January 2, 2021 1,814,467 $ 6.66 Options granted — $ — Options cancelled and forfeited (50,250 ) $ 8.32 Options exercised (28,399 ) $ 6.78 Options outstanding at April 3, 2021 1,735,818 $ 6.60 Options exercisable at April 3, 2021 1,317,348 $ 6.71 Intevac issued 208,516 shares of common stock under the ESPP during the three months ended April 3, 2021. Intevac estimated the weighted-average fair value of stock options and ESPP purchase rights using the following weighted-average assumptions: |
Warranty
Warranty | 3 Months Ended |
Apr. 03, 2021 | |
Guarantees [Abstract] | |
Warranty | 5. Warranty Intevac provides for the estimated cost of warranty when revenue is recognized. Intevac’s warranty is subject to contract terms and, for its HDD manufacturing, DCP manufacturing and solar cell manufacturing systems, the warranty typically ranges between 12 and 24 months from customer acceptance. During this warranty period any defective non-consumable On the condensed consolidated balance sheets, the short-term portion of the warranty provision is included in other accrued liabilities, while the long-term portion is included in other long-term liabilities. The expense associated with product warranties issued or adjusted is included in cost of net revenues on the condensed consolidated statements of operations. The following table displays the activity in the warranty provision account for the three-month periods ended April 3, 2021 and March 28, 2020. Three Months April 3, 2021 March 28, 2020 (In thousands) Opening balance $ 480 $ 1,022 Expenditures incurred under warranties (199 ) (120 ) Accruals for product warranties issued during the reporting period 275 25 Adjustments to previously existing warranty accruals 34 (202 ) Closing balance $ 590 $ 725 The following table displays the balance sheet classification of the warranty provision account at April 3, 2021 and at January 2, 2021. April 3 January 2, 2021 2021 (In thousands) Other accrued liabilities $ 537 $ 405 Other long-term liabilities 53 75 Total warranty provision $ 590 $ 480 |
Guarantees
Guarantees | 3 Months Ended |
Apr. 03, 2021 | |
Guarantees [Abstract] | |
Guarantees | 6. Guarantees Officer and Director Indemnifications As permitted or required under Delaware law and to the maximum extent allowable under that law, Intevac has certain obligations to indemnify its current and former officers and directors for certain events or occurrences while the officer or director is, or was, serving at Intevac’s request in such capacity. These indemnification obligations are valid as long as the director or officer acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The maximum potential amount of future payments Intevac could be required to make under these indemnification obligations is unlimited; however, Intevac has a director and officer insurance policy that mitigates Intevac’s exposure and enables Intevac to recover a portion of any future amounts paid. As a result of Intevac’s insurance policy coverage, Intevac believes the estimated fair value of these indemnification obligations is not material. Other Indemnifications As is customary in Intevac’s industry, many of Intevac’s contracts provide remedies to certain third parties such as defense, settlement, or payment of judgments for intellectual property claims related to the use of its products. Such indemnification obligations may not be subject to maximum loss clauses. Historically, payments made related to these indemnifications have been immaterial. Letters of Credit As of April 3, 2021, we had letters of credit and bank guarantees outstanding totaling $787,000, including the standby letter of credit outstanding under the Santa Clara, California facility lease and various other guarantees with our bank. These letters of credit and bank guarantees are collateralized by $787,000 of restricted cash. |
Cash, Cash Equivalents and Inve
Cash, Cash Equivalents and Investments | 3 Months Ended |
Apr. 03, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Cash, Cash Equivalents and Investments | 7. Cash, Cash Equivalents and Investments Cash and cash equivalents, short-term investments and long-term investments consist of: April 3, 2021 Amortized Cost Unrealized Holding Gains Unrealized Fair Value (In thousands) Cash and cash equivalents: Cash $ 27,929 $ — $ — $ 27,929 Money market funds 4,387 — — 4,387 Certificates of deposit 500 — — 500 Total cash and cash equivalents $ 32,816 $ — $ — $ 32,816 Short-term investments: Certificates of deposit $ 6,750 $ 1 $ — $ 6,751 Corporate bonds and medium-term notes 4,714 3 — 4,717 Municipal bonds 595 — — 595 U.S. treasury and agency securities 3,998 16 — 4,014 Total short-term investments $ 16,057 $ 20 $ — $ 16,077 Long-term investments: Certificates of deposit $ 500 $ — $ 2 $ 498 Corporate bonds and medium-term notes 2,012 — 1 2,011 U.S. treasury and agency securities 1,409 1 — 1,410 Total long-term investments $ 3,921 $ 1 $ 3 $ 3,919 Total cash, cash equivalents, and investments $ 52,794 $ 21 $ 3 $ 52,812 January 2, 2021 Amortized Cost Unrealized Holding Gains Unrealized Holding Losses Fair Value (In thousands) Cash and cash equivalents: Cash $ 24,729 $ — $ — $ 24,729 Money market funds 3,612 — — 3,612 Certificates of deposit 1,000 — — 1,000 Total cash and cash equivalents $ 29,341 $ — $ — $ 29,341 Short-term investments: Certificates of deposit $ 6,450 $ 2 $ — $ 6,452 Commercial paper 500 — — 500 Corporate bonds and medium-term notes 2,929 6 — 2,935 Municipal bonds 400 — — 400 U.S. treasury and agency securities 4,527 25 — 4,552 Total short-term investments $ 14,806 $ 33 $ — $ 14,839 Long-term investments: Certificates of deposit $ 500 $ — $ — $ 500 Corporate bonds and medium-term notes 3,474 4 — 3,478 U.S. treasury and agency securities 1,409 1 — 1,410 Total long-term investments $ 5,383 $ 5 $ — $ 5,388 Total cash, cash equivalents, and investments $ 49,530 $ 38 $ — $ 49,568 The contractual maturities of available-for-sale Amortized Cost Fair Value (In thousands) Due in one year or less $ 20,944 $ 20,964 Due after one through five years 3,921 3,919 $ 24,865 $ 24,883 The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of April 3, 2021. April 3, 2021 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 Losses (In thousands) Certificates of deposit $ 1,498 $ 2 $ — $ — Corporate bonds and medium-term notes 2,686 1 — — $ 4,184 $ 3 $ — $ — 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 if a security were sold 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 April 3, 2021 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Available-for-sale Money market funds $ 4,387 $ 4,387 $ — U.S. treasury and agency securities 5,424 5,424 — Certificates of deposit 7,749 — 7,749 Corporate bonds and medium-term notes 6,728 — 6,728 Municipal bonds 595 — 595 Total recurring fair value measurements $ 24,883 $ 9,811 $ 15,072 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Apr. 03, 2021 | |
Derivative Instrument Detail [Abstract] | |
Derivative Instruments | 8. Derivative Instruments The Company uses foreign currency forward contracts to mitigate variability in gains and losses generated from the re-measurement re-measurement The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its condensed consolidated balance sheets as of April 3, 2021 and January 2, 2021. Notional Amounts Derivative Liabilities Derivative Instrument April 3, 2021 January 2, 2021 April 3, 2021 January 2, 2021 Balance Sheet Line Fair Value Balance Sheet Line Fair Value (In thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 594 983 * $ 1 * $ 3 Total Hedges $ 594 983 $ 1 $ 3 * Other accrued liabilities |
Equity
Equity | 3 Months Ended |
Apr. 03, 2021 | |
Equity [Abstract] | |
Equity | 9. Equity Condensed Consolidated Statements of Changes in Equity The changes in stockholders’ equity by component for the three months ended April 3, 2021 and March 28, 2020, are as follows (in thousands): Three Months Ended April 3, 2021 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity Balance at January 2, 2021 $ 193,197 $ (29,551 ) $ 640 $ (62,730 ) $ 101,556 Common stock issued under employee plans 1,223 — — — 1,223 Equity-based compensation expense 968 — — — 968 Net loss — — — (6,504 ) (6,504 ) Other comprehensive loss — — (88 ) — (88 ) Balance at April 3, 2021 $ 195,388 $ (29,551 ) $ 552 $ (69,234 ) $ 97,155 Three Months Ended March 28, 2020 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity Balance at December 29, 2018 $ 188,313 $ (29,158 ) $ 424 $ (63,786 ) $ 95,793 Common stock issued under employee plans 914 — — — 914 Equity-based compensation expense 672 — — — 672 Net loss — — — (1,224 ) (1,224 ) Other comprehensive loss — — (93 ) — (93 ) Common stock repurchases — (393 ) — — (393 ) Balance at March 28, 2020 $ 189,899 $ (29,551 ) $ 331 $ (65,010 ) $ 95,669 Accumulated Other Comprehensive Income The changes in accumulated other comprehensive income by component for the three months ended April 3, 2021 and March 28, 2020, are as follows: Three Months Ended April 3, 2021 March 28, 2020 Foreign Unrealized holding gains (losses) on available- for-sale investments Total Foreign currency Unrealized holding gains (losses) on available- for-sale investments Total (In thousands) Beginning balance $ 602 $ 38 $ 640 $ 381 $ 43 $ 424 Other comprehensive income (loss) before reclassification (68 ) (20 ) (88 ) (95 ) 2 (93 ) Amounts reclassified from other comprehensive income (loss) — — — — — — Net current-period other comprehensive income (loss) (68 ) (20 ) (88 ) (95 ) 2 (93 ) Ending balance $ 534 $ 18 $ 552 $ 286 $ 45 $ 331 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, 2019, Intevac’s Board of Directors approved a $10.0 million increase to the original stock repurchase program for an aggregate authorized amount of up to $40.0 million. At April 3, 2021, $10.4 million remains available for future stock repurchases under the repurchase program. The following table summarizes Intevac’s stock repurchases: Three Months Ended April 3, 2021 March 28, 2020 (In thousands, except per share amounts) Shares of common stock repurchased — 98 Cost of stock repurchased $ — $ 393 Average price paid per share share $ — $ 3.97 Intevac records treasury stock purchases under the cost method using the first-in, first-out paid-in paid-in |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Apr. 03, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 10. Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share. Three Months Ended April 3, 2021 March 28, 2020 (In thousands) Net loss $ (6,504 ) $ (1,224 ) Weighted-average shares – basic 24,033 23,483 Effect of dilutive potential common shares — — Weighted-average shares – diluted 24,033 23,483 Net loss per share – basic and diluted $ (0.27 ) $ (0.05 ) As the Company is in a net loss position, all of the Company’s equity instruments are considered antidilutive. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 03, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 11. Segment Reporting 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 April 3, 2021 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, DCP and advanced semiconductor packaging industries, as well as other adjacent thin-film markets. The Photonics segment develops compact, cost-effective, high-sensitivity digital-optical products for the capture and display of low-light Information for each reportable segment for the three months ended April 3, 2021 and March 28, 2020 is as follows: Net Revenues Three Months Ended April 3, 2021 March 28, 2020 (In thousands) TFE $ 9,238 $ 7,962 Photonics 7,003 10,878 Total segment net revenues $ 16,241 $ 18,840 Operating Income (Loss) Three Months Ended April 3, 2021 March 28, 2020 (In thousands) TFE $ (4,002 ) $ (2,531 ) Photonics (1,146 ) 2,912 Total segment operating income (loss) (5,148 ) 381 Unallocated costs (1,353 ) (1,481 ) Loss from operations (6,501 ) (1,100 ) Interest income and other income (expense), net 29 142 Loss before provision for income taxes $ (6,472 ) $ (958 ) Total assets for each reportable segment as of April 3, 2021 and January 2, 2021 are as follows: Assets April 3, 2021 January 2, 2021 (In thousands) TFE $ 33,042 $ 44,335 Photonics 21,474 22,923 Total segment assets 54,516 67,258 Cash, cash equivalents and investments 52,812 49,568 Restricted cash 787 787 Deferred income taxes 5,375 5,335 Other current assets 1,194 1,093 Common property, plant and equipment 1,355 1,443 Common operating lease right-of-use 1,493 1,603 Other assets 109 151 Consolidated total assets $ 117,641 $ 127,238 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 03, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Intevac recorded income tax provisions of $32,000 for the three months ended April 3, 2021 and $266,000 for the three months ended March 28, 2020. The income tax provisions for the three month periods are based upon estimates of annual income (loss), annual permanent differences and statutory tax rates in the various jurisdictions in which Intevac operates. For the three-month period ended April 3, 2021 Intevac recorded a $19,000 income tax benefit on losses of its international subsidiaries and recorded $48,000 for withholding taxes on royalties paid to the United States from Intevac’s Singapore subsidiary as a discrete item. For the three-month period ended March 28, 2020 Intevac recorded a $165,000 income tax provision on earnings of its international subsidiaries and recorded $101,000 for withholding taxes on royalties paid to the United States from Intevac’s Singapore subsidiary as a discrete item. For all periods presented Intevac utilized net operating loss carry-forwards to offset the impact of global intangible low-taxed The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States. The CARES Act includes several significant provisions for corporations, including the usage of net operating losses and payroll benefits. Several foreign (non-U.S.) non-U.S. Under the CARES Act, we elected to defer payment, on an interest-free basis, of the employer portion of social security payroll taxes incurred from March 27, 2020 to December 31, 2020. One-half In Singapore, Intevac receives government assistance under the Job Support Scheme (“JSS”). The purpose of the JSS is to provide wage support to employers to help them retain their local employees. During the first quarter of fiscal 2021, the Company received $66,000 in JSS grants, of which $39,000 is reported as a reduction of cost of net revenues, $10,000 is reported as a reduction of research and development expenses and $17,000 is reported as a reduction of selling, general and administrative expenses on the condensed consolidated statement of operations. |
Restructuring Charges
Restructuring Charges | 3 Months Ended |
Apr. 03, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 13. Restructuring Charges During the first quarter of fiscal 2021, Intevac substantially completed implementation of the 2021 cost reduction plan (the “Cost Reduction Plan”), which was intended to reduce expenses and reduce its workforce by 1.4 percent. The cost of implementing the Cost Reduction Plan was reported under cost of net revenues and operating expenses in the condensed consolidated statements of operations. Substantially all cash outlays in connection with the Cost Reduction Plan occurred in the first quarter of fiscal 2021. Implementation of the Cost Reduction Plan is expected to reduce salary, wages and other employee-related expenses by approximately $576,000 on an annual basis. The changes in restructuring reserves, which resulted from cash-based severance payments and other employee-related costs, associated with the Cost Reduction Plan for the three months ended April 3, 2021 were as follows. Three Months April 3, 2021 (In thousands) Beginning balance $ — Provision for restructuring reserves 43 Cash payments made (43 ) Ending balance $ — |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 03, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies From time to time, Intevac may have certain contingent liabilities that arise in the ordinary course of its business activities. Intevac accounts for contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Apr. 03, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue from Contracts with Customers | The following tables represent a disaggregation of revenue from contracts with customers for the three months ended April 3, 2021 and March 28, 2020 along with the reportable segment for each category. Major Products and Service Lines TFE Three Months Ended April 3, 2021 Three Months Ended March 28, 2020 (In thousands) HDD DCP PV ASP Total HDD PV Total Systems, upgrades and spare parts $ 3,585 $ — $ 111 $ 3,850 $ 7,546 $ 6,361 $ 208 $ 6,569 Field service 1,636 14 42 — 1,692 1,393 — 1,393 Total TFE net revenues $ 5,221 $ 14 $ 153 $ 3,850 $ 9,238 $ 7,754 $ 208 $ 7,962 Three Months Ended Photonics April 3, 2021 March 28, 2020 (In thousands) Products: Military products $ 3,252 $ 5,365 Commercial products 128 79 Repair and other services 442 430 Total Photonics product net revenues 3,822 5,874 Three Months Ended Photonics April 3, 2021 March 28, 2020 (In thousands) Technology development: Firm Fixed Price (“FFP”) 1,804 4,430 Cost Plus Fixed Fee (“CPFF”) 1,377 574 Time and materials — — Total technology development net revenues 3,181 5,004 Total Photonics net revenues $ 7,003 $ 10,878 Primary Geographical Markets Three Months Ended April 3, 2021 March 28, 2020 (In thousands) TFE Photonics Total TFE Photonics Total United States $ 367 $ 6,960 $ 7,327 $ 519 $ 10,856 $ 11,375 Asia 5,021 — 5,021 7,443 — 7,443 Europe 3,850 43 3,893 — 22 22 Total net revenues $ 9,238 $ 7,003 $ 16,241 $ 7,962 $ 10,878 $ 18,840 Timing of Revenue Recognition Three Months Ended April 3, 2021 March 28, 2020 (In thousands) TFE Photonics Total TFE Photonics Total Products transferred at a point in time $ 9,238 $ 442 $ 9,680 $ 7,962 $ 430 $ 8,392 Products and services transferred over time — 6,561 6,561 — 10,448 10,448 $ 9,238 $ 7,003 $ 16,241 $ 7,962 $ 10,878 $ 18,840 |
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 the three months ended April 3 2021. April 3, 2021 January 2, 2021 Three Months Change (In thousands) TFE: Contract assets: Accounts receivable, unbilled $ — $ 369 $ (369 ) Contract liabilities: Deferred revenue $ 276 $ 482 $ (206 ) Customer advances 42 33 9 $ 318 $ 515 $ (197 ) Photonics: Contract assets: Accounts receivable, unbilled $ 4,689 $ 5,439 $ (750 ) Retainage 130 126 4 $ 4,819 $ 5,565 $ (746 ) Contract liabilities: Deferred revenue $ 1,126 $ 779 $ 347 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 03, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories are stated at the lower of average cost or net realizable value and consist of the following: April 3, January 2, (In thousands) Raw materials $ 10,422 $ 9,999 Work-in-progress 5,885 4,832 Finished goods 4,194 6,858 $ 20,501 $ 21,689 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 3 Months Ended |
Apr. 03, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Effect of Recording Equity-Based Compensation | The effect of recording equity-based compensation for the three-month periods ended April 3, 2021 and March 28, 2020 was as follows: Three Months Ended April 3, 2021 March 28, 2020 (In thousands) Equity-based compensation by type of award: Stock options $ 75 $ 215 RSUs 543 366 Employee stock purchase plan 350 91 Total equity-based compensation $ 968 $ 672 |
Summary of Stock Option Activity | Option activity as of April 3, 2021 and changes during the three months ended April 3, 2021 were as follows: Shares Weighted-Average Exercise Price Options outstanding at January 2, 2021 1,814,467 $ 6.66 Options granted — $ — Options cancelled and forfeited (50,250 ) $ 8.32 Options exercised (28,399 ) $ 6.78 Options outstanding at April 3, 2021 1,735,818 $ 6.60 Options exercisable at April 3, 2021 1,317,348 $ 6.71 |
Employee Stock Options Weighted-Average Assumptions | Intevac estimated the weighted-average fair value of stock options and ESPP purchase rights using the following weighted-average assumptions: (Unaudited) Three Months Ended April 3, 2021 March 28, 2020 Stock Options: Weighted-average fair value of grants per share — $ 1.82 Expected volatility — 46.06 % Risk-free interest rate — 0.44 % Expected term of options (in years) — 4.39 Dividend yield — None ESPP Purchase Rights: Weighted-average fair value of grants per share $ 2.69 $ 1.66 Expected volatility 58.56 % 36.69 % Risk-free interest rate 0.08 % 1.56 % Expected term of purchase rights (in years) 1.0 0.5 Dividend yield None None |
Summary of Restricted Stock Units Activity | A summary of the RSU activity is as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 901,634 $ 5.30 Granted 9,603 $ 6.45 Vested (9,320 ) $ 6.72 Cancelled and forfeited (11,051 ) $ 5.36 Non-vested 890,866 $ 5.29 |
Warranty (Tables)
Warranty (Tables) | 3 Months Ended |
Apr. 03, 2021 | |
Guarantees [Abstract] | |
Schedule of Product Warranty Liability | The following table displays the activity in the warranty provision account for the three-month periods ended April 3, 2021 and March 28, 2020. Three Months April 3, 2021 March 28, 2020 (In thousands) Opening balance $ 480 $ 1,022 Expenditures incurred under warranties (199 ) (120 ) Accruals for product warranties issued during the reporting period 275 25 Adjustments to previously existing warranty accruals 34 (202 ) Closing balance $ 590 $ 725 The following table displays the balance sheet classification of the warranty provision account at April 3, 2021 and at January 2, 2021. April 3 January 2, 2021 2021 (In thousands) Other accrued liabilities $ 537 $ 405 Other long-term liabilities 53 75 Total warranty provision $ 590 $ 480 |
Cash, Cash Equivalents and In_2
Cash, Cash Equivalents and Investments (Tables) | 3 Months Ended |
Apr. 03, 2021 | |
Investments, All Other Investments [Abstract] | |
Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments | Cash and cash equivalents, short-term investments and long-term investments consist of: April 3, 2021 Amortized Cost Unrealized Holding Gains Unrealized Fair Value (In thousands) Cash and cash equivalents: Cash $ 27,929 $ — $ — $ 27,929 Money market funds 4,387 — — 4,387 Certificates of deposit 500 — — 500 Total cash and cash equivalents $ 32,816 $ — $ — $ 32,816 Short-term investments: Certificates of deposit $ 6,750 $ 1 $ — $ 6,751 Corporate bonds and medium-term notes 4,714 3 — 4,717 Municipal bonds 595 — — 595 U.S. treasury and agency securities 3,998 16 — 4,014 Total short-term investments $ 16,057 $ 20 $ — $ 16,077 Long-term investments: Certificates of deposit $ 500 $ — $ 2 $ 498 Corporate bonds and medium-term notes 2,012 — 1 2,011 U.S. treasury and agency securities 1,409 1 — 1,410 Total long-term investments $ 3,921 $ 1 $ 3 $ 3,919 Total cash, cash equivalents, and investments $ 52,794 $ 21 $ 3 $ 52,812 January 2, 2021 Amortized Cost Unrealized Holding Gains Unrealized Holding Losses Fair Value (In thousands) Cash and cash equivalents: Cash $ 24,729 $ — $ — $ 24,729 Money market funds 3,612 — — 3,612 Certificates of deposit 1,000 — — 1,000 Total cash and cash equivalents $ 29,341 $ — $ — $ 29,341 Short-term investments: Certificates of deposit $ 6,450 $ 2 $ — $ 6,452 Commercial paper 500 — — 500 Corporate bonds and medium-term notes 2,929 6 — 2,935 Municipal bonds 400 — — 400 U.S. treasury and agency securities 4,527 25 — 4,552 Total short-term investments $ 14,806 $ 33 $ — $ 14,839 Long-term investments: Certificates of deposit $ 500 $ — $ — $ 500 Corporate bonds and medium-term notes 3,474 4 — 3,478 U.S. treasury and agency securities 1,409 1 — 1,410 Total long-term investments $ 5,383 $ 5 $ — $ 5,388 Total cash, cash equivalents, and investments $ 49,530 $ 38 $ — $ 49,568 |
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 $ 20,944 $ 20,964 Due after one through five years 3,921 3,919 $ 24,865 $ 24,883 |
Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired | The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of April 3, 2021. April 3, 2021 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 Losses (In thousands) Certificates of deposit $ 1,498 $ 2 $ — $ — Corporate bonds and medium-term notes 2,686 1 — — $ 4,184 $ 3 $ — $ — |
Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis | The following table represents the fair value hierarchy of Intevac’s available-for-sale Fair Value Measurements at April 3, 2021 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Available-for-sale Money market funds $ 4,387 $ 4,387 $ — U.S. treasury and agency securities 5,424 5,424 — Certificates of deposit 7,749 — 7,749 Corporate bonds and medium-term notes 6,728 — 6,728 Municipal bonds 595 — 595 Total recurring fair value measurements $ 24,883 $ 9,811 $ 15,072 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Apr. 03, 2021 | |
Derivative Instrument Detail [Abstract] | |
Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets | The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its condensed consolidated balance sheets as of April 3, 2021 and January 2, 2021. Notional Amounts Derivative Liabilities Derivative Instrument April 3, 2021 January 2, 2021 April 3, 2021 January 2, 2021 Balance Sheet Line Fair Value Balance Sheet Line Fair Value (In thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 594 983 * $ 1 * $ 3 Total Hedges $ 594 983 $ 1 $ 3 * Other accrued liabilities |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Apr. 03, 2021 | |
Equity [Abstract] | |
Schedule of Changes in Stockholders' Equity | The changes in stockholders’ equity by component for the three months ended April 3, 2021 and March 28, 2020, are as follows (in thousands): Three Months Ended April 3, 2021 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity Balance at January 2, 2021 $ 193,197 $ (29,551 ) $ 640 $ (62,730 ) $ 101,556 Common stock issued under employee plans 1,223 — — — 1,223 Equity-based compensation expense 968 — — — 968 Net loss — — — (6,504 ) (6,504 ) Other comprehensive loss — — (88 ) — (88 ) Balance at April 3, 2021 $ 195,388 $ (29,551 ) $ 552 $ (69,234 ) $ 97,155 Three Months Ended March 28, 2020 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity Balance at December 29, 2018 $ 188,313 $ (29,158 ) $ 424 $ (63,786 ) $ 95,793 Common stock issued under employee plans 914 — — — 914 Equity-based compensation expense 672 — — — 672 Net loss — — — (1,224 ) (1,224 ) Other comprehensive loss — — (93 ) — (93 ) Common stock repurchases — (393 ) — — (393 ) Balance at March 28, 2020 $ 189,899 $ (29,551 ) $ 331 $ (65,010 ) $ 95,669 |
Changes in Accumulated Other Comprehensive Income by Component | The changes in accumulated other comprehensive income by component for the three months ended April 3, 2021 and March 28, 2020, are as follows: Three Months Ended April 3, 2021 March 28, 2020 Foreign Unrealized holding gains (losses) on available- for-sale investments Total Foreign currency Unrealized holding gains (losses) on available- for-sale investments Total (In thousands) Beginning balance $ 602 $ 38 $ 640 $ 381 $ 43 $ 424 Other comprehensive income (loss) before reclassification (68 ) (20 ) (88 ) (95 ) 2 (93 ) Amounts reclassified from other comprehensive income (loss) — — — — — — Net current-period other comprehensive income (loss) (68 ) (20 ) (88 ) (95 ) 2 (93 ) Ending balance $ 534 $ 18 $ 552 $ 286 $ 45 $ 331 |
Schedule of Stock Repurchases | The following table summarizes Intevac’s stock repurchases: Three Months Ended April 3, 2021 March 28, 2020 (In thousands, except per share amounts) Shares of common stock repurchased — 98 Cost of stock repurchased $ — $ 393 Average price paid per share share $ — $ 3.97 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Apr. 03, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share. Three Months Ended April 3, 2021 March 28, 2020 (In thousands) Net loss $ (6,504 ) $ (1,224 ) Weighted-average shares – basic 24,033 23,483 Effect of dilutive potential common shares — — Weighted-average shares – diluted 24,033 23,483 Net loss per share – basic and diluted $ (0.27 ) $ (0.05 ) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 03, 2021 | |
Segment Reporting [Abstract] | |
Information for Each Reportable Segment | Information for each reportable segment for the three months ended April 3, 2021 and March 28, 2020 is as follows: Net Revenues Three Months Ended April 3, 2021 March 28, 2020 (In thousands) TFE $ 9,238 $ 7,962 Photonics 7,003 10,878 Total segment net revenues $ 16,241 $ 18,840 Operating Income (Loss) Three Months Ended April 3, 2021 March 28, 2020 (In thousands) TFE $ (4,002 ) $ (2,531 ) Photonics (1,146 ) 2,912 Total segment operating income (loss) (5,148 ) 381 Unallocated costs (1,353 ) (1,481 ) Loss from operations (6,501 ) (1,100 ) Interest income and other income (expense), net 29 142 Loss before provision for income taxes $ (6,472 ) $ (958 ) |
Segment Assets | Total assets for each reportable segment as of April 3, 2021 and January 2, 2021 are as follows: Assets April 3, 2021 January 2, 2021 (In thousands) TFE $ 33,042 $ 44,335 Photonics 21,474 22,923 Total segment assets 54,516 67,258 Cash, cash equivalents and investments 52,812 49,568 Restricted cash 787 787 Deferred income taxes 5,375 5,335 Other current assets 1,194 1,093 Common property, plant and equipment 1,355 1,443 Common operating lease right-of-use 1,493 1,603 Other assets 109 151 Consolidated total assets $ 117,641 $ 127,238 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 3 Months Ended |
Apr. 03, 2021 | |
Restructuring and Related Activities [Abstract] | |
Changes in Restructuring Reserves | The changes in restructuring reserves, which resulted from cash-based severance payments and other employee-related costs, associated with the Cost Reduction Plan for the three months ended April 3, 2021 were as follows. Three Months April 3, 2021 (In thousands) Beginning balance $ — Provision for restructuring reserves 43 Cash payments made (43 ) Ending balance $ — |
Revenue -Disaggregation of Reve
Revenue -Disaggregation of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 16,241 | $ 18,840 |
TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 9,238 | 7,962 |
TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 7,546 | 6,569 |
TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,692 | 1,393 |
Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 7,003 | 10,878 |
HDD | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 5,221 | 7,754 |
HDD | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 3,585 | 6,361 |
HDD | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,636 | 1,393 |
DCP | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 14 | |
DCP | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | ||
DCP | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 14 | |
PV | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 153 | 208 |
PV | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 111 | 208 |
PV | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 42 | |
ASP | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 3,850 | |
ASP | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 3,850 | |
ASP | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | ||
Military Products | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 3,252 | 5,365 |
Commercial Products | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 128 | 79 |
Repair and Other Services | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 442 | 430 |
Product | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 3,822 | 5,874 |
Firm Fixed Price [Member] | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,804 | 4,430 |
Cost Plus Fixed Fee [Member] | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,377 | 574 |
Times and Materials | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | ||
Technology Development | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 3,181 | $ 5,004 |
Revenue - Primary Geography Mar
Revenue - Primary Geography Markets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 16,241 | $ 18,840 |
Products Transferred at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 9,680 | 8,392 |
Products and Services Transferred Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 6,561 | 10,448 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 7,327 | 11,375 |
Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 5,021 | 7,443 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 3,893 | 22 |
TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 9,238 | 7,962 |
TFE | Products Transferred at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 9,238 | 7,962 |
TFE | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 367 | 519 |
TFE | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 5,021 | 7,443 |
TFE | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 3,850 | |
Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 7,003 | 10,878 |
Photonics | Products Transferred at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 442 | 430 |
Photonics | Products and Services Transferred Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 6,561 | 10,448 |
Photonics | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 6,960 | 10,856 |
Photonics | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | ||
Photonics | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 43 | $ 22 |
Revenue - Changes in Contract A
Revenue - Changes in Contract Assets and Contract Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2021 | Jan. 02, 2021 | |
TFE | ||
Contract liabilities: | ||
Contract liabilities | $ 318 | $ 515 |
Contract liabilities: | ||
Change in contract liabilities | (197) | |
TFE | Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 369 | |
Contract assets: | ||
Change in contract assets | (369) | |
TFE | Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 276 | 482 |
Contract liabilities: | ||
Change in contract liabilities | (206) | |
TFE | Customer Advances | ||
Contract liabilities: | ||
Contract liabilities | 42 | 33 |
Contract liabilities: | ||
Change in contract liabilities | 9 | |
Photonics | ||
Contract assets: | ||
Contract assets | 4,819 | 5,565 |
Contract assets: | ||
Change in contract assets | (746) | |
Photonics | Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 4,689 | 5,439 |
Contract assets: | ||
Change in contract assets | (750) | |
Photonics | Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 1,126 | 779 |
Contract liabilities: | ||
Change in contract liabilities | 347 | |
Photonics | Retainage | ||
Contract assets: | ||
Contract assets | 130 | $ 126 |
Contract assets: | ||
Change in contract assets | $ 4 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Apr. 03, 2021USD ($)Installment | |
Revenue From Contract With Customers [Line Items] | |
Revenue remaining performance obligation | $ 43,100 |
TFE | |
Revenue From Contract With Customers [Line Items] | |
Revenue remaining performance obligation | $ 4,200 |
TFE | Accounts Receivable, Unbilled | |
Revenue From Contract With Customers [Line Items] | |
Number of installments | Installment | 3 |
Change in contract assets | $ (369) |
TFE | Customer Advances | |
Revenue From Contract With Customers [Line Items] | |
Contract with customer liability revenue recognized | 33 |
TFE | Deferred Revenue | |
Revenue From Contract With Customers [Line Items] | |
Contract with customer liability revenue recognized | 206 |
Photonics | |
Revenue From Contract With Customers [Line Items] | |
Change in contract assets | (746) |
Revenue remaining performance obligation | 38,900 |
Photonics | Accounts Receivable, Unbilled | |
Revenue From Contract With Customers [Line Items] | |
Change in contract assets | $ (750) |
Revenue - Additional Informat_2
Revenue - Additional Information (Detail 1) | Apr. 03, 2023 | Apr. 03, 2022 | Apr. 03, 2021 |
Revenue From Contract With Customers [Line Items] | |||
Revenue, remaining performance obligation, percentage | 56.00% | ||
Scenario Forecast | |||
Revenue From Contract With Customers [Line Items] | |||
Revenue, remaining performance obligation, percentage | 2.00% | 42.00% |
Inventories - Inventories State
Inventories - Inventories Stated at Lower of Average Cost or Net Realizable Value (Detail) - USD ($) $ in Thousands | Apr. 03, 2021 | Jan. 02, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 10,422 | $ 9,999 |
Work-in-progress | 5,885 | 4,832 |
Finished goods | 4,194 | 6,858 |
Inventories | $ 20,501 | $ 21,689 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional information (Detail) | 3 Months Ended |
Apr. 03, 2021USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Purchase of common stock through payroll deductions | 85.00% |
Offering periods | 2 years |
Maximum employee salary withholdings for purchase of common stock under the terms of the ESPP | 50.00% |
Stock issued under Employee Stock Purchase Plans | shares | 208,516 |
Employee stock obligation amount | $ | $ 25,000 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award, vesting period | 4 years |
Equity-Based Compensation - Eff
Equity-Based Compensation - Effect of Recording Equity-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 968 | $ 672 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 75 | 215 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 543 | 366 |
ESPP awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 350 | $ 91 |
Equity-Based Compensation - Wei
Equity-Based Compensation - Weighted-Average Fair Value of Stock Options and Employee Stock Purchase Rights using Weighted-Average Assumptions (Detail) - $ / shares | 3 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of grants per share | $ 0 | $ 1.82 |
Expected volatility | 0.00% | 46.06% |
Risk free interest rate | 0.00% | 0.44% |
Expected term of options (in years) | 4 years 4 months 20 days | |
Dividend yield | 0.00% | 0.00% |
ESPP Purchase Rights | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of grants per share | $ 2.69 | $ 1.66 |
Expected volatility | 58.56% | 36.69% |
Risk free interest rate | 0.08% | 1.56% |
Expected term of options (in years) | 1 year | 6 months |
Dividend yield | 0.00% | 0.00% |
Equity-Based Compensation - Opt
Equity-Based Compensation - Option Activity and Changes (Detail) | 3 Months Ended |
Apr. 03, 2021$ / sharesshares | |
Shares | |
Options outstanding at December 28, 2019 | shares | 1,814,467 |
Options granted | shares | |
Options cancelled and forfeited | shares | (50,250) |
Options exercised | shares | (28,399) |
Options outstanding at September 26, 2020 | shares | 1,735,818 |
Options exercisable at September 26, 2020 | shares | 1,317,348 |
Weighted-Average Exercise Price | |
Options outstanding at December 28, 2019 | $ / shares | $ 6.66 |
Options granted | $ / shares | |
Options cancelled and forfeited | $ / shares | 8.32 |
Options exercised | $ / shares | 6.78 |
Options outstanding at September 26, 2020 | $ / shares | 6.60 |
Options exercisable at September 26, 2020 | $ / shares | $ 6.71 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) | 3 Months Ended |
Apr. 03, 2021$ / sharesshares | |
Shares | |
Non-vested RSUs at December 28, 2019 | shares | 901,634 |
Granted | shares | 9,603 |
Vested | shares | (9,320) |
Cancelled | shares | (11,051) |
Non-vested RSUs at September 26, 2020 | shares | 890,866 |
Weighted Average Grant Date Fair Value | |
Non-vested RSUs at December 28, 2019 | $ / shares | $ 5.30 |
Granted | $ / shares | 6.45 |
Vested | $ / shares | 6.72 |
Cancelled | $ / shares | 5.36 |
Non-vested RSUs at September 26, 2020 | $ / shares | $ 5.29 |
Warranty - Additional Informati
Warranty - Additional Information (Detail) | 3 Months Ended |
Apr. 03, 2021 | |
Guarantees [Abstract] | |
Minimum product warranty range | 12 months |
Maximum product warranty range | 24 months |
Warranty - Activity in Warranty
Warranty - Activity in Warranty Provision Account (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Guarantees [Abstract] | ||
Opening balance | $ 480 | $ 1,022 |
Expenditures incurred under warranties | (199) | (120) |
Accruals for product warranties issued during the reporting period | 275 | 25 |
Adjustments to previously existing warranty accruals | 34 | (202) |
Closing balance | $ 590 | $ 725 |
Warranty - Balance Sheet Classi
Warranty - Balance Sheet Classification of Warranty Provision Account (Detail) - USD ($) $ in Thousands | Apr. 03, 2021 | Jan. 02, 2021 | Mar. 28, 2020 | Dec. 28, 2019 |
Guarantees [Abstract] | ||||
Other accrued liabilities | $ 537 | $ 405 | ||
Other long-term liabilities | 53 | 75 | ||
Total warranty provision | $ 590 | $ 480 | $ 725 | $ 1,022 |
Guarantees - Additional Informa
Guarantees - Additional Information (Detail) | Apr. 03, 2021USD ($) |
Guarantees [Abstract] | |
Letters of credit and bank guarantees outstanding, amount | $ 787,000 |
Letters of credit and bank guarantees collateralized by restricted cash | $ 787,000 |
Cash, Cash Equivalents and In_3
Cash, Cash Equivalents and Investments - Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments (Detail) - USD ($) $ in Thousands | Apr. 03, 2021 | Jan. 02, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 52,794 | $ 49,530 |
Unrealized Holding Gains | 21 | 38 |
Unrealized Holding Losses | 3 | 0 |
Fair Value | 52,812 | 49,568 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 32,816 | 29,341 |
Fair Value | 32,816 | 29,341 |
Cash and Cash Equivalents | Cash | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 27,929 | 24,729 |
Fair Value | 27,929 | 24,729 |
Cash and Cash Equivalents | Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,387 | 3,612 |
Fair Value | 4,387 | 3,612 |
Cash and Cash Equivalents | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | 1,000 |
Fair Value | 500 | 1,000 |
Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 16,057 | 14,806 |
Unrealized Holding Gains | 20 | 33 |
Unrealized Holding Losses | 0 | |
Fair Value | 16,077 | 14,839 |
Short-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,714 | 2,929 |
Unrealized Holding Gains | 3 | 6 |
Unrealized Holding Losses | 0 | |
Fair Value | 4,717 | 2,935 |
Short-term Investments | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 595 | 400 |
Fair Value | 595 | 400 |
Short-term Investments | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,998 | 4,527 |
Unrealized Holding Gains | 16 | 25 |
Fair Value | 4,014 | 4,552 |
Short-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,750 | 6,450 |
Unrealized Holding Gains | 1 | 2 |
Unrealized Holding Losses | 0 | |
Fair Value | 6,751 | 6,452 |
Short-term Investments | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 0 | |
Fair Value | 500 | |
Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,921 | 5,383 |
Unrealized Holding Gains | 1 | 5 |
Unrealized Holding Losses | 3 | 0 |
Fair Value | 3,919 | 5,388 |
Long-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,012 | 3,474 |
Unrealized Holding Gains | 4 | |
Unrealized Holding Losses | 1 | 0 |
Fair Value | 2,011 | 3,478 |
Long-term Investments | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,409 | 1,409 |
Unrealized Holding Gains | 1 | 1 |
Unrealized Holding Losses | 0 | |
Fair Value | 1,410 | 1,410 |
Long-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | 500 |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 2 | |
Fair Value | $ 498 | $ 500 |
Cash, Cash Equivalents and In_4
Cash, Cash Equivalents and Investments - Contractual Maturities of Available-For-Sale Securities (Detail) $ in Thousands | Apr. 03, 2021USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 20,944 |
Amortized Cost, Due after one through five years | 3,921 |
Amortized Cost | 24,865 |
Fair Value, Due in one year or less | 20,964 |
Fair Value, Due after one through five years | 3,919 |
Fair Value | $ 24,883 |
Cash, Cash Equivalents and In_5
Cash, Cash Equivalents and Investments - Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired (Detail) $ in Thousands | Apr. 03, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | $ 4,184 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 3 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 0 |
Certificates of deposit | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 1,498 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 2 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 0 |
Corporate bonds and medium-term notes | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 2,686 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 1 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | $ 0 |
Cash, Cash Equivalents and In_6
Cash, Cash Equivalents and Investments - Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis (Detail) $ in Thousands | Apr. 03, 2021USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 24,883 |
Fair Value, Measurements, Recurring | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 24,883 |
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 | 4,387 |
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 | 7,749 |
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 | 5,424 |
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 | 6,728 |
Fair Value, Measurements, Recurring | Municipal bonds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 595 |
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 | 9,811 |
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 | 4,387 |
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 | 5,424 |
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 | 15,072 |
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 | 7,749 |
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 | 6,728 |
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 | $ 595 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets (Detail) - Undesignated Hedges - USD ($) $ in Thousands | Apr. 03, 2021 | Jan. 02, 2021 |
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | $ 594 | $ 983 |
Derivative Liabilities | 1 | 3 |
Forward Foreign Currency Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | 594 | 983 |
Derivative Liabilities | $ 1 | $ 3 |
Equity - Schedule of Changes in
Equity - Schedule of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Class of Stock [Line Items] | ||
Beginning balance | $ 101,556 | $ 95,793 |
Common stock issued under employee plans | 1,223 | 914 |
Equity-based compensation expense | 968 | 672 |
Net loss | (6,504) | (1,224) |
Other comprehensive loss | (88) | (93) |
Common stock repurchases | (393) | (393) |
Ending balance | 97,155 | 95,669 |
Common Stock and Additional Paid-in Capital | ||
Class of Stock [Line Items] | ||
Beginning balance | 193,197 | 188,313 |
Common stock issued under employee plans | 1,223 | 914 |
Equity-based compensation expense | 968 | 672 |
Ending balance | 195,388 | 189,899 |
Treasury Stock | ||
Class of Stock [Line Items] | ||
Beginning balance | (29,551) | (29,158) |
Common stock repurchases | (393) | |
Ending balance | (29,551) | (29,551) |
Accumulated Other Comprehensive Income | ||
Class of Stock [Line Items] | ||
Beginning balance | 640 | 424 |
Other comprehensive loss | (88) | (93) |
Ending balance | 552 | 331 |
Accumulated Deficit | ||
Class of Stock [Line Items] | ||
Beginning balance | (62,730) | (63,786) |
Net loss | (6,504) | (1,224) |
Ending balance | $ (69,234) | $ (65,010) |
Equity - Changes in Accumulated
Equity - Changes in Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 101,556 | $ 95,793 |
Net current-period other comprehensive income (loss) | (88) | (93) |
Ending balance | 97,155 | 95,669 |
Foreign currency | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 602 | 381 |
Other comprehensive income (loss) before reclassification | (68) | (95) |
Net current-period other comprehensive income (loss) | (68) | (95) |
Ending balance | 534 | 286 |
Unrealized holding gains (losses) on available- for-sale investments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 38 | 43 |
Other comprehensive income (loss) before reclassification | (20) | 2 |
Net current-period other comprehensive income (loss) | (20) | 2 |
Ending balance | 18 | 45 |
Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 640 | 424 |
Other comprehensive income (loss) before reclassification | (88) | (93) |
Net current-period other comprehensive income (loss) | (88) | (93) |
Ending balance | $ 552 | $ 331 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ in Millions | Aug. 15, 2019 | Apr. 03, 2021 | Nov. 21, 2013 |
Equity [Abstract] | |||
Stock repurchase authorized amount | $ 40 | $ 30 | |
Increase in stock repurchase program | $ 10 | ||
Stock repurchase remained available for future stock repurchase | $ 10.4 |
Equity - Schedule of Stock Repu
Equity - Schedule of Stock Repurchases (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Equity [Abstract] | ||
Shares of common stock repurchased | 0 | 98 |
Cost of stock repurchased | $ 393 | $ 393 |
Average price paid per share | $ 0 | $ 3.97 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (6,504) | $ (1,224) |
Weighted-average shares – basic | 24,033 | 23,483 |
Effect of dilutive potential common shares | 0 | 0 |
Weighted-average shares – diluted | 24,033 | 23,483 |
Net loss per share – basic and diluted | $ (0.27) | $ (0.05) |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Apr. 03, 2021Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Allocation of corporate expenses to the segments | 3.00% |
Segment Reporting - Information
Segment Reporting - Information for Each Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Segment Reporting Information [Line Items] | ||
Total segment net revenues | $ 16,241 | $ 18,840 |
Operating income (loss) | (6,501) | (1,100) |
Interest income and other income (expense), net | 29 | 142 |
Loss before provision for income taxes | (6,472) | (958) |
TFE | ||
Segment Reporting Information [Line Items] | ||
Total segment net revenues | 9,238 | 7,962 |
Photonics | ||
Segment Reporting Information [Line Items] | ||
Total segment net revenues | 7,003 | 10,878 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | (5,148) | 381 |
Operating Segments | TFE | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | (4,002) | (2,531) |
Operating Segments | Photonics | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | (1,146) | 2,912 |
Unallocated Amount to Segment | ||
Segment Reporting Information [Line Items] | ||
Unallocated costs | $ (1,353) | $ (1,481) |
Segment Reporting - Assets for
Segment Reporting - Assets for Each Reportable Segment (Detail) - USD ($) $ in Thousands | Apr. 03, 2021 | Jan. 02, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | $ 117,641 | $ 127,238 |
Cash, cash equivalents and investments | 52,812 | 49,568 |
Restricted cash | 787 | 787 |
Deferred income taxes | 5,375 | 5,335 |
Other current assets | 1,194 | 1,093 |
Common property, plant and equipment | 1,355 | 1,443 |
Common operating lease right-of-use assets | 1,493 | 1,603 |
Other assets | 109 | 151 |
Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 54,516 | 67,258 |
Operating Segments | TFE | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 33,042 | 44,335 |
Operating Segments | Photonics | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | $ 21,474 | $ 22,923 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Dec. 31, 2020 | |
Government Grants [Line Items] | |||
Provision for income taxes | $ 32,000 | $ 266,000 | |
Income tax provision on earnings of subsidiaries | 19,000 | 165,000 | |
Deferred payroll tax liability | $ 764,000 | ||
Proceeds From Government Grants | 66,000 | ||
Grant [Member] | Cost of Sales [Member] | |||
Government Grants [Line Items] | |||
Proceeds From Government Grants | 39,000 | ||
Grant [Member] | Research and Development Expense [Member] | |||
Government Grants [Line Items] | |||
Proceeds From Government Grants | 10,000 | ||
Grant [Member] | Selling, General and Administrative Expenses [Member] | |||
Government Grants [Line Items] | |||
Proceeds From Government Grants | 17,000 | ||
Foreign Tax Authority | Singapore | |||
Government Grants [Line Items] | |||
Income tax charge (benefit) | $ 48,000 | $ 101,000 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Apr. 03, 2021USD ($) | |
Restructuring and Related Activities [Abstract] | |
Percentage of reduction of global workforce | 1.40% |
Reduction in salary, wages and other employee-related expenses due to implementation of plan | $ 576 |
Restructuring Charges - Changes
Restructuring Charges - Changes in Restructuring Reserves (Detail) - Severance and Other Employee Related Costs $ in Thousands | 3 Months Ended |
Apr. 03, 2021USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Provision for restructuring reserves | $ 43 |
Cash payments made | $ (43) |