Cover Page
Cover Page - shares | 9 Months Ended | |
Oct. 01, 2022 | Nov. 03, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Interactive Data Current | Yes | |
Document Period End Date | Oct. 01, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | INTEVAC, INC. | |
Entity Central Index Key | 0001001902 | |
Current Fiscal Year End Date | --12-31 | |
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 | 25,440,656 | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 01, 2022 | Jan. 01, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 71,776 | $ 102,728 |
Short-term investments | 31,009 | 10,221 |
Trade and other accounts receivable, net of allowances of $0 at both October 1, 2022 and January 1, 2022 | 11,167 | 14,261 |
Inventories | 18,058 | 5,791 |
Prepaid expenses and other current assets | 1,840 | 1,827 |
Total current assets | 133,850 | 134,828 |
Long-term investments | 21,310 | 7,427 |
Restricted cash | 786 | 786 |
Property, plant and equipment, net | 3,527 | 4,759 |
Operating lease right-of-use-assets | 3,946 | 4,520 |
Deferred income taxes and other long-term assets | 4,665 | 5,449 |
Intangibles, net of accumulated amortization of $8 at October 1, 2022 | 807 | 0 |
Total assets | 168,891 | 157,769 |
Current liabilities: | ||
Current operating lease liabilities | 3,303 | 3,119 |
Accounts payable | 6,895 | 5,320 |
Accrued payroll and related liabilities | 3,679 | 5,505 |
Other accrued liabilities | 4,875 | 3,665 |
Customer advances | 23,526 | 2,107 |
Total current liabilities | 42,278 | 19,716 |
Noncurrent liabilities: | ||
Noncurrent operating lease liabilities | 2,231 | 3,675 |
Other long-term liabilities | 83 | 363 |
Total noncurrent liabilities | 2,314 | 4,038 |
Stockholders' equity: | ||
Common stock, $0.001 par value | 25 | 25 |
Additional paid-in capital | 204,311 | 199,073 |
Treasury stock, 5,087 shares at both October 1, 2022 and January 1, 2022 | (29,551) | (29,551) |
Accumulated other comprehensive income (loss) | (467) | 578 |
Accumulated deficit | (50,019) | (36,110) |
Total stockholders' equity | 124,299 | 134,015 |
Total liabilities and stockholders' equity | $ 168,891 | $ 157,769 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Oct. 01, 2022 | Jan. 01, 2022 |
Statement of Financial Position [Abstract] | ||
Net of allowances of trade, note and other accounts receivable | $ 0 | $ 0 |
Net of amortization of intangible assets | $ 8 | |
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, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Net revenues | $ 10,750 | $ 7,998 | $ 24,502 | $ 22,605 |
Cost of net revenues | 5,860 | 4,648 | 14,402 | 16,114 |
Gross profit | 4,890 | 3,350 | 10,100 | 6,491 |
Operating expenses: | ||||
Research and development | 3,311 | 2,908 | 10,339 | 9,392 |
Selling, general and administrative | 4,741 | 4,273 | 13,007 | 12,805 |
Total operating expenses | 8,052 | 7,181 | 23,346 | 22,197 |
Loss from operations | (3,162) | (3,831) | (13,246) | (15,706) |
Interest income and other income (expense), net | 413 | 25 | 723 | 75 |
Loss before provision for income taxes | (2,749) | (3,806) | (12,523) | (15,631) |
Provision for income taxes | 467 | 290 | 992 | 157 |
Net loss from continuing operations, net of taxes | (3,216) | (4,096) | (13,515) | (15,788) |
Net loss from discontinued operations, net of taxes | (20) | (137) | (394) | (1,075) |
Net loss | $ (3,236) | $ (4,233) | $ (13,909) | $ (16,863) |
Net loss per share: | ||||
Basic – continuing operations | $ (0.13) | $ (0.17) | $ (0.54) | $ (0.65) |
Diluted – continuing operations | (0.13) | (0.17) | (0.54) | (0.65) |
Basic – discontinued operations | 0 | 0 | (0.02) | (0.04) |
Diluted – discontinued operations | 0 | 0 | (0.02) | (0.04) |
Basic – net loss | (0.13) | (0.17) | (0.55) | (0.69) |
Diluted – net loss | $ (0.13) | $ (0.17) | $ (0.55) | $ (0.69) |
Weighted average common shares outstanding: | ||||
Basic | 25,370 | 24,522 | 25,104 | 24,265 |
Diluted | 25,370 | 24,522 | 25,104 | 24,265 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (3,236) | $ (4,233) | $ (13,909) | $ (16,863) |
Other comprehensive loss, before tax | ||||
Change in unrealized net gain (loss) on available-for-sale investments | (225) | (7) | (560) | (36) |
Foreign currency translation losses | (233) | (7) | (485) | (47) |
Other comprehensive income, before tax | (458) | (14) | (1,045) | (83) |
Income tax (expense) benefit related to items in other comprehensive loss | ||||
Other comprehensive loss, net of tax | (458) | (14) | (1,045) | (83) |
Comprehensive loss | $ (3,694) | $ (4,247) | $ (14,954) | $ (16,946) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 01, 2022 | Oct. 02, 2021 | |
Operating activities | ||
Net loss | $ (13,909) | $ (16,863) |
Adjustments to reconcile net loss to net cash and cash equivalents provided by (used in) operating activities: | ||
Depreciation and amortization | 1,097 | 2,568 |
Net amortization (accretion) of investment premiums and discounts | (111) | 88 |
Amortization of intangible assets | 8 | |
Equity-based compensation | 2,698 | 2,872 |
Straight-line rent adjustment and amortization of lease incentives | (686) | (350) |
Foreign currency loss on liquidation of entity | 14 | 0 |
Loss on disposal of fixed assets | 1,453 | |
Deferred income taxes | 632 | (36) |
Changes in operating assets and liabilities | 12,621 | 11,681 |
Total adjustments | 17,726 | 16,823 |
Net cash and cash equivalents provided by (used in) operating activities | 3,817 | (40) |
Investing activities | ||
Purchases of investments | (48,684) | (13,214) |
Proceeds from sales and maturities of investments | 14,062 | 16,355 |
Purchase of Hia, Inc. | (763) | |
Purchases of leasehold improvements and equipment | (1,426) | (773) |
Net cash and cash equivalents provided by (used in) investing activities | (36,811) | 2,368 |
Financing activities | ||
Net proceeds from issuance of common stock | 2,898 | 2,618 |
Taxes paid related to net share settlement | (358) | (545) |
Net cash and cash equivalents provided by financing activities | 2,540 | 2,073 |
Effect of exchange rate changes on cash | (498) | (47) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (30,952) | 4,354 |
Cash, cash equivalents and restricted cash at beginning of period | 103,514 | 30,128 |
Cash, cash equivalents and restricted cash at end of period | 72,562 | 34,482 |
Non-cash investing and financing activity | ||
Additions to right-of-use-assets obtained from new operating lease liabilities | $ 1,122 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Oct. 01, 2022 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Description of Business Intevac, Inc. (together with its subsidiaries, “Intevac”, the “Company” or “we”) is a leader in the design and development of high-productivity, thin-film processing systems. Intevac’s production-proven platforms are designed for high-volume manufacturing of substrates with precise thin-film properties, such as for the hard disk drive (“HDD”) and display cover panel (“DCP”) markets. Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of Intevac, Inc. and its subsidiaries after elimination of inter-company balances and transactions. 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 1, 2022 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 estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Reportable Segment During fiscal 2021, we sold the business of one of our reporting segments, Photonics. Therefore, we have one reportable segment remaining. See Note 2 for additional disclosure related to discontinued operations. The remaining segment, Thin Film Equipment (“TFE”), designs, develops and markets vacuum process equipment solutions for high-volume manufacturing of small substrates with precise thin-film properties, such as for the HDD, and DCP markets, as well as other adjacent thin-film markets. The TFE segment also previously designed, developed and marketed manufacturing equipment for the photovoltaic (“PV”) solar cell and advanced semiconductor packaging industries. In March 2022, the Company’s management approved a restructuring plan to realign the Company’s operational focus, scale the business and improve costs. The restructuring program includes (i) reducing the Company’s headcount and (ii) eliminating several research and development (“R&D”) programs and product offerings. As part of this realignment effort, the Company will no longer be pursuing several DCP projects, including the coating of the backside covers of smartphones, PV solar ion implantation (also known as ENERGi ® Reclassification of Prior Periods On December 30, 2021, the Company completed the sale of its Photonics business to EOTECH, LLC, a Michigan limited liability company (“EOTECH” or the “Buyer”). Due to the sale of the Photonics business during the fourth quarter of 2021, we have classified the results of the Photonics business as discontinued operations in our condensed consolidated statements of operations for all periods presented. See Note 2 for additional disclosure related to discontinued operations. All amounts included in the Notes to Condensed Consolidated Financial Statements relate to continuing operations unless otherwise noted. |
Divestiture and Discontinued Op
Divestiture and Discontinued Operations | 9 Months Ended |
Oct. 01, 2022 | |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |
Divestiture and Discontinued Operations | 2. Divestiture and Discontinued Operations Sale of Photonics On December 30, 2021, the Company entered into an asset purchase agreement (the “Purchase Agreement”) with EOTECH, governing the sale of the Company’s Photonics business to EOTECH in exchange for (i) $70.0 million in cash consideration, (ii) up to $30.0 million in earnout payments and (iii) the assumption by EOTECH of certain liabilities of the Photonics business as specified in the Purchase Agreement. The transaction closed on December 30, 2021. Under the Purchase Agreement, EOTECH has also agreed to pay to the Company, if earned, earnout payments of up to an aggregate of $30.0 million based on achievement of fiscal year 2023, 2024 and 2025 Photonics segment revenue targets for the Integrated Visual Augmentation System (“IVAS”) program as specified in the Purchase Agreement. At any time prior to December 31, 2024, EOTECH may elect to pay to the Company $14.0 million, which would terminate EOTECH’s obligations with respect to any remaining earnout payments. The cash proceeds do not include any estimated future payments from the revenue earnout as the Company has elected to record the proceeds when the consideration is deemed realizable. The Company believes this disposition will allow it to benefit from a streamlined business model, simplified operating structure, and enhanced management focus. In connection with the Photonics sale, the Company and EOTECH entered into a Transition Service Agreement (“TSA”) and a Lease Assignment Agreement. The TSA, which expired on June 30, 2022, outlined the information technology, people, and facility support the parties provided to each other for a period after the closing of the sale. The Lease Assignment Agreement assigns the lease obligation for two buildings in the Company’s California campus to EOTECH. As part of the assignment, the Company has agreed to subsidize a portion of EOTECH’s lease payments through the remainder of the lease term which expires in March 2024. TSA fees earned since the divestiture were $950,000 for the nine months ended October 1, 2022. The agreed-upon charges for such services were generally intended to allow the service provider to recover all costs and expenses of providing such services. The TSA fees were included in selling, general and administrative expenses and cost of sales, respectively, in the Company’s condensed consolidated statement of operations. In September 2022, Intevac entered into a settlement agreement and agreed to refund to EOTECH $200,000 as well as cancel $46,000 in outstanding invoices related to disputed TSA fees. These fees were reported in general and administrative expenses for the nine months ended October 1, 2022. As of October 1, 2022, $200,000 payable to EOTECH is included in accounts payable in the Company’s condensed consolidated balance sheets. In August 2022, Intevac and EOTECH entered into a Shared Services Agreement to share certain building maintenance costs. There were no charges for the three and nine months ended October 1, 2022 associated with the Shared Services Agreement. Additionally, during the nine months ended October 1, 2022, the Company sold inventory in the amount of $148,000 to EOTECH. As of October 1, 2022, accounts receivable from EOTECH of $29,000 were included in trade and other accounts receivable in the Company’s condensed consolidated balance sheets. Based on its magnitude and because the Company exited certain markets, the sale of the Photonics segment represents a significant strategic shift that has a material effect on the Company’s operations and financial results, and the Company has separately reported the results of its Photonics segment as discontinued operations in the condensed consolidated statements of operations for the three and nine months ended October 1, 2022 and October 2, 2021. The operating results of the discontinued operations only reflect revenues and expenses that are directly attributable to the Photonics segment that have been eliminated from continuing operations. Previously reported expenses for the Photonics segment have been recast to exclude certain allocated expenses that are not directly attributable to the Photonics segment. The key components from discontinued operations related to the Photonics segment are as follows: Three Months Ended Nine Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 (In thousands) Net revenues: Systems and components $ — $ 3,702 $ — $ 12,805 Technology development — 3,093 — 9,437 Total net revenues — 6,795 — 22,242 Cost of net revenues: Systems and components — 2,472 — 9,594 Technology development — 2,146 — 7,450 Total cost of net revenues — 4,618 — 17,044 Gross profit — 2,177 — 5,198 Operating expenses: Research and development — 835 — 1,870 Selling, general and administrative 20 1,479 394 4,403 Total operating expenses 20 2,314 394 6,273 Operating loss – discontinued operations (20 ) (137 ) (394 ) (1,075 ) Other income (expense) – discontinued operations — — — — Loss from discontinued operations before provision for income taxes (20 ) (137 ) (394 ) (1,075 ) Provision for income taxes — — — — Net loss from discontinued operations, net of taxes $ (20 ) $ (137 ) $ (394 ) $ (1,075 ) The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated statements of cash flows. The following table presents cash flow and non-cash Three Months Ended Nine Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 (In thousands) Depreciation and amortization $ — $ 354 $ — $ 1,015 Equity-based compensation $ 31 $ 215 $ (260 ) $ 733 Purchase of leasehold improvements and equipment $ — $ 60 $ — $ 209 |
Revenue
Revenue | 9 Months Ended |
Oct. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 3. Revenue The following tables represent a disaggregation of revenue from contracts with customers for the three and nine months ended October 1, 2022 and October 2, 2021. Major Products and Service Lines Three Months Ended October 1, 2022 Three Months Ended October 2, 2021 (In thousands) HDD PV ASP Total HDD PV Total Systems, upgrades and spare parts $ 8,233 $ 77 $ 100 $ 8,410 $ 6,495 $ 61 $ 6,556 Field service 2,160 180 — 2,340 1,424 18 1,442 Total net revenues $ 10,393 $ 257 $ 100 $ 10,750 $ 7,919 $ 79 $ 7,998 Nine Months Ended October 1, 2022 Nine Months Ended October 2, 2021 (In thousands) HDD DCP PV ASP Total HDD DCP PV ASP Total Systems, upgrades and spare parts $ 19,112 $ 1 $ 212 $ 100 $ 19,425 $ 14,034 $ 3 $ 219 $ 3,850 $ 18,106 Field service 4,844 43 190 — 5,077 4,425 14 60 — 4,499 Total net revenues $ 23,956 $ 44 $ 402 $ 100 $ 24,502 $ 18,459 $ 17 $ 279 $ 3,850 $ 22,605 Primary Geographical Markets Three Months Ended Nine Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 (In thousands) United States $ 1,377 $ 220 $ 3,327 $ 2,708 Asia 9,273 7,778 21,075 16,047 Europe 100 — 100 3,850 Total net revenues $ 10,750 $ 7,998 $ 24,502 $ 22,605 Timing of Revenue Recognition Three Months Ended Nine Months Ended October 1, 2022 October 1, 2021 October 1, 2022 October 2, 2021 (In thousands) Products transferred at a point in time $ 10,750 $ 7,998 $ 24,502 $ 22,605 Products and services transferred over time — — — — Total net revenues $ 10,750 $ 7,998 $ 24,502 $ 22,605 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 nine months ended October 1, 2022: October 1, January 1, Nine Months Change (In thousands) Contract assets: Accounts receivable, unbilled $ 93 $ 99 $ (6 ) Contract liabilities: Deferred revenue $ 2,319 $ 65 $ 2,254 Customer advances 23,526 2,107 21,419 $ 25,845 $ 2,172 $ 23,673 Accounts receivable, unbilled represents a contract asset for revenue that has been recognized in advance of billing the customer. For our system and certain upgrade sales, our 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 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 nine months ended October 1, 2022, contract assets decreased by $6,000 primarily due to the billing of accrued revenue related to spare parts sold to a customer as of January 1, 2022, offset in part by the accrual of revenue related to spare parts sold to a customer as of October 1, 2022. Customer advances 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 customer advances are liquidated when revenue is recognized. Deferred revenue 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 nine months ended October 1, 2022, we recognized revenue of $386,000 and $39,000 that was included in customer advances and deferred revenue, respectively, at the beginning of the period. On October 1, 2022, we had $110.4 million of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 10% of our remaining performance obligations as revenue in 2022, 37% in 2023, 29% in 2024, 0% in 2025 and 24% in 2026. |
Inventories
Inventories | 9 Months Ended |
Oct. 01, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories are stated at the lower of average cost or net realizable value and consist of the following: October 1, January 1, (In thousands) Raw materials $ 11,415 $ 5,323 Work-in-progress 5,427 468 Finished goods 1,216 — $ 18,058 $ 5,791 |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Oct. 01, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 5. Equity-Based Compensation At October 1, 2022, Intevac had equity-based awards outstanding under the 2020 Equity Incentive Plan, the 2012 Equity Incentive Plan, the 2022 Inducement Equity Incentive Plan (the “Inducement Plan”) (together, the “Plans”) and the 2003 Employee Stock Purchase Plan (the “ESPP”). Intevac’s stockholders approved the 2020 Equity Incentive Plan, the 2012 Equity Incentive Plan and the ESPP. The Plans permit the grant of incentive or non-statutory On January 19, 2022, Intevac’s Board of Directors adopted the Inducement Plan and, subject to the adjustment provisions of the Inducement Plan, reserved 1,200,000 shares of the Company’s common stock for issuance pursuant to equity awards granted under the Inducement Plan. The Inducement Plan provides for the grant of equity-based awards, including nonstatutory stock options, restricted stock units, restricted stock, stock appreciation rights, performance shares and performance units, and its terms are substantially similar to the Company’s 2020 Equity Incentive Plan. The Inducement Plan was adopted without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. In accordance with that rule, awards under the Inducement Plan may only be made to individuals not previously employees or non-employee non-employment 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 and nine months ended October 1, 2022 and October 2, 2021 was as follows: Three Months Ended Nine Months Ended October 1, October 2, October 1, October 2, (In thousands) Equity-based compensation by type of award: Stock options $ 5 $ 27 $ (159 ) $ 159 RSUs 1,997 673 2,564 1,872 ESPP purchase rights 207 185 293 841 Total equity-based compensation $ 2,209 $ 885 $ 2,698 $ 2,872 Included in the table above are: (a) A reversal of $1.3 million in equity-based compensation expense related to forfeitures of awards due to our reduction in workforce and a $37,000 benefit related to the modification of certain stock-based awards for the nine months ended October 1, 2022. (See Note (b) Equity-based compensation reported in discontinued operations of $31,000 and ($260,000) for the three and nine months ended October Stock Options and ESPP The fair value of stock options and ESPP awards is estimated at the grant date using the Black-Scholes option valuation model. The determination of fair value of stock options and ESPP awards on the date of grant using an option-pricing model is affected by Intevac’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, our expected stock price volatility over the term of the awards, and actual employee stock option exercise behavior. Intevac accounts for forfeitures as they occur, rather than estimating expected forfeitures. Option activity as of October 1, 2022 and changes during the nine months ended October 1, 2022 were as follows: Shares Weighted-Average Exercise Price Options outstanding at January 1, 2022 1,457,587 $ 6.55 Options cancelled and forfeited (682,457 ) $ 7.25 Options exercised (343,000 ) $ 4.82 Options outstanding at October 1, 2022 432,130 $ 6.81 Options exercisable at October 1, 2022 403,947 $ 6.89 Intevac issued 279,000 shares of common stock under the ESPP during the nine months ended October 1, 2022. Intevac estimated the weighted-average fair value of ESPP purchase rights using the following weighted-average assumptions: Three Months Ended Nine Months Ended October 1, October 2, October 1, October 2, ESPP Purchase Rights: Weighted-average fair value of grants per share $ 0.65 $ 2.43 $ 1.26 $ 2.59 Expected volatility 44.54 % 64.94 % 52.57 % 60.88 % Risk-free interest rate 2.94 % 0.07 % 1.94 % 0.08 % Expected term of purchase rights (in years) 1.24 0.75 1.24 0.91 Dividend yield None None None None The computation of the expected volatility assumptions used in the Black-Scholes calculations for ESPP purchase rights is based on the historical volatility of Intevac’s stock price, measured over a period equal to the expected term of the purchase right. The risk-free interest rate is based on the yield available on U.S. Treasury Strips with an equivalent remaining term. The expected term of purchase rights represents the period of time remaining in the current offering period. The dividend yield assumption is based on Intevac’s history of not paying dividends and the assumption of not paying dividends in the future. RSUs RSU activity as of October 1, 2022 and changes during the nine months ended October 1, 2022 were as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 1,033,436 $ 5.59 Granted 1,995,042 $ 4.35 Vested (250,914 ) $ 5.51 Cancelled and forfeited (540,323 ) $ 5.64 Non-vested 2,237,241 $ 4.48 Time-based RSUs are converted into shares of Intevac common stock upon vesting on a one-for-one three In September 2022 and May 2022, we granted to members of our senior management awards of performance-based restricted stock units (“PRSU Awards”) covering an aggregate of 82,600 and 935,600 shares, respectively, of Intevac common stock (at maximum performance). The PRSU Awards are eligible to be earned based on achievement of certain stock prices based on the average closing price of the Company’s stock over a 30-day Intevac estimated the weighted-average fair value of the PRSU Awards granted in September 2022 and May 2022 using the following weighted-average assumptions: Three Months Ended Nine Months Ended October 1, 2022 October 1, 2022 Weighted-average fair value of grants per share $ 3.17 $ 3.63 Expected volatility 65.81 % 55.34 % Risk-free interest rate 3.82 % 2.90 % Dividend yield None None In May 2021, we granted to members of our senior management PRSU Awards covering an aggregate of 126,320 shares of Intevac common stock (at target performance). The number of PRSUs that will vest is determined by our common stock achieving a certain Total Shareholder Return (“TSR”) for the Company, relative to the TSR of a specified peer group over a measurement period of two years from the time of grant. The fair value of each PRSU Award was estimated on the date of grant using a Monte Carlo simulation. PRSU Award activity is included in the above RSU tables. At the end of the performance measurement period, the Compensation Committee of the Company’s Board of Directors will determine the achievement against the performance objectives. Depending on the Company’s TSR relative to the peer group TSR, the actual number of shares that will be vested for each PRSU Award can range from zero to 200% of the initial grant. Intevac estimated the weighted-average fair value of the PRSU Awards granted in May 2021 using the following weighted-average assumptions: Nine Months Ended October 2, 2021 Weighted-average fair value of grants per share $ 7.65 Expected volatility 56.26 % Risk-free interest rate 0.15 % Dividend yield None |
Warranty
Warranty | 9 Months Ended |
Oct. 01, 2022 | |
Guarantees [Abstract] | |
Warranty | 6. 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, solar cell manufacturing and advanced semiconductor packaging 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 and nine months ended October 1, 2022 and October 2, 2021: Three Months Ended Nine Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 (In thousands) Opening balance $ 214 $ 572 $ 346 $ 480 Expenditures incurred under warranties (60 ) (142 ) (286 ) (489 ) Expenditures incurred under warranties included in discontinued operations — (6 ) — (75 ) Accruals for product warranties issued during the reporting period 63 29 135 439 Accruals for product warranties issued during the reporting period included in discontinued operations — 51 — 114 Adjustments to previously existing warranty accruals 9 108 31 83 Adjustments to previously existing warranty accruals included in discontinued operations — (2 ) — 58 Closing balance $ 226 $ 610 $ 226 $ 610 The following table displays the balance sheet classification of the warranty provision account at October 1, 2022 and at January 1, 2022: October 1, January 1, (In thousands) Other accrued liabilities $ 226 $ 301 Other long-term liabilities — 45 Total warranty provision $ 226 $ 346 |
Guarantees
Guarantees | 9 Months Ended |
Oct. 01, 2022 | |
Guarantees [Abstract] | |
Guarantees | 7. 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 October 1, 2022, we had letters of credit and bank guarantees outstanding totaling $786,000, 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 $786,000 of restricted cash. |
Cash, Cash Equivalents and Inve
Cash, Cash Equivalents and Investments | 9 Months Ended |
Oct. 01, 2022 | |
Investments All Other Investments [Abstract] | |
Cash, Cash Equivalents and Investments | 8. Cash, Cash Equivalents and Investments Cash and cash equivalents, short-term investments and long-term investments consist of: October 1, 2022 Amortized Unrealized Unrealized Fair Value (In thousands) Cash and cash equivalents: Cash $ 38,830 $ — $ — $ 38,830 Money market funds 12,995 — — 12,995 Commercial paper 19,956 — 5 19,951 Total cash and cash equivalents $ 71,781 $ — $ 5 $ 71,776 Short-term investments: Asset backed securities $ 2,009 $ — $ 10 $ 1,999 Certificates of deposit 5,850 — 22 5,828 Commercial paper 13,978 — 47 13,931 Corporate bonds and medium-term notes 4,712 — 47 4,665 Municipal bonds 1,483 — 28 1,455 U.S. treasury securities 3,179 — 48 3,131 Total short-term investments $ 31,211 $ — $ 202 $ 31,009 Long-term investments: Asset backed securities $ 8,079 $ — $ 101 $ 7,978 Corporate bonds and medium-term notes 5,400 — 124 5,276 Municipal bonds 225 — 6 219 U.S. treasury and agency securities 7,989 — 152 7,837 Total long-term investments $ 21,693 $ — $ 383 $ 21,310 Total cash, cash equivalents, and investments $ 124,685 $ — $ 590 $ 124,095 January 1, 2022 Amortized Unrealized Unrealized Fair Value (In thousands) Cash and cash equivalents: Cash $ 102,494 $ — $ — $ 102,494 Money market funds 234 — — 234 Total cash and cash equivalents $ 102,728 $ — $ — $ 102,728 Short-term investments: Certificates of deposit $ 4,300 $ — $ — $ 4,300 Commercial paper 400 — — 400 Corporate bonds and medium-term notes 2,916 — 3 2,913 Municipal bonds 700 — — 700 U.S. treasury securities 1,910 — 2 1,908 Total short-term investments $ 10,226 $ — $ 5 $ 10,221 Long-term investments: Asset backed securities $ 2,040 $ — $ 3 $ 2,037 Certificates of deposit 500 — 3 497 Corporate bonds and medium-term notes 1,521 — 6 1,515 Municipal bonds 145 — 1 144 U.S. treasury securities 3,246 — 12 3,234 Total long-term investments $ 7,452 $ — $ 25 $ 7,427 Total cash, cash equivalents, and investments $ 120,406 $ — $ 30 $ 120,376 The contractual maturities of investment securities at October 1, 2022 are presented in the following table. October 1, 2022 Amortized Cost Fair Value (In thousands) Due in one year or less $ 64,162 $ 63,955 Due after one through three years 21,693 21,310 $ 85,855 $ 85,265 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 October 1, 2022. October 1, 2022 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Asset backed securities $ 9,573 $ 110 $ 147 $ 1 Certificates of deposit 3,827 22 — — Commercial paper 31,397 52 — — Corporate bonds and medium-term notes 8,946 156 996 15 Municipal bond 1,531 32 143 2 U.S. treasury securities 10,233 183 735 17 $ 65,507 $ 555 $ 2,021 $ 35 All prices for the fixed maturity securities including U.S. Treasury and agency securities, certificates of deposit, asset backed securities, commercial paper, corporate bonds and municipal bonds are received from independent pricing services utilized by Intevac’s outside investment manager. This investment manager performs a review of the pricing methodologies and inputs utilized by the independent pricing services for each asset type priced by the vendor. In addition, on at least an annual basis, the investment manager conducts due diligence visits and interviews with each pricing vendor to verify the inputs utilized for each asset class. The due diligence visits include a review of the procedures performed by each vendor to ensure that pricing evaluations are representative of the price that would be received for a security in an orderly sale. Any pricing where the input is based solely on a broker price is deemed to be a Level 3 price. Intevac uses the pricing data obtained from its outside investment manager as the primary input to make its assessments and determinations as to the ultimate valuation of the above-mentioned securities and has not made, during the periods presented, any material adjustments to such input The following table represents the fair value hierarchy of Intevac’s available-for-sale Fair Value Measurements at October 1, 2022 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Available-for-sale Money market funds $ 12,995 $ 12,995 $ — U.S. treasury and agency securities 10,968 7,469 3,499 Asset backed securities 9,977 — 9,977 Certificates of deposit 5,828 — 5,828 Commercial paper 33,882 — 33,882 Corporate bonds and medium-term notes 9,941 — 9,941 Municipal bonds 1,674 — 1,674 Total recurring fair value measurements $ 85,265 $ 20,464 $ 64,801 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Oct. 01, 2022 | |
Derivative Instrument Detail [Abstract] | |
Derivative Instruments | 9. 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 October 1, 2022 and January 1, 2022: Notional Amounts Derivative Derivative Derivative Instrument October 1, January 1, October 1, January 1, Balance Sheet Line Fair Value Balance Sheet Line Fair Value (In thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 1,532 815 (a) $ 4 (a) $ 1 Total Hedges $ 1,532 815 $ 4 $ 1 (a) Other current assets |
Equity
Equity | 9 Months Ended |
Oct. 01, 2022 | |
Equity [Abstract] | |
Equity | 10. Equity Condensed Consolidated Statement of Changes in Equity The changes in stockholders’ equity by component for the three and nine months ended October 1, 2022 and October 2, 2021, are as follows (in thousands): Three Months Ended October 1, 2022 Common Paid-in Treasury Accumulated Accumulated Total Balance at July 2, 2022 $ 201,503 $ (29,551 ) $ (9 ) $ (46,783 ) $ 125,160 Common stock issued under employee plans 687 — — — 687 Shares withheld for net share settlement of RSUs (63 ) — — — (63 ) Equity-based compensation expense 2,209 — — — 2,209 Net loss — — — (3,236 ) (3,236 ) Other comprehensive loss — — (458 ) — (458 ) Balance at October 1, 2022 $ 204,336 $ (29,551 ) $ (467 ) $ (50,019 ) $ 124,299 Nine Months Ended October 1, 2022 Common Paid-in Treasury Accumulated Accumulated Total Balance at January 1, 2022 $ 199,098 $ (29,551 ) $ 578 $ (36,110 ) $ 134,015 Common stock issued under employee plans 2,898 — — — 2,898 Shares withheld for net share settlement of RSUs (358 ) — — — (358 ) Equity-based compensation expense 2,698 — — — 2,698 Net loss — — — (13,909 ) (13,909 ) Other comprehensive loss — — (1,045 ) — (1,045 ) Balance at October 1, 2022 $ 204,336 $ (29,551 ) $ (467 ) $ (50,019 ) $ 124,299 Three Months Ended October 2, 2021 Common Paid-in Treasury Accumulated Accumulated Total Balance at July 3, 2021 $ 196,088 $ (29,551 ) $ 571 $ (75,360 ) $ 91,748 Common stock issued under employee plans 1,182 — — — 1,182 Shares withheld for net share settlement of RSUs (13 ) — — — (13 ) Equity-based compensation expense 885 — — — 885 Net loss — — — (4,233 ) (4,233 ) Other comprehensive loss — — (14 ) — (14 ) Balance at October 2, 2 021 $ 198,142 $ (29,551 ) $ 557 $ (79,593 ) $ 89,555 Nine Months Ended October 2, 2021 Common Paid-in Treasury Accumulated Accumulated Total Balance at January 2, 2021 $ 193,197 $ (29,551 ) $ 640 $ (62,730 ) $ 101,556 Common stock issued under employee plans 2,618 — — — 2,618 Shares withheld for net share settlement of RSUs (545 ) — — — (545 ) Equity-based compensation expense 2,872 — — — 2,872 Net loss — — — (16,863 ) (16,863 ) Other comprehensive loss — — (83 ) — (83 ) Balance at October 2, 2021 $ 198,142 $ (29,551 ) $ 557 $ (79,593 ) $ 89,555 Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component for the three and nine months ended October 1, 2022 and October 2, 2021, are as follows. Three Months Ended Nine Months Ended October 1, 2022 Foreign Unrealized available-for-sale Total Foreign Unrealized available-for-sale Total (In thousands) Beginning balance $ 356 $ (365 ) $ (9 ) $ 608 $ (30 ) $ 578 Other comprehensive loss before reclassification (247 ) (225 ) (472 ) (499 ) (560 ) (1,059 ) Amounts reclassified from other comprehensive loss 14 — 14 14 — 14 Net current-period other comprehensive loss (233 ) (225 ) (458 ) (485 ) (560 ) (1,045 ) Ending balance $ 123 $ (590 ) $ (467 ) $ 123 $ (590 ) $ (467 ) Three Months Ended Nine Months Ended October 2, 2021 Foreign Unrealized available-for-sale Total Foreign Unrealized available-for-sale Total (In thousands) Beginning balance $ 562 $ 9 $ 571 $ 602 $ 38 $ 640 Other comprehensive loss before reclassification (7 ) (7 ) (14 ) (47 ) (36 ) (83 ) Amounts reclassified from other comprehensive loss — — — — — — Net current-period other comprehensive loss (7 ) (7 ) (14 ) (47 ) (36 ) (83 ) Ending balance $ 555 $ 2 $ 557 $ 555 $ 2 $ 557 Stock Repurchase Program On November 21, 2013, Intevac announced that its Board of Directors approved a stock repurchase program authorizing up to $30.0 million in repurchases. On August 20, 2018, Intevac announced that its 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 October 1, 2022, $10.4 million remains available for future stock repurchases under the repurchase program. Intevac did not make any common stock repurchases during the three and nine months ended October 1, 2022 and October 2, 2021. 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 | 9 Months Ended |
Oct. 01, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share for the three and nine months ended October 1, 2022 and October 2, 2021: Three Months Ended Nine Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 (In thousands, except per share amounts) Net loss from continuing operations $ (3,216 ) $ (4,096 ) $ (13,515 ) $ (15,788 ) Net loss from discontinued operations, net of taxes (20 ) (137 ) (394 ) (1,075 ) Net loss $ (3,236 ) $ (4,233 ) $ (13,909 ) $ (16,863 ) Weighted-average shares – basic 25,370 24,522 25,104 24,265 Effect of dilutive potential common shares — — — — Weighted-average shares – diluted 25,370 24,522 25,104 24,265 Basic and diluted net loss per share: Continuing operations $ (0.13 ) $ (0.17 ) $ (0.54 ) $ (0.65 ) Discontinued operations $ (0.00 ) $ (0.00 ) $ (0.02 ) $ (0.04 ) Net loss per share $ (0.13 ) $ (0.17 ) $ (0.55 ) $ (0.69 ) As the Company is in a net loss position, all of the Company’s equity instruments are considered antidilutive. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Intevac recorded income tax provisions of $467 ,000 ,000 ,000 ,000 On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into U.S. law. The IRA includes implementation of a new alternative minimum tax, an excise tax on stock buybacks, and significant tax incentives for energy and climate initiatives, among other provisions. The Company is evaluating the provisions included under the IRA and does not expect the provisions to have a material impact to the Company’s consolidated financial statements. 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 received 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 nine months of fiscal 2021, the Company received $83,000 in JSS grants, of which $56,000 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. The Company did not receive any JSS grants in the first nine months of fiscal 2022. |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Oct. 01, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 13. Restructuring Charges During the first quarter of fiscal 2022, Intevac substantially completed implementation of the 2022 cost reduction plan (the “2022 Cost Reduction Plan”), which was intended to reduce our overall cost structure and optimize our operational design, inclusive of the stranded overhead associated with the divestiture of the Photonics business. The restructuring program includes management reorganization and the right sizing of certain technology development, marketing and administrative functions. We incurred restructuring costs of $1.2 million in estimated severance and the related modification of certain stock-based awards. Other costs incurred as part of the 2022 Cost Reduction Plan include: (i) a benefit of $1.3 million related to the stock-based compensation forfeitures related to the employees affected by the reduction in workforce, (ii) $1.5 million for fixed asset disposals and (iii) $755,000 for write-offs of excess inventory. The 2022 Cost Reduction Plan reduced the workforce by 6 percent. The cost of implementing the 2022 Cost Reduction Plan was reported under cost of net revenues and operating expenses in the condensed consolidated statements of operations. Implementation of the 2022 Cost Reduction Plan is expected to reduce salary, wages and other employee-related expenses by approximately $2.1 million on an annual basis. The changes in restructuring reserves, which resulted from cash-based severance payments and other employee-related costs, associated with the 2022 Cost Reduction Plan for the three and nine months ended October 1, 2022 were as follows. Employee (In thousands) Balance at January 1, 2022 $ — Provision for restructuring charges under the 2022 Cost Reduction Plan 1,232 Cash payments made (757 ) Non-cash 37 Balance at April 2, 2022 $ 512 Cash payments made (179 ) Balance at July 2, 2022 $ 333 Cash payments made (154 ) Balance at October 1, 2022 (b) $ 179 (a) Acceleration of equity awards. (b) Liability for employee termination costs is included in accrued payroll and related liabilities. During the fourth quarter of fiscal 2021, the Company recorded asset impairment and restructuring charges associated with the sale of the Photonics division including (i) $693,000 in severance and other employee-related costs related to the termination of the Photonics general manager, (ii) $1.2 million in asset impairment charges on the Company’s ROU asset and (iii) $665,000 in accruals for common area charges associated with an unused space commitment to EOTECH. In consideration of EOTECH’s assumption of certain lease obligations related to the Company’s Santa Clara, California campus, which assumed lease obligations pertain in part to excess space beyond that required by EOTECH’s currently anticipated operation of the Photonics division, the Company agreed to pay EOTECH the amount of $2.1 million, which is payable in (i) one initial installment of $308,000 on January 10, 2022 and (ii) seven equal quarterly installments of $259,000. The Company recorded an asset impairment charge against its ROU asset in the amount of $1.2 million associated with the excess space noted above. The Company recorded a liability to EOTECH in the amount of $665,000, the amount related to common area charges which are not included in the base rental payments or the lease liability on the Company’s condensed consolidated balance sheet. During the first quarter of fiscal 2022, the Company recorded restructuring charges associated with the sale of the Photonics division including $37,000 in severance and other employee-related costs related to the termination of four Photonics employees and $75,000 in stock-based compensation associated with the modification of certain stock-based awards for eighty Photonics employees. The changes in restructuring reserves, which resulted from cash-based severance payments and other employee-related costs and other exit costs associated with the Photonics divestiture for the three and nine months ended October 1, 2022 were as follows. Employee Other Exit Total (In thousands) Balance at January 1, 2022 $ 358 $ 665 $ 1,023 Provision for restructuring charges associated with Photonics divestiture (a) 112 2 114 Cash payments made (137 ) (128 ) (265 ) Non-cash (75 ) — (75 ) Balance at April 2, 2022 $ 258 $ 539 $ 797 Provision for restructuring charges associated with Photonics divestiture (a) — 4 4 Cash payments made (90 ) (77 ) (167 ) Balance at July 2, 2022 $ 168 $ 466 $ 634 Provision for restructuring charges associated with Photonics divestiture (a) — 5 5 Cash payments made (77 ) (77 ) (154 ) Balance at October 1, 2022 $ 91 (c) $ 394 $ 485 (a) Included in loss from discontinued operations (See Note 2). (b) Acceleration of equity awards. (c) Liability for employee termination costs is included in accrued payroll and related liabilities. During the third quarter of fiscal 2021, Intevac substantially completed implementation of the 2021 cost reduction plan (the “2021 Cost Reduction Plan”), which was intended to reduce expenses and reduce its workforce by 5.2 percent. The cost of implementing the 2021 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 2021 Cost Reduction Plan occurred in the first nine months of fiscal 2021. Implementation of the 2021 Cost Reduction Plan is expected to reduce salary, wages and other employee-related expenses by approximately $2.0 million on an annual basis. The changes in restructuring reserves, which resulted from cash-based severance payments and other employee-related costs, associated with the 2021 Cost Reduction Plan for the three and nine months ended October 2, 2021 were as follows. Three Months Nine Months (In thousands) Beginning balance $ — $ — Provision for restructuring reserves 276 319 Cash payments made (276 ) (319 ) Ending balance $ — $ — |
Contingencies
Contingencies | 9 Months Ended |
Oct. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 14. 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. 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 existing proceedings or claims will have a material adverse effect on its consolidated financial condition or results of operations. In July 2020, Robin Quiusky, a former contract employee who worked for us via a staffing agency, filed an action against us under the Private Attorneys General Act (“PAGA”) in California state court (Quiusky v. Intevac, Inc., et al) alleging that the Company failed to provide rest and meal breaks, pay overtime and reimburse business expenses for non-exempt |
Related Party Transaction
Related Party Transaction | 9 Months Ended |
Oct. 01, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | 15. Related Party Transaction A member of the Company’s Board of Directors, Mark Popovich, rendered professional services to the Company, at a rate of $3,125 per week plus expenses commencing May 23, 2022. The Company incurred charges of approximately $41,000 and $60,000, respectively, associated with the professional services arrangement with Mr. Popovich for the three and nine months ended October 1, 2022. |
Acquisition of Hia, Inc.
Acquisition of Hia, Inc. | 9 Months Ended |
Oct. 01, 2022 | |
Business Combinations [Abstract] | |
Contingent Consideration | 16. Acquisition of Hia, Inc. On August 26, 2022 (the “Closing Date”), the Company completed the acquisition of Hia, a supplier of magnetic bars, to bring the manufacturing of these magnetic bars in-house The Company determined this transaction represented an asset acquisition as substantially all of the value was in the technology intangible assets of Hia. Contingent consideration is not recorded in an asset acquisition until the contingency is resolved (when the contingent consideration is paid or becomes payable) or when probable and reasonably estimable. Upon recognition, the amount is included in the measurement of the acquired asset. The technology intangible assets are being amortized on a straight-line basis over a period of 8.3 years. Total amortization expense for the three and nine months ended October 1, 2022 was $8,000. The Hia acquisition was treated for tax purposes as a nontaxable transaction and, as such, the historical tax bases of the acquired assets and assumed liabilities, net operating losses, and other tax attributes of Hia will carryover. As a result, there is no step-up The purchase price was allocated to the technology intangible assets and the deferred tax asset and liability as follows: (In thousands) Consideration: Cash payment $ 702 Transaction costs 63 Less cash acquired (2 ) Total consideration 763 Assets acquired: Technology intangible assets $ 815 Deferred tax asset 119 Total assets acquired $ 934 Liability assumed: Deferred tax liability $ (171 ) $ 763 |
Divestiture and Discontinued _2
Divestiture and Discontinued Operations (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |
Summary of Components Discontinued Operations Related to Photonics Segment | The key components from discontinued operations related to the Photonics segment are as follows: Three Months Ended Nine Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 (In thousands) Net revenues: Systems and components $ — $ 3,702 $ — $ 12,805 Technology development — 3,093 — 9,437 Total net revenues — 6,795 — 22,242 Cost of net revenues: Systems and components — 2,472 — 9,594 Technology development — 2,146 — 7,450 Total cost of net revenues — 4,618 — 17,044 Gross profit — 2,177 — 5,198 Operating expenses: Research and development — 835 — 1,870 Selling, general and administrative 20 1,479 394 4,403 Total operating expenses 20 2,314 394 6,273 Operating loss – discontinued operations (20 ) (137 ) (394 ) (1,075 ) Other income (expense) – discontinued operations — — — — Loss from discontinued operations before provision for income taxes (20 ) (137 ) (394 ) (1,075 ) Provision for income taxes — — — — Net loss from discontinued operations, net of taxes $ (20 ) $ (137 ) $ (394 ) $ (1,075 ) |
Summary of Cash Flow and Non-cash Information Related to Discontinued Operations | The following table presents cash flow and non-cash Three Months Ended Nine Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 (In thousands) Depreciation and amortization $ — $ 354 $ — $ 1,015 Equity-based compensation $ 31 $ 215 $ (260 ) $ 733 Purchase of leasehold improvements and equipment $ — $ 60 $ — $ 209 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
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 and nine months ended October 1, 2022 and October 2, 2021. Major Products and Service Lines Three Months Ended October 1, 2022 Three Months Ended October 2, 2021 (In thousands) HDD PV ASP Total HDD PV Total Systems, upgrades and spare parts $ 8,233 $ 77 $ 100 $ 8,410 $ 6,495 $ 61 $ 6,556 Field service 2,160 180 — 2,340 1,424 18 1,442 Total net revenues $ 10,393 $ 257 $ 100 $ 10,750 $ 7,919 $ 79 $ 7,998 Nine Months Ended October 1, 2022 Nine Months Ended October 2, 2021 (In thousands) HDD DCP PV ASP Total HDD DCP PV ASP Total Systems, upgrades and spare parts $ 19,112 $ 1 $ 212 $ 100 $ 19,425 $ 14,034 $ 3 $ 219 $ 3,850 $ 18,106 Field service 4,844 43 190 — 5,077 4,425 14 60 — 4,499 Total net revenues $ 23,956 $ 44 $ 402 $ 100 $ 24,502 $ 18,459 $ 17 $ 279 $ 3,850 $ 22,605 Primary Geographical Markets Three Months Ended Nine Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 (In thousands) United States $ 1,377 $ 220 $ 3,327 $ 2,708 Asia 9,273 7,778 21,075 16,047 Europe 100 — 100 3,850 Total net revenues $ 10,750 $ 7,998 $ 24,502 $ 22,605 Timing of Revenue Recognition Three Months Ended Nine Months Ended October 1, 2022 October 1, 2021 October 1, 2022 October 2, 2021 (In thousands) Products transferred at a point in time $ 10,750 $ 7,998 $ 24,502 $ 22,605 Products and services transferred over time — — — — Total net revenues $ 10,750 $ 7,998 $ 24,502 $ 22,605 |
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 nine months ended October 1, 2022: October 1, January 1, Nine Months Change (In thousands) Contract assets: Accounts receivable, unbilled $ 93 $ 99 $ (6 ) Contract liabilities: Deferred revenue $ 2,319 $ 65 $ 2,254 Customer advances 23,526 2,107 21,419 $ 25,845 $ 2,172 $ 23,673 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories are stated at the lower of average cost or net realizable value and consist of the following: October 1, January 1, (In thousands) Raw materials $ 11,415 $ 5,323 Work-in-progress 5,427 468 Finished goods 1,216 — $ 18,058 $ 5,791 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
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 and nine months ended October 1, 2022 and October 2, 2021 was as follows: Three Months Ended Nine Months Ended October 1, October 2, October 1, October 2, (In thousands) Equity-based compensation by type of award: Stock options $ 5 $ 27 $ (159 ) $ 159 RSUs 1,997 673 2,564 1,872 ESPP purchase rights 207 185 293 841 Total equity-based compensation $ 2,209 $ 885 $ 2,698 $ 2,872 |
Summary of Stock Option Activity | Option activity as of October 1, 2022 and changes during the nine months ended October 1, 2022 were as follows: Shares Weighted-Average Exercise Price Options outstanding at January 1, 2022 1,457,587 $ 6.55 Options cancelled and forfeited (682,457 ) $ 7.25 Options exercised (343,000 ) $ 4.82 Options outstanding at October 1, 2022 432,130 $ 6.81 Options exercisable at October 1, 2022 403,947 $ 6.89 |
Employee Stock Options Weighted-Average Assumptions | Intevac estimated the weighted-average fair value of ESPP purchase rights using the following weighted-average assumptions: Three Months Ended Nine Months Ended October 1, October 2, October 1, October 2, ESPP Purchase Rights: Weighted-average fair value of grants per share $ 0.65 $ 2.43 $ 1.26 $ 2.59 Expected volatility 44.54 % 64.94 % 52.57 % 60.88 % Risk-free interest rate 2.94 % 0.07 % 1.94 % 0.08 % Expected term of purchase rights (in years) 1.24 0.75 1.24 0.91 Dividend yield None None None None |
Summary of Restricted Stock Units Activity | RSU activity as of October 1, 2022 and changes during the nine months ended October 1, 2022 were as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 1,033,436 $ 5.59 Granted 1,995,042 $ 4.35 Vested (250,914 ) $ 5.51 Cancelled and forfeited (540,323 ) $ 5.64 Non-vested 2,237,241 $ 4.48 |
Performance Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Stock Purchase Rights Weighted-Average Assumptions | Intevac estimated the weighted-average fair value of the PRSU Awards granted in September 2022 and May 2022 using the following weighted-average assumptions: Three Months Ended Nine Months Ended October 1, 2022 October 1, 2022 Weighted-average fair value of grants per share $ 3.17 $ 3.63 Expected volatility 65.81 % 55.34 % Risk-free interest rate 3.82 % 2.90 % Dividend yield None None Intevac estimated the weighted-average fair value of the PRSU Awards granted in May 2021 using the following weighted-average assumptions: Nine Months Ended October 2, 2021 Weighted-average fair value of grants per share $ 7.65 Expected volatility 56.26 % Risk-free interest rate 0.15 % Dividend yield None |
Warranty (Tables)
Warranty (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Guarantees [Abstract] | |
Schedule of Product Warranty Liability | The following table displays the activity in the warranty provision account for the three and nine months ended October 1, 2022 and October 2, 2021: Three Months Ended Nine Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 (In thousands) Opening balance $ 214 $ 572 $ 346 $ 480 Expenditures incurred under warranties (60 ) (142 ) (286 ) (489 ) Expenditures incurred under warranties included in discontinued operations — (6 ) — (75 ) Accruals for product warranties issued during the reporting period 63 29 135 439 Accruals for product warranties issued during the reporting period included in discontinued operations — 51 — 114 Adjustments to previously existing warranty accruals 9 108 31 83 Adjustments to previously existing warranty accruals included in discontinued operations — (2 ) — 58 Closing balance $ 226 $ 610 $ 226 $ 610 The following table displays the balance sheet classification of the warranty provision account at October 1, 2022 and at January 1, 2022: October 1, January 1, (In thousands) Other accrued liabilities $ 226 $ 301 Other long-term liabilities — 45 Total warranty provision $ 226 $ 346 |
Cash, Cash Equivalents and In_2
Cash, Cash Equivalents and Investments (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Cash Flow Hedges Derivative Instruments at Fair Value, Net [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: October 1, 2022 Amortized Unrealized Unrealized Fair Value (In thousands) Cash and cash equivalents: Cash $ 38,830 $ — $ — $ 38,830 Money market funds 12,995 — — 12,995 Commercial paper 19,956 — 5 19,951 Total cash and cash equivalents $ 71,781 $ — $ 5 $ 71,776 Short-term investments: Asset backed securities $ 2,009 $ — $ 10 $ 1,999 Certificates of deposit 5,850 — 22 5,828 Commercial paper 13,978 — 47 13,931 Corporate bonds and medium-term notes 4,712 — 47 4,665 Municipal bonds 1,483 — 28 1,455 U.S. treasury securities 3,179 — 48 3,131 Total short-term investments $ 31,211 $ — $ 202 $ 31,009 Long-term investments: Asset backed securities $ 8,079 $ — $ 101 $ 7,978 Corporate bonds and medium-term notes 5,400 — 124 5,276 Municipal bonds 225 — 6 219 U.S. treasury and agency securities 7,989 — 152 7,837 Total long-term investments $ 21,693 $ — $ 383 $ 21,310 Total cash, cash equivalents, and investments $ 124,685 $ — $ 590 $ 124,095 January 1, 2022 Amortized Unrealized Unrealized Fair Value (In thousands) Cash and cash equivalents: Cash $ 102,494 $ — $ — $ 102,494 Money market funds 234 — — 234 Total cash and cash equivalents $ 102,728 $ — $ — $ 102,728 Short-term investments: Certificates of deposit $ 4,300 $ — $ — $ 4,300 Commercial paper 400 — — 400 Corporate bonds and medium-term notes 2,916 — 3 2,913 Municipal bonds 700 — — 700 U.S. treasury securities 1,910 — 2 1,908 Total short-term investments $ 10,226 $ — $ 5 $ 10,221 Long-term investments: Asset backed securities $ 2,040 $ — $ 3 $ 2,037 Certificates of deposit 500 — 3 497 Corporate bonds and medium-term notes 1,521 — 6 1,515 Municipal bonds 145 — 1 144 U.S. treasury securities 3,246 — 12 3,234 Total long-term investments $ 7,452 $ — $ 25 $ 7,427 Total cash, cash equivalents, and investments $ 120,406 $ — $ 30 $ 120,376 |
Contractual Maturities of Available-for-Sale Securities | The contractual maturities of investment securities at October 1, 2022 are presented in the following table. October 1, 2022 Amortized Cost Fair Value (In thousands) Due in one year or less $ 64,162 $ 63,955 Due after one through three years 21,693 21,310 $ 85,855 $ 85,265 |
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 October 1, 2022. October 1, 2022 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Asset backed securities $ 9,573 $ 110 $ 147 $ 1 Certificates of deposit 3,827 22 — — Commercial paper 31,397 52 — — Corporate bonds and medium-term notes 8,946 156 996 15 Municipal bond 1,531 32 143 2 U.S. treasury securities 10,233 183 735 17 $ 65,507 $ 555 $ 2,021 $ 35 |
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 October 1, 2022 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Available-for-sale Money market funds $ 12,995 $ 12,995 $ — U.S. treasury and agency securities 10,968 7,469 3,499 Asset backed securities 9,977 — 9,977 Certificates of deposit 5,828 — 5,828 Commercial paper 33,882 — 33,882 Corporate bonds and medium-term notes 9,941 — 9,941 Municipal bonds 1,674 — 1,674 Total recurring fair value measurements $ 85,265 $ 20,464 $ 64,801 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
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 October 1, 2022 and January 1, 2022: Notional Amounts Derivative Derivative Derivative Instrument October 1, January 1, October 1, January 1, Balance Sheet Line Fair Value Balance Sheet Line Fair Value (In thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 1,532 815 (a) $ 4 (a) $ 1 Total Hedges $ 1,532 815 $ 4 $ 1 (a) Other current assets |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Equity [Abstract] | |
Schedule of Changes in Stockholders' Equity | The changes in stockholders’ equity by component for the three and nine months ended October 1, 2022 and October 2, 2021, are as follows (in thousands): Three Months Ended October 1, 2022 Common Paid-in Treasury Accumulated Accumulated Total Balance at July 2, 2022 $ 201,503 $ (29,551 ) $ (9 ) $ (46,783 ) $ 125,160 Common stock issued under employee plans 687 — — — 687 Shares withheld for net share settlement of RSUs (63 ) — — — (63 ) Equity-based compensation expense 2,209 — — — 2,209 Net loss — — — (3,236 ) (3,236 ) Other comprehensive loss — — (458 ) — (458 ) Balance at October 1, 2022 $ 204,336 $ (29,551 ) $ (467 ) $ (50,019 ) $ 124,299 Nine Months Ended October 1, 2022 Common Paid-in Treasury Accumulated Accumulated Total Balance at January 1, 2022 $ 199,098 $ (29,551 ) $ 578 $ (36,110 ) $ 134,015 Common stock issued under employee plans 2,898 — — — 2,898 Shares withheld for net share settlement of RSUs (358 ) — — — (358 ) Equity-based compensation expense 2,698 — — — 2,698 Net loss — — — (13,909 ) (13,909 ) Other comprehensive loss — — (1,045 ) — (1,045 ) Balance at October 1, 2022 $ 204,336 $ (29,551 ) $ (467 ) $ (50,019 ) $ 124,299 Three Months Ended October 2, 2021 Common Paid-in Treasury Accumulated Accumulated Total Balance at July 3, 2021 $ 196,088 $ (29,551 ) $ 571 $ (75,360 ) $ 91,748 Common stock issued under employee plans 1,182 — — — 1,182 Shares withheld for net share settlement of RSUs (13 ) — — — (13 ) Equity-based compensation expense 885 — — — 885 Net loss — — — (4,233 ) (4,233 ) Other comprehensive loss — — (14 ) — (14 ) Balance at October 2, 2 021 $ 198,142 $ (29,551 ) $ 557 $ (79,593 ) $ 89,555 Nine Months Ended October 2, 2021 Common Paid-in Treasury Accumulated Accumulated Total Balance at January 2, 2021 $ 193,197 $ (29,551 ) $ 640 $ (62,730 ) $ 101,556 Common stock issued under employee plans 2,618 — — — 2,618 Shares withheld for net share settlement of RSUs (545 ) — — — (545 ) Equity-based compensation expense 2,872 — — — 2,872 Net loss — — — (16,863 ) (16,863 ) Other comprehensive loss — — (83 ) — (83 ) Balance at October 2, 2021 $ 198,142 $ (29,551 ) $ 557 $ (79,593 ) $ 89,555 |
Changes in Accumulated Other Comprehensive Income by Component | The changes in accumulated other comprehensive income (loss) by component for the three and nine months ended October 1, 2022 and October 2, 2021, are as follows. Three Months Ended Nine Months Ended October 1, 2022 Foreign Unrealized available-for-sale Total Foreign Unrealized available-for-sale Total (In thousands) Beginning balance $ 356 $ (365 ) $ (9 ) $ 608 $ (30 ) $ 578 Other comprehensive loss before reclassification (247 ) (225 ) (472 ) (499 ) (560 ) (1,059 ) Amounts reclassified from other comprehensive loss 14 — 14 14 — 14 Net current-period other comprehensive loss (233 ) (225 ) (458 ) (485 ) (560 ) (1,045 ) Ending balance $ 123 $ (590 ) $ (467 ) $ 123 $ (590 ) $ (467 ) Three Months Ended Nine Months Ended October 2, 2021 Foreign Unrealized available-for-sale Total Foreign Unrealized available-for-sale Total (In thousands) Beginning balance $ 562 $ 9 $ 571 $ 602 $ 38 $ 640 Other comprehensive loss before reclassification (7 ) (7 ) (14 ) (47 ) (36 ) (83 ) Amounts reclassified from other comprehensive loss — — — — — — Net current-period other comprehensive loss (7 ) (7 ) (14 ) (47 ) (36 ) (83 ) Ending balance $ 555 $ 2 $ 557 $ 555 $ 2 $ 557 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The following table sets forth the computation of basic and diluted net loss per share for the three and nine months ended October 1, 2022 and October 2, 2021: Three Months Ended Nine Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 (In thousands, except per share amounts) Net loss from continuing operations $ (3,216 ) $ (4,096 ) $ (13,515 ) $ (15,788 ) Net loss from discontinued operations, net of taxes (20 ) (137 ) (394 ) (1,075 ) Net loss $ (3,236 ) $ (4,233 ) $ (13,909 ) $ (16,863 ) Weighted-average shares – basic 25,370 24,522 25,104 24,265 Effect of dilutive potential common shares — — — — Weighted-average shares – diluted 25,370 24,522 25,104 24,265 Basic and diluted net loss per share: Continuing operations $ (0.13 ) $ (0.17 ) $ (0.54 ) $ (0.65 ) Discontinued operations $ (0.00 ) $ (0.00 ) $ (0.02 ) $ (0.04 ) Net loss per share $ (0.13 ) $ (0.17 ) $ (0.55 ) $ (0.69 ) |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Reserve by Type of Cost | The changes in restructuring reserves, which resulted from cash-based severance payments and other employee-related costs, associated with the 2022 Cost Reduction Plan for the three and nine months ended October 1, 2022 were as follows. Employee (In thousands) Balance at January 1, 2022 $ — Provision for restructuring charges under the 2022 Cost Reduction Plan 1,232 Cash payments made (757 ) Non-cash 37 Balance at April 2, 2022 $ 512 Cash payments made (179 ) Balance at July 2, 2022 $ 333 Cash payments made (154 ) Balance at October 1, 2022 (b) $ 179 (a) Acceleration of equity awards. (b) Liability for employee termination costs is included in accrued payroll and related liabilities. |
Changes in Restructuring Reserves | The changes in restructuring reserves, which resulted from cash-based severance payments and other employee-related costs and other exit costs associated with the Photonics divestiture for the three and nine months ended October 1, 2022 were as follows. Employee Other Exit Total (In thousands) Balance at January 1, 2022 $ 358 $ 665 $ 1,023 Provision for restructuring charges associated with Photonics divestiture (a) 112 2 114 Cash payments made (137 ) (128 ) (265 ) Non-cash (75 ) — (75 ) Balance at April 2, 2022 $ 258 $ 539 $ 797 Provision for restructuring charges associated with Photonics divestiture (a) — 4 4 Cash payments made (90 ) (77 ) (167 ) Balance at July 2, 2022 $ 168 $ 466 $ 634 Provision for restructuring charges associated with Photonics divestiture (a) — 5 5 Cash payments made (77 ) (77 ) (154 ) Balance at October 1, 2022 $ 91 (c) $ 394 $ 485 (a) Included in loss from discontinued operations (See Note 2). (b) Acceleration of equity awards. (c) Liability for employee termination costs is included in accrued payroll and related liabilities. The changes in restructuring reserves, which resulted from cash-based severance payments and other employee-related costs, associated with the 2021 Cost Reduction Plan for the three and nine months ended October 2, 2021 were as follows. Three Months Nine Months (In thousands) Beginning balance $ — $ — Provision for restructuring reserves 276 319 Cash payments made (276 ) (319 ) Ending balance $ — $ — |
Acquisition of Hia, Inc (Tables
Acquisition of Hia, Inc (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The purchase price was allocated to the technology intangible assets and the deferred tax asset and liability as follows: (In thousands) Consideration: Cash payment $ 702 Transaction costs 63 Less cash acquired (2 ) Total consideration 763 Assets acquired: Technology intangible assets $ 815 Deferred tax asset 119 Total assets acquired $ 934 Liability assumed: Deferred tax liability $ (171 ) $ 763 |
Divestiture and Discontinued _3
Divestiture and Discontinued Operations - Additional Information (Detail) - EOTECH LLC [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2022 | Oct. 01, 2022 | Dec. 31, 2024 | Dec. 30, 2021 | |
Proceeds from Fees Received | $ 950,000 | ||||
Sale Of Inventory | 148,000 | ||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 29,000 | 29,000 | |||
Refund obligation | $ 200,000 | ||||
Amount cancelled in outstanding invoices related to disputed TSA fees | $ 46,000 | ||||
Photonics | |||||
Cash | $ 70,000,000 | ||||
Earnout payment | 30,000,000 | 30,000,000 | $ 30,000,000 | ||
Photonics | Subsequent Event [Member] | |||||
Earnout payment | $ 14,000,000 | ||||
Shared Services Agreement [Member] | |||||
Cost of property repairs and maintenance | 0 | 0 | |||
Accounts Payable [Member] | |||||
Refund obligation | $ 200,000 | $ 200,000 |
Divestiture and Discontinued _4
Divestiture and Discontinued Operations - Summary of Components Discontinued Operations Related to Photonics Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Operating expenses: | ||||
Net loss from discontinued operations, net of taxes | $ (20) | $ (137) | $ (394) | $ (1,075) |
Photonics | ||||
Net revenues: | ||||
Revenue | 6,795 | 22,242 | ||
Cost of net revenues: | ||||
Costs of net revenues | 4,618 | 17,044 | ||
Gross profit | 2,177 | 5,198 | ||
Operating expenses: | ||||
Operating Expenses | 20 | 2,314 | 394 | 6,273 |
Operating loss – discontinued operations | (20) | (137) | (394) | (1,075) |
Other income (expense) – discontinued operations | ||||
Loss from discontinued operations before provision for income taxes | (20) | (137) | (394) | (1,075) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net loss from discontinued operations, net of taxes | (20) | (137) | (394) | (1,075) |
Photonics | Systems and components | ||||
Net revenues: | ||||
Revenue | 3,702 | 12,805 | ||
Cost of net revenues: | ||||
Costs of net revenues | 2,472 | 9,594 | ||
Photonics | Technology development | ||||
Net revenues: | ||||
Revenue | 3,093 | 9,437 | ||
Cost of net revenues: | ||||
Costs of net revenues | 2,146 | 7,450 | ||
Photonics | Research and development | ||||
Operating expenses: | ||||
Operating Expenses | 835 | 1,870 | ||
Photonics | Selling, general and administrative | ||||
Operating expenses: | ||||
Operating Expenses | $ 20 | $ 1,479 | $ 394 | $ 4,403 |
Divestiture and Discontinued _5
Divestiture and Discontinued Operations - Summary of Cash Flow and Non-cash Information Related to Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Depreciation and amortization | $ 354 | $ 1,015 | ||
Equity-based compensation | $ 31 | 215 | $ (260) | 733 |
Purchase of leasehold improvements and equipment | $ 60 | $ 209 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 10,750 | $ 7,998 | $ 24,502 | $ 22,605 |
Systems, upgrades and spare parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 8,410 | 6,556 | 19,425 | 18,106 |
Field service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 2,340 | 1,442 | 5,077 | 4,499 |
HDD | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 10,393 | 7,919 | 23,956 | 18,459 |
HDD | Systems, upgrades and spare parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 8,233 | 6,495 | 19,112 | 14,034 |
HDD | Field service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 2,160 | 1,424 | 4,844 | 4,425 |
DCP | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 44 | 17 | ||
DCP | Systems, upgrades and spare parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 1 | 3 | ||
DCP | Field service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 43 | 14 | ||
PV | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 257 | 79 | 402 | 279 |
PV | Systems, upgrades and spare parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 77 | 61 | 212 | 219 |
PV | Field service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 180 | $ 18 | 190 | 60 |
ASP | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 100 | 100 | 3,850 | |
ASP | Systems, upgrades and spare parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 100 | 100 | 3,850 | |
ASP | Field service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 0 | $ 0 | $ 0 |
Revenue - Primary Geography Mar
Revenue - Primary Geography Markets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 10,750 | $ 7,998 | $ 24,502 | $ 22,605 |
Products Transferred at a Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 10,750 | 7,998 | 24,502 | 22,605 |
Products and Services Transferred Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 1,377 | 220 | 3,327 | 2,708 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 9,273 | 7,778 | 21,075 | 16,047 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 100 | $ 0 | $ 100 | $ 3,850 |
Revenue - Changes in Contract A
Revenue - Changes in Contract Assets and Contract Liabilities (Detail) - TFE - USD ($) | 9 Months Ended | |
Oct. 01, 2022 | Jan. 01, 2022 | |
Contract liabilities: | ||
Contract liabilities | $ 25,845,000 | $ 2,172,000 |
Contract liabilities: | ||
Change in contract liabilities | 23,673,000 | |
Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 93,000 | 99,000 |
Contract assets: | ||
Change in contract assets | (6,000) | |
Deferred revenue | ||
Contract liabilities: | ||
Contract liabilities | 2,319,000 | 65,000 |
Contract liabilities: | ||
Change in contract liabilities | 2,254,000 | |
Customer advances | ||
Contract liabilities: | ||
Contract liabilities | 23,526,000 | $ 2,107,000 |
Contract liabilities: | ||
Change in contract liabilities | $ 21,419,000 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 9 Months Ended |
Oct. 01, 2022 USD ($) Installment | |
Revenue From Contract With Customers [Line Items] | |
Number of installments | Installment | 3 |
Revenue remaining performance obligation | $ 110,400,000 |
TFE | Accounts Receivable, Unbilled | |
Revenue From Contract With Customers [Line Items] | |
Change in contract assets | (6,000) |
TFE | Customer Advances | |
Revenue From Contract With Customers [Line Items] | |
Contract with customer liability revenue recognized | 386,000 |
TFE | Deferred Revenue | |
Revenue From Contract With Customers [Line Items] | |
Contract with customer liability revenue recognized | $ 39,000 |
Revenue - Additional Informat_2
Revenue - Additional Information (Detail 1) | Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Scenario Forecast | |||||
Revenue From Contract With Customers [Line Items] | |||||
Revenue, remaining performance obligation, percentage | 24% | 0% | 29% | 37% | 10% |
Inventories - Inventories State
Inventories - Inventories Stated at Lower of Average Cost or Net Realizable Value (Detail) - USD ($) $ in Thousands | Oct. 01, 2022 | Jan. 01, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 11,415 | $ 5,323 |
Work-in-progress | 5,427 | 468 |
Finished goods | 1,216 | 0 |
Inventories | $ 18,058 | $ 5,791 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | May 31, 2022 | May 31, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Jan. 19, 2022 | Aug. 01, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Purchase of common stock through payroll deductions | 85% | ||||||||
Offering periods | 2 years | ||||||||
Maximum employee salary withholdings for purchase of common stock under the terms of the ESPP | 50% | ||||||||
Stock issued under Employee Stock Purchase Plans | 279,000 | ||||||||
Employee stock obligation amount | $ 25,000 | ||||||||
Equity-based compensation | $ 2,209,000 | $ 885,000 | $ 2,698,000 | $ 2,872,000 | |||||
Discontinued Operations [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Equity-based compensation | 31,000 | 215,000 | 260,000 | 733,000 | |||||
Segment Continuing Operations [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Equity-based compensation | $ 75,000 | 446,000 | |||||||
Inducement Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Issuance of common stock pursuant to awards granted | 1,200,000 | ||||||||
Restricted Stock Units (RSUs) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted | 82,600 | 935,600 | 126,320 | 1,995,042 | |||||
Equity-based compensation | $ 1,997,000 | $ 673,000 | $ 2,564,000 | $ 1,872,000 | |||||
Average stock price closing period | 30 days | ||||||||
Restricted Stock Units (RSUs) | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award, vesting period | 3 years | ||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 0% | ||||||||
Restricted Stock Units (RSUs) | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award, vesting period | 4 years | ||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 200% | ||||||||
Forfeiture Awards | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Equity-based compensation | $ 1,300,000 | ||||||||
Stock Based Awards | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Equity-based compensation | $ 37,000 |
Equity-Based Compensation - Eff
Equity-Based Compensation - Effect of Recording Equity-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | $ 2,209 | $ 885 | $ 2,698 | $ 2,872 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | 5 | 27 | (159) | 159 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | 1,997 | 673 | 2,564 | 1,872 |
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | $ 207 | $ 185 | $ 293 | $ 841 |
Equity-Based Compensation - Wei
Equity-Based Compensation - Weighted-Average Fair Value of Stock Options and Employee Stock Purchase Rights using Weighted-Average Assumptions (Detail) - ESPP Purchase Rights - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average fair value of grants per share | $ 0.65 | $ 2.43 | $ 1.26 | $ 2.59 |
Expected volatility | 44.54% | 64.94% | 52.57% | 60.88% |
Risk free interest rate | 2.94% | 0.07% | 1.94% | 0.08% |
Expected term of options (in years) | 1 year 2 months 26 days | 9 months | 1 year 2 months 26 days | 10 months 28 days |
Dividend yield | 0% | 0% | 0% | 0% |
Equity-Based Compensation - Opt
Equity-Based Compensation - Option Activity and Changes (Detail) | 9 Months Ended |
Oct. 01, 2022 $ / shares shares | |
Shares | |
Options outstanding at January 1, 2022 | shares | 1,457,587 |
Options cancelled and forfeited | shares | (682,457) |
Options exercised | shares | (343,000) |
Options outstanding at October 1, 2022 | shares | 432,130 |
Options exercisable at October 1, 2022 | shares | 403,947 |
Weighted-Average Exercise Price | |
Options outstanding at January 1, 2022 | $ / shares | $ 6.55 |
Options cancelled and forfeited | $ / shares | 7.25 |
Options exercised | $ / shares | 4.82 |
Options outstanding at October 1, 2022 | $ / shares | 6.81 |
Options exercisable at October 1, 2022 | $ / shares | $ 6.89 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) - $ / shares | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | May 31, 2022 | May 31, 2021 | Oct. 01, 2022 | |
Shares | ||||
Non-vested RSUs at January 1, 2022 | 1,033,436 | |||
Granted | 82,600 | 935,600 | 126,320 | 1,995,042 |
Vested | (250,914) | |||
Cancelled and forfeited | (540,323) | |||
Non-vested RSUs at October 1, 2022 | 2,237,241 | |||
Weighted Average Grant Date Fair Value | ||||
Non-vested RSUs at January 1, 2022 | $ 5.59 | |||
Granted | 4.35 | |||
Vested | 5.51 | |||
Cancelled and forfeited | 5.64 | |||
Non-vested RSUs at October 1, 2022 | $ 4.48 |
Equity-Based Compensation - W_2
Equity-Based Compensation - Weighted-Average Fair Value of Performance Stock Options Using Weighted-Average Assumptions (Detail) - Performance Based Restricted Stock Units [Member] - $ / shares | 3 Months Ended | 9 Months Ended | |
Oct. 01, 2022 | Oct. 01, 2022 | Oct. 02, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average fair value of grants per share | $ 3.17 | $ 3.63 | $ 7.65 |
Expected volatility | 65.81% | 55.34% | 56.26% |
Risk free interest rate | 3.82% | 2.90% | 0.15% |
Dividend yield | 0% | 0% | 0% |
Warranty - Additional Informati
Warranty - Additional Information (Detail) | 9 Months Ended |
Oct. 01, 2022 | |
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 | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Opening balance | $ 214 | $ 572 | $ 346 | $ 480 |
Expenditures incurred under warranties | (60) | (142) | (286) | (489) |
Expenditures incurred under warranties included in discontinued operations | 0 | (6) | 0 | (75) |
Accruals for product warranties issued during the reporting period | 63 | 29 | 135 | 439 |
Accruals for product warranties issued during the reporting period included in discontinued operations | 0 | 51 | 0 | 114 |
Adjustments to previously existing warranty accruals | 9 | 108 | 31 | 83 |
Adjustments to previously existing warranty accruals included in discontinued operations | 0 | (2) | 0 | 58 |
Closing balance | $ 226 | $ 610 | $ 226 | $ 610 |
Warranty - Balance Sheet Classi
Warranty - Balance Sheet Classification of Warranty Provision Account (Detail) - USD ($) $ in Thousands | Oct. 01, 2022 | Jul. 02, 2022 | Jan. 01, 2022 | Oct. 02, 2021 | Jul. 03, 2021 | Jan. 02, 2021 |
Guarantees [Abstract] | ||||||
Other accrued liabilities | $ 226 | $ 301 | ||||
Other long-term liabilities | 0 | 45 | ||||
Total warranty provision | $ 226 | $ 214 | $ 346 | $ 610 | $ 572 | $ 480 |
Guarantees - Additional Informa
Guarantees - Additional Information (Detail) | Oct. 01, 2022 USD ($) |
Guarantees [Abstract] | |
Letters of credit and bank guarantees outstanding, amount | $ 786,000 |
Letters of credit and bank guarantees collateralized by restricted cash | $ 786,000 |
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 | Oct. 01, 2022 | Jan. 01, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 124,685 | $ 120,406 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 590 | 30 |
Fair Value | 124,095 | 120,376 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 71,781 | 102,728 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 5 | 0 |
Fair Value | 71,776 | 102,728 |
Cash and Cash Equivalents | Cash | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 38,830 | 102,494 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 0 | 0 |
Fair Value | 38,830 | 102,494 |
Cash and Cash Equivalents | Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 12,995 | 234 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 0 | 0 |
Fair Value | 12,995 | 234 |
Cash and Cash Equivalents | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 19,956 | |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 5 | |
Fair Value | 19,951 | |
Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 31,211 | 10,226 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 202 | 5 |
Fair Value | 31,009 | 10,221 |
Short-term Investments | Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,009 | |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 10 | |
Fair Value | 1,999 | |
Short-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,712 | 2,916 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 47 | 3 |
Fair Value | 4,665 | 2,913 |
Short-term Investments | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,483 | 700 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 28 | 0 |
Fair Value | 1,455 | 700 |
Short-term Investments | U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,179 | 1,910 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 48 | 2 |
Fair Value | 3,131 | 1,908 |
Short-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,850 | 4,300 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 22 | 0 |
Fair Value | 5,828 | 4,300 |
Short-term Investments | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,978 | 400 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 47 | 0 |
Fair Value | 13,931 | 400 |
Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 21,693 | 7,452 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 383 | 25 |
Fair Value | 21,310 | 7,427 |
Long-term Investments | Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,079 | 2,040 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 101 | 3 |
Fair Value | 7,978 | 2,037 |
Long-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,400 | 1,521 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 124 | 6 |
Fair Value | 5,276 | 1,515 |
Long-term Investments | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 225 | 145 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 6 | 1 |
Fair Value | 219 | 144 |
Long-term Investments | U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,246 | |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 12 | |
Fair Value | 3,234 | |
Long-term Investments | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,989 | |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 152 | |
Fair Value | $ 7,837 | |
Long-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 3 | |
Fair Value | $ 497 |
Cash, Cash Equivalents and In_4
Cash, Cash Equivalents and Investments - Contractual Maturities of Available-For-Sale Securities (Detail) $ in Thousands | Oct. 01, 2022 USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 64,162 |
Amortized Cost, Due after one through three years | 21,693 |
Amortized Cost | 85,855 |
Fair Value, Due in one year or less | 63,955 |
Fair Value, Due after one through three years | 21,310 |
Fair Value | $ 85,265 |
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 | Oct. 01, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | $ 65,507 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 555 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 2,021 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 35 |
Certificates of deposit | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 3,827 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 22 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 0 |
Commercial paper | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 31,397 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 52 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 0 |
Asset backed securities | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 9,573 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 110 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 147 |
Unrealized Loss Position, Greater 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 | 8,946 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 156 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 996 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 15 |
Municipal bond | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 1,531 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 32 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 143 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 2 |
U.S. treasury securities | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 10,233 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 183 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 735 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | $ 17 |
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 | Oct. 01, 2022 USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 85,265 |
Fair Value, Measurements, Recurring | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 85,265 |
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 | 12,995 |
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 | 5,828 |
Fair Value, Measurements, Recurring | Commercial paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 33,882 |
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 | 9,941 |
Fair Value, Measurements, Recurring | Municipal bonds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 1,674 |
Fair Value, Measurements, Recurring | Asset backed securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 9,977 |
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 | 10,968 |
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 | 20,464 |
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 | 12,995 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Certificates of deposit | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Commercial paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Corporate bonds and medium-term notes | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Municipal bonds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Asset backed securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 0 |
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 | 7,469 |
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 | 64,801 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Money market funds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 0 |
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 | 5,828 |
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 | 33,882 |
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 | 9,941 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Municipal bonds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 1,674 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Asset backed securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 9,977 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. treasury and agency securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 3,499 |
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 | Oct. 01, 2022 | Jan. 01, 2022 |
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | $ 1,532 | $ 815 |
Derivative Asset | 1 | |
Derivative Liabilities | 4 | |
Forward Foreign Currency Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | 1,532 | 815 |
Derivative Asset | $ 1 | |
Derivative Liabilities | $ 4 |
Equity - Schedule of Changes in
Equity - Schedule of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Class of Stock [Line Items] | ||||
Beginning balance | $ 125,160 | $ 91,748 | $ 134,015 | $ 101,556 |
Common stock issued under employee plans | 687 | 1,182 | 2,898 | 2,618 |
Shares withheld for net share settlement of RSUs | (63) | (13) | (358) | (545) |
Equity-based compensation expense | 2,209 | 885 | 2,698 | 2,872 |
Net loss | (3,236) | (4,233) | (13,909) | (16,863) |
Other comprehensive loss | (458) | (14) | (1,045) | (83) |
Ending balance | 124,299 | 89,555 | 124,299 | 89,555 |
Common Stock and Additional Paid-in Capital | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 201,503 | 196,088 | 199,098 | 193,197 |
Common stock issued under employee plans | 687 | 1,182 | 2,898 | 2,618 |
Shares withheld for net share settlement of RSUs | (63) | (13) | (358) | (545) |
Equity-based compensation expense | 2,209 | 885 | 2,698 | 2,872 |
Ending balance | 204,336 | 198,142 | 204,336 | 198,142 |
Treasury Stock | ||||
Class of Stock [Line Items] | ||||
Beginning balance | (29,551) | (29,551) | (29,551) | (29,551) |
Ending balance | (29,551) | (29,551) | (29,551) | (29,551) |
Accumulated Other Comprehensive Income | ||||
Class of Stock [Line Items] | ||||
Beginning balance | (9) | 571 | 578 | 640 |
Other comprehensive loss | (458) | (14) | (1,045) | (83) |
Ending balance | (467) | 557 | (467) | 557 |
Accumulated Deficit | ||||
Class of Stock [Line Items] | ||||
Beginning balance | (46,783) | (75,360) | (36,110) | (62,730) |
Net loss | (3,236) | (4,233) | (13,909) | (16,863) |
Ending balance | $ (50,019) | $ (79,593) | $ (50,019) | $ (79,593) |
Equity - Changes in Accumulated
Equity - Changes in Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 125,160 | $ 91,748 | $ 134,015 | $ 101,556 |
Other comprehensive loss, net of tax | (458) | (14) | (1,045) | (83) |
Ending balance | 124,299 | 89,555 | 124,299 | 89,555 |
Foreign currency | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 356 | 562 | 608 | 602 |
Other comprehensive loss before reclassification | (247) | (7) | (499) | (47) |
Amounts reclassified from other comprehensive loss | 14 | 0 | 14 | 0 |
Other comprehensive loss, net of tax | (233) | (7) | (485) | (47) |
Ending balance | 123 | 555 | 123 | 555 |
Unrealized holding gains (losses) on available- for-sale investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (365) | 9 | (30) | 38 |
Other comprehensive loss before reclassification | (225) | (7) | (560) | (36) |
Amounts reclassified from other comprehensive loss | 0 | 0 | 0 | 0 |
Other comprehensive loss, net of tax | (225) | (7) | (560) | (36) |
Ending balance | (590) | 2 | (590) | 2 |
Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (9) | 571 | 578 | 640 |
Other comprehensive loss before reclassification | (472) | (14) | (1,059) | (83) |
Amounts reclassified from other comprehensive loss | 14 | 0 | 14 | 0 |
Other comprehensive loss, net of tax | (458) | (14) | (1,045) | (83) |
Ending balance | $ (467) | $ 557 | $ (467) | $ 557 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ in Millions | Aug. 15, 2018 | Oct. 02, 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 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Earnings Per Share [Abstract] | ||||
Net loss from continuing operations | $ (3,216) | $ (4,096) | $ (13,515) | $ (15,788) |
Net loss from discontinued operations, net of tax | (20) | (137) | (394) | (1,075) |
Net loss | $ (3,236) | $ (4,233) | $ (13,909) | $ (16,863) |
Weighted-average shares – basic | 25,370 | 24,522 | 25,104 | 24,265 |
Effect of dilutive potential common shares | 0 | 0 | 0 | 0 |
Weighted-average shares – diluted | 25,370 | 24,522 | 25,104 | 24,265 |
Basic and diluted net loss per share: | ||||
Basic – continuing operations | $ (0.13) | $ (0.17) | $ (0.54) | $ (0.65) |
Diluted – continuing operations | (0.13) | (0.17) | (0.54) | (0.65) |
Basic – discontinued operations | 0 | 0 | (0.02) | (0.04) |
Diluted – discontinued operations | 0 | 0 | (0.02) | (0.04) |
Basic – net loss | (0.13) | (0.17) | (0.55) | (0.69) |
Diluted – net loss | $ (0.13) | $ (0.17) | $ (0.55) | $ (0.69) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||||
Provision for (benefit from) income taxes | $ 467,000 | $ 290,000 | $ 992,000 | $ 157,000 | |
Income tax benefit from valuation allowance | 52,000 | 52,000 | |||
Income tax provision on earnings of subsidiaries | 392,000 | 179,000 | 756,000 | (29,000) | |
Deferred payroll tax liability | $ 764,000 | ||||
Proceeds From Government Grants | 83,000 | ||||
Accrued Payroll And Related Liabilities [Member] | |||||
Income Taxes [Line Items] | |||||
Deferred payroll tax liability | 407,000 | 407,000 | |||
Grant [Member] | Cost of Sales [Member] | |||||
Income Taxes [Line Items] | |||||
Proceeds From Government Grants | 56,000 | ||||
Grant [Member] | Research and Development Expense [Member] | |||||
Income Taxes [Line Items] | |||||
Proceeds From Government Grants | 10,000 | ||||
Grant [Member] | Selling, General and Administrative Expenses [Member] | |||||
Income Taxes [Line Items] | |||||
Proceeds From Government Grants | 17,000 | ||||
Foreign Tax Authority | Singapore | |||||
Income Taxes [Line Items] | |||||
Income tax charge (benefit) | $ 127,000 | $ 111,000 | $ 285,000 | $ 183,000 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jan. 10, 2022 USD ($) Installment | Oct. 01, 2022 USD ($) | Apr. 02, 2022 USD ($) | Oct. 02, 2021 USD ($) | Sep. 26, 2020 | Oct. 01, 2022 USD ($) | Oct. 02, 2021 USD ($) | Jan. 01, 2022 USD ($) | Jan. 02, 2021 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||||||
Percentage of reduction of global workforce | 5.20% | 6% | |||||||
Reduction in salary, wages and other employee-related expenses due to implementation of plan | $ 2,000,000 | $ 2,100,000 | |||||||
Other Employee benefits expense | $ 693,000 | ||||||||
Asset impairment charges | $ 1,200,000 | 1,200,000 | |||||||
Other Commitment | 665,000 | $ 665,000 | |||||||
Operating cash outflows from operating leases | $ 2,100,000 | ||||||||
Operating lease, first instalment payments | 308,000 | ||||||||
Operating lease, quarterly instalment payments | $ 259,000 | ||||||||
Number of operating lease payments | Installment | 7 | ||||||||
Provision for restructuring reserves | $ 37,000 | 276,000 | $ 319,000 | ||||||
Savings in stock based compensation pursuant to restructuring | 1,300,000 | ||||||||
Equity-based compensation | $ 2,209,000 | $ 885,000 | 2,698,000 | $ 2,872,000 | |||||
Restructuring Costs | 1,200,000 | ||||||||
Inventory Writeoff | 755,000,000 | ||||||||
Disposal of Fixed assets | $ 1,500,000 | ||||||||
Severance And Other Employee Related Termination Costs [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Provision for restructuring reserves | 1,232,000 | ||||||||
Equity-based compensation | $ 75,000 |
Restructuring Charges - Summary
Restructuring Charges - Summary of Restructuring Reserve by Type of Cost (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Oct. 02, 2021 | Oct. 02, 2021 | |
Restructuring Cost By Type of Cost [Line Items] | |||||
Beginning balance | $ 634,000 | $ 797,000 | $ 1,023,000 | $ 0 | $ 0 |
Provision for restructuring charges under the 2022 Cost Reduction Plan | 37,000 | 276,000 | 319,000 | ||
Non-cash utilization | 75,000 | ||||
Ending balance | 485,000 | 634,000 | 797,000 | $ 0 | $ 0 |
Severance And Other Employee Related Termination Costs [Member] | |||||
Restructuring Cost By Type of Cost [Line Items] | |||||
Beginning balance | 333,000 | 512,000 | 0 | ||
Provision for restructuring charges under the 2022 Cost Reduction Plan | 1,232,000 | ||||
Cash payments made | (154,000) | (179,000) | (757,000) | ||
Non-cash utilization | 37,000 | ||||
Ending balance | $ 179,000 | $ 333,000 | $ 512,000 |
Restructuring Charges - Changes
Restructuring Charges - Changes in Restructuring Reserves (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Oct. 02, 2021 | Oct. 02, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||
Beginning balance | $ 634,000 | $ 797,000 | $ 1,023,000 | $ 0 | $ 0 |
Provision for restructuring reserves | 37,000 | 276,000 | 319,000 | ||
Provision for restructuring charges associated with Photonics divestiture | 5,000 | 4,000 | 114,000 | ||
Cash payments made | (154,000) | (167,000) | (265,000) | (276,000) | (319,000) |
Non-cash utilization | (75,000) | ||||
Ending balance | 485,000 | 634,000 | 797,000 | $ 0 | $ 0 |
Severance And Other Employee Related Costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Beginning balance | 168,000 | 258,000 | 358,000 | ||
Provision for restructuring charges associated with Photonics divestiture | 0 | 0 | 112,000 | ||
Cash payments made | (77,000) | (90,000) | (137,000) | ||
Non-cash utilization | (75,000) | ||||
Ending balance | 91,000 | 168,000 | 258,000 | ||
Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Beginning balance | 466,000 | 539,000 | 665,000 | ||
Provision for restructuring charges associated with Photonics divestiture | 5,000 | 4,000 | 2,000 | ||
Cash payments made | (77,000) | (77,000) | (128,000) | ||
Non-cash utilization | 0 | ||||
Ending balance | $ 394,000 | $ 466,000 | $ 539,000 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended |
Jan. 01, 2022 USD ($) | |
Commitments and Contingencies [Line Items] | |
Litigation settlement expense | $ 1 |
Related Party Transaction - Add
Related Party Transaction - Additional Information (Detail) - Mark Popovich [Member] | 3 Months Ended | 9 Months Ended |
Oct. 01, 2022 USD ($) | Oct. 01, 2022 USD ($) | |
Related Party Transaction [Line Items] | ||
Related party transaction per week rate and expenses amount for professional services | $ 3,125 | $ 3,125 |
Professional Service Arrangement [Member] | ||
Related Party Transaction [Line Items] | ||
Amount of charges incurred during period | $ 41,000 | $ 60,000 |
Acquisition of Hia, Inc.-Schedu
Acquisition of Hia, Inc.-Schedule Of Business Acquisitions By Acquisition (Detail) - Hia Inc - USD ($) | 9 Months Ended | |
Oct. 01, 2022 | Aug. 26, 2022 | |
Consideration: | ||
Cash payment | $ 702,000 | |
Transaction costs | 63,000 | $ 63,000 |
Less cash acquired | (2,000) | |
Total consideration | 763,000 | |
Assets acquired: | ||
Technology intangible assets | 815,000 | |
Deferred tax asset | 119,000 | |
Total assets acquired | 934,000 | |
Liability assumed: | ||
Deferred tax liability | (171,000) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 763,000 |
Acquisition of Hia, Inc.- Addit
Acquisition of Hia, Inc.- Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 26, 2022 | Oct. 01, 2022 | Oct. 01, 2022 | Oct. 02, 2021 | |
Business Combinations [Line Items] | ||||
Intangible assets amortized on a straight line basis over a period | 8 years 3 months 18 days | |||
Amortization of intangible assets | $ 8,000 | |||
Hia Inc | ||||
Business Combinations [Line Items] | ||||
Aggregate purchase price | 763,000 | |||
Estimated contingent consideration amounts | $ 500,000 | |||
Royalty amount obligated to pay for each magnetic bar sold | 1,500 | |||
Royalty payment become due and payable immediately if there is effects a change of control or sale,transfer or disposition to other third party net of previously paid amounts | 1,700,000 | |||
Transaction costs | 63,000 | $ 63,000 | 63,000 | |
Hia Inc | Technology-Based Intangible Assets | ||||
Business Combinations [Line Items] | ||||
Amortization of intangible assets | $ 8,000 | $ 8,000 | ||
Stock Purchase Agreement | Hia Inc | ||||
Business Combinations [Line Items] | ||||
Aggregate purchase price | $ 700,000 |