Cover Page
Cover Page - shares | 6 Months Ended | |
Jul. 01, 2023 | Jul. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Interactive Data Current | Yes | |
Document Period End Date | Jul. 01, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
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 | Non-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 | 26,302,666 | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 43,976 | $ 68,904 |
Short-term investments | 23,626 | 25,541 |
Trade and other accounts receivable, net of allowances of $0 at both July 1, 2023 and December 31, 2022 | 20,211 | 15,823 |
Inventories | 46,293 | 30,003 |
Prepaid expenses and other current assets | 1,914 | 1,898 |
Total current assets | 136,020 | 142,169 |
Long-term investments | 5,550 | 17,585 |
Restricted cash | 785 | 786 |
Property, plant and equipment, net | 7,288 | 3,658 |
Operating lease right-of-use assets | 2,266 | 3,390 |
Intangible assets, net of amortization of $110,000 at July 1, 2023 and $42,000 at December 31, 2022 | 1,022 | 1,090 |
Deferred income taxes and other long-term assets | 4,187 | 4,381 |
Total assets | 157,118 | 173,059 |
Current liabilities: | ||
Current operating lease liabilities | 2,456 | 3,404 |
Accounts payable | 10,421 | 11,610 |
Accrued payroll and related liabilities | 3,416 | 3,087 |
Other accrued liabilities | 1,376 | 5,430 |
Customer advances | 20,248 | 2,444 |
Total current liabilities | 37,917 | 25,975 |
Noncurrent liabilities: | ||
Noncurrent operating lease liabilities | 687 | 1,417 |
Customer advances | 1,482 | 22,215 |
Other noncurrent liabilities | 29 | 0 |
Total noncurrent liabilities | 2,198 | 23,632 |
Stockholders' equity: | ||
Common stock, $0.001 par value | 26 | 26 |
Additional paid-in capital | 208,672 | 206,355 |
Treasury stock, 5,087 shares at both July 1, 2023 and at December 31, 2022 | (29,551) | (29,551) |
Accumulated other comprehensive loss | (190) | (193) |
Accumulated deficit | (61,954) | (53,185) |
Total stockholders' equity | 117,003 | 123,452 |
Total liabilities and stockholders' equity | $ 157,118 | $ 173,059 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Net of allowances of trade, note and other accounts receivable | $ 0 | $ 0 |
Net of amortization of intangible assets | $ 110 | $ 42 |
Common stock, par value | $ 0.001 | $ 0.001 |
Treasury stock, shares | 5,087 | 5,087 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Net revenues: | ||||
Net revenues | $ 10,301 | $ 9,307 | $ 21,843 | $ 13,752 |
Cost of net revenues: | ||||
Cost of net revenues | 7,731 | 4,820 | 14,554 | 8,543 |
Gross profit | 2,570 | 4,487 | 7,289 | 5,209 |
Operating expenses: | ||||
Research and development | 3,647 | 2,868 | 7,620 | 7,028 |
Selling, general and administrative | 4,375 | 4,016 | 9,575 | 8,265 |
Total operating expenses | 8,022 | 6,884 | 17,195 | 15,293 |
Loss from operations | (5,452) | (2,397) | (9,906) | (10,084) |
Interest income and other income (expense), net | 650 | 317 | 1,322 | 310 |
Loss from continuing operations before provision for income taxes | (4,802) | (2,080) | (8,584) | (9,774) |
Provision for income taxes | 116 | 500 | 502 | 526 |
Net loss from continuing operations, net of taxes | (4,918) | (2,580) | (9,086) | (10,300) |
Net income (loss) from discontinued operations, net of taxes | 40 | (238) | 317 | (373) |
Net loss | $ (4,878) | $ (2,818) | $ (8,769) | $ (10,673) |
Net income (loss) per share: | ||||
Basic – continuing operations | $ (0.19) | $ (0.1) | $ (0.35) | $ (0.41) |
Diluted – continuing operations | (0.19) | (0.1) | (0.35) | (0.41) |
Basic – discontinued operations | 0 | (0.01) | 0.01 | (0.01) |
Diluted – discontinued operations | 0 | (0.01) | 0.01 | (0.01) |
Basic – net loss | (0.19) | (0.11) | (0.34) | (0.43) |
Diluted – net loss | $ (0.19) | $ (0.11) | $ (0.34) | $ (0.43) |
Weighted average common shares outstanding: | ||||
Basic | 26,032 | 25,141 | 25,907 | 24,970 |
Diluted | 26,032 | 25,141 | 25,907 | 24,970 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (4,878) | $ (2,818) | $ (8,769) | $ (10,673) |
Other comprehensive income (loss), before tax: | ||||
Change in unrealized net gain (loss) on available-for-sale investments | 53 | (161) | 222 | (335) |
Foreign currency translation losses | (229) | (219) | (219) | (252) |
Other comprehensive income (loss), before tax | (176) | (380) | 3 | (587) |
Income taxes related to items in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | (176) | (380) | 3 | (587) |
Comprehensive loss | $ (5,054) | $ (3,198) | $ (8,766) | $ (11,260) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jul. 01, 2023 | Jul. 02, 2022 | |
Operating activities | ||
Net loss | $ (8,769,000) | $ (10,673,000) |
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities: | ||
Depreciation and amortization | 681,000 | 776,000 |
Amortization of intangible assets | 68,000 | 0 |
Net amortization (accretion) of investment premiums and discounts | (108,000) | (20,000) |
Equity-based compensation | 3,076,000 | 489,000 |
Straight-line rent adjustment and amortization of lease incentives | (554,000) | (483,000) |
Deferred income taxes | 183,000 | 345,000 |
(Gain) loss on disposal of equipment | (41,000) | 1,453,000 |
Changes in operating assets and liabilities | (27,931,000) | (3,322,000) |
Total adjustments | (24,626,000) | (762,000) |
Net cash and cash equivalents used in operating activities | (33,395,000) | (11,435,000) |
Investing activities | ||
Purchases of investments | (9,099,000) | (45,663,000) |
Proceeds from sales and maturities of investments | 23,029,000 | 7,263,000 |
Proceeds from sales of fixed assets | 65,000 | 0 |
Purchases of leasehold improvements and equipment | (4,335,000) | (888,000) |
Net cash and cash equivalents provided by (used in) investing activities | 9,660,000 | (39,288,000) |
Financing activities | ||
Net proceeds from issuance of common stock | 838,000 | 2,211,000 |
Payment of acquisition-related contingent consideration | (250,000) | 0 |
Taxes paid related to net share settlement | (1,563,000) | (295,000) |
Net cash and cash equivalents provided by (used in) financing activities | (975,000) | 1,916,000 |
Effect of exchange rate changes on cash and cash equivalents | (219,000) | (252,000) |
Net decrease in cash, cash equivalents and restricted cash | (24,929,000) | (49,059,000) |
Cash, cash equivalents and restricted cash at beginning of period | 69,690,000 | 103,514,000 |
Cash, cash equivalents and restricted cash at end of period | 44,761,000 | 54,455,000 |
Non-cash investing and financing activity | ||
Additions to right-of-use-assets obtained from new operating lease liabilities | $ 0 | $ 94,000 |
Description of Business, Basis
Description of Business, Basis of Presentation and Significant Accounting Policy | 6 Months Ended |
Jul. 01, 2023 | |
Accounting Policies [Abstract] | |
Description of Business, Basis of Presentation and Significant Accounting Policy | 1. Description of Business, Basis of Presentation and Significant Accounting Policy 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 December 31, 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 (“ASP”) industries. In March 2022, the Company approved and implemented a restructuring program 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 ceased its efforts to develop and market several of its manufacturing platforms for the DCP, PV and ASP industries and ceased offering certain legacy products in these industries. Trade Accounts Receivable and Allowance for Credit Losses The Company’s accounts receivable are recorded at invoiced amounts less allowance for any credit losses. In accordance with the Financial Accounting Standards Board’s Accounting Standards Update (“ASU”) 2016-13 that write-off |
Divestiture and Discontinued Op
Divestiture and Discontinued Operations | 6 Months Ended |
Jul. 01, 2023 | |
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, LLC (“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 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. As of July 1, 2023, there have been no earnout payments under the Purchase Agreement. 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 the disposition of the Photonics business 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 also entered into a Transition Service Agreement (the “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. In August 2022, Intevac and EOTECH entered into a Shared Services Agreement (the “Shared Services Agreement”) to share certain building maintenance costs. TSA fees earned since the divestiture were $408,000 for the three months ended July 2, 2022 and $1.2 million for the six months ended July 2, 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. Additionally, during the three and six months ended July 2, 2022, the Company sold inventory in the amount of $32,000 and $148,000, respectively to EOTECH. Fees earned under the Shared Services Agreement for the three and six months ended July 1, 2023 were $39,000 and $65,000, respectively. As of July 1, 2023 and December 31, 2022, accounts receivable from EOTECH of $41,000 and $49,000, respectively, 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 six months ended July 1, 2023 and July 2, 2022. The key components from discontinued operations related to the Photonics segment are as follows: Three Months Ended Six Months Ended July 1, July 2, July 1, July, (In thousands) Selling, general and administrative $ (40 ) $ 238 $ (317 ) $ 373 Total operating expenses (40 ) 238 (317 ) 373 Operating income (loss) – discontinued operations 40 (238 ) 317 (373 ) Other income (expense) – discontinued operations — — — — Income (loss) from discontinued operations before provision for income taxes 40 (238 ) 317 (373 ) Provision for income taxes — — — — Net income (loss) from discontinued operations, net of taxes $ 40 $ (238 ) $ 317 $ (373 ) 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 Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 (In thousands) Equity-based compensation $ — $ 39 $ (260 ) $ (291 ) |
Revenue
Revenue | 6 Months Ended |
Jul. 01, 2023 | |
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 six months ended July 1, 2023 and July 2, 2022. Major Products and Service Lines Three Months Ended July 1, 2023 Three Months Ended July 2, 2022 (In thousands) HDD PV ASP Total HDD DCP PV Total Systems, upgrades and spare parts $ 9,351 $ 10 $ 11 $ 9,372 $ 7,756 $ 1 $ 82 $ 7,839 Field service 929 — — 929 1,421 43 4 1,468 Total net revenues $ 10,280 $ 10 $ 11 $ 10,301 $ 9,177 $ 44 $ 86 $ 9,307 Six Months Ended July 1, 2023 Six Months Ended July 2, 2022 (In thousands) HDD PV ASP Total HDD DCP PV Total Systems, upgrades and spare parts $ 19,868 $ 28 $ 11 $ 19,907 $ 10,879 $ 1 $ 135 $ 11,015 Field service 1,936 — — 1,936 2,684 43 10 2,737 Total net revenues $ 21,804 $ 28 $ 11 $ 21,843 $ 13,563 $ 44 $ 145 $ 13,752 Primary Geographical Markets Three Months Ended Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 (In thousands) United States $ 662 $ 1,656 $ 2,276 $ 1,950 Asia 9,628 7,651 19,556 11,802 Europe 11 — 11 — Total net revenues $ 10,301 $ 9,307 $ 21,843 $ 13,752 Timing of Revenue Recognition Three Months Ended Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 (In thousands) Products transferred at a point in time $ 10,301 $ 9,307 $ 21,843 $ 13,752 Products and services transferred over time — — — — Total net revenues $ 10,301 $ 9,307 $ 21,843 $ 13,752 The following table reflects the changes in our contract assets, which we classify as accounts receivable, unbilled, and our contract liabilities, which we classify as deferred revenue and customer advances, for the six months ended July 1, 2023: July 1, 2023 December 31, 2022 Six Months Change (In thousands) Contract assets: Accounts receivable, unbilled $ 1,023 $ 424 $ 599 Contract liabilities: Deferred revenue $ 310 $ 2,446 $ (2,136 ) Customer advances 21,730 24,659 (2,929 ) $ 22,040 $ 27,105 $ (5,065 ) 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 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 six months ended July 1, 2023, we recognized revenue of $3.0 million and $2.2 million that was included in customer advances and deferred revenue, respectively, at the beginning of the period. In May 2023, the Company received notice of the cancellation of a $54.6 million order for eight 200 Lean HDD systems due to the customer postponing previously planned media capacity additions, and, accordingly, the Company removed the order from backlog. The customer contract associated with the cancelled order requires the customer to pay the Company a prorated price based upon the percentage of work completed on the order. The Company has received customer advances in the amount of $19.1 million associated with the cancelled order, all of which will be utilized to settle this customer obligation. On July 1, 2023, we had $58.2 million of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 37.9% of our remaining performance obligations as revenue in 2023 and 62.1% in 2024. |
Inventories
Inventories | 6 Months Ended |
Jul. 01, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories are stated at the lower of average cost or net realizable value and consist of the following: July 1, December 31, 2023 2022 (In thousands) Raw materials $ 35,419 $ 19,116 Work-in-progress 10,860 9,499 Finished goods 14 1,388 $ 46,293 $ 30,003 Finished goods inventory at December 31, 2022 is comprised of a refurbished system at a customer location where the sales transaction did not meet our revenue recognition criteria. In May 2023, the Company received notice of the cancellation of a $54.6 million order for eight 200 Lean HDD systems. The customer contract associated with the cancelled order requires the customer to pay the Company a prorated price based upon the percentage of work completed on the order. The Company has received customer advances in the amount of $19.1 million associated with the cancelled order, all of which will be utilized to settle this customer obligation. In the second half of 2023 and into the beginning of 2024, as part of the cancellation of the order for eight 200 Lean HDD systems, the customer is expected to take delivery of $12.5 million of inventory on hand at July 1, 2023 and $11.4 million of inventory on order plus reimburse us for any supplier cancellation charges. |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jul. 01, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 5. Equity-Based Compensation At July 1, 2023, 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 six months ended July 1, 2023 and July 2, 2022 was as follows: Three Months Ended Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 (In thousands) Equity-based compensation by type of award: Stock options $ 2 $ 8 $ (11 ) $ (163 ) RSUs 756 729 1,355 336 PRSUs 534 566 1,332 231 ESPP purchase rights 203 222 400 85 Total equity-based compensation $ 1,495 $ 1,525 $ 3,076 $ 489 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 six months ended July 2, 2022. (See Note (b) Equity-based compensation reported in discontinued operations of ($260,000) for the six months ended July 1, 2023. Equity-based compensation reported in discontinued operations of $39,000 and ($291,000) for the three and six months ended July 2, 2022, respectively. Equity-based compensation expense allocated to discontinued operations for the six months ended July 2, 2022 includes $75,000 related to the modification of certain stock-based awards and is net of a divestiture-related forfeiture benefit of $446,000 that was recognized when employees were conveyed to EOTECH upon closing of the Photonics divestiture. (See Note Stock Options and ESPP The fair value of stock options and ESPP awards is estimated at the grant date using the Black-Scholes option valuation model. The determination of the fair value of stock options and ESPP awards on the date of grant using an option-pricing model is affected by Intevac’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, our expected stock price volatility over the term of the awards, and actual employee stock option exercise behavior. Intevac accounts for forfeitures as they occur, rather than estimating expected forfeitures. Option activity as of July 1, 2023 and changes during the six months ended July 1, 2023 were as follows: Shares Weighted-Average Exercise Price Options outstanding at December 31, 2022 383,099 $ 7.07 Options cancelled and forfeited (41,593 ) $ 10.59 Options exercised (52,813 ) $ 5.15 Options outstanding at July 1, 2023 288,693 $ 6.91 Options exercisable at July 1, 2023 288,568 $ 6.91 Intevac issued 131,303 shares of common stock under the ESPP during the six months ended July 1, 2023. Intevac estimated the weighted-average fair value of ESPP purchase rights using the following weighted-average assumptions: Six Months Ended July 1, 2023 July 2, 2022 ESPP Purchase Rights: Weighted-average fair value of grants per share $ 2.23 $ 1.85 Expected volatility 34.20 % 60.36 % Risk-free interest rate 4.47 % 0.98 % Expected term of purchase rights (in years) 1.0 1.2 Dividend yield 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 July 1, 2023 and changes during the six months ended July 1, 2023 were as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 1,309,792 $ 5.14 Granted 277,269 $ 5.40 Vested (442,823 ) $ 5.21 Cancelled and forfeited (74,185 ) $ 5.49 Non-vested 1,070,053 $ 5.15 Time-based RSUs are converted into shares of Intevac common stock upon vesting on a one-for-one three three PRSUs PRSU activity as of July 1, 2023 and changes during the six months ended July 1, 2023 were as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 1,089,339 $ 3.54 Granted 525,656 $ 4.92 Vested (190,903 ) $ 4.26 Cancelled and forfeited (7,929 ) $ 6.13 Non-vested 1,416,163 $ 3.94 In May 2023, we granted to members of our senior management awards of performance-based restricted stock units (the “2023 PRSU Awards”) covering an aggregate of 525,656 shares of Intevac common stock (at maximum performance). The 2023 PRSU Awards are eligible to be earned based on achievement of five strategic goals during a three-year performance period commencing on May 18, 2023 and ending on May 31, 2026 (the “2023 Performance Period”). The 2023 PRSU Awards will vest, if at all, in five possible tranches. Each of the five tranches will vest only if the applicable strategic goal is achieved within the 2023 Performance Period, and each tranche may only be achieved once during the 2023 Performance Period. If a strategic goal is not achieved within the 2023 Performance Period, the corresponding PRSUs will not vest, and all unvested PRSUs at the end of the 2023 Performance Period will immediately be forfeited. Stock compensation expense is recorded based on the probability of achievement of the performance conditions specified in the PRSU grant. The Company evaluated the strategic goals in the context of its current long-range financial plan and its product development roadmap and determined the probability of achieving each goal for accounting purposes commencing in the quarter granted. Management expectations related to the achievement of performance goals associated with PRSUs with performance conditions are assessed regularly to determine whether such grants are expected to vest. The fair value of each PRSU is the Company’s stock price on the date of grant. Over the 2023 Performance Period, the number of shares expected to be issued may be adjusted upward or downward based upon the probability of achievement of the performance conditions. In May 2022, we granted to members of our senior management awards of performance-based restricted stock units (the “2022 PRSU Awards”) covering an aggregate of 935,600 shares of Intevac common stock (at maximum performance). The 2022 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 2022 PRSU Awards using the following assumptions: Three and Six Months Ended July 2, 2022 Weighted-average fair value of grants per share $ 3.67 Expected volatility 54.42 % Risk-free interest rate 2.82 % Dividend yield None |
Warranty
Warranty | 6 Months Ended |
Jul. 01, 2023 | |
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 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, if any, is included in other noncurrent 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 six months ended July 1, 2023 and July 2, 2022. Three Months Ended Six Months Ended July 1, July 2, 2022 July 1, 2023 July 2, 2022 (In thousands) Opening balance $ 177 $ 249 $ 163 $ 346 Expenditures incurred under warranties (67 ) (54 ) (165 ) (225 ) Accruals for product warranties issued during the reporting period 72 36 172 72 Adjustments to previously existing warranty accruals (1 ) (17 ) 11 21 Closing balance $ 181 $ 214 $ 181 $ 214 The following table displays the balance sheet classification of the warranty provision account at July 1, 2023 and at December 31, 2022. July 1 2023 December 31 2022 (In thousands) Other accrued liabilities $ 152 $ 163 Other noncurrent liabilities 29 — Total warranty provision $ 181 $ 163 |
Guarantees
Guarantees | 6 Months Ended |
Jul. 01, 2023 | |
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 July 1, 2023, we had letters of credit and bank guarantees outstanding totaling $785,000, 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 $785,000 of restricted cash. |
Cash, Cash Equivalents and Inve
Cash, Cash Equivalents and Investments | 6 Months Ended |
Jul. 01, 2023 | |
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: July 1, 2023 Amortized Cost Unrealized Holding Gains Unrealized Holding Losses Fair Value (In thousands) Cash and cash equivalents: Cash $ 22,389 $ — $ — $ 22,389 Money market funds 16,188 — — 16,188 Commercial paper 5,401 — 2 5,399 Total cash and cash equivalents $ 43,978 $ — $ 2 $ 43,976 Short-term investments: Asset-backed securities $ 1,015 $ — $ 1 $ 1,014 Certificates of deposit 1,700 — 1 1,699 Commercial paper 5,212 — 3 5,209 Corporate bonds and medium-term notes 5,673 — 101 5,572 Municipal bonds 1,220 — 13 1,207 U.S. treasury securities 9,024 — 99 8,925 Total short-term investments $ 23,844 $ — $ 218 $ 23,626 Long-term investments: Asset-backed securities $ 3,162 $ — $ 29 $ 3,133 Corporate bonds and medium-term notes 2,430 — 13 2,417 Total long-term investments $ 5,592 $ — $ 42 $ 5,550 Total cash, cash equivalents, and investments $ 73,414 $ — $ 262 $ 73,152 December 31, 2022 Amortized Cost Unrealized Holding Gains Unrealized Holding Losses Fair Value (In thousands) Cash and cash equivalents: Cash $ 26,465 $ — $ — $ 26,465 Money market funds 9,589 — — 9,589 Commercial paper 32,856 — 6 32,850 Total cash and cash equivalents $ 68,910 $ — $ 6 $ 68,904 Short-term investments: Asset-backed securities $ 2,012 $ — $ 13 $ 1,999 Certificates of deposit 3,850 — 10 3,840 Commercial paper 9,443 — 28 9,415 Corporate bonds and medium-term notes 4,210 — 32 4,178 Municipal bonds 1,486 — 25 1,461 U.S. treasury securities 4,771 — 123 4,648 Total short-term investments $ 25,772 $ — $ 231 $ 25,541 Long-term investments: Asset-backed securities $ 6,749 $ — $ 85 $ 6,664 Corporate bonds and medium-term notes 5,366 — 102 5,264 Municipal bonds 224 — 6 218 U.S. treasury and agency securities 5,493 — 54 5,439 Total long-term investments $ 17,832 $ — $ 247 $ 17,585 Total cash, cash equivalents, and investments $ 112,514 $ — $ 484 $ 112,030 The contractual maturities of investment securities at July 1, 2023 are presented in the following table. Amortized Cost Fair Value (In thousands) Due in one year or less $ 45,433 $ 45,213 Due after one through five years 5,592 5,550 $ 51,025 $ 50,763 We reassess our estimated credit losses on investments each reporting period. U.S. government securities and cash equivalents are under a “zero-loss available-for-sale Our investment portfolio includes both corporate and U.S. government securities that have a maximum maturity of three years. The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As yields increase, those securities with a lower yield-at-cost mark-to-market July 1, 2023 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Value Gross Unrealized Fair Value Gross Unrealized Losses (In thousands) Asset-backed securities $ 288 $ 2 $ 3,778 $ 28 Certificates of deposit 499 1 — — Commercial paper 9,458 5 — — Corporate bonds and medium-term notes 3,171 30 4,103 84 Municipal bonds — — 1,207 13 U.S. treasury securities 4,025 4 4,900 95 $ 17,441 $ 42 $ 13,988 $ 220 All prices for the fixed maturity securities including U.S. treasury and agency securities, certificates of deposit, commercial paper, corporate bonds, asset-backed securities and municipal bonds are received from independent pricing services utilized by Intevac’s outside investment manager. This investment manager performs a review of the pricing methodologies and inputs utilized by the independent pricing services for each asset type priced by the vendor. In addition, on at least an annual basis, the investment manager conducts due diligence visits and interviews with each pricing vendor to verify the inputs utilized for each asset class. The due diligence visits include a review of the procedures performed by each vendor to ensure that pricing evaluations are representative of the price that would be received if a security were sold in an orderly transaction. Any pricing where the input is based solely on a broker price is deemed to be a Level 3 price. Intevac uses the pricing data obtained from its outside investment manager as the primary input to make its assessments and determinations as to the ultimate valuation of the above-mentioned securities and has not made, during the periods presented, any material adjustments to such inputs. The following table represents the fair value hierarchy of Intevac’s investment securities measured at fair value on a recurring basis as of July 1, 2023. Fair Value Measurements at July 1, 2023 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Investment securities Money market funds $ 16,188 $ 16,188 $ — U.S. treasury and agency securities 8,925 5,429 3,496 Asset-backed securities 4,147 — 4,147 Certificates of deposit 1,699 — 1,699 Commercial paper 10,608 — 10,608 Corporate bonds and medium-term notes 7,989 — 7,989 Municipal bonds 1,207 — 1,207 Total recurring fair value measurements $ 50,763 $ 21,617 $ 29,146 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jul. 01, 2023 | |
Derivative Instrument Detail [Abstract] | |
Derivative Instruments | 9. Derivative Instruments The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its condensed consolidated balance sheets as of July 1, 2023 and December 31, 2022. Notional Amounts Derivative Liabilities Derivative Assets Derivative Instrument July 1, December 31, July 1, December 31, Balance Sheet Line Fair Value Balance Sheet Line Fair Value (In thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 1,258 2,240 b $ 6 a $ 44 Total Hedges $ 1,258 2,240 $ 6 $ 44 a Other current assets b Other accrued liabilities |
Equity
Equity | 6 Months Ended |
Jul. 01, 2023 | |
Equity [Abstract] | |
Equity | 10. Equity 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 July 1, 2023, $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 six months ended July 1, 2023 and July 2, 2022. Condensed Consolidated Statement of Changes in Equity The changes in stockholders’ equity by component for the three and six months ended July 1, 2023 and July 2, 2022, are as follows (in thousands): Three Months Ended July 1, 2023 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity Balance at April 1, 2023 $ 207,489 $ (29,551 ) $ (14 ) $ (57,076 ) $ 120,848 Common stock issued under employee plans 3 — — — 3 Shares withheld for net share settlement of RSUs (289 ) — — — (289 ) Equity-based compensation expense 1,495 — — — 1,495 Net loss — — — (4,878 ) (4,878 ) Other comprehensive loss — — (176 ) — (176 ) Balance at July 1, 2023 $ 208,698 $ (29,551 ) $ (190 ) $ (61,954 ) $ 117,003 Six Months Ended July 1, 2023 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity Balance at December 31, 2022 $ 206,381 $ (29,551 ) $ (193 ) $ (53,185 ) $ 123,452 Common stock issued under employee plans 804 — — — 804 Shares withheld for net share settlement of RSUs (1,563 ) — — — (1,563 ) Equity-based compensation expense 3,076 — — — 3,076 Net loss — — — (8,769 ) (8,769 ) Other comprehensive loss — — 3 — 3 Balance at July 1, 2023 $ 208,698 $ (29,551 ) $ (190 ) $ (61,954 ) $ 117,003 Three Months Ended July 2, 2022 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity Balance at April 2, 2022 $ 198,960 $ (29,551 ) $ 371 $ (43,965 ) $ 125,815 Common stock issued under employee plans 1,178 — — — 1,178 Shares withheld for net share settlement of RSUs (160 ) — — — (160 ) Equity-based compensation expense 1,525 — — — 1,525 Net loss — — — (2,818 ) (2,818 ) Other comprehensive loss — — (380 ) — (380 ) Balance at July 2, 2022 $ 201,503 $ (29,551 ) $ (9 ) $ (46,783 ) $ 125,160 Six Months Ended July 2, 2022 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity Balance at January 1, 2022 $ 199,098 $ (29,551 ) $ 578 $ (36,110 ) $ 134,015 Common stock issued under employee plans 2,211 — — — 2,211 Shares withheld for net share settlement of RSUs (295 ) — — — (295 ) Equity-based compensation expense 489 — — — 489 Net loss — — — (10,673 ) (10,673 ) Other comprehensive loss — — (587 ) — (587 ) Balance at July 2, 2022 $ 201,503 $ (29,551 ) $ (9 ) $ (46,783 ) $ 125,160 Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component for the three and six months ended July 1, 2023 and July 2, 2022, are as follows. Three Months Ended Six Months Ended July 1, 2023 Foreign Unrealized holding gains (losses) on available- for-sale investments Total Foreign currency Unrealized available- for-sale investments Total (In thousands) Beginning balance $ 301 $ (315 ) $ (14 ) $ 291 $ (484 ) $ (193 ) Other comprehensive income (loss) before reclassification (229 ) 53 (176 ) (219 ) 222 3 Amounts reclassified from other comprehensive income (loss) — — — — — — Net current-period other comprehensive income (loss) (229 ) 53 (176 ) (219 ) 222 3 Ending balance $ 72 $ (262 ) $ (190 ) $ 72 $ (262 ) $ (190 ) Three Months Ended Six Months Ended July 2, 2022 Foreign Unrealized holding gains (losses) on available- for-sale investments Total Foreign Unrealized holding gains (losses) on available- for-sale investments Total (In thousands) Beginning balance $ 575 $ (204 ) $ 371 $ 608 $ (30 ) $ 578 Other comprehensive loss before reclassification (219 ) (161 ) (380 ) (252 ) (335 ) (587 ) Amounts reclassified from other comprehensive loss — — — — — — Net current-period other comprehensive loss (219 ) (161 ) (380 ) (252 ) (335 ) (587 ) Ending balance $ 356 $ (365 ) $ (9 ) $ 356 $ (365 ) $ (9 ) |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jul. 01, 2023 | |
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: Three Months Ended Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 (In thousands, except per share amounts) Net loss from continuing operations $ (4,918 ) $ (2,580 ) $ (9,086 ) $ (10,300 ) Net income (loss) from discontinued operations, net of taxes $ 40 $ (238 ) $ 317 $ (373 ) Net loss $ (4,878 ) $ (2,818 ) $ (8,769 ) $ (10,673 ) Weighted-average shares – basic 26,032 25,141 25,907 24,970 Effect of dilutive potential common shares — — — — Weighted-average shares – diluted 26,032 25,141 25,907 24,970 Basic and diluted net income (loss) per share: Continuing operations $ (0.19 ) $ (0.10 ) $ (0.35 ) $ (0.41 ) Discontinued operations $ 0.00 $ (0.01 ) $ 0.01 $ (0.01 ) Net loss per share $ (0.19 ) $ (0.11 ) $ (0.34 ) $ (0.43 ) As the Company is in a net loss position, all of the Company’s equity instruments are considered antidilutive. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 01, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Intevac recorded income tax provisions of $116,000 and $502,000 for the three and six months ended July 1, 2023, respectively, and income tax provisions of $500,000 and $526,000 for the three and six months ended July 2, 2022, respectively. The income tax provisions (benefits) for the three and six month periods are based upon estimates of annual income (loss), annual permanent differences and statutory tax rates in the various jurisdictions in which Intevac operates. For the three month period ended July 1, 2023 Intevac recorded a $44,000 income tax benefit on losses of its international subsidiaries and recorded $158,000 for withholding taxes on royalties paid to the United States from Intevac’s Singapore subsidiary as a discrete item. For the six month period ended July 1, 2023 Intevac recorded a $180,000 income tax provision on income of its international subsidiaries and recorded $320,000 for withholding taxes on royalties paid to the United States from Intevac’s Singapore subsidiary as a discrete item. For the three and six month periods ended July 2, 2022 Intevac recorded income tax provisions on income of its international subsidiaries of $390,000 and $364,000, respectively, and recorded $ 107,000 158,000 On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into U.S. law. The IRA includes a new Corporate Alternative Minimum Tax (“CAMT”) that is effective for tax years beginning after December 31, 2022. The CAMT applies to corporations that report over $1.0 billion in profits to shareholders. The Company does not expect the provisions of the CAMT to have a material impact to the Company’s consolidated financial statements. |
Restructuring and Other Costs,
Restructuring and Other Costs, Net | 6 Months Ended |
Jul. 01, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Costs, Net | 13. Restructuring and Other Costs, Net 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 Intevac’s 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 six months ended July 2, 2022 were as follows. Employee Termination Costs (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 (b) $ 333 (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 employment 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 six months ended July 1, 2023 and July 2, 2022 were as follows. Other Exit Costs (In thousands) Balance at December 31, 2022 $ 318 Provision for restructuring charges associated with Photonics divestiture (a) 3 Cash payments made (81 ) Balance at April 1, 2023 $ 240 Provision for restructuring charges associated with Photonics divestiture (a) 2 Cash payments made (80 ) Balance at July 1, 2023 $ 162 Employee Termination Costs Other Exit Costs 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 (c) $ 466 $ 634 (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. |
Acquisition of Hia, Inc.
Acquisition of Hia, Inc. | 6 Months Ended |
Jul. 01, 2023 | |
Business Combinations [Abstract] | |
Contingent Consideration | 14. Acquisition of Hia, Inc. On August 26, 2022 (the “Closing Date”), the Company completed the acquisition of Hia, Inc., 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. The first milestone was achieved and contingent consideration in the amount of $250,000 was paid on January 17, 2023. The technology intangible assets are being amortized on a straight-line basis over a period of 8.3 years. Total amortization expense during the three and six months ended July 1, 2023 was $34,000 and $68,000, respectively. Annual amortization expense related to the acquired technology intangible assets in each of the succeeding years is estimated to be approximately $68,000 for the remainder of fiscal 2023 and approximately $136,000 per year from fiscal 2024 through fiscal 2030. The following table represents the carrying amount of the Hia technology intangible assets at July 1, 2023 (in thousands): Gross carrying amount at July 1, 2023 $ 1,132 Accumulated amortization (110 ) Net carrying amount at July 1, 2023 $ 1,022 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 01, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies From time to time, Intevac may have certain contingent liabilities that arise in the ordinary course of its business activities. Intevac accounts for contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. 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 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jul. 01, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | 16. Subsequent Event During the third quarter of fiscal 2023, Intevac substantially completed implementation of a cost reduction plan (the “2023 Cost Reduction Plan”), which is intended to reduce expenses by reducing our workforce by between 23 to |
Description of Business, Basi_2
Description of Business, Basis of Presentation and Significant Accounting Policy (Policies) | 6 Months Ended |
Jul. 01, 2023 | |
Principles of Consolidation and Basis of Presentation | 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 December 31, 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 | 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 (“ASP”) industries. In March 2022, the Company approved and implemented a restructuring program 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 ceased its efforts to develop and market several of its manufacturing platforms for the DCP, PV and ASP industries and ceased offering certain legacy products in these industries. |
Trade Accounts Receivable and Allowance for Credit Losses | Trade Accounts Receivable and Allowance for Credit Losses The Company’s accounts receivable are recorded at invoiced amounts less allowance for any credit losses. In accordance with the Financial Accounting Standards Board’s Accounting Standards Update (“ASU”) 2016-13 that write-off |
Divestiture and Discontinued _2
Divestiture and Discontinued Operations (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |
Summary of components discontinued operations related photonics segment | The key components from discontinued operations related to the Photonics segment are as follows: Three Months Ended Six Months Ended July 1, July 2, July 1, July, (In thousands) Selling, general and administrative $ (40 ) $ 238 $ (317 ) $ 373 Total operating expenses (40 ) 238 (317 ) 373 Operating income (loss) – discontinued operations 40 (238 ) 317 (373 ) Other income (expense) – discontinued operations — — — — Income (loss) from discontinued operations before provision for income taxes 40 (238 ) 317 (373 ) Provision for income taxes — — — — Net income (loss) from discontinued operations, net of taxes $ 40 $ (238 ) $ 317 $ (373 ) |
Summary of cash flow and noncash information related to discontinued operations | 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 Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 (In thousands) Equity-based compensation $ — $ 39 $ (260 ) $ (291 ) |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
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 six months ended July 1, 2023 and July 2, 2022. Major Products and Service Lines Three Months Ended July 1, 2023 Three Months Ended July 2, 2022 (In thousands) HDD PV ASP Total HDD DCP PV Total Systems, upgrades and spare parts $ 9,351 $ 10 $ 11 $ 9,372 $ 7,756 $ 1 $ 82 $ 7,839 Field service 929 — — 929 1,421 43 4 1,468 Total net revenues $ 10,280 $ 10 $ 11 $ 10,301 $ 9,177 $ 44 $ 86 $ 9,307 Six Months Ended July 1, 2023 Six Months Ended July 2, 2022 (In thousands) HDD PV ASP Total HDD DCP PV Total Systems, upgrades and spare parts $ 19,868 $ 28 $ 11 $ 19,907 $ 10,879 $ 1 $ 135 $ 11,015 Field service 1,936 — — 1,936 2,684 43 10 2,737 Total net revenues $ 21,804 $ 28 $ 11 $ 21,843 $ 13,563 $ 44 $ 145 $ 13,752 Primary Geographical Markets Three Months Ended Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 (In thousands) United States $ 662 $ 1,656 $ 2,276 $ 1,950 Asia 9,628 7,651 19,556 11,802 Europe 11 — 11 — Total net revenues $ 10,301 $ 9,307 $ 21,843 $ 13,752 Timing of Revenue Recognition Three Months Ended Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 (In thousands) Products transferred at a point in time $ 10,301 $ 9,307 $ 21,843 $ 13,752 Products and services transferred over time — — — — Total net revenues $ 10,301 $ 9,307 $ 21,843 $ 13,752 |
Changes in Contract Assets and Contract Liabilities | The following table reflects the changes in our contract assets, which we classify as accounts receivable, unbilled, and our contract liabilities, which we classify as deferred revenue and customer advances, for the six months ended July 1, 2023: July 1, 2023 December 31, 2022 Six Months Change (In thousands) Contract assets: Accounts receivable, unbilled $ 1,023 $ 424 $ 599 Contract liabilities: Deferred revenue $ 310 $ 2,446 $ (2,136 ) Customer advances 21,730 24,659 (2,929 ) $ 22,040 $ 27,105 $ (5,065 ) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories are stated at the lower of average cost or net realizable value and consist of the following: July 1, December 31, 2023 2022 (In thousands) Raw materials $ 35,419 $ 19,116 Work-in-progress 10,860 9,499 Finished goods 14 1,388 $ 46,293 $ 30,003 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
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 six months ended July 1, 2023 and July 2, 2022 was as follows: Three Months Ended Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 (In thousands) Equity-based compensation by type of award: Stock options $ 2 $ 8 $ (11 ) $ (163 ) RSUs 756 729 1,355 336 PRSUs 534 566 1,332 231 ESPP purchase rights 203 222 400 85 Total equity-based compensation $ 1,495 $ 1,525 $ 3,076 $ 489 |
Summary of Stock Option Activity | Option activity as of July 1, 2023 and changes during the six months ended July 1, 2023 were as follows: Shares Weighted-Average Exercise Price Options outstanding at December 31, 2022 383,099 $ 7.07 Options cancelled and forfeited (41,593 ) $ 10.59 Options exercised (52,813 ) $ 5.15 Options outstanding at July 1, 2023 288,693 $ 6.91 Options exercisable at July 1, 2023 288,568 $ 6.91 |
Summary of Restricted Stock Units Activity | RSU activity as of July 1, 2023 and changes during the six months ended July 1, 2023 were as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 1,309,792 $ 5.14 Granted 277,269 $ 5.40 Vested (442,823 ) $ 5.21 Cancelled and forfeited (74,185 ) $ 5.49 Non-vested 1,070,053 $ 5.15 |
Employee Stock Purchase Rights Weighted-Average Assumptions | Intevac estimated the weighted-average fair value of ESPP purchase rights using the following weighted-average assumptions: Six Months Ended July 1, 2023 July 2, 2022 ESPP Purchase Rights: Weighted-average fair value of grants per share $ 2.23 $ 1.85 Expected volatility 34.20 % 60.36 % Risk-free interest rate 4.47 % 0.98 % Expected term of purchase rights (in years) 1.0 1.2 Dividend yield None None |
Performance Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Restricted Stock Units Activity | PRSU activity as of July 1, 2023 and changes during the six months ended July 1, 2023 were as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 1,089,339 $ 3.54 Granted 525,656 $ 4.92 Vested (190,903 ) $ 4.26 Cancelled and forfeited (7,929 ) $ 6.13 Non-vested 1,416,163 $ 3.94 |
Employee Stock Purchase Rights Weighted-Average Assumptions | Intevac estimated the weighted-average fair value of the 2022 PRSU Awards using the following assumptions: Three and Six Months Ended July 2, 2022 Weighted-average fair value of grants per share $ 3.67 Expected volatility 54.42 % Risk-free interest rate 2.82 % Dividend yield None |
Warranty (Tables)
Warranty (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Guarantees [Abstract] | |
Schedule of Product Warranty Liability | The following table displays the activity in the warranty provision account for the three and six months ended July 1, 2023 and July 2, 2022. Three Months Ended Six Months Ended July 1, July 2, 2022 July 1, 2023 July 2, 2022 (In thousands) Opening balance $ 177 $ 249 $ 163 $ 346 Expenditures incurred under warranties (67 ) (54 ) (165 ) (225 ) Accruals for product warranties issued during the reporting period 72 36 172 72 Adjustments to previously existing warranty accruals (1 ) (17 ) 11 21 Closing balance $ 181 $ 214 $ 181 $ 214 The following table displays the balance sheet classification of the warranty provision account at July 1, 2023 and at December 31, 2022. July 1 2023 December 31 2022 (In thousands) Other accrued liabilities $ 152 $ 163 Other noncurrent liabilities 29 — Total warranty provision $ 181 $ 163 |
Cash, Cash Equivalents and In_2
Cash, Cash Equivalents and Investments (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
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: July 1, 2023 Amortized Cost Unrealized Holding Gains Unrealized Holding Losses Fair Value (In thousands) Cash and cash equivalents: Cash $ 22,389 $ — $ — $ 22,389 Money market funds 16,188 — — 16,188 Commercial paper 5,401 — 2 5,399 Total cash and cash equivalents $ 43,978 $ — $ 2 $ 43,976 Short-term investments: Asset-backed securities $ 1,015 $ — $ 1 $ 1,014 Certificates of deposit 1,700 — 1 1,699 Commercial paper 5,212 — 3 5,209 Corporate bonds and medium-term notes 5,673 — 101 5,572 Municipal bonds 1,220 — 13 1,207 U.S. treasury securities 9,024 — 99 8,925 Total short-term investments $ 23,844 $ — $ 218 $ 23,626 Long-term investments: Asset-backed securities $ 3,162 $ — $ 29 $ 3,133 Corporate bonds and medium-term notes 2,430 — 13 2,417 Total long-term investments $ 5,592 $ — $ 42 $ 5,550 Total cash, cash equivalents, and investments $ 73,414 $ — $ 262 $ 73,152 December 31, 2022 Amortized Cost Unrealized Holding Gains Unrealized Holding Losses Fair Value (In thousands) Cash and cash equivalents: Cash $ 26,465 $ — $ — $ 26,465 Money market funds 9,589 — — 9,589 Commercial paper 32,856 — 6 32,850 Total cash and cash equivalents $ 68,910 $ — $ 6 $ 68,904 Short-term investments: Asset-backed securities $ 2,012 $ — $ 13 $ 1,999 Certificates of deposit 3,850 — 10 3,840 Commercial paper 9,443 — 28 9,415 Corporate bonds and medium-term notes 4,210 — 32 4,178 Municipal bonds 1,486 — 25 1,461 U.S. treasury securities 4,771 — 123 4,648 Total short-term investments $ 25,772 $ — $ 231 $ 25,541 Long-term investments: Asset-backed securities $ 6,749 $ — $ 85 $ 6,664 Corporate bonds and medium-term notes 5,366 — 102 5,264 Municipal bonds 224 — 6 218 U.S. treasury and agency securities 5,493 — 54 5,439 Total long-term investments $ 17,832 $ — $ 247 $ 17,585 Total cash, cash equivalents, and investments $ 112,514 $ — $ 484 $ 112,030 |
Contractual Maturities of Available-for-Sale Securities | The contractual maturities of investment securities at July 1, 2023 are presented in the following table. Amortized Cost Fair Value (In thousands) Due in one year or less $ 45,433 $ 45,213 Due after one through five years 5,592 5,550 $ 51,025 $ 50,763 |
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 July 1, 2023. July 1, 2023 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Value Gross Unrealized Fair Value Gross Unrealized Losses (In thousands) Asset-backed securities $ 288 $ 2 $ 3,778 $ 28 Certificates of deposit 499 1 — — Commercial paper 9,458 5 — — Corporate bonds and medium-term notes 3,171 30 4,103 84 Municipal bonds — — 1,207 13 U.S. treasury securities 4,025 4 4,900 95 $ 17,441 $ 42 $ 13,988 $ 220 |
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 investment securities measured at fair value on a recurring basis as of July 1, 2023. Fair Value Measurements at July 1, 2023 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Investment securities Money market funds $ 16,188 $ 16,188 $ — U.S. treasury and agency securities 8,925 5,429 3,496 Asset-backed securities 4,147 — 4,147 Certificates of deposit 1,699 — 1,699 Commercial paper 10,608 — 10,608 Corporate bonds and medium-term notes 7,989 — 7,989 Municipal bonds 1,207 — 1,207 Total recurring fair value measurements $ 50,763 $ 21,617 $ 29,146 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
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 July 1, 2023 and December 31, 2022. Notional Amounts Derivative Liabilities Derivative Assets Derivative Instrument July 1, December 31, July 1, December 31, Balance Sheet Line Fair Value Balance Sheet Line Fair Value (In thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 1,258 2,240 b $ 6 a $ 44 Total Hedges $ 1,258 2,240 $ 6 $ 44 a Other current assets b Other accrued liabilities |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Equity [Abstract] | |
Schedule of Changes in Stockholders' Equity | The changes in stockholders’ equity by component for the three and six months ended July 1, 2023 and July 2, 2022, are as follows (in thousands): Three Months Ended July 1, 2023 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity Balance at April 1, 2023 $ 207,489 $ (29,551 ) $ (14 ) $ (57,076 ) $ 120,848 Common stock issued under employee plans 3 — — — 3 Shares withheld for net share settlement of RSUs (289 ) — — — (289 ) Equity-based compensation expense 1,495 — — — 1,495 Net loss — — — (4,878 ) (4,878 ) Other comprehensive loss — — (176 ) — (176 ) Balance at July 1, 2023 $ 208,698 $ (29,551 ) $ (190 ) $ (61,954 ) $ 117,003 Six Months Ended July 1, 2023 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity Balance at December 31, 2022 $ 206,381 $ (29,551 ) $ (193 ) $ (53,185 ) $ 123,452 Common stock issued under employee plans 804 — — — 804 Shares withheld for net share settlement of RSUs (1,563 ) — — — (1,563 ) Equity-based compensation expense 3,076 — — — 3,076 Net loss — — — (8,769 ) (8,769 ) Other comprehensive loss — — 3 — 3 Balance at July 1, 2023 $ 208,698 $ (29,551 ) $ (190 ) $ (61,954 ) $ 117,003 Three Months Ended July 2, 2022 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity Balance at April 2, 2022 $ 198,960 $ (29,551 ) $ 371 $ (43,965 ) $ 125,815 Common stock issued under employee plans 1,178 — — — 1,178 Shares withheld for net share settlement of RSUs (160 ) — — — (160 ) Equity-based compensation expense 1,525 — — — 1,525 Net loss — — — (2,818 ) (2,818 ) Other comprehensive loss — — (380 ) — (380 ) Balance at July 2, 2022 $ 201,503 $ (29,551 ) $ (9 ) $ (46,783 ) $ 125,160 Six Months Ended July 2, 2022 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity Balance at January 1, 2022 $ 199,098 $ (29,551 ) $ 578 $ (36,110 ) $ 134,015 Common stock issued under employee plans 2,211 — — — 2,211 Shares withheld for net share settlement of RSUs (295 ) — — — (295 ) Equity-based compensation expense 489 — — — 489 Net loss — — — (10,673 ) (10,673 ) Other comprehensive loss — — (587 ) — (587 ) Balance at July 2, 2022 $ 201,503 $ (29,551 ) $ (9 ) $ (46,783 ) $ 125,160 |
Changes in Accumulated Other Comprehensive Income by Component | The changes in accumulated other comprehensive income (loss) by component for the three and six months ended July 1, 2023 and July 2, 2022, are as follows. Three Months Ended Six Months Ended July 1, 2023 Foreign Unrealized holding gains (losses) on available- for-sale investments Total Foreign currency Unrealized available- for-sale investments Total (In thousands) Beginning balance $ 301 $ (315 ) $ (14 ) $ 291 $ (484 ) $ (193 ) Other comprehensive income (loss) before reclassification (229 ) 53 (176 ) (219 ) 222 3 Amounts reclassified from other comprehensive income (loss) — — — — — — Net current-period other comprehensive income (loss) (229 ) 53 (176 ) (219 ) 222 3 Ending balance $ 72 $ (262 ) $ (190 ) $ 72 $ (262 ) $ (190 ) Three Months Ended Six Months Ended July 2, 2022 Foreign Unrealized holding gains (losses) on available- for-sale investments Total Foreign Unrealized holding gains (losses) on available- for-sale investments Total (In thousands) Beginning balance $ 575 $ (204 ) $ 371 $ 608 $ (30 ) $ 578 Other comprehensive loss before reclassification (219 ) (161 ) (380 ) (252 ) (335 ) (587 ) Amounts reclassified from other comprehensive loss — — — — — — Net current-period other comprehensive loss (219 ) (161 ) (380 ) (252 ) (335 ) (587 ) Ending balance $ 356 $ (365 ) $ (9 ) $ 356 $ (365 ) $ (9 ) |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
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: Three Months Ended Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 (In thousands, except per share amounts) Net loss from continuing operations $ (4,918 ) $ (2,580 ) $ (9,086 ) $ (10,300 ) Net income (loss) from discontinued operations, net of taxes $ 40 $ (238 ) $ 317 $ (373 ) Net loss $ (4,878 ) $ (2,818 ) $ (8,769 ) $ (10,673 ) Weighted-average shares – basic 26,032 25,141 25,907 24,970 Effect of dilutive potential common shares — — — — Weighted-average shares – diluted 26,032 25,141 25,907 24,970 Basic and diluted net income (loss) per share: Continuing operations $ (0.19 ) $ (0.10 ) $ (0.35 ) $ (0.41 ) Discontinued operations $ 0.00 $ (0.01 ) $ 0.01 $ (0.01 ) Net loss per share $ (0.19 ) $ (0.11 ) $ (0.34 ) $ (0.43 ) |
Restructuring and Other Costs_2
Restructuring and Other Costs, Net (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
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 six months ended July 2, 2022 were as follows. Employee Termination Costs (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 (b) $ 333 (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 six months ended July 1, 2023 and July 2, 2022 were as follows. Other Exit Costs (In thousands) Balance at December 31, 2022 $ 318 Provision for restructuring charges associated with Photonics divestiture (a) 3 Cash payments made (81 ) Balance at April 1, 2023 $ 240 Provision for restructuring charges associated with Photonics divestiture (a) 2 Cash payments made (80 ) Balance at July 1, 2023 $ 162 Employee Termination Costs Other Exit Costs 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 (c) $ 466 $ 634 (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. |
Acquisition of Hia, Inc (Tables
Acquisition of Hia, Inc (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Business Combinations [Abstract] | |
Schedule of Finite Lived Intangible Assets Acquired as Part of Business Combination | The following table represents the carrying amount of the Hia technology intangible assets at July 1, 2023 (in thousands): Gross carrying amount at July 1, 2023 $ 1,132 Accumulated amortization (110 ) Net carrying amount at July 1, 2023 $ 1,022 |
Description of Business, Basi_3
Description of Business, Basis of Presentation and Significant Accounting Policy - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jul. 01, 2023 | Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Line Items] | ||
No write-off of accounts receivable | $ 0 | $ 0 |
Allowance for credit losses | $ 0 | $ 0 |
Divestiture and Discontinued _3
Divestiture and Discontinued Operations - Summary of Cash Flow and Non-cash Information Related to Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Equity-based compensation | $ 0 | $ 39 | $ (260) | $ (291) |
Divestiture and Discontinued _4
Divestiture and Discontinued Operations - Summary of Components Discontinued Operations Related to Photonics Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Operating expenses: | ||||
Income (loss) from discontinued operations before provision for income taxes | $ (4,802) | $ (2,080) | $ (8,584) | $ (9,774) |
Provision for income taxes | 116 | 500 | 502 | 526 |
Net income (loss) from discontinued operations net of taxes | 40 | (238) | 317 | (373) |
Photonics | ||||
Operating expenses: | ||||
Operating Expenses | (40) | 238 | (317) | 373 |
Operating income (loss) – discontinued operations | 40 | (238) | 317 | (373) |
Other income (expense) – discontinued operations | 0 | 0 | 0 | 0 |
Income (loss) from discontinued operations before provision for income taxes | 40 | (238) | 317 | (373) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) from discontinued operations net of taxes | 40 | (238) | 317 | (373) |
Photonics | Selling, general and administrative | ||||
Operating expenses: | ||||
Operating Expenses | $ (40) | $ 238 | $ (317) | $ 373 |
Divestiture and Discontinued _5
Divestiture and Discontinued Operations - Additional Information (Detail) - EOTECH LLC [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | Dec. 31, 2024 | Apr. 01, 2023 | Dec. 31, 2022 | Dec. 30, 2021 | |
Proceeds from Fees Received | $ 408,000 | $ 1,200,000 | ||||||
Sale Of Inventory | $ 32,000 | $ 148,000 | ||||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 41,000 | $ 41,000 | $ 49,000 | |||||
Shared Services Agreement [Member] | ||||||||
Proceeds from Fees Received | 39,000 | 65,000 | ||||||
Photonics | ||||||||
Cash | $ 70,000,000 | |||||||
Earnout payment | $ 0 | $ 0 | $ 30,000,000 | $ 30,000,000 | ||||
Photonics | Subsequent Event [Member] | ||||||||
Earnout payment | $ 14,000,000 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 10,301 | $ 9,307 | $ 21,843 | $ 13,752 |
TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 10,301 | 9,307 | 21,843 | 13,752 |
TFE | Systems, Upgrades and Spare Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 9,372 | 7,839 | 19,907 | 11,015 |
TFE | Field Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 929 | 1,468 | 1,936 | 2,737 |
HDD | TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 10,280 | 9,177 | 21,804 | 13,563 |
HDD | TFE | Systems, Upgrades and Spare Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 9,351 | 7,756 | 19,868 | 10,879 |
HDD | TFE | Field Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 929 | 1,421 | 1,936 | 2,684 |
DCP | TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 44 | 44 | ||
DCP | TFE | Systems, Upgrades and Spare Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 1 | 1 | ||
DCP | TFE | Field Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 43 | 43 | ||
PV | TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 10 | 86 | 28 | 145 |
PV | TFE | Systems, Upgrades and Spare Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 10 | 82 | 28 | 135 |
PV | TFE | Field Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 0 | $ 4 | 0 | $ 10 |
ASP | TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 11 | 11 | ||
ASP | TFE | Systems, Upgrades and Spare Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 11 | $ 11 | ||
ASP | TFE | Field Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 0 |
Revenue - Primary Geography Mar
Revenue - Primary Geography Markets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 10,301 | $ 9,307 | $ 21,843 | $ 13,752 |
Products Transferred at a Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 10,301 | 9,307 | 21,843 | 13,752 |
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 | 662 | 1,656 | 2,276 | 1,950 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 9,628 | 7,651 | 19,556 | 11,802 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 11 | $ 0 | $ 11 | $ 0 |
Revenue - Changes in Contract A
Revenue - Changes in Contract Assets and Contract Liabilities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 01, 2023 | Dec. 31, 2022 | |
Contract liabilities: | ||
Contract liabilities | $ 22,040 | $ 27,105 |
Contract liabilities: | ||
Change in contract liabilities | (5,065) | |
Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 1,023 | 424 |
Contract assets: | ||
Change in contract assets | 599 | |
Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 310 | 2,446 |
Contract liabilities: | ||
Change in contract liabilities | (2,136) | |
Customer Advances | ||
Contract liabilities: | ||
Contract liabilities | 21,730 | $ 24,659 |
Contract liabilities: | ||
Change in contract liabilities | $ (2,929) |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 6 Months Ended | |
Jul. 01, 2023 USD ($) Installment | May 01, 2023 USD ($) | |
Revenue From Contract With Customers [Line Items] | ||
Number of installments | Installment | 3 | |
Revenue remaining performance obligation | $ 58,200,000 | |
Revenue performance obligation, description of timing | we also refer to as total backlog. We expect to recognize approximately 37.9% of our remaining performance obligations as revenue in 2023 and 62.1% in 2024. | |
Received customer advances associated with the cancelled order | $ 19,100,000 | |
Cancellation Order Received And Obligation Thereof | $ 54,600,000 | |
Accounts Receivable, Unbilled | ||
Revenue From Contract With Customers [Line Items] | ||
Change in contract assets | $ 599,000 | |
TFE | Accounts Receivable, Unbilled | ||
Revenue From Contract With Customers [Line Items] | ||
Change in contract assets | (599,000) | |
TFE | Customer Advances | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer liability revenue recognized | 3,000,000 | |
TFE | Deferred Revenue | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer liability revenue recognized | $ 2,200,000 |
Revenue - Additional Informat_2
Revenue - Additional Information (Detail 1) | Dec. 31, 2024 | Dec. 31, 2023 |
Scenario Forecast | ||
Revenue From Contract With Customers [Line Items] | ||
Revenue, remaining performance obligation, percentage | 62.10% | 37.90% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 35,419 | $ 19,116 |
Work-in-progress | 10,860 | 9,499 |
Finished goods | 14 | 1,388 |
Inventories | $ 46,293 | $ 30,003 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) $ in Millions | May 01, 2023 USD ($) |
Inventory Disclosure [Abstract] | |
Cancellation order received and obligation thereof | $ 54.6 |
Received customer advances associated with the cancelled order | 19.1 |
Inventory to take delivery | 12.5 |
Inventory reimburse | $ 11.4 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Restricted Stock Units Activity (Detail) | 6 Months Ended |
Jul. 01, 2023 $ / shares shares | |
Restricted Stock Units (RSUs) | |
Shares | |
Beginning balance | shares | 1,309,792 |
Granted | shares | 277,269 |
Vested | shares | (442,823) |
Cancelled | shares | (74,185) |
Ending balance | shares | 1,070,053 |
Weighted Average Grant Date Fair Value | |
Beginning balance | $ / shares | $ 5.14 |
Granted | $ / shares | 5.4 |
Vested | $ / shares | 5.21 |
Cancelled and forfeited | $ / shares | 5.49 |
Ending balance | $ / shares | $ 5.15 |
Performance Based Restricted Stock Units [Member] | |
Shares | |
Beginning balance | shares | 1,089,339 |
Granted | shares | 525,656 |
Vested | shares | (190,903) |
Cancelled | shares | (7,929) |
Ending balance | shares | 1,416,163 |
Weighted Average Grant Date Fair Value | |
Beginning balance | $ / shares | $ 3.54 |
Granted | $ / shares | 4.92 |
Vested | $ / shares | 4.26 |
Cancelled and forfeited | $ / shares | 6.13 |
Ending balance | $ / shares | $ 3.94 |
Equity-Based Compensation - Opt
Equity-Based Compensation - Option Activity and Changes (Detail) | 6 Months Ended |
Jul. 01, 2023 $ / shares shares | |
Shares | |
Options exercisable at December 31, 2022 | shares | 383,099 |
Options cancelled and forfeited | shares | (41,593) |
Options exercised | shares | (52,813) |
Options outstanding at July 1, 2023 | shares | 288,693 |
Options exercisable at July 1, 2023 | shares | 288,568 |
Weighted-Average Exercise Price | |
Options outstanding at December 31, 2022 | $ / shares | $ 7.07 |
Options cancelled and forfeited | $ / shares | 10.59 |
Options exercised | $ / shares | 5.15 |
Options outstanding at July 1, 2023 | $ / shares | 6.91 |
Options exercisable at July 1, 2023 | $ / shares | $ 6.91 |
Equity-Based Compensation - Wei
Equity-Based Compensation - Weighted-Average Fair Value of Stock Options and Employee Stock Purchase Rights using Weighted-Average Assumptions (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | |
Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Stock Purchase Rights | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average fair value of grants per share | $ 2.23 | $ 1.85 | |
Expected volatility | 34.20% | 60.36% | |
Risk free interest rate | 4.47% | 0.98% | |
Expected term of purchase rights (in years) | 1 year | 1 year 2 months 12 days | |
Dividend yield | 0% | 0% | |
Performance Based Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average fair value of grants per share | $ 3.67 | $ 3.67 | |
Expected volatility | 54.42% | 54.42% | |
Risk free interest rate | 2.82% | 2.82% | |
Dividend yield | 0% | 0% |
Equity-Based Compensation - Eff
Equity-Based Compensation - Effect of Recording Equity-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | $ 1,495 | $ 1,525 | $ 3,076 | $ 489 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | 2 | 8 | (11) | (163) |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | 756 | 729 | 1,355 | 336 |
Performance Based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | 534 | 566 | 1,332 | 231 |
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | $ 203 | $ 222 | $ 400 | $ 85 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
May 31, 2023 | May 31, 2022 | Jan. 19, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
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% | ||||||
Options, expiration period | 6 months | ||||||
Stock issued under Employee Stock Purchase Plans | 131,303 | ||||||
Employee stock obligation amount | $ 25,000 | $ 25,000 | |||||
Equity-based compensation | 1,495,000 | $ 1,525,000 | 3,076,000 | $ 489,000 | |||
Discontinued Operations [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based compensation | 39,000,000 | $ 260,000,000 | 291,000,000 | ||||
Segment Continuing Operations [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based compensation | 446,000,000 | 75,000,000 | |||||
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] | |||||||
Vesting percentage | 3 years | ||||||
Granted | 277,269 | ||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 33% | ||||||
Equity-based compensation | $ 756,000 | $ 729,000 | $ 1,355,000 | 336,000 | |||
Restricted Stock Units (RSUs) | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 3 years | ||||||
Restricted Stock Units (RSUs) | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 4 years | ||||||
2022 Performance Based Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted | 935,600 | ||||||
2023 Performance Based Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted | 525,656 | ||||||
Forfeiture Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based compensation | 1,300,000 | ||||||
Stock Based Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based compensation | $ 37,000,000 |
Warranty - Balance Sheet Classi
Warranty - Balance Sheet Classification of Warranty Provision Account (Detail) - USD ($) $ in Thousands | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Jan. 01, 2022 |
Guarantees [Abstract] | ||||||
Other accrued liabilities | $ 152 | $ 163 | ||||
Other noncurrent liabilities | 29 | 0 | ||||
Total warranty provision | $ 181 | $ 177 | $ 163 | $ 214 | $ 249 | $ 346 |
Warranty - Schedule of Warranty
Warranty - Schedule of Warranty Provision Account (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Guarantees [Abstract] | ||||
Opening balance | $ 177 | $ 249 | $ 163 | $ 346 |
Expenditures incurred under warranties | (67) | (54) | (165) | (225) |
Accruals for product warranties issued during the reporting period | 72 | 36 | 172 | 72 |
Adjustments to previously existing warranty accruals | (1) | (17) | 11 | 21 |
Closing balance | $ 181 | $ 214 | $ 181 | $ 214 |
Warranty - Additional Informati
Warranty - Additional Information (Detail) | 3 Months Ended |
Jul. 01, 2023 | |
Guarantees [Abstract] | |
Minimum product warranty range | 12 months |
Maximum product warranty range | 24 months |
Guarantees - Additional Informa
Guarantees - Additional Information (Detail) | Jul. 01, 2023 USD ($) |
Guarantees [Abstract] | |
Letters of credit and bank guarantees outstanding, amount | $ 785,000 |
Letters of credit and bank guarantees collateralized by restricted cash | $ 785,000 |
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 | Jul. 01, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 73,414 | $ 112,514 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 262 | 484 |
Fair Value | 73,152 | 112,030 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 43,978 | 68,910 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 2 | 6 |
Fair Value | 43,976 | 68,904 |
Cash and Cash Equivalents | Cash | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 22,389 | 26,465 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 0 | 0 |
Fair Value | 22,389 | 26,465 |
Cash and Cash Equivalents | Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 16,188 | 9,589 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 0 | 0 |
Fair Value | 16,188 | 9,589 |
Cash and Cash Equivalents | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,401 | 32,856 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 2 | 6 |
Fair Value | 5,399 | 32,850 |
Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 23,844 | 25,772 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 218 | 231 |
Fair Value | 23,626 | 25,541 |
Short-term Investments | Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,015 | 2,012 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 1 | 13 |
Fair Value | 1,014 | 1,999 |
Short-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,673 | 4,210 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 101 | 32 |
Fair Value | 5,572 | 4,178 |
Short-term Investments | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,220 | 1,486 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 13 | 25 |
Fair Value | 1,207 | 1,461 |
Short-term Investments | U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,024 | 4,771 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 99 | 123 |
Fair Value | 8,925 | 4,648 |
Short-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,700 | 3,850 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 1 | 10 |
Fair Value | 1,699 | 3,840 |
Short-term Investments | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,212 | 9,443 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 3 | 28 |
Fair Value | 5,209 | 9,415 |
Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,592 | 17,832 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 42 | 247 |
Fair Value | 5,550 | 17,585 |
Long-term Investments | Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,162 | 6,749 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 29 | 85 |
Fair Value | 3,133 | 6,664 |
Long-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,430 | 5,366 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 13 | 102 |
Fair Value | $ 2,417 | 5,264 |
Long-term Investments | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 224 | |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 6 | |
Fair Value | 218 | |
Long-term Investments | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,493 | |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 54 | |
Fair Value | $ 5,439 |
Cash, Cash Equivalents and In_4
Cash, Cash Equivalents and Investments - Contractual Maturities of Available-For-Sale Securities (Detail) $ in Thousands | Jul. 01, 2023 USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 45,433 |
Amortized Cost, Due after one through five years | 5,592 |
Amortized Cost | 51,025 |
Fair Value, Due in one year or less | 45,213 |
Fair Value, Due after one through five years | 5,550 |
Fair Value | $ 50,763 |
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 | Jul. 01, 2023 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | $ 17,441 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 42 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 13,988 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 220 |
Certificates of deposit | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 499 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 1 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 0 |
Commercial paper | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 9,458 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 5 |
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 | 288 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 2 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 3,778 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 28 |
Corporate bonds and medium-term notes | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 3,171 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 30 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 4,103 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 84 |
Municipal bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 0 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 1,207 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 13 |
U.S. treasury securities | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 4,025 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 4 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 4,900 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | $ 95 |
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 | Jul. 01, 2023 USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 50,763 |
Fair Value, Measurements, Recurring | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 50,763 |
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 | 16,188 |
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 | 1,699 |
Fair Value, Measurements, Recurring | Commercial paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 10,608 |
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 | 8,925 |
Fair Value, Measurements, Recurring | Corporate bonds and medium-term notes | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 7,989 |
Fair Value, Measurements, Recurring | Municipal bonds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 1,207 |
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 | 4,147 |
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 | 21,617 |
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 | 16,188 |
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 | U.S. treasury and agency securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 5,429 |
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 2 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 29,146 |
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 | 1,699 |
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 | 10,608 |
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 | 3,496 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Corporate bonds and medium-term notes | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 7,989 |
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 | 1,207 |
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 | $ 4,147 |
Cash, Cash Equivalents and In_7
Cash, Cash Equivalents and Investments - Additional Information (Detail) | Jul. 01, 2023 USD ($) investments | Dec. 31, 2022 USD ($) |
Derivative Instrument Detail [Abstract] | ||
Allowance for credit losses | $ | $ 0 | $ 0 |
Debt securities available-for-sale term | 3 years | |
Debt securities available-for-sale unrealized loss position number of positions | investments | 56 |
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 | Jul. 01, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | $ 1,258 | $ 2,240 |
Derivative Liabilities | 6 | |
Derivative Asset | 44 | |
Forward Foreign Currency Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | 1,258 | 2,240 |
Derivative Liabilities | $ 6 | |
Derivative Asset | $ 44 |
Equity - Schedule of Changes in
Equity - Schedule of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Class of Stock [Line Items] | ||||
Beginning balance | $ 120,848 | $ 125,815 | $ 123,452 | $ 134,015 |
Common stock issued under employee plans | 3 | 1,178 | 804 | 2,211 |
Shares withheld for net share settlement of RSUs | (289) | (160) | (1,563) | (295) |
Equity-based compensation expense | 1,495 | 1,525 | 3,076 | 489 |
Net loss | (4,878) | (2,818) | (8,769) | (10,673) |
Other comprehensive loss | (176) | (380) | 3 | (587) |
Ending balance | 117,003 | 125,160 | 117,003 | 125,160 |
Common Stock and Additional Paid-in Capital | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 207,489 | 198,960 | 206,381 | 199,098 |
Common stock issued under employee plans | 3 | 1,178 | 804 | 2,211 |
Shares withheld for net share settlement of RSUs | (289) | (160) | (1,563) | (295) |
Equity-based compensation expense | 1,495 | 1,525 | 3,076 | 489 |
Ending balance | 208,698 | 201,503 | 208,698 | 201,503 |
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 | (14) | 371 | (193) | 578 |
Other comprehensive loss | (176) | (380) | 3 | (587) |
Ending balance | (190) | (9) | (190) | (9) |
Accumulated Deficit | ||||
Class of Stock [Line Items] | ||||
Beginning balance | (57,076) | (43,965) | (53,185) | (36,110) |
Net loss | (4,878) | (2,818) | (8,769) | (10,673) |
Ending balance | $ (61,954) | $ (46,783) | $ (61,954) | $ (46,783) |
Equity - Changes in Accumulated
Equity - Changes in Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 120,848 | $ 125,815 | $ 123,452 | $ 134,015 |
Other comprehensive income (loss), net of tax | (176) | (380) | 3 | (587) |
Ending balance | 117,003 | 125,160 | 117,003 | 125,160 |
Foreign currency | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 301 | 575 | 291 | 608 |
Other comprehensive income (loss) before reclassification | (229) | (219) | (219) | (252) |
Amounts reclassified from other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | (229) | (219) | (219) | (252) |
Ending balance | 72 | 356 | 72 | 356 |
Unrealized holding gains (losses) on available- for-sale investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (315) | (204) | (484) | (30) |
Other comprehensive income (loss) before reclassification | 53 | (161) | 222 | (335) |
Amounts reclassified from other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 53 | (161) | 222 | (335) |
Ending balance | (262) | (365) | (262) | (365) |
Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (14) | 371 | (193) | 578 |
Other comprehensive income (loss) before reclassification | (176) | (380) | 3 | (587) |
Amounts reclassified from other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | (176) | (380) | 3 | (587) |
Ending balance | $ (190) | $ (9) | $ (190) | $ (9) |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ in Millions | Aug. 20, 2018 | Jul. 01, 2023 | 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, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Earnings Per Share [Abstract] | ||||
Net loss from continuing operations | $ (4,918) | $ (2,580) | $ (9,086) | $ (10,300) |
Net income (loss) from discontinued operations, net of taxes | 40 | (238) | 317 | (373) |
Net loss | $ (4,878) | $ (2,818) | $ (8,769) | $ (10,673) |
Weighted-average shares – basic | 26,032 | 25,141 | 25,907 | 24,970 |
Effect of dilutive potential common shares | 0 | 0 | 0 | 0 |
Weighted-average shares – diluted | 26,032 | 25,141 | 25,907 | 24,970 |
Basic And Diluted Earnings Per Share [Abstract] | ||||
Basic – continuing operations | $ (0.19) | $ (0.1) | $ (0.35) | $ (0.41) |
Diluted – continuing operations | (0.19) | (0.1) | (0.35) | (0.41) |
Basic – discontinued operations | 0 | (0.01) | 0.01 | (0.01) |
Diluted – discontinued operations | 0 | (0.01) | 0.01 | (0.01) |
Basic – net loss | (0.19) | (0.11) | (0.34) | (0.43) |
Diluted – net loss | $ (0.19) | $ (0.11) | $ (0.34) | $ (0.43) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jul. 02, 2022 | Jul. 01, 2023 | Jul. 02, 2022 | |
Income Taxes [Line Items] | ||||
Provision for income taxes | $ 116,000 | $ 500,000 | $ 502,000 | $ 526,000 |
Income tax provision on earnings of subsidiaries | 44,000 | 390,000 | 180,000 | 364,000 |
Profit Threshold Upto Which Corporate Alternative Minimum Tax Is Not Applicable | 1,000,000,000 | |||
Foreign Tax Authority | Singapore | ||||
Income Taxes [Line Items] | ||||
Income tax charge (benefit) | $ 158,000 | $ 107,000 | $ 320,000 | $ 158,000 |
Restructuring and Other Costs_3
Restructuring and Other Costs, Net - Changes in Restructuring Reserves (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Jul. 01, 2023 | Apr. 01, 2023 | Jul. 02, 2022 | Apr. 02, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | $ 797 | $ 1,023 | ||
Provision for restructuring charges associated with Photonics divestiture | 4 | 114 | ||
Cash payments made | (167) | (265) | ||
Non-cash utilization | (75) | |||
Ending balance | 634 | 797 | ||
Severance And Other Employee Related Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 258 | 358 | ||
Provision for restructuring charges associated with Photonics divestiture | 0 | 112 | ||
Cash payments made | (90) | (137) | ||
Non-cash utilization | (75) | |||
Ending balance | 168 | 258 | ||
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | $ 240 | $ 318 | 539 | 665 |
Provision for restructuring charges associated with Photonics divestiture | 2 | 3 | 4 | 2 |
Cash payments made | (80) | (81) | (77) | (128) |
Non-cash utilization | 0 | |||
Ending balance | $ 162 | $ 240 | $ 466 | $ 539 |
Restructuring Charges - Summary
Restructuring Charges - Summary of Restructuring Reserve by Type of Cost (Detail) - USD ($) | 3 Months Ended | |
Jul. 02, 2022 | Apr. 02, 2022 | |
RestructuringCostByTypeOfCost [Line Items] | ||
Beginning balance | $ 797,000 | $ 1,023,000 |
Provision for restructuring charges under the Cost Reduction Plan | 37,000 | |
Cash payments made | (167,000) | (265,000) |
Ending balance | 634,000 | 797,000 |
Severance and Other Employee Related Termination Costs [Member] | ||
RestructuringCostByTypeOfCost [Line Items] | ||
Beginning balance | 512,000 | 0 |
Provision for restructuring charges under the Cost Reduction Plan | 1,232,000 | |
Cash payments made | (179,000) | (757,000) |
Non-cash utilization | 37,000 | |
Ending balance | $ 333,000 | $ 512,000 |
Restructuring and Other Costs_4
Restructuring and Other Costs, Net - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jan. 10, 2022 USD ($) Installment | Jul. 01, 2023 USD ($) | Jul. 02, 2022 USD ($) | Apr. 02, 2022 USD ($) | Jul. 01, 2023 USD ($) | Jul. 02, 2022 USD ($) | Jan. 01, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||||
Percentage of reduction of global workforce | 6% | ||||||
Reduction in salary, wages and other employee-related expenses due to implementation of plan | $ 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 lease, first instalment payments | 308,000 | ||||||
Operating lease, quarterly instalment payments | $ 259,000 | ||||||
Number of operating lease payments | Installment | 7 | ||||||
Operating cash outflows from operating leases | 2,100,000 | ||||||
Restructuring Costs | 1,200,000 | ||||||
Provision for restructuring reserves | $ 37,000 | ||||||
Savings in stock based compensation pursuant to restructuring | 1,300,000 | ||||||
Share-based Compensation | $ 1,495,000 | $ 1,525,000 | 3,076,000 | $ 489,000 | |||
Inventory Writeoff | 755,000 | ||||||
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 | ||||||
Share-based Compensation | $ 75,000 |
Acquisition of Hia, Inc.- Sched
Acquisition of Hia, Inc.- Schedule of Finite Lived Intangible Assets Acquired as Part of Business Combination (Detail) - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (110) | $ (42) |
Net carrying amount | 1,022 | $ 1,090 |
Hia Inc | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount at July 1, 2023 | 1,132 | |
Accumulated amortization | (110) | |
Net carrying amount | $ 1,022 |
Acquisition of Hia, Inc.- Addit
Acquisition of Hia, Inc.- Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jan. 17, 2023 | Aug. 26, 2022 | Jul. 01, 2023 | Jul. 01, 2023 | Jul. 02, 2022 | |
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 | $ 34,000 | $ 68,000 | $ 0 | ||
Contingent consideration amount | $ 250,000 | ||||
Hia Inc | |||||
Business Combinations [Line Items] | |||||
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 | ||||
Stock Purchase Agreement | Hia Inc | |||||
Business Combinations [Line Items] | |||||
Aggregate purchase price | $ 700,000 | ||||
Intangible Assets Amortization Period Fiscal Year 2024 To Fiscal Year 2030 [Member] | Hia Inc | Technology-Based Intangible Assets | |||||
Business Combinations [Line Items] | |||||
Amortization of intangible assets | 136,000 | ||||
Intangible Assets Amortization Period Remainder Of Fiscal Year [Member] | Hia Inc | Technology-Based Intangible Assets | |||||
Business Combinations [Line Items] | |||||
Amortization of intangible assets | $ 68,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended |
Jan. 01, 2022 USD ($) | |
Commitments and Contingencies [Line Items] | |
Litigation settlement expense | $ 1 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Oct. 01, 2023 | Jul. 01, 2023 | |
Subsequent Event [Line Items] | ||
Percentage of reduction of global workforce | 6% | |
Restructuring costs | $ 1.2 | |
Reduction in salary, wages and other employee-related expenses due to implementation of plan | $ 2.1 | |
Subsequent Event [Member] | 2023 Cost Reduction Plan [Member] | ||
Subsequent Event [Line Items] | ||
Restructuring costs | $ 1.8 | |
Reduction in salary, wages and other employee-related expenses due to implementation of plan | $ 4 | |
Minimum [Member] | Subsequent Event [Member] | 2023 Cost Reduction Plan [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of reduction of global workforce | 23% | |
Maximum [Member] | Subsequent Event [Member] | 2023 Cost Reduction Plan [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of reduction of global workforce | 25% |