Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38462 | |
Entity Registrant Name | NLIGHT, INC. | |
Entity Incorporation, Date of Incorporation | DE | |
Entity Tax Identification Number | 91-2066376 | |
Entity Address, Address Line One | 5408 NE 88th Street, Building E | |
Entity Address, City or Town | Vancouver | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98665 | |
City Area Code | 360 | |
Local Phone Number | 566-4460 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | LASR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Smaller Reporting Company | false | |
Emerging Growth | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 42,807,788 | |
Entity Central Index Key | 0001124796 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 185,638 | $ 102,282 |
Accounts receivable, net of allowances of $295 and $367 | 31,658 | 31,820 |
Inventory | 58,804 | 54,706 |
Prepaid expenses and other current assets | 9,548 | 11,767 |
Total current assets | 285,648 | 200,575 |
Restricted cash | 250 | 291 |
Lease right-of-use assets | 18,153 | 12,302 |
Property, plant and equipment, net of accumulated depreciation of $67,834 and $66,262 | 46,127 | 44,480 |
Intangible assets, net of accumulated amortization of $7,278 and $6,280 | 7,409 | 8,345 |
Goodwill | 12,447 | 12,484 |
Other assets, net | 5,038 | 5,167 |
Total assets | 375,072 | 283,644 |
Current liabilities: | ||
Accounts payable | 23,644 | 21,057 |
Accrued liabilities | 13,922 | 15,321 |
Deferred revenues | 2,589 | 2,528 |
Current portion of lease liabilities | 2,751 | 2,273 |
Current portion of long-term debt | 0 | 184 |
Total current liabilities | 42,906 | 41,363 |
Non-current income taxes payable | 7,730 | 7,556 |
Long-term lease liabilities | 15,846 | 10,375 |
Long-term debt | 29 | 215 |
Other long-term liabilities | 4,506 | 4,221 |
Total liabilities | 71,017 | 63,730 |
Stockholders' equity: | ||
Common stock - $0.0001 par value; 190,000 shares authorized, 42,783 shares issued and outstanding at March 31, 2021, and 39,793 shares issued and outstanding at December 31, 2020 | 15 | 15 |
Additional paid-in capital | 449,496 | 358,544 |
Accumulated other comprehensive loss | (921) | (259) |
Accumulated deficit | (144,535) | (138,386) |
Total stockholders’ equity | 304,055 | 219,914 |
Total liabilities and stockholders’ equity | $ 375,072 | $ 283,644 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 295 | $ 367 |
Property and equipment, accumulated depreciation | 67,834 | 66,262 |
Intangible assets, accumulated amortization | $ 7,278 | $ 6,280 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 190,000 | 190,000 |
Common stock, shares issued (in shares) | 42,783 | 39,793 |
Common stock, shares outstanding (in shares) | 42,783 | 39,793 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Total revenue | $ 61,345 | $ 43,215 |
Total cost of revenue | 43,700 | 33,714 |
Gross profit | 17,645 | 9,501 |
Operating expenses: | ||
Research and development | 11,710 | 8,538 |
Sales, general, and administrative | 11,714 | 7,700 |
Total operating expenses | 23,424 | 16,238 |
Loss from operations | (5,779) | (6,737) |
Other income (expense): | ||
Interest income (expense), net | (74) | 283 |
Other income (expense), net | 26 | (116) |
Loss before income taxes | (5,827) | (6,570) |
Income tax expense | 322 | 905 |
Net loss | $ (6,149) | $ (7,475) |
Net income (loss) per share, basic (in dollars per share) | $ (0.15) | $ (0.20) |
Net income (loss) per share, diluted (in dollars per share) | $ (0.15) | $ (0.20) |
Shares used in per share calculations: | ||
Basic (in shares) | 40,048 | 37,846 |
Diluted (in shares) | 40,048 | 37,846 |
Products | ||
Total revenue | $ 47,335 | $ 36,930 |
Total cost of revenue | 30,395 | 27,900 |
Development | ||
Total revenue | 14,010 | 6,285 |
Total cost of revenue | $ 13,305 | $ 5,814 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (6,149) | $ (7,475) |
Other comprehensive loss: | ||
Foreign currency translation adjustments, net of tax | (662) | (496) |
Comprehensive loss | $ (6,811) | $ (7,971) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit |
Beginning balance (in shares) at Dec. 31, 2019 | 38,084 | ||||
Beginning balance at Dec. 31, 2019 | $ 216,608 | $ 15 | $ 336,732 | $ (2,685) | $ (117,454) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (7,475) | (7,475) | |||
Issuance of common stock pursuant to exercise of stock options (in shares) | 373 | ||||
Issuance of common stock pursuant to exercise of stock options | 558 | 558 | |||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax (in shares) | 16 | ||||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax | (11) | (11) | |||
Stock-based compensation | 3,763 | 3,763 | |||
Cumulative translation adjustment, net of tax | (496) | (496) | |||
Ending balance (in shares) at Mar. 31, 2020 | 38,473 | ||||
Ending balance at Mar. 31, 2020 | $ 212,947 | $ 15 | 341,042 | (3,181) | (124,929) |
Beginning balance (in shares) at Dec. 31, 2020 | 39,793 | 39,793 | |||
Beginning balance at Dec. 31, 2020 | $ 219,914 | $ 15 | 358,544 | (259) | (138,386) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (6,149) | (6,149) | |||
Proceeds from follow-on offering, net of offering costs (in shares) | 2,537 | ||||
Proceeds from follow-on offering, net of offering costs | $ 82,355 | 82,355 | |||
Issuance of common stock pursuant to exercise of stock options (in shares) | 452 | 452 | |||
Issuance of common stock pursuant to exercise of stock options | $ 574 | 574 | |||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax (in shares) | 1 | ||||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax | (31) | (31) | |||
Stock-based compensation | 8,054 | 8,054 | |||
Cumulative translation adjustment, net of tax | $ (662) | (662) | |||
Ending balance (in shares) at Mar. 31, 2021 | 42,783 | 42,783 | |||
Ending balance at Mar. 31, 2021 | $ 304,055 | $ 15 | $ 449,496 | $ (921) | $ (144,535) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (6,149) | $ (7,475) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 2,157 | 1,769 |
Amortization | 1,560 | 1,392 |
Reduction in carrying amount of right-of-use assets | 808 | 706 |
Provision for (recoveries of) losses on accounts receivable | (71) | 67 |
Stock-based compensation | 8,054 | 3,763 |
Deferred income taxes | (11) | 0 |
Gain on disposal of assets | 0 | (1) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 121 | (53) |
Inventory | (4,405) | (3,572) |
Prepaid expenses and other current assets | 2,183 | 923 |
Other assets | (428) | (1,488) |
Accounts payable | 1,437 | 4,582 |
Accrued and other long-term liabilities | (736) | (2,247) |
Deferred revenues | 64 | 1,312 |
Lease liabilities | (690) | (705) |
Non-current income taxes payable | 221 | (52) |
Net cash provided by (used in) operating activities | 4,115 | (1,079) |
Cash flows from investing activities: | ||
Acquisition of business, net of cash acquired | (291) | 0 |
Purchases of property, plant and equipment | (3,134) | (15,185) |
Capitalization of patents | (80) | (320) |
Proceeds from sale of assets | 0 | 41 |
Net cash used in investing activities | (3,505) | (15,464) |
Cash flows from financing activities: | ||
Proceeds from public offerings, net of offering costs | 82,761 | 0 |
Proceeds from term loan | 0 | 15,000 |
Principal payments on debt and financing leases | (372) | (16) |
Proceeds from stock option exercises | 574 | 558 |
Tax payments related to stock award issuances | (31) | (11) |
Net cash provided by financing activities | 82,932 | 15,531 |
Effect of exchange rate changes on cash | (227) | 10 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 83,315 | (1,002) |
Cash, cash equivalents, and restricted cash, beginning of period | 102,573 | 117,293 |
Cash, cash equivalents, and restricted cash, end of period | 185,888 | 116,291 |
Supplemental disclosures: | ||
Cash paid (received) for interest | 66 | (384) |
Cash paid for income taxes | 241 | 605 |
Right-of-use assets obtained in exchange for lease liabilities | 6,699 | 7,566 |
Accrued purchases of property, equipment and patents | 1,698 | 744 |
Accrued offering costs | $ 406 | $ 0 |
Basis of Presentation and New A
Basis of Presentation and New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and New Accounting Pronouncements | Basis of Presentation and New Accounting Pronouncements Basis of Presentation The accompanying consolidated financial statements of nLIGHT, Inc. and its wholly owned subsidiaries (Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The unaudited financial information reflects, in the opinion of management, all adjustments necessary for a fair presentation of financial position, results of operations, stockholders’ equity, and cash flows for the interim periods presented. The results reported for the interim period presented are not necessarily indicative of results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2020 Annual Report on Form 10-K. Critical Accounting Policies The Company's critical accounting policies have not materially changed during the three months ended March 31, 2021 from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2020. New Accounting Pronouncements ASU 2016-13, ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2020-03 The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , in June 2016. ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For assets measured at amortized cost, the new standard requires that the income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 was amended in November 2018, April 2019 and March 2020. The Company adopted ASU 2016-13, as amended, on January 1, 2021 on a prospective basis. The adoption did not have a material impact on the Company's financial position, results of operations, and cash flows. ASU 2019-12 The FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , in December 2019. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted ASU 2019-12 on January 1, 2021 on a prospective basis. The adoption did not have a material impact on the Company's financial position, results of operations, and cash flows. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions OPI On July 30, 2020, the Company acquired the outstanding shares of OPI Photonics S.r.l. (OPI), an Italian limited liability company, for cash consideration of approximately $1.6 million, of which $0.2 million was paid at closing with the remaining $1.4 million to be paid over the next 24 months. The acquisition price was allocated to the tangible and identified intangible assets acquired and liabilities assumed as of the closing date of the acquisition based upon their respective fair values, and the excess of purchase price over the fair value amounts representing goodwill. The fair values assigned to assets acquired and liabilities assumed were based on management’s best estimates and assumptions as of the reporting date and are considered preliminary. Changes to amounts recorded as assets or liabilities may result in corresponding adjustments to goodwill. Pro forma financial information has not been provided for the purchase as it was not material to the Company’s overall financial position. During the three months ended March 31, 2021, accrued acquisition consideration of $0.3 million was paid to the sellers of OPI. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following tables represent a disaggregation of revenue from contracts with customers for the periods presented (in thousands): Sales by End Market Three Months Ended March 31, 2021 2020 Industrial $ 21,400 $ 15,990 Microfabrication 15,215 10,419 Aerospace and Defense 24,730 16,806 $ 61,345 $ 43,215 Sales by Geography Three Months Ended March 31, 2021 2020 North America $ 31,134 $ 21,046 China 15,577 12,042 Rest of World 14,634 10,127 $ 61,345 $ 43,215 Sales by Timing of Revenue Three Months Ended March 31, 2021 2020 Point in time $ 46,994 $ 36,930 Over time 14,351 6,285 $ 61,345 $ 43,215 The Company's contract assets and liabilities are as follows (in thousands): Balance Sheet Classification As of March 31, 2021 December 31, 2020 Contract assets Prepaid expenses and $ 4,329 $ 5,680 Contract liabilities Deferred revenue and Other long-term liabilities 4,203 2,985 During the three months ended March 31, 2021 and 2020, the Company recognized revenue of $1.3 million and $0.2 million, respectively, that was included in the deferred revenue balances at the beginning of the periods as the performance obligations under the associated agreements were satisfied. |
Concentrations of Credit and Ot
Concentrations of Credit and Other Risks | 3 Months Ended |
Mar. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Credit and Other Risks | Concentrations of Credit and Other Risks The following customers accounted for 10% or more of the Company's revenues for the periods presented: Three Months Ended March 31, 2021 2020 Raytheon Technologies (1) 16% U.S. Government 20% 10% (1) Represents less than 10% of total revenues |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts receivable, restricted cash, and accounts payable are shown at cost which approximates fair value due to the short-term nature of these instruments. The fair value of the Company’s term and revolving loans with Pacific Western Bank, also described in Note 12, approximates the carrying value due to the variable market rate used to calculate interest payments. The Company does not have any other significant financial assets or liabilities that are measured at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: • Level 1 Inputs: Observable inputs, such as quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date. • Level 2 Inputs: Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 Inputs: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial instruments that are carried at fair value consist of Level 1 assets which include highly liquid investments and bank drafts classified as cash equivalents. The Company's fair value hierarchy for its financial instruments consists of cash equivalents as follows (in thousands): March 31, 2021 Level 1 Level 2 Level 3 Total Money market securities $ 156,887 $ — $ — $ 156,887 Commercial paper 2,643 — — 2,643 Total $ 159,530 $ — $ — $ 159,530 December 31, 2020 Level 1 Level 2 Level 3 Total Money market securities $ 74,084 $ — $ — $ 74,084 Commercial paper 1,584 — — 1,584 Total $ 75,668 $ — $ — $ 75,668 |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory is stated at the lower of average cost (principally standard cost, which approximates actual cost on a first-in, first-out basis) and net realizable value. Inventory includes raw materials and components that may be specialized in nature and subject to obsolescence. On a quarterly basis, we review inventory quantities on hand in comparison to our past consumption, recent purchases, and other factors to determine what inventory quantities, if any, may not be sellable. Based on this analysis, we write down the affected inventory value for estimated excess and obsolescence charges. At the point of loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Inventory consisted of the following (in thousands): As of March 31, 2021 December 31, 2020 Raw materials $ 22,852 $ 21,410 Work in process and semi-finished goods 23,829 21,320 Finished goods 12,123 11,976 $ 58,804 $ 54,706 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): As of Useful life (years) March 31, 2021 December 31, 2020 Automobile 3 $ 64 $ 34 Computer hardware and software 3-5 5,046 4,840 Manufacturing and lab equipment 2-7 71,663 69,849 Office equipment and furniture 5-7 1,769 1,605 Leasehold and building improvements 2-12 22,628 21,934 Buildings 30 9,392 9,081 Land N/A 3,399 3,399 113,961 110,742 Accumulated depreciation (67,834) (66,262) $ 46,127 $ 44,480 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangibles The details of amortizing intangible assets are as follows (in thousands, except for estimated useful lives): Estimated useful life As of March 31, 2021 December 31, 2020 Patents 3 - 5 $ 6,261 $ 6,199 Development programs 2 - 4 7,200 7,200 Developed technology 5 1,226 1,226 14,687 14,625 Accumulated amortization (7,278) (6,280) $ 7,409 $ 8,345 Estimated amortization expense for future years is as follows (in thousands): Remainder of 2021 $ 2,878 2022 2,357 2023 1,674 2024 364 2025 136 $ 7,409 Goodwill The carrying amount of goodwill by segment was as follows (in thousands): Laser Products Advanced Development Totals Balance, December 31, 2020 $ 2,236 $ 10,248 $ 12,484 Currency exchange rate adjustment (37) — (37) Balance, March 31, 2021 $ 2,199 $ 10,248 $ 12,447 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other assets consisted of the following (in thousands): As of March 31, 2021 December 31, 2020 Demonstration assets, net $ 2,472 $ 2,598 Deferred tax assets, net 66 69 Other 2,500 2,500 $ 5,038 $ 5,167 Demonstration (demo) assets are equipment that is used for demonstration and other purposes with existing and prospective customers. Demo assets are recorded at cost and amortized over an estimated useful life of approximately two years. Amortization expense was as follows for the periods presented (in thousands): Three Months Ended March 31, 2021 2020 Amortization expense $ 541 $ 504 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following (in thousands): As of March 31, 2021 December 31, 2020 Accrued payroll and benefits $ 9,402 $ 10,770 Product warranty, current 2,441 2,122 Income tax payable 390 401 Other accrued expenses 1,689 2,028 $ 13,922 $ 15,321 |
Product Warranties
Product Warranties | 3 Months Ended |
Mar. 31, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranties | Product Warranties The Company provides warranties on certain products and records a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based on historical experience, any specifically identified failures, and its estimate of future costs. Product warranty liability activity was as follows for the periods presented (in thousands): Three Months Ended March 31, 2021 2020 Product warranty liability, beginning $ 4,711 $ 2,984 Warranty charges incurred, net (701) (766) Provision for warranty charges, net of adjustments 1,285 1,033 Acquired warranty — 100 Product warranty liability, ending $ 5,295 $ 3,351 Less: current portion of product warranty liability (2,441) (1,828) Non-current portion of product warranty liability $ 2,854 $ 1,523 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases See Note 13. Credit Facilities The Company has a $40.0 million revolving line of credit (LOC) with Pacific Western Bank which is secured by its assets and expires in September 2021. Interest on the LOC is based primarily on the London Interbank Offered Rate (LIBOR), or an alternative rate such as the Prime rate, plus or minus, respectively, a margin based on certain liquidity levels. The loan agreement contains restrictive and financial covenants and bears an unused credit fee of 0.20% on an annualized basis. As of March 31, 2021, no amounts were outstanding under the LOC, and the Company was in compliance with all covenants under the loan agreement. Contractual Commitments and Purchase Obligations As of March 31, 2021, the Company's purchase obligations and other contractual obligations have increased by approximately $6.5 million for new and modified operating leases, primarily related to U.S. operations. There have been no other material changes to the Company's purchase obligations and other contractual obligations from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2020. Legal Matters From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of business. As of March 31, 2021, and as of the filing of this Quarterly Report on Form 10-Q, the Company was not involved in any material legal proceedings. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases Adoption of ASC 842 The Company adopted ASU 2016-02, Leases (Topic 842) and related amendments, using the modified transition approach with an effective date of January 1, 2020. The modified transition approach permits a company to use its effective date as the date of initial application to apply the standard to its leases, and, therefore, not restate comparative prior period financial information. Consequently, prior period financial information is not updated, and the disclosures required under the new standard will not be provided for dates and periods prior to January 1, 2020. The adoption of the lease standard did not have any effect on our previously reported consolidated financial statements and did not result in a cumulative catch-up adjustment to opening equity. Transition Practical Expedients and Elections The standard provides several optional practical expedients in transition. The Company elected the ‘package of practical expedients,’ which permits it to not reassess, under the new standard, the Company's prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to it. The new standard also provides practical expedients for an entity’s ongoing accounting. The Company elected the short-term lease recognition exemption; for those leases that qualify, the Company will not recognize a right-of-use asset or lease liability, and this includes not recognizing right-of-use assets or lease liabilities for existing short-term leases of those assets in transition. The Company also elected the practical expedient to not separate lease and non-lease components for all its leases. Lease Accounting The Company leases real estate space under non-cancelable operating lease agreements for commercial and industrial space, as well as its corporate headquarters located in Vancouver, Washington. Facilities-related operating leases have remaining terms of 0.2 to 14.2 years, and some leases include options to extend up to 15 years. Other leases for automobiles, manufacturing and office and computer equipment have remaining lease terms of 0.2 to 5.2 years. These leases are primarily operating leases; financing leases are not material. The Company did not include any renewal options in its lease terms for calculating the lease liabilities as the Company is not reasonably certain it will exercise the options at this time. The weighted-average remaining lease term for the lease obligations was 9.3 years at March 31, 2021, and the weighted-average discount rate was 3.6%. The components of lease expense related to operating leases were as follows (in thousands): Three Months Ended March 31, 2021 2020 Lease expense: Operating lease expense $ 874 $ 769 Short-term lease expense 73 87 Variable and other lease expense 122 146 $ 1,069 $ 1,002 Future minimum payments under our non-cancelable lease obligations were as follows as of March 31, 2021 (in thousands): Remainder of 2021 $ 2,566 2022 3,028 2023 2,369 2024 2,325 2025 1,896 Thereafter 10,011 Total minimum lease payments 22,195 Less: interest (3,598) Present value of net minimum lease payments 18,597 Less: current portion of lease liabilities (2,751) Total long-term lease liabilities $ 15,846 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income Tax Provision To calculate the interim tax provision, at the end of each interim period the Company estimates the annual effective tax rate and applies that to its ordinary quarterly earnings. The effect of changes in the enacted tax laws or rates is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and judgments including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in foreign jurisdictions, permanent differences between book and tax amounts, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained, or the tax environment changes. The Company’s effective tax rate for the three months ended March 31, 2021 and 2020 differs from the U.S. statutory rate due to the U.S. and China valuation allowance, foreign income taxed at local statutory rates, and accrued withholding taxes. For the three months ended March 31, 2021 and 2020, the Company reported U.S. and China pre-tax losses. The Company has not yet been able to establish a sustained level of profitability in the U.S. and China, or other sufficient significant positive evidence, to conclude that its U.S. and China deferred tax assets are more likely than not to be realized. Therefore, the Company continues to maintain a valuation allowance against its U.S. and China deferred tax assets. |
Stockholders' Equity and Stock-
Stockholders' Equity and Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity and Stock-Based Compensation | Stockholders' Equity and Stock-Based Compensation Public Offering In March 2021, the Company closed a follow-on public offering in which it issued and sold approximately 2.5 million shares of common stock (including approximately 0.3 million shares sold pursuant to the full exercise of the underwriters option to purchase additional shares) at an offering price of $34.00 per share, resulting in aggregate net proceeds to the Company of approximately $82.4 million after deducting underwriting discounts, commissions and offering costs. Restricted Stock Awards and Units Restricted stock award (RSA) and restricted stock unit (RSU) activity under our equity incentive plan was as follows (in thousands, except weighted-average grant date fair values): Number of Restricted Stock Awards Weighted-Average Grant Date Fair Value RSAs at December 31, 2020 653 $ 21.30 Awards granted — — Awards vested — — RSAs at March 31, 2021 653 $ 21.30 Number of Restricted Stock Units Weighted-Average Grant Date Fair Value RSUs at December 31, 2020 2,800 $ 20.54 Awards granted 76 38.76 Awards vested (3) 18.63 Awards forfeited (7) 24.88 RSUs at March 31, 2021 2,866 $ 21.01 The total fair value of RSAs and RSUs vested during the three months ended March 31, 2021 was less than $0.1 million in total. Awards outstanding as of March 31, 2021 include 0.7 million performance-based awards that will vest upon meeting certain performance criteria. Stock Options The following table summarizes the Company’s stock option activity during the three months ended March 31, 2021 (in thousands, except weighted-average exercise prices): Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, December 31, 2020 3,358 $1.53 5.3 $104,510 Options exercised (452) $1.27 Options canceled (2) $4.79 Outstanding, March 31, 2021 2,904 $1.56 5.1 $89,554 Options exercisable at March 31, 2021 2,408 $1.15 4.8 $75,265 Options vested as of March 31, 2021 and expected to vest after March 31, 2021 2,904 $1.56 5.1 $89,554 Total intrinsic value of options exercised for the three months ended March 31, 2021 and 2020 was $15.0 million and $6.0 million, respectively. The Company received proceeds of $0.6 million from the exercise of options for each of the three months ended March 31, 2021 and 2020. Employee Stock Purchase Plan There were no purchases under the Company's employee stock purchase plan during the three months ended March 31, 2021. Stock-Based Compensation Total stock-based compensation expense was included in our consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2021 2020 Cost of revenues $ 491 $ 345 Research and development 2,918 1,782 Sales, general and administrative 4,645 1,636 $ 8,054 $ 3,763 Unrecognized Compensation Costs As of March 31, 2021, total unrecognized stock-based compensation related to unvested stock awards was $58.3 million, which will be recognized over the next five years as follows (in thousands): Remainder of 2021 $ 20,570 2022 21,754 2023 12,899 2024 3,027 2025 35 $ 58,285 Total unrecognized stock-based compensation includes approximately 0.3 million awards that do not have a measurement date and have been valued as of March 31, 2021. Common Stock Repurchase Plan On November 14, 2019, the Company's Board of Directors authorized the repurchase of up to $10.0 million of its outstanding shares of common stock. As of March 31, 2021, no repurchases had been executed under the program. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company operates in two reportable segments consisting of the Laser Products segment and the Advanced Development segment. The following table summarizes the operating results by reportable segment for the periods presented (dollars in thousands): Three Months Ended March 31, 2021 Laser Products Advanced Development Corporate and Other Totals Revenue $ 47,335 $ 14,010 $ — $ 61,345 Gross profit $ 17,431 $ 705 $ (491) $ 17,645 Gross margin 36.8 % 5.0 % NM 28.8 % Three Months Ended March 31, 2020 Laser Products Advanced Development Corporate and Other Totals Revenue $ 36,930 $ 6,285 $ — $ 43,215 Gross profit $ 9,375 $ 471 $ (345) $ 9,501 Gross margin 25.4 % 7.5 % NM 22.0 % Corporate and Other is unallocated expenses related to stock-based compensation. There have been no material changes to the geographic locations of the Company’s long‑lived assets, net, based on the location of the assets, as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share The following table sets forth the calculation of basic and diluted net loss per share for the periods presented (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Numerator: Net loss $ (6,149) $ (7,475) Denominator: Weighted-average shares, basic 40,048 37,846 Weighted-average shares, diluted 40,048 37,846 Net loss per share: Basic $ (0.15) $ (0.20) Diluted $ (0.15) $ (0.20) The following potentially dilutive shares of restricted stock awards and units, employee stock purchase plan, and stock options were not included in the calculation of diluted shares above as the effect would have been anti‑dilutive (in thousands): Three Months Ended March 31, 2021 2020 Restricted stock units and awards 2,433 2,460 Employee stock purchase plan 7 — Common stock options 2,904 3,859 5,344 6,319 |
Basis of Presentation and New_2
Basis of Presentation and New Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of nLIGHT, Inc. and its wholly owned subsidiaries (Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The unaudited financial information reflects, in the opinion of management, all adjustments necessary for a fair presentation of financial position, results of operations, stockholders’ equity, and cash flows for the interim periods presented. The results reported for the interim period presented are not necessarily indicative of results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2020 Annual Report on Form 10-K. |
New Accounting Pronouncements | New Accounting Pronouncements ASU 2016-13, ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2020-03 The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , in June 2016. ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For assets measured at amortized cost, the new standard requires that the income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 was amended in November 2018, April 2019 and March 2020. The Company adopted ASU 2016-13, as amended, on January 1, 2021 on a prospective basis. The adoption did not have a material impact on the Company's financial position, results of operations, and cash flows. ASU 2019-12 The FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , in December 2019. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted ASU 2019-12 on January 1, 2021 on a prospective basis. The adoption did not have a material impact on the Company's financial position, results of operations, and cash flows. |
Inventory | Inventory is stated at the lower of average cost (principally standard cost, which approximates actual cost on a first-in, first-out basis) and net realizable value. Inventory includes raw materials and components that may be specialized in nature and subject to obsolescence. On a quarterly basis, we review inventory quantities on hand in comparison to our past consumption, recent purchases, and other factors to determine what inventory quantities, if any, may not be sellable. Based on this analysis, we write down the affected inventory value for estimated excess and obsolescence charges. At the point of loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. |
Product Warranties | The Company provides warranties on certain products and records a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based on historical experience, any specifically identified failures, and its estimate of future costs. |
Leases | Adoption of ASC 842 The Company adopted ASU 2016-02, Leases (Topic 842) and related amendments, using the modified transition approach with an effective date of January 1, 2020. The modified transition approach permits a company to use its effective date as the date of initial application to apply the standard to its leases, and, therefore, not restate comparative prior period financial information. Consequently, prior period financial information is not updated, and the disclosures required under the new standard will not be provided for dates and periods prior to January 1, 2020. The adoption of the lease standard did not have any effect on our previously reported consolidated financial statements and did not result in a cumulative catch-up adjustment to opening equity. Transition Practical Expedients and Elections |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Sales by End Market | The following tables represent a disaggregation of revenue from contracts with customers for the periods presented (in thousands): Sales by End Market Three Months Ended March 31, 2021 2020 Industrial $ 21,400 $ 15,990 Microfabrication 15,215 10,419 Aerospace and Defense 24,730 16,806 $ 61,345 $ 43,215 |
Schedule of Sales by Geography | Sales by Geography Three Months Ended March 31, 2021 2020 North America $ 31,134 $ 21,046 China 15,577 12,042 Rest of World 14,634 10,127 $ 61,345 $ 43,215 |
Schedule of Sales by Timing of Revenue | Sales by Timing of Revenue Three Months Ended March 31, 2021 2020 Point in time $ 46,994 $ 36,930 Over time 14,351 6,285 $ 61,345 $ 43,215 |
Schedule of Contract Assets and Liabilities | The Company's contract assets and liabilities are as follows (in thousands): Balance Sheet Classification As of March 31, 2021 December 31, 2020 Contract assets Prepaid expenses and $ 4,329 $ 5,680 Contract liabilities Deferred revenue and Other long-term liabilities 4,203 2,985 |
Concentrations of Credit and _2
Concentrations of Credit and Other Risks (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentration of Credit | The following customers accounted for 10% or more of the Company's revenues for the periods presented: Three Months Ended March 31, 2021 2020 Raytheon Technologies (1) 16% U.S. Government 20% 10% |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Hierarchy for Its Cash Equivalents | The Company's fair value hierarchy for its financial instruments consists of cash equivalents as follows (in thousands): March 31, 2021 Level 1 Level 2 Level 3 Total Money market securities $ 156,887 $ — $ — $ 156,887 Commercial paper 2,643 — — 2,643 Total $ 159,530 $ — $ — $ 159,530 December 31, 2020 Level 1 Level 2 Level 3 Total Money market securities $ 74,084 $ — $ — $ 74,084 Commercial paper 1,584 — — 1,584 Total $ 75,668 $ — $ — $ 75,668 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventory | Inventory consisted of the following (in thousands): As of March 31, 2021 December 31, 2020 Raw materials $ 22,852 $ 21,410 Work in process and semi-finished goods 23,829 21,320 Finished goods 12,123 11,976 $ 58,804 $ 54,706 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property, plant and equipment consist of the following (in thousands): As of Useful life (years) March 31, 2021 December 31, 2020 Automobile 3 $ 64 $ 34 Computer hardware and software 3-5 5,046 4,840 Manufacturing and lab equipment 2-7 71,663 69,849 Office equipment and furniture 5-7 1,769 1,605 Leasehold and building improvements 2-12 22,628 21,934 Buildings 30 9,392 9,081 Land N/A 3,399 3,399 113,961 110,742 Accumulated depreciation (67,834) (66,262) $ 46,127 $ 44,480 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The details of amortizing intangible assets are as follows (in thousands, except for estimated useful lives): Estimated useful life As of March 31, 2021 December 31, 2020 Patents 3 - 5 $ 6,261 $ 6,199 Development programs 2 - 4 7,200 7,200 Developed technology 5 1,226 1,226 14,687 14,625 Accumulated amortization (7,278) (6,280) $ 7,409 $ 8,345 |
Schedule of Estimated Future Amortization Expense | Estimated amortization expense for future years is as follows (in thousands): Remainder of 2021 $ 2,878 2022 2,357 2023 1,674 2024 364 2025 136 $ 7,409 |
Schedule of Goodwill | The carrying amount of goodwill by segment was as follows (in thousands): Laser Products Advanced Development Totals Balance, December 31, 2020 $ 2,236 $ 10,248 $ 12,484 Currency exchange rate adjustment (37) — (37) Balance, March 31, 2021 $ 2,199 $ 10,248 $ 12,447 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets consisted of the following (in thousands): As of March 31, 2021 December 31, 2020 Demonstration assets, net $ 2,472 $ 2,598 Deferred tax assets, net 66 69 Other 2,500 2,500 $ 5,038 $ 5,167 Three Months Ended March 31, 2021 2020 Amortization expense $ 541 $ 504 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): As of March 31, 2021 December 31, 2020 Accrued payroll and benefits $ 9,402 $ 10,770 Product warranty, current 2,441 2,122 Income tax payable 390 401 Other accrued expenses 1,689 2,028 $ 13,922 $ 15,321 |
Product Warranties (Tables)
Product Warranties (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of Reconciliation of the Changes in the Aggregate Product Warranty Liability | Product warranty liability activity was as follows for the periods presented (in thousands): Three Months Ended March 31, 2021 2020 Product warranty liability, beginning $ 4,711 $ 2,984 Warranty charges incurred, net (701) (766) Provision for warranty charges, net of adjustments 1,285 1,033 Acquired warranty — 100 Product warranty liability, ending $ 5,295 $ 3,351 Less: current portion of product warranty liability (2,441) (1,828) Non-current portion of product warranty liability $ 2,854 $ 1,523 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense related to operating leases were as follows (in thousands): Three Months Ended March 31, 2021 2020 Lease expense: Operating lease expense $ 874 $ 769 Short-term lease expense 73 87 Variable and other lease expense 122 146 $ 1,069 $ 1,002 |
Schedule of Future Minimum Payments Under Non-Cancelable Lease Obligations | Future minimum payments under our non-cancelable lease obligations were as follows as of March 31, 2021 (in thousands): Remainder of 2021 $ 2,566 2022 3,028 2023 2,369 2024 2,325 2025 1,896 Thereafter 10,011 Total minimum lease payments 22,195 Less: interest (3,598) Present value of net minimum lease payments 18,597 Less: current portion of lease liabilities (2,751) Total long-term lease liabilities $ 15,846 |
Stockholders' Equity and Stoc_2
Stockholders' Equity and Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Restricted Stock Awards and Units | Restricted stock award (RSA) and restricted stock unit (RSU) activity under our equity incentive plan was as follows (in thousands, except weighted-average grant date fair values): Number of Restricted Stock Awards Weighted-Average Grant Date Fair Value RSAs at December 31, 2020 653 $ 21.30 Awards granted — — Awards vested — — RSAs at March 31, 2021 653 $ 21.30 Number of Restricted Stock Units Weighted-Average Grant Date Fair Value RSUs at December 31, 2020 2,800 $ 20.54 Awards granted 76 38.76 Awards vested (3) 18.63 Awards forfeited (7) 24.88 RSUs at March 31, 2021 2,866 $ 21.01 |
Schedule of Stock Option Activity | The following table summarizes the Company’s stock option activity during the three months ended March 31, 2021 (in thousands, except weighted-average exercise prices): Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, December 31, 2020 3,358 $1.53 5.3 $104,510 Options exercised (452) $1.27 Options canceled (2) $4.79 Outstanding, March 31, 2021 2,904 $1.56 5.1 $89,554 Options exercisable at March 31, 2021 2,408 $1.15 4.8 $75,265 Options vested as of March 31, 2021 and expected to vest after March 31, 2021 2,904 $1.56 5.1 $89,554 |
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense was included in our consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2021 2020 Cost of revenues $ 491 $ 345 Research and development 2,918 1,782 Sales, general and administrative 4,645 1,636 $ 8,054 $ 3,763 |
Schedule of Share-Based Payment Arrangement, Nonvested Award, Cost | As of March 31, 2021, total unrecognized stock-based compensation related to unvested stock awards was $58.3 million, which will be recognized over the next five years as follows (in thousands): Remainder of 2021 $ 20,570 2022 21,754 2023 12,899 2024 3,027 2025 35 $ 58,285 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Operating Results by Reportable Segment | The following table summarizes the operating results by reportable segment for the periods presented (dollars in thousands): Three Months Ended March 31, 2021 Laser Products Advanced Development Corporate and Other Totals Revenue $ 47,335 $ 14,010 $ — $ 61,345 Gross profit $ 17,431 $ 705 $ (491) $ 17,645 Gross margin 36.8 % 5.0 % NM 28.8 % Three Months Ended March 31, 2020 Laser Products Advanced Development Corporate and Other Totals Revenue $ 36,930 $ 6,285 $ — $ 43,215 Gross profit $ 9,375 $ 471 $ (345) $ 9,501 Gross margin 25.4 % 7.5 % NM 22.0 % |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income (Loss) per Share | The following table sets forth the calculation of basic and diluted net loss per share for the periods presented (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Numerator: Net loss $ (6,149) $ (7,475) Denominator: Weighted-average shares, basic 40,048 37,846 Weighted-average shares, diluted 40,048 37,846 Net loss per share: Basic $ (0.15) $ (0.20) Diluted $ (0.15) $ (0.20) |
Schedule of Potentially Dilutive Shares Not Included in Calculation of Diluted Shares | The following potentially dilutive shares of restricted stock awards and units, employee stock purchase plan, and stock options were not included in the calculation of diluted shares above as the effect would have been anti‑dilutive (in thousands): Three Months Ended March 31, 2021 2020 Restricted stock units and awards 2,433 2,460 Employee stock purchase plan 7 — Common stock options 2,904 3,859 5,344 6,319 |
Acquisitions (Details)
Acquisitions (Details) - OPI Photonics - USD ($) $ in Millions | Jul. 30, 2020 | Mar. 31, 2021 |
Business Acquisition [Line Items] | ||
Acquisition consideration, cash | $ 1.6 | |
Acquisition paid | 0.2 | |
Remaining amount | $ 1.4 | |
Payment period | 24 months | |
Payment of contingent consideration liability for acquisition-date fair value | $ 0.3 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 61,345 | $ 43,215 |
Point in time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 46,994 | 36,930 |
Over time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 14,351 | 6,285 |
North America | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 31,134 | 21,046 |
China | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 15,577 | 12,042 |
Rest of World | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 14,634 | 10,127 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 21,400 | 15,990 |
Microfabrication | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 15,215 | 10,419 |
Aerospace and Defense | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 24,730 | $ 16,806 |
Revenue - Contract Assets and L
Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 4,329 | $ 5,680 |
Contract liabilities | $ 4,203 | $ 2,985 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized, previously included in customer advances and deferred revenue | $ 1.3 | $ 0.2 |
Concentrations of Credit and _3
Concentrations of Credit and Other Risks (Details) - Customer Concentration Risk | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Sales Revenue | Raytheon Technologies | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 16.00% | ||
Sales Revenue | U.S. Government | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 20.00% | 10.00% | |
Accounts Receivable | Two Customers | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 40.00% | 43.00% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | $ 159,530 | $ 75,668 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 159,530 | 75,668 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Money market securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 156,887 | 74,084 |
Money market securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 156,887 | 74,084 |
Money market securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Money market securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 2,643 | 1,584 |
Commercial paper | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 2,643 | 1,584 |
Commercial paper | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Commercial paper | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | $ 0 | $ 0 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 22,852 | $ 21,410 |
Work in process and semi-finished goods | 23,829 | 21,320 |
Finished goods | 12,123 | 11,976 |
Inventory | $ 58,804 | $ 54,706 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 113,961 | $ 110,742 |
Accumulated depreciation | (67,834) | (66,262) |
Property and equipment, net | $ 46,127 | 44,480 |
Automobile | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 3 years | |
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 64 | 34 |
Computer hardware and software | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 5,046 | 4,840 |
Computer hardware and software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 3 years | |
Computer hardware and software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 5 years | |
Manufacturing and lab equipment | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 71,663 | 69,849 |
Manufacturing and lab equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 2 years | |
Manufacturing and lab equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 7 years | |
Office equipment and furniture | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 1,769 | 1,605 |
Office equipment and furniture | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 5 years | |
Office equipment and furniture | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 7 years | |
Leasehold and building improvements | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 22,628 | 21,934 |
Leasehold and building improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 2 years | |
Leasehold and building improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 12 years | |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 30 years | |
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 9,392 | 9,081 |
Land | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 3,399 | $ 3,399 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 14,687 | $ 14,625 |
Accumulated amortization | (7,278) | (6,280) |
Net value | 7,409 | 8,345 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 6,261 | 6,199 |
Development programs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 7,200 | 7,200 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average amortization period | 5 years | |
Gross carrying amount | $ 1,226 | $ 1,226 |
Minimum | Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average amortization period | 3 years | |
Minimum | Development programs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average amortization period | 2 years | |
Maximum | Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average amortization period | 5 years | |
Maximum | Development programs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average amortization period | 4 years |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2021 | $ 2,878 | |
2022 | 2,357 | |
2023 | 1,674 | |
2024 | 364 | |
2025 | 136 | |
Net value | $ 7,409 | $ 8,345 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Goodwill [Roll Forward] | |
Goodwill | $ 12,484 |
Currency exchange rate adjustment | (37) |
Goodwill | 12,447 |
Laser Products | |
Goodwill [Roll Forward] | |
Goodwill | 2,236 |
Currency exchange rate adjustment | (37) |
Goodwill | 2,199 |
Advanced Development | |
Goodwill [Roll Forward] | |
Goodwill | 10,248 |
Currency exchange rate adjustment | 0 |
Goodwill | $ 10,248 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Other Assets, Noncurrent Disclosure [Abstract] | |||
Demonstration assets, net | $ 2,472 | $ 2,598 | |
Deferred tax assets, net | 66 | 69 | |
Other | 2,500 | 2,500 | |
Other assets | $ 5,038 | $ 5,167 | |
Useful life of demonstration assets | 2 years | ||
Amortization expense | $ 541 | $ 504 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued payroll and benefits | $ 9,402 | $ 10,770 |
Product warranty, current | 2,441 | 2,122 |
Income tax payable | 390 | 401 |
Other accrued expenses | 1,689 | 2,028 |
Total accrued liabilities | $ 13,922 | $ 15,321 |
Product Warranties (Details)
Product Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Product warranty liability, beginning | $ 4,711 | $ 2,984 |
Warranty charges incurred, net | (701) | (766) |
Provision for warranty charges, net of adjustments | 1,285 | 1,033 |
Acquired warranty | 0 | 100 |
Product warranty liability, ending | 5,295 | 3,351 |
Less: current portion of product warranty liability | (2,441) | (1,828) |
Non-current portion of product warranty liability | $ 2,854 | $ 1,523 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Line of Credit Facility [Line Items] | |
Increase to purchase obligations and other contractual obligations | $ 6,500,000 |
Revolving Credit Facility | Line of Credit | |
Line of Credit Facility [Line Items] | |
Revolving line of credit, borrowing capacity | $ 40,000,000 |
Unused credit fee (percent) | 0.20% |
Outstanding | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Mar. 31, 2021 |
Lessee, Lease, Description [Line Items] | |
Weighted-average remaining lease term for operating leases | 9 years 3 months 18 days |
Weighted-average discount rate for operating leases | 3.60% |
Operating Leases, Excluding Automobiles | |
Lessee, Lease, Description [Line Items] | |
Renewal lease term | 15 years |
Operating Leases, Excluding Automobiles | Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 2 months 12 days |
Operating Leases, Excluding Automobiles | Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 14 years 2 months 12 days |
Operating Leases, Automobiles | Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 2 months 12 days |
Operating Leases, Automobiles | Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 5 years 2 months 12 days |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating lease expense | $ 874 | $ 769 |
Short-term lease expense | 73 | 87 |
Variable and other lease expense | 122 | 146 |
Lease expense | $ 1,069 | $ 1,002 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments Under Non-Cancelable Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Remainder of 2021 | $ 2,566 | |
2022 | 3,028 | |
2023 | 2,369 | |
2024 | 2,325 | |
2025 | 1,896 | |
Thereafter | 10,011 | |
Total minimum lease payments | 22,195 | |
Less: interest | (3,598) | |
Present value of net minimum lease payments | 18,597 | |
Less: current portion of lease liabilities | (2,751) | $ (2,273) |
Long-term lease liabilities | $ 15,846 | $ 10,375 |
Stockholders' Equity and Stoc_3
Stockholders' Equity and Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Nov. 14, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Intrinsic value of options exercised | $ 15,000 | $ 6,000 | ||
Proceeds from the exercise of options | $ 574 | $ 558 | ||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 0 | |||
Unrecognized expense | $ 58,300 | $ 58,300 | ||
Common stock repurchase plan, authorized | $ 10,000 | |||
Number of shares repurchased (in shares) | 0 | |||
Restricted stock units and awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested, fair value | $ 100 | |||
Performance Restricted Stock Awards and Performance Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards outstanding (in shares) | 700 | 700 | ||
Performance-based awards, performance goals not yet established (in shares) | 300 | 300 | ||
Follow-on public offering | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued (in shares) | 2,500 | |||
Sale of stock, price per share (in dollars per share) | $ 34 | $ 34 | ||
Net proceeds received | $ 82,400 | |||
Underwriters option to purchase | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued (in shares) | 300 |
Stockholders' Equity and Stoc_4
Stockholders' Equity and Stock-Based Compensation - Summary of Restricted Stock Award and Restricted Stock Unit Activity (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Restricted Stock Awards | |
Number of restricted shares | |
Balance, beginning (in shares) | shares | 653 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Balance, ending (in shares) | shares | 653 |
Weighted-Average Grant Date Fair Value | |
Balance, beginning (in dollars per share) | $ / shares | $ 21.30 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 0 |
Balance, ending (in dollars per share) | $ / shares | $ 21.30 |
Restricted Stock Units | |
Number of restricted shares | |
Balance, beginning (in shares) | shares | 2,800 |
Granted (in shares) | shares | 76 |
Vested (in shares) | shares | (3) |
Forfeited (in shares) | shares | (7) |
Balance, ending (in shares) | shares | 2,866 |
Weighted-Average Grant Date Fair Value | |
Balance, beginning (in dollars per share) | $ / shares | $ 20.54 |
Granted (in dollars per share) | $ / shares | 38.76 |
Vested (in dollars per share) | $ / shares | 18.63 |
Forfeited (in dollars per share) | $ / shares | 24.88 |
Balance, ending (in dollars per share) | $ / shares | $ 21.01 |
Stockholders' Equity and Stoc_5
Stockholders' Equity and Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Number of Options | ||
Outstanding, beginning of period (in shares) | 3,358 | |
Options exercised (in shares) | (452) | |
Options canceled (in shares) | (2) | |
Outstanding, end of period (in shares) | 2,904 | 3,358 |
Weighted-Average Exercise Price | ||
Outstanding, beginning of period (in dollars per share) | $ 1.53 | |
Options exercised (in dollars per share) | 1.27 | |
Options canceled (in dollars per share) | 4.79 | |
Outstanding, end of period (in dollars per share) | $ 1.56 | $ 1.53 |
Outstanding, Weighted average remaining contractual term (years) | 5 years 1 month 6 days | 5 years 3 months 18 days |
Outstanding, Aggregate intrinsic value | $ 89,554 | $ 104,510 |
Options exercisable at end of period | ||
Options exercisable (in shares) | 2,408 | |
Weighted average exercise price (in dollars per share) | $ 1.15 | |
Weighted average remaining contractual term (years) | 4 years 9 months 18 days | |
Aggregate intrinsic value | $ 75,265 | |
Options vested as of end of period and expected to vest after end of period | ||
Options vested and expected to vest (in shares) | 2,904 | |
Weighted average exercise price (in dollars per share) | $ 1.56 | |
Weighted-Average Remaining Contractual Term (Years) | 5 years 1 month 6 days | |
Aggregate Intrinsic Value | $ 89,554 |
Stockholders' Equity and Stoc_6
Stockholders' Equity and Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 8,054 | $ 3,763 |
Cost of revenues | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 491 | 345 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 2,918 | 1,782 |
Sales, general and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 4,645 | $ 1,636 |
Stockholders' Equity and Stoc_7
Stockholders' Equity and Stock-Based Compensation - Unrecognized Compensation Costs (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Equity [Abstract] | |
Remainder of 2021 | $ 20,570 |
2022 | 21,754 |
2023 | 12,899 |
2024 | 3,027 |
2025 | 35 |
Total compensation cost | $ 58,285 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Operating
Segment Information - Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 61,345 | $ 43,215 |
Gross profit | $ 17,645 | $ 9,501 |
Gross margin | 28.80% | 22.00% |
Operating Segments | Laser Products | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 47,335 | $ 36,930 |
Gross profit | $ 17,431 | $ 9,375 |
Gross margin | 36.80% | 25.40% |
Operating Segments | Advanced Development | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 14,010 | $ 6,285 |
Gross profit | $ 705 | $ 471 |
Gross margin | 5.00% | 7.50% |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 0 | $ 0 |
Gross profit | $ (491) | $ (345) |
Net Loss per Share - Calculatio
Net Loss per Share - Calculation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net loss | $ (6,149) | $ (7,475) |
Denominator: | ||
Weighted-average shares, basic (in shares) | 40,048 | 37,846 |
Weighted-average shares, diluted (in shares) | 40,048 | 37,846 |
Net loss per share: | ||
Basic (in dollars per share) | $ (0.15) | $ (0.20) |
Diluted (in dollars per share) | $ (0.15) | $ (0.20) |
Net Loss per Share - Antidiluti
Net Loss per Share - Antidilutive Securities Excluded from Dilutive Shares (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 5,344 | 6,319 |
Restricted stock units and awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 2,433 | 2,460 |
Employee stock purchase plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 7 | 0 |
Common stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 2,904 | 3,859 |