Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 15, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | VICOR CORPORATION | ||
Entity Central Index Key | 0000751978 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | VICR | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 0-18277 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-2742817 | ||
Entity Address, Address Line One | 25 Frontage Road | ||
Entity Address, City or Town | Andover | ||
Entity Address, Postal Zip Code | 01810 | ||
City Area Code | 978 | ||
Local Phone Number | 470-2900 | ||
Security Exchange Name | NASDAQ | ||
Entity Address, State or Province | MA | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Entity Public Float | $ 1,187,792,000 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Documents Incorporated by Reference [Text Block] | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s definitive proxy statement (the “Definitive Proxy Statement”) to be filed with the Securities and Exchange Commission pursuant to Regulation 14A and relating to the Company’s 2024 annual meeting of stockholders are incorporated by reference into Part III. | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | Boston, MA | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 32,734,686 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 11,743,218 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 242,219 | $ 190,611 |
Accounts receivable, less allowance of $130 in 2023 and $87 in 2022 | 52,631 | 65,429 |
Inventories | 106,579 | 101,410 |
Other current assets | 18,937 | 5,154 |
Total current assets | 420,366 | 362,604 |
Deferred tax assets | 296 | 280 |
Long-term investment, net | 2,530 | 2,622 |
Property, plant and equipment, net | 157,689 | 166,009 |
Other assets | 14,006 | 5,386 |
Total assets | 594,887 | 536,901 |
Current liabilities: | ||
Accounts payable | 12,100 | 22,207 |
Accrued compensation and benefits | 11,227 | 10,849 |
Accrued litigation | 6,500 | 6,500 |
Accrued expenses | 5,093 | 8,613 |
Sales allowances | 3,482 | 1,661 |
Short-term lease liabilities | 1,864 | 1,450 |
Income taxes payable | 746 | 72 |
Short-term deferred revenue and customer prepayments | 3,157 | 13,197 |
Total current liabilities | 44,169 | 64,549 |
Long-term deferred revenue | 1,020 | 145 |
Long-term income taxes payable | 2,228 | 862 |
Long-term lease liabilities | 6,364 | 7,009 |
Total liabilities | 53,781 | 72,565 |
Commitments and contingencies (Note 15) | ||
Vicor Corporation stockholders' equity: | ||
Additional paid-in capital | 383,832 | 360,365 |
Retained earnings | 296,674 | 243,079 |
Accumulated other comprehensive loss | (1,273) | (988) |
Treasury stock at cost: 11,634,806 shares in 2023 and 2022 | (138,927) | (138,927) |
Total Vicor Corporation stockholders' equity | 540,869 | 464,088 |
Noncontrolling interest | 237 | 248 |
Total equity | 541,106 | 464,336 |
Total liabilities and equity | 594,887 | 536,901 |
Class B Common Stock [Member] | ||
Vicor Corporation stockholders' equity: | ||
Common Stock | 118 | 118 |
Common Stock [Member] | ||
Vicor Corporation stockholders' equity: | ||
Common Stock | $ 445 | $ 441 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Thousands | Dec. 31, 2023 USD ($) Vote $ / shares shares | Dec. 31, 2022 USD ($) Vote $ / shares shares |
Accounts receivable, allowance | $ | $ 130 | $ 87 |
Treasury stock, shares | 11,634,806 | 11,634,806 |
Class B Common Stock [Member] | ||
Common Stock, votes per share | Vote | 10 | 10 |
Common Stock, par value | $ / shares | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 14,000,000 | 14,000,000 |
Common Stock, shares issued | 11,743,218 | 11,743,218 |
Common Stock, shares outstanding | 11,743,218 | 11,743,218 |
Common Stock [Member] | ||
Common Stock, votes per share | Vote | 1 | 1 |
Common Stock, par value | $ / shares | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 62,000,000 | 62,000,000 |
Common Stock, shares issued | 44,354,394 | 43,976,336 |
Common Stock, shares outstanding | 32,719,588 | 32,341,530 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Statement [Abstract] | ||||
Net revenues | $ 405,059 | $ 399,079 | $ 359,364 | |
Cost of revenues | 200,130 | 218,520 | 181,164 | |
Gross margin | 204,929 | 180,559 | 178,200 | |
Operating expenses: | ||||
Selling, general and administrative | 85,714 | 86,264 | 69,484 | |
Research and development | 67,857 | 60,594 | 53,114 | |
Litigation-contingency expense | 0 | 6,500 | 0 | |
Total operating expenses | 153,571 | 153,358 | 122,598 | |
Income from operations | 51,358 | 27,201 | 55,602 | |
Other income (expense), net: | ||||
Total unrealized (losses) gains on available-for-sale securities, net | (92) | (17) | 122 | |
Portion of losses (gains) recognized in other comprehensive income | 92 | 20 | (118) | |
Net credit gains recognized in earnings | 0 | 3 | 4 | |
Other income (expense), net | 8,886 | 1,483 | 1,199 | |
Total other income (expense), net | 8,886 | 1,486 | 1,203 | |
Income before income taxes | 60,244 | 28,687 | 56,805 | |
Less: Provision for income taxes | 6,644 | 3,261 | 176 | |
Consolidated net income | 53,600 | 25,426 | 56,629 | |
Less: Net income (loss) attributable to noncontrolling interest | 5 | (20) | 4 | |
Net income attributable to Vicor Corporation | $ 53,595 | $ 25,446 | $ 56,625 | |
Net income per common share attributable to Vicor Corporation: | ||||
Basic | $ 1.21 | $ 0.58 | $ 1.3 | |
Diluted | $ 1.19 | $ 0.57 | $ 1.26 | |
Shares used to compute net income per common share attributable to Vicor Corporation: | ||||
Basic | [1] | 44,320 | 44,005 | 43,651 |
Diluted | [2] | 45,004 | 44,894 | 44,966 |
[1] Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding for the year, adjusted to include the dilutive effect, if any, of outstanding options. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement of Comprehensive Income [Abstract] | ||||
Consolidated net income | $ 53,600 | $ 25,426 | $ 56,629 | |
Foreign currency translation losses, net of tax benefit | [1] | (209) | (519) | (425) |
Unrealized (losses) gains on available-for-sale securities, net of tax | [1] | (92) | 821 | (732) |
Other comprehensive (loss) income | (301) | 302 | (1,157) | |
Consolidated comprehensive income | 53,299 | 25,728 | 55,472 | |
Less: Comprehensive loss attributable to noncontrolling interest | (11) | (58) | (29) | |
Comprehensive income attributable to Vicor Corporation | $ 53,310 | $ 25,786 | $ 55,501 | |
[1] The deferred tax assets associated with cumulative foreign currency translation losses and cumulative unrealized (losses) gains on available-for-sale securities are completely offset by a tax valuation allowance as of December 31, 2023, 2022, and 2021. Therefore, there is no income tax benefit (provision) recognized in any of the three years ended December 31, 2023. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Recognized income tax benefit (provision) | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | |||
Consolidated net income | $ 53,600 | $ 25,426 | $ 56,629 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | |||
Depreciation and amortization | 17,240 | 13,776 | 11,705 |
Stock-based compensation expense | 12,869 | 10,264 | 7,035 |
Provision for doubtful accounts | 43 | 5 | 0 |
Deferred income taxes | (34) | (72) | 18 |
Litigation-contingency expense | 0 | 6,500 | 0 |
Amortization of bond premium | 0 | 1,056 | 0 |
Credit gain on available-for-sale securities | 0 | (3) | (4) |
Increase (decrease) in long-term deferred revenue | 875 | (268) | (320) |
Increase in other assets | (192) | (692) | (43) |
Increase (decrease) in long-term income taxes payable | 1,366 | 293 | (74) |
Decrease in contingent consideration obligations | 0 | 0 | (74) |
Change in current assets and liabilities, net | (11,239) | (33,346) | (20,428) |
Net cash provided by operating activities | 74,528 | 22,939 | 54,444 |
Investing activities: | |||
Purchases of short-term investments | 0 | 0 | (70,900) |
Additions to property, plant and equipment and internal-use software | (33,452) | (63,966) | (47,761) |
Sales and maturities of short-term investments | 0 | 45,000 | 75,000 |
Net cash used for investing activities | (33,452) | (18,966) | (43,661) |
Financing activities: | |||
Proceeds from employee stock plans | 10,602 | 4,439 | 10,243 |
Payment of contingent consideration obligations | 0 | 0 | (153) |
Net cash provided by financing activities | 10,602 | 4,439 | 10,090 |
Effect of foreign exchange rates on cash | (70) | (219) | (197) |
Net increase in cash and cash equivalents | 51,608 | 8,193 | 20,676 |
Cash and cash equivalents at beginning of year | 190,611 | 182,418 | 161,742 |
Cash and cash equivalents at end of year | 242,219 | 190,611 | 182,418 |
Change in current assets and liabilities: | |||
Accounts receivable | 12,640 | (10,586) | (14,301) |
Inventories | (5,236) | (34,204) | (10,134) |
Other current assets | (539) | 1,547 | 10 |
Accounts payable and accrued liabilities | (11,151) | 4,399 | 2,503 |
Accrued severance and other charges | 9 | (93) | 93 |
Short-term lease liabilities | 583 | 103 | 4 |
Income taxes payable | 674 | 6 | (73) |
Deferred revenue and customer prepayments | (8,219) | 5,482 | 1,470 |
Change in current assets and liabilities, net | (11,239) | (33,346) | (20,428) |
Supplemental disclosures: | |||
Cash paid during the year for income taxes, net of refunds | 4,151 | 1,263 | 645 |
Purchases of property, plant and equipment and internal-use software incurred but not yet paid | $ 2,168 | $ 4,194 | $ 4,803 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total Vicor Corporation Stockholders' Equity [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2020 | $ 351,155 | $ 433 | $ 118 | $ 328,392 | $ 161,008 | $ (204) | $ (138,927) | $ 350,820 | $ 335 |
Issuance of Common Stock under employee stock plans | 10,243 | 6 | 10,237 | 10,243 | |||||
Stock-based compensation expense | 7,035 | 7,035 | 7,035 | ||||||
Components of comprehensive income, net of tax: | |||||||||
Net income (loss) | 56,629 | 56,625 | 56,625 | 4 | |||||
Other comprehensive income (loss) | (1,157) | (1,124) | (1,124) | (33) | |||||
Total comprehensive income (loss) | 55,472 | 55,501 | (29) | ||||||
Ending Balance at Dec. 31, 2021 | 423,905 | 439 | 118 | 345,664 | 217,633 | (1,328) | (138,927) | 423,599 | 306 |
Issuance of Common Stock under employee stock plans | 4,439 | 2 | 4,437 | 4,439 | |||||
Stock-based compensation expense | 10,264 | 10,264 | 10,264 | ||||||
Components of comprehensive income, net of tax: | |||||||||
Net income (loss) | 25,426 | 25,446 | 25,446 | (20) | |||||
Other comprehensive income (loss) | 302 | 340 | 340 | (38) | |||||
Total comprehensive income (loss) | 25,728 | 25,786 | (58) | ||||||
Ending Balance at Dec. 31, 2022 | 464,336 | 441 | 118 | 360,365 | 243,079 | (988) | (138,927) | 464,088 | 248 |
Issuance of Common Stock under employee stock plans | 10,602 | 4 | 10,598 | 10,602 | |||||
Stock-based compensation expense | 12,869 | 12,869 | 12,869 | ||||||
Components of comprehensive income, net of tax: | |||||||||
Net income (loss) | 53,600 | 53,595 | 53,595 | 5 | |||||
Other comprehensive income (loss) | (301) | (285) | (285) | (16) | |||||
Total comprehensive income (loss) | 53,299 | 53,310 | (11) | ||||||
Ending Balance at Dec. 31, 2023 | $ 541,106 | $ 445 | $ 118 | $ 383,832 | $ 296,674 | $ (1,273) | $ (138,927) | $ 540,869 | $ 237 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 53,595 | $ 25,446 | $ 56,625 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. DESCRIPTIO N OF BUSINESS Vicor Corporation (the “Company” or “Vicor”) designs, develops, manufactures, and markets modular power components and power systems for converting electrical power. The Company also licenses certain rights to its technology in return for recurring royalties. The principal markets for the Company’s power converters and systems are large original equipment manufacturers (“OEMs”), original design manufacturers (“ODMs”) and their contract manufacturers, and smaller, lower volume users, which are broadly distributed across several major market areas. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates and assumptions relate to the useful lives of fixed assets and identified intangible assets, recoverability of long-lived assets, fair value of short-term and long-term investments, allowances for doubtful accounts, potential excess, obsolete or unmarketable inventory, potential reserves relating to litigation matters, accrued liabilities, accrued taxes, deferred tax valuation allowances, assumptions pertaining to share-based payments, and other reserves. Actual results could differ from those based on these estimates and assumptions, and such differences may be material to the financial statements. Foreign currency translation The financial statements of Vicor Japan Company, Ltd. ("VJCL"), a majority-owned subsidiary, for which the functional currency is the Japanese Yen, have been translated into U.S. Dollars using the exchange rate in effect at the balance sheet date for balance sheet amounts and the average exchange rates in effect during the year for income statement amounts. The gains and losses resulting from the changes in exchange rates from year to year have been reported in other comprehensive income. Transaction gains and losses resulting from the remeasurement of foreign currency denominated assets and liabilities of the Company’s foreign subsidiaries where the functional currency is the U.S. Dollar are included in other income (expense), net. Foreign currency losses included in other income (expense), net were approximately $( 161,000 ), $( 653,000 ), and $( 336,000 ) in 2023, 2022, and 2021 , respectively. Investments The Company’s principal sources of liquidity are its existing balances of cash, cash equivalents, and cash generated from operations. Consistent with the guidelines of the Company’s investment policy, the Company can invest, and has historically invested, its cash balances in demand deposit accounts, money market funds, government debt securities, and auction rate securities meeting certain quality criteria. Cash and Cash Equivalents Cash and cash equivalents are highly liquid investments with insignificant interest rate risk and maturities of 90 days or less at the time of acquisition. Cash and cash equivalents include funds held in disbursement (i.e., checking) and money market accounts, certificates of deposit, and debt securities with maturities of less than three months at the time of purchase. Cash and cash equivalents are valued at cost, approximating market value. The Company’s money market securities are purchased and redeemed at par value. Their estimated fair value is equal to their cost, and, due to the nature of the securities and their classification as cash equivalents, there are no unrealized gains or losses recorded at the balance sheet dates. Short-term Investments The Company’s short-term investments, consisting of obligations of the U.S. Treasury, are debt securities with original maturities greater than three months but less than one year at the time of purchase. Long-term Investment The Company’s long-term investment is an auction rate debt security with a maturity of greater than one year and is subject to credit, liquidity, market, and interest rate risk. Available-For-Sale Securities Certain of the cash and cash equivalents, all of the short-term investments and the long-term investment are classified as available-for-sale securities (“AFS”). These securities are recorded at fair value, with unrealized gains and losses, net of tax, attributable to credit loss recorded through the Consolidated Statement of Operations and unrealized gains and losses, net of tax, attributable to other non-credit factors recorded in “Accumulated other comprehensive loss,” a component of Total Equity. Given the nature of the cash and cash equivalents and the short-term investments designated as AFS, credit losses are not considered to be material. In determining the amount of credit loss for the long-term investment, the Company compares the present value of cash flows expected to be collected to the amortized cost basis of the security, considering credit default risk probabilities and changes in credit ratings, among other factors. The Company periodically evaluates the long-term investment to determine if impairment is required, whether an impairment is other than temporary, and the measurement of an impairment loss. The Company considers a variety of impairment indicators such as, but not limited to, a significant deterioration in the earnings performance, credit rating, or asset quality of the investment. The amortized cost of the debt securities are adjusted for amortization of premiums and accretion of discounts to maturity, the net amount of which, along with interest and realized gains and losses, is included in “Other income (expense), net” in the Consolidated Statements of Operations. Fair value measurements The Company accounts for certain financial assets at fair value, defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., 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. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-level hierarchy is used to show the extent and level of judgment used to estimate fair value measurements: Level 1 Inputs used to measure fair value are unadjusted quoted prices available in active markets for the identical assets or liabilities as of the reporting date. Level 2 Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in inactive markets. Level 2 also includes assets and liabilities valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. Level 3 Inputs used to measure fair value are unobservable inputs supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The carrying amounts of cash and cash equivalents, short-term investments, accounts receivable, and accounts payable approximate fair value because of the short maturities of these financial instruments. Inventories Inventories are valued at the lower of cost (determined using the first-in, first-out method) or net realizable value. Fixed production overhead is allocated to the inventory cost per unit based on the normal capacity of the production facilities. Abnormal production costs, including fixed cost variances from normal production capacity, if any, are charged to cost of revenues in the period incurred. All shipping and handling costs incurred in connection with the sale of products are included in cost of revenues. Inventory estimated to be excess, obsolete, or unmarketable is written down to net realizable value. The Company’s estimation process for assessing net realizable value is based upon management’s estimate of expected future utility which is derived based on backlog, historical consumption and expected market conditions. If the Company’s estimated demand and/or market expectations were to change or if product sales were to decline, the Company’s estimation process may cause larger inventory reserves to be recorded, resulting in larger charges to cost of revenues. Government Grants The Company accounts for government assistance that is not subject to the scope of Accounting Standards Codification ("ASC") 740, Income Taxes using a grant accounting model, by analogy to International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance , and recognize such grants when we have reasonable assurance that we will comply with the grant’s conditions and that the grant will be received. Government grants whose primary condition is the purchase, construction, or acquisition of a long-lived asset are considered asset-based grants and are recognized as a reduction to such asset’s cost basis, which reduces future depreciation. Other government grants not related to long-lived assets are considered income-based grants, which are initially recognized as “Government grants receivable” and are also recognized as a reduction to the related cost of activities that generated the benefit. Proceeds received from asset based grants are presented as cash inflows from investing activities on the consolidated statements of cash flows, whereas proceeds received from income based grants are presented as cash inflows from operating activities. Concentrations of risk Financial instruments potentially subjecting the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and short-term investments, of which a significant portion are held by three financial institutions, its long-term investment, and trade accounts receivable. The Company maintains cash and cash equivalents, short-term investments and certain other financial instruments with high credit counterparties, and continuously monitors the amount of credit exposure to any one issuer and diversifies its investments in order to minimize its credit risk. Generally, amounts invested with these financial institutions are in excess of federal deposit insurance limits. The Company has not experienced any losses in such accounts, and management believes the Company is not exposed to significant credit risk. The Company’s long-term investment as of December 31, 2023 consists of a single auction rate security with a par value of $ 3,000,000 , which is collateralized by student loans. It is a highly rated (Aaa/AA+) municipal and corporate debt security. Through December 31, 2023, auctions held for the Company’s auction rate security have failed. The funds associated with an auction rate security that has failed auction may not be accessible until a successful auction occurs, a buyer is found outside of the auction process, the security is called, or the underlying securities have matured. If the credit rating of the issuer of the auction rate security held deteriorates, the Company may be required to adjust the carrying value of the investment for an other-than-temporary decline in value through an impairment charge. The Company’s investment policy, approved by the Board of Directors, limits the amount the Company may invest in any issuer, thereby reducing credit risk concentrations. The Company’s products are sold worldwide to customers ranging from smaller, independent manufacturers of highly specialized electronic devices, to larger OEMs, ODMs and their contract manufacturers. The Company’s Brick Products’ customers are primarily concentrated in the following industries: aerospace and defense electronics, industrial equipment, instrumentation and test equipment, and transportation (notably in rail and heavy equipment applications). The Company’s Advanced Products’ customers are concentrated in the data center and hyperscaler segments of enterprise computing, in which the Company’s products are used for power delivery on server motherboards, in server racks, and across datacenter infrastructure. The Company also serves applications in aerospace and aviation, defense electronics, satellites, factory automation, instrumentation, test equipment, transportation, telecommunications and networking infrastructure, and vehicles (notably in the autonomous driving, electric vehicle, and hybrid vehicle niches of the vehicle segment). While, overall, the Company has a broad customer base and sells into a variety of industries, a substantial portion of the Company’s revenue from its Advanced Products line has been derived from a limited number of customers. This concentration of revenue is a reflection of the relatively early stage of adoption of the technologies, architectures and products offered in the Advanced Products line, and the Company’s strategy of targeting market leading innovators as initial customers for its Advanced Products. Concentrations of credit risk with respect to trade accounts receivable are limited due to the number of entities comprising the Company’s customer base. As of December 31, 2023 and 2022 , one customer accounted for approximately 12.0 % and 15.4 %, respectively, of trade account receivables. Components and materials used in the Company’s products are purchased from a variety of vendors. While most of the components are available from multiple sources, some key components for certain Advanced Products, in particular, are supplied by single vendors. In instances of single source items, the Company maintains levels of inventories management considers appropriate to enable meeting the delivery requirements of customers. If suppliers or subcontractors cannot provide their products or services on time or to the required specifications, the Company may not be able to meet the demand for its products and its delivery times may be negatively affected. Long-lived assets The Company reviews property, plant and equipment and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying value of such assets may not be recoverable. Management determines whether the carrying value of an asset or asset group is recoverable based on comparison to the undiscounted expected future cash flows the assets are expected to generate over their remaining economic lives. If an asset value is not recoverable, the impairment loss is equal to the amount by which the carrying value of the asset exceeds its fair value, which is determined by either a quoted market price, if any, or a value determined by utilizing a discounted cash flow technique. Evaluation of impairment of long-lived assets requires estimates of future operating results that are used in the preparation of the expected future undiscounted cash flows. Actual future operating results and the remaining economic lives of our long-lived assets could differ from the estimates used in assessing the recoverability of these assets. These differences could result in impairment charges, which could be material. Intangible assets Patents Values assigned to patents are amortized using the straight-line method over periods ranging from three to 20 years. Patents and other intangible assets are included in “Other assets” in the accompanying Consolidated Balance Sheets. Internally Developed Software We capitalize internal and external costs related to developing, modifying or obtaining software for internal use, incurred during the application development stage in accordance with Accounting Standards Codification 350-40, Internal-Use Software . Costs related to software upgrades and enhancements are capitalized if it is determined that these upgrades or enhancements provide additional functionality to the software. The capitalized software is amortized using the straight-line method over the estimated useful life of the software. As of December 31, 2023 and 2022, we had $ 11,712,000 and $ 3,202,000 , respectively, of capitalized internal-use software costs which have not been amortized as the software has not yet been placed in service. Product warranties The Company generally offers a two-year warranty for all of its products, though it has extended the warranty period to three years for certain products. The Company provides for the estimated cost of product warranties at the time product revenue is recognized. Factors influencing the Company’s warranty reserves include the number of units sold, historical and anticipated rates of warranty returns, and the cost per return. The Company periodically assesses the adequacy of warranty reserves and adjusts the amounts as necessary. Warranty obligations are included in "Accrued expenses" in the accompanying Consolidated Balance Sheets. Revenue recognition Revenue is recognized when control of the promised goods or services is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales, value add, and other taxes collected concurrent with revenue producing activities are excluded from revenue. The expected costs associated with product warranties continue to be recognized at the time product revenue is recognized. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of revenues. The Company’s primary source of net revenue comes from the sale of products, which are modular power components and power systems for converting, regulating and controlling electric current. The principal customers for the Company’s power converters and systems are large OEMs, ODMs and the original design manufacturers and contract manufacturers serving them, and smaller, lower volume users, which are broadly distributed across several major market areas. The Company recognizes revenue for product sales at a point in time following the transfer of control of such products to the customer, including sales to stocking distributors, which typically occurs upon shipment or delivery, depending on the terms of the underlying contract. The Company establishes sales allowances on shipments to stocking distributors for estimated future product returns including distributor returns and price adjustment credits, primarily based upon historical and anticipated rates of product returns and allowances. Certain contracts with customers contain multiple performance obligations, which typically may include a combination of non-recurring engineering services (“NRE”), prototype units, and production units. For these contracts, the individual performance obligations are accounted for separately if they are distinct. Generally, the Company has determined the NRE and prototype units represent one distinct performance obligation and the production units represent a separate distinct performance obligation. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price, based on prices charged to customers or using the expected cost plus a margin approach. The Company recognizes revenue for NRE and prototype units at the point in time at which the final milestone under the NRE arrangement is completed and control is transferred to the customer, which is generally the shipment or delivery of the prototype. Revenue for production units is recognized upon shipment or delivery, consistent with product revenue summarized above. The Company licenses its intellectual property under right to use licenses, in which royalties due to the Company are based upon a percentage of the licensee’s sales. The Company utilizes the exception under the revenue recognition guidance for the recognition of sales- or usage-based royalties, in which the royalties are not recognized until the later of when 1) the customer’s subsequent sales or usages occur, or 2) the performance obligation to which some or all of the sales- or usage-based royalty has been allocated is satisfied or partially satisfied. Accounts receivable includes amounts billed and currently due from customers. The amounts due are stated at their estimated realizable value. The Company’s payment terms vary by the type and location of its customers and the products or services offered, although terms generally include a requirement of payment within 30 to 60 days. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments, based on assessments of customers’ credit-risk profiles and payment histories. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company does not require collateral from its customers, although there have been circumstances when the Company has required cash in advance (i.e., a partial down-payment) to facilitate orders in excess of a customer’s established credit limit. To date, such amounts have not been material. The Company records deferred revenue, which represents a contract liability, when cash payments are received or due in advance of performance under a contract with a customer. During the years ended December 31, 2023 and 2022 , the Company recognized revenue of approximately $ 7,568,000 and $ 5,328,000 , respectively, which was included in deferred revenue at the beginning of the respective period. The Company applies the practical expedient for the incremental costs of obtaining a contract for sales commissions, which are expensed when incurred because the amortization period is generally less than one year. These costs are included in selling, general and administrative expenses. The Company also applies another practical expedient and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Advertising expense The cost of advertising is expensed as incurred. The Company incurred approximately $ 3,730,000 , $ 3,786,000 , and $ 2,994,000 in advertising costs during 2023, 2022, and 2021 , respectively. Legal Costs Legal costs in connection with litigation are expensed as incurred. Stock-based compensation The Company uses the Black-Scholes option-pricing model to calculate the fair value of stock option awards, whether they possess time-based vesting provisions or performance-based vesting provisions, and awards granted under the Vicor Corporation 2017 Employee Stock Purchase Plan (“ESPP”), as of their grant date. For stock options with time-based vesting provisions, the calculated compensation expense, net of expected forfeitures, is recognized on a straight-line basis over the service period of the award, which is generally five years for stock options. For stock options with performance-based vesting provisions, recognition of compensation expense, net of expected forfeitures, commences if and when the achievement of the performance criteria is deemed probable. For stock options with performance-based vesting provisions, compensation expense, net of expected forfeitures, when recognized, is recognized over the relevant performance period. Income taxes Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted income tax rates and laws expected to be in effect when the temporary differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if management determines it is more likely than not that some portion or all of the deferred tax assets will not be realized. All deferred tax assets and liabilities are classified as noncurrent. The Company follows a two-step process to determine the amount of tax benefit to recognize. The first step is to evaluate the tax position to determine the likelihood it would be sustained upon examination by a tax authority. If the tax position is deemed “more-likely-than-not” to be sustained, the second step is to assess the tax position to determine the amount of tax benefit to be recognized in the financial statements. The amount of the benefit that may be recognized is the largest amount that possesses greater than 50 percent likelihood of being realized upon ultimate settlement. If the tax position does not meet the “more-likely-than-not” threshold, then it is not recognized in the financial statements. Additionally, the Company accrues interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense. The unrecognized tax benefits, including accrued interest and penalties, if any, are included in “Long-term income taxes payable” in the accompanying Consolidated Balance Sheets. Net income per common share The Company computes basic net income per share using the weighted average number of common shares outstanding and diluted net income per share using the weighted average number of common shares outstanding plus the effect of outstanding dilutive stock options, if any. The following table sets forth the computation of basic and diluted net income per share for the years ended December 31 (in thousands, except per share amounts): 2023 2022 2021 Numerator: Net income attributable to Vicor Corporation $ 53,595 $ 25,446 $ 56,625 Denominator: Denominator for basic net income per share- 44,320 44,005 43,651 Effect of dilutive securities: Employee stock options (2) 684 889 1,315 Denominator for diluted net income per share- 45,004 44,894 44,966 Basic net income per share $ 1.21 $ 0.58 $ 1.30 Diluted net income per share $ 1.19 $ 0.57 $ 1.26 (1) Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding . (2) Options to purchase 1,557,927 , 879,228 and 60,736 shares of Common Stock in 2023, 2022, and 2021, respectively, were not included in the calculation of net income per share as the effect would have been antidilutive. (3) Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding for the year, adjusted to include the dilutive effect, if any, of outstanding options. Comprehensive income (loss) The components of comprehensive income (loss) include, in addition to consolidated net income, unrealized gains and losses on investments, net of tax and foreign currency translation adjustments related to VJCL, net of tax. Impact of recently issued accounting standards On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which enhances segment disclosures and requires additional disclosures of segment expenses. This ASU is effective for annual periods in fiscal years beginning after December 15, 2023, and interim periods thereafter. Early adoption is permitted. The Company has not yet determined the impact of this ASU on the Company’s consolidated financial statements and disclosures. In December 2023, FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company expects this ASU to impact disclosures with no impact to the Company’s consolidated financial statements. Other new pronouncements issued but not effective until after December 31, 2023 are not expected to have a material impact on the Company’s consolidated financial statements. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories Inventories as of December 31 were as follows (in thousands): 2023 2022 Raw materials $ 88,716 $ 82,181 Work-in-process 10,525 10,456 Finished goods 7,338 8,773 $ 106,579 $ 101,410 |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Long-Term Investment | 4. LONG-TERM INVESTMENT As of December 31, 2023 and 2022 , the Company held one auction rate security with a par value of $ 3,000,000 and an estimated fair value of approximately $ 2,530,000 and $ 2,622,000 , respectively, purchased through and held in custody by a broker-dealer affiliate of Bank of America, N.A., that has experienced failed auctions (the “Failed Auction Security”) since February 2008. The Failed Auction Security held by the Company is Aaa/AA+ rated by major credit rating agencies, is collateralized by student loans, and is guaranteed by the U.S. Department of Education under the Federal Family Education Loan Program. Management is not aware of any reason to believe the issuer of the Failed Auction Security is presently at risk of default. Through December 31, 2023 , the Company has continued to receive interest payments on the Failed Auction Security in accordance with the terms of its indenture. Management believes the Company ultimately should be able to liquidate the Failed Auction Security without significant loss primarily due to the overall quality of the issue held and the collateral securing the substantial majority of the underlying obligation. Changes in the estimated fair value of the Failed Auction Security have not been significant in the past three years. However, current conditions in the auction rate securities market have led management to conclude the recovery period for the Failed Auction Security exceeds 12 months . As a result, the Company continued to classify the Failed Auction Security as long-term as of December 31, 2023. At this time, the Company has no intent to sell the Failed Auction Security and does not believe it is more likely than not the Company will be required to sell the security. If current market conditions deteriorate further, the Company may be required to record additional unrealized losses. If the credit rating of the security deteriorates, the Company may be required to adjust the carrying value of the investment through impairment charges recorded in the Consolidated Statement of Operations, and any such impairment adjustments may be material. Details of our investments are as follows (in thousands): December 31, 2023 Cash and Cash Long-Term Measured at fair value: Equivalents Investment Available-for-sale debt securities: Money Market Funds $ 209,489 $ — Failed Auction Security — 2,530 Total 209,489 2,530 Other measurement basis: Cash on hand 32,730 — Total $ 242,219 $ 2,530 December 31, 2022 Cash and Cash Long-Term Measured at fair value: Equivalents Investment Available-for-sale debt securities: Money Market Funds $ 143,274 $ — Failed Auction Security — 2,622 Total 143,274 2,622 Other measurement basis: Cash on hand 47,337 — Total $ 190,611 $ 2,622 The following is a summary of the available-for-sale securities (in thousands): Gross Gross Estimated Unrealized Unrealized Fair December 31, 2023 Cost Gains Losses Value Failed Auction Security $ 3,000 $ — $ 470 $ 2,530 December 31, 2022 Failed Auction Security $ 3,000 $ — $ 378 $ 2,622 As of December 31, 2023 and 2022 , t he Failed Auction Security had been in an unrealized loss position for greater than 12 months. The amortized cost and estimated fair value of the available-for-sale securities on December 31, 2023, by type and contractual maturities, are shown below (in thousands): Failed Auction Security: Estimated Cost Fair Value Due in nineteen years $ 3,000 $ 2,530 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The Company accounts for certain financial assets at fair value, defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., 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. As such, fair value is a market-based measurement that should be determined based on assumptions market participants would use in pricing an asset or liability. A three-level hierarchy is used to show the extent and level of judgment used to estimate fair value measurements. Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2023 (in thousands): Using Significant Quoted Prices Other Significant in Active Observable Unobservable Total Fair Markets Inputs Inputs Value as of (Level 1) (Level 2) (Level 3) December 31, 2023 Cash equivalents: Money market funds $ 209,489 $ — $ — $ 209,489 Long-term investment: Failed Auction Security — — 2,530 2,530 Assets measured at fair value on a recurring basis included the following as of December 31, 2022 (in thousands): Using Significant Quoted Prices Other Significant in Active Observable Unobservable Total Fair Markets Inputs Inputs Value as of (Level 1) (Level 2) (Level 3) December 31, 2022 Cash equivalents: Money market funds $ 143,274 $ — $ — $ 143,274 Long-term investment: Failed Auction Security — — 2,622 2,622 The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the year ended December 31, 2023 was as follows (in thousands): Balance at the beginning of the period $ 2,622 Loss included in Other comprehensive income ( 92 ) Balance at the end of the period $ 2,530 Management utilized a probability weighted discounted cash flow model to determine the estimated fair value of this investment as of December 31, 2023. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 6. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at cost and are depreciated and amortized over a per iod of three to 39 ye ars generally under the straight-line method for financial reporting purposes and accelerated methods for income tax purposes. Property, plant and equipment as of December 31 were as follows (in thousands): 2023 2022 Land $ 3,600 $ 3,600 Buildings and improvements 82,861 73,520 Machinery and equipment 282,084 271,021 Furniture and fixtures 14,346 15,297 Construction in-progress and deposits 17,723 52,937 400,614 416,375 Accumulated depreciation and amortization ( 250,315 ) ( 258,570 ) Right of use asset - net 7,390 8,204 Net balance $ 157,689 $ 166,009 Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was approximatel y $ 17,174,000 , $ 13,701,000 , and $ 11,609,000 , respectively. As of December 31, 2023 , the Company had approximately $ 15,014,000 of capital expenditure commitments. On August 9, 2022, Congress enacted a 25 percent tax credit for investment in semiconductor manufacturing to incentivize domestic semiconductor production. The Advanced Manufacturing Investment Tax Credit ("ITC") was enacted as part of the Creating Helpful Incentives to Produce Semiconductors Act in response to supply chain disruptions. The Company has undergone a study of its 2023 capital expenditures to determine which additions would qualify under the ITC guidance and which would not. The Company believes that it does comply with the grant conditions supported by the study and that the grant will be received based on meeting these conditions. The Company recorded in the year ended December 31, 2023 an Other current asset for the associated value of the ITC credit receivable of $ 13,248,000 , with a corresponding offset to the Property, plant and equipment line item on its Consolidated Balance Sheet. The Company expects to receive the ITC credit in the form of a cash refund shortly after filing its 2023 tax return. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 7. INTANGIBLE ASSETS Patent costs, which are included in Other assets in the accompanying Consolidated Balance Sheets, as of December 31 were as follows (in thousands): 2023 2022 Patent costs $ 900 $ 1,030 Accumulated amortization ( 708 ) ( 772 ) $ 192 $ 258 Definite lived intangible assets, such as patent rights, are amortized and tested for impairment if a triggering event occurs. As of December 31, 2023 and 2022, we had $ 11,712,000 and $ 3,202,000 , respectively, of capitalized internal-use software costs which have not been amortized as the software has not yet been placed in service. Amortization expense was approximately $ 66,000 , $ 75,000 and $ 96,000 in 2023, 2022, and 2021 , respectively. |
Product Warranties
Product Warranties | 12 Months Ended |
Dec. 31, 2023 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranties | 8. PRODUCT WARRANTIES Product warranty activity for the years ended December 31 was as follows (in thousands): 2023 2022 2021 Balance at the beginning of the period $ 497 $ 292 $ 308 Accruals for warranties for products sold in the period 1,353 376 158 Fulfillment of warranty obligations ( 815 ) ( 131 ) ( 151 ) Revisions of estimated obligations ( 1 ) ( 40 ) ( 23 ) Balance at the end of the period $ 1,034 $ 497 $ 292 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 9. STOCKHOLDERS' EQUITY Each share of Common Stock entitles the holder thereof to one vote on all matters submitted to the stockholders. Each share of Class B Common Stock entitles the holder thereof to ten votes on all such matters. Shares of Class B Common Stock are not transferable by a stockholder except to or among the stockholder’s spouse, certain of the stockholder’s relatives, and certain other defined transferees. Class B Common Stock is not listed or traded on any exchange or in any market. Class B Common Stock is convertible at the option of the holder thereof at any time and without cost to the stockholder into shares of Common Stock on a one-for-one basis. In November 2000, the Board of Directors of the Company authorized the repurchase of up to $ 30,000,000 of the Company’s Common Stock (the “November 2000 Plan”). The plan authorizes the Company to make repurchases from time to time in the open market or through privately negotiated transactions. The timing of this program and the amount of the stock that may be repurchased is at the discretion of management based on its view of economic and financial market conditions. There were no repurchases under the November 2000 Plan in 2023, 2022, and 2021. On December 31, 2023 , the Company had approximately $ 8,541,000 available for share repurchases under the November 2000 Plan. Dividends are declared at the discretion of the Company’s Board of Directors and depend on actual cash from operations, the Company’s financial condition and capital requirements and any other factors the Company’s Board of Directors may consider relevant at the time. Common Stock and Class B Common Stock participate in dividends and earnings equally. On December 31, 2023, 2022, and 2021 , there were 20,703,238 , 21,080,950 , and 21,268,027 , respectively, shares of Vicor Common Stock reserved for issuance upon exercise of Vicor stock options, upon conversion of Class B Common Stock and under the ESPP. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 10. REVENUES The following tables present the Company’s net revenues disaggregated by geography based on the location of the customer, by product line (in thousands): Year Ended December 31, 2023 Brick Advanced Total United States $ 82,400 $ 67,056 $ 149,456 Europe 31,792 27,950 59,742 Asia Pacific 63,631 128,636 192,267 All other 3,343 251 3,594 $ 181,166 $ 223,893 $ 405,059 Year Ended December 31, 2022 Brick Advanced Total United States $ 76,306 $ 53,116 $ 129,422 Europe 27,856 10,522 38,378 Asia Pacific 49,076 179,259 228,335 All other 2,520 424 2,944 $ 155,758 $ 243,321 $ 399,079 Year Ended December 31, 2021 Brick Advanced Total United States $ 74,280 $ 44,360 $ 118,640 Europe 32,762 5,145 37,907 Asia Pacific 80,344 120,459 200,803 All other 1,758 256 2,014 $ 189,144 $ 170,220 $ 359,364 The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands): Year Ended December 31, 2023 Brick Advanced Total Direct customers, contract manufacturers and non-stocking $ 113,448 $ 163,549 $ 276,997 Stocking distributors, net of sales allowances 66,544 29,893 96,437 Non-recurring engineering 1,174 13,421 14,595 Royalties — 15,872 15,872 Other — 1,158 1,158 $ 181,166 $ 223,893 $ 405,059 Year Ended December 31, 2022 Brick Advanced Total Direct customers, contract manufacturers and non-stocking $ 102,905 $ 216,685 $ 319,590 Stocking distributors, net of sales allowances 51,819 13,831 65,650 Non-recurring engineering 1,034 9,933 10,967 Royalties — 2,801 2,801 Other — 71 71 $ 155,758 $ 243,321 $ 399,079 Year Ended December 31, 2021 Brick Advanced Total Direct customers, contract manufacturers and $ 139,099 $ 144,180 $ 283,279 Stocking distributors, net of sales allowances 49,359 14,123 63,482 Non-recurring engineering 686 10,027 10,713 Royalties — 1,819 1,819 Other — 71 71 $ 189,144 $ 170,220 $ 359,364 The following table presents the changes in certain contract assets and (liabilities) (in thousands): December 31, 2023 December 31, 2022 Change Short-term deferred revenue and customer prepayments $ ( 3,157 ) $ ( 13,197 ) $ 10,040 Long-term deferred revenue ( 1,020 ) ( 145 ) ( 875 ) Deferred expenses — 577 ( 577 ) Sales allowances ( 3,482 ) ( 1,661 ) ( 1,821 ) Deferred expenses are included in Other current assets, in the accompanying Consolidated Balance Sheets. During 2023, 2022, and 2021, one customer accounted for approximately 10.7 %, 12.4 %, and 14.9 % of net revenues, respectively, which included net revenues from both business product lines in each of the three years. Net revenues from customers in Taiwan accounted for approximately 14.6 % of total net revenues in 2023, 26.4 % in 2022 and 16.1 % in 2021, respectively. Net revenues from customers in China (including Hong Kong), accounted for approximately 17.7 % of total net revenues in 2023, 18.8 % in 2022 and 27.5 % in 2021, respectively. |
Stock-Based Compensation and Em
Stock-Based Compensation and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation and Employee Benefit Plans | 11. STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS Vicor currently grants options for the purchase of Common Stock (i.e., “stock options”) under the following equity compensation plans that are stockholder-approved: Amended and Restated 2000 Stock Option and Incentive Plan, as amended and restated (the “2000 Plan”) — Under the 2000 Plan, the Board of Directors or the Compensation Committee of the Board of Directors may grant stock incentive awards based on the Company’s Common Stock, including stock options, stock appreciation rights, restricted stock, performance shares, unrestricted stock, deferred stock, and dividend equivalent rights. Awards may be granted to employees and other key persons, including non-employee directors. Incentive stock options may be granted to employees at a price at least equal to the fair market value per share of the Common Stock on the date of grant, and non-qualified options may be granted to non-employee directors at a price at least equal to 85 % of the fair market value of the Common Stock on the date of grant. A total of 10,000,000 shares of Common Stock have been reserved for issuance under the 2000 Plan. The period of time during which an option may be exercised and the vesting periods are determined by the Compensation Committee. The term of each option may not exceed 10 years from the date of grant and have a vesting period of five years . Vicor Corporation 2017 Employee Stock Purchase Plan (the “Plan” or the “ESPP”) . Under the ESPP, the Company has reserved 2,000,000 shares of Common Stock for issuance to eligible employees who elect to participate. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. The ESPP operates in successive periods of approximately six months , each referred to as an “offering period.” Generally, offering periods commence on or around September 1 and March 1 and end on or around the following February 28 or August 31, respectively. Under the ESPP, an option is granted to participating employees on the first day of an offering period to purchase shares of the Company’s Common Stock at the end of that offering period at a purchase price equal to 85 % of the lesser of the fair market value of a share of Common Stock on either the first day or the last day of that offering period. The purchase of shares is funded by means of periodic payroll deductions, which may not exceed 15.0 % of the employee’s eligible compensation, as defined in the Plan. Among other provisions, the Plan limits the number of shares that can be purchased by a participant during any offering period and cumulatively for any calendar year. Stock-based compensation expense for the years ended December 31 was as follows (in thousands): 2023 2022 2021 Cost of revenues $ 2,429 $ 1,648 $ 1,000 Selling, general and administrative 6,829 5,735 3,873 Research and development 3,611 2,881 2,162 Total stock-based compensation $ 12,869 $ 10,264 $ 7,035 Compensation expense by type of award for the years ended December 31 was as follows (in thousands): 2023 2022 2021 Stock options $ 11,585 $ 9,093 $ 6,122 ESPP 1,284 1,171 913 Total stock-based compensation $ 12,869 $ 10,264 $ 7,035 All time-based (i.e., non-performance-based) options for the purchase of Vicor common stock are granted with an exercise price equal to or greater than the market price for Vicor Common Stock at the date of the grant. The fair value for non-performance-based stock options awarded under the 2000 Plan for the years shown below was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: 2023 2022 2021 Risk-free interest rate 3.7 % 2.8 % 0.8 % Expected dividend yield — — — Expected volatility 54 % 51 % 49 % Expected term (years) 4.2 4.4 4.9 Risk-free interest rate: The Company uses the yield on zero-coupon U.S. Treasury “Strip” securities for a period that is commensurate with the expected term assumption for each vesting period. Expected dividend yield: The Company determines the expected dividend yield by annualizing the most recent prior cash dividends declared by the Company’s Board of Directors, if any, and dividing that result by the closing stock price on the date of that dividend declaration. Dividends are not paid on options. Expected volatility: Vicor uses historical volatility to estimate the grant-date fair value of the options, using the expected term for the period over which to calculate the volatility (see below). The Company does not expect its future volatility to differ from its historical volatility. The computation of the Company’s volatility is based on a simple average calculation of monthly volatilities over the expected term. Expected term: The Company uses historical employee exercise and option expiration data to estimate the expected term assumption for the Black-Scholes grant-date valuation. The Company believes this historical data is currently the best estimate of the expected term of options, and all groups of the Company’s employees exhibit similar exercise behavior. Forfeiture rate: The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The term “forfeitures” is distinct from “cancellations” or “expirations” and represents only the unvested portion of the surrendered option. The forfeiture analysis is re-evaluated annually and the forfeiture rate is adjusted as necessary. Ultimately, the actual expense recognized over the vesting period will only be for those shares that vest. Based on an analysis of historical forfeitures, the Company applied an annual forfeiture rate of 5.00 % in 2023, estimating approximately 86 % of its options would actually vest. For 2022 and 2021, the Company applied an annual forfeiture rate of 5.35 % and 4.85 %, respectively, estimating approximately 85 % and 86 %, respectively, of its options would actually vest. A summary of the activity under the 2000 Plan as of December 31, 2023 and changes during the year then ended, is presented below (in thousands except for share and weighted-average data): Options Weighted- Weighted- Aggregate Outstanding on December 31, 2022 2,024,664 $ 41.48 Granted 918,161 $ 42.76 Forfeited and expired ( 79,500 ) $ 53.67 Exercised ( 308,083 ) $ 25.31 Outstanding on December 31, 2023 2,555,242 $ 43.51 3.90 $ 27,948 Exercisable on December 31, 2023 973,894 $ 27.39 2.10 $ 24,781 Vested or expected to vest as of December 31, 2,404,726 $ 43.04 3.79 $ 27,619 (1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. The number of options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options. As of December 31, 2022 and 2021 , the Company had options exercisable for 1,046,092 and 776,559 shares, respectively, for which the weighted average exercise prices were $ 18.26 and $ 11.63 , respectively. During the years ended December 31, 2023, 2022, and 2021 , the total intrinsic value of Vicor options exercised (i.e., the difference between the market price at exercise and the price paid by the employee to exercise the options) was approximately $ 14,396,000 , $ 7,252,000 , and $ 56,933,000 , respectively. The total amount of cash received by the Company from options exercised in 2023, 2022, and 2021 was $ 7,798,000 , $ 1,634,000 , and $ 7,616,000 , respectively. The total grant-date fair value of stock options granted during the years ended December 31, 2023, 2022, and 2021 was approximately $ 17,957,000 , $ 15,087,000 , and $ 10,506,000 , respectively. As of December 31, 2023 , there was approximately $ 23,179,000 of total unrecognized compensation cost related to unvested awards for Vicor. That cost is expected to be recognized over a weighted-average period of 2.1 years for those awards. The expense will be recognized as follows: $ 11,028,000 in 2024, $ 6,730,000 in 2025, $ 3,638,000 in 2026, $ 1,473,000 in 2027, and $ 310,000 in 2028. The weighted-average fair value of Vicor options granted was $ 19.56 , $ 26.53 , and $ 39.27 , in 2023, 2022, and 2021, respectively. 401(k) Plan The Company sponsors a savings plan available to all domestic employees, which qualifies under Section 401(k) of the Code. Employees may contribute to the plan in amounts representing from 1 % to 80 % of their pre-tax salary, subject to statutory limitations. The Company matches employee contributions to the plan at a rate of 50%, up to the first 6% of an employee’s compensation. The Company’s matching contributions currently vest at a rate of 20 % per year, based upon years of service. The Company’s contributions to the plan were approximately $ 2,317,000 , $ 2,211,000 , and $ 1,593,000 in 2023, 2022, and 2021, respectively. Stock Bonus Plan Under the Company’s 1985 Stock Bonus Plan, as amended, shares of Common Stock may be awarded to employees from time to time as determined by the Board of Directors. On December 31, 2023 , 109,964 shares were available for further award. All shares awarded to employees under this plan have vested. No further awards are contemplated under this plan at the present time. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 12. LEASES Substantially all of the Company’s leases are classified as operating leases. The majority of the Company’s leases are for office and manufacturing space, along with several automobiles and certain equipment. Leases with initial terms of less than twelve months are not recorded on the balance sheet. Expense for these leases is recognized on a straight-line basis over the lease term. The Company’s leases have remaining terms of less than one year to just over 11 years . The majority of the Company’s leases do not have options to renew, although several have renewal terms to extend the lease for one five-year term, and one lease contains two five-year renewal options. None of the renewal options are included in determining the term of the lease, used for calculating the associated lease liabilities. None of the Company’s leases include variable payments, residual value guarantees or restrictive covenants. A number of the Company’s leases for office and manufacturing space include provisions for common area maintenance (“CAM”). The Company accounts for CAM separately from lease payments, and therefore costs for CAM are not included in the determination of lease liabilities. The Company is a party to one arrangement as the lessor, for its facility located in Sunnyvale, California, with a third party. The lessee under this lease has one option to renew the lease for a term of five years . As of December 31, 2023 , the balance of right of use (“ ROU ”) assets was approximately $ 7,390,000 , and the balances of short-term and long-term lease liabilities were approximately $ 1,864 ,000 and $ 6,364 ,000, respectively. For the year ended December 31, 2023 , the Company recorded operating lease cost, including short-term lease cost, of approximately $ 2,138,000 ($ 2,130,000 in 2022). The ROU assets are included in “Property, plant and equipment, net” in the accompanying Consolidated Balance Sheets. The maturities of the Company’s lease liabilities are as follows (in thousands): 2024 $ 1,959 2025 1,821 2026 1,208 2027 837 2028 and beyond 3,881 Total lease payments $ 9,706 Less: Imputed interest 1,478 Present value of lease liabilities $ 8,228 As of December 31, 2023 , the weighted-average remaining lease term was 6.8 years and the weighted-average discount rate was 4.22 % for the Company’s operating leases. The Company developed the discount rates used based on a Secured Overnight Financing Rate (“SOFR”) over a term approximating the term of the related lease, plus an additional interest factor, which was generally 1.25 %. For the years ended December 31, 2023 and December 31, 2022, the Company paid approximately $ 2,096,000 and $ 2,183,000 , respectively, for amounts included in the measurement of lease liabilities through operating cash flows. The Company obtained approximately $ 1,180,000 and $ 2,941,000 in ROU assets in exchange for $ 1,165,000 and $ 3,040,000 of new operating lease liabilities for the years ended December 31, 2023 and December 31, 2022, respectively. The maturities of the lease payments to be received by the Company under the lease agreement for its leased facility in California are as follows (in thousands): 2024 $ 402 Total lease payments to be received $ 402 The Company recorded net lease income under this lease of approximately $ 792,000 for each of the years ended December 31, 2023, 2022, and 2021. |
Other Income (Expense), Net
Other Income (Expense), Net | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense), Net | 13. OTHER INCOME (EXPENSE), NET The components of Other income (expense), net for the years ended December 31 were as follows (in thousands): 2023 2022 2021 Interest income, net $ 8,217 $ 1,313 $ 930 Rental income, net 792 792 792 Foreign currency losses, net ( 161 ) ( 653 ) ( 336 ) Other, net 38 34 ( 183 ) $ 8,886 $ 1,486 $ 1,203 In 2022, “Interest income, net” includes an immaterial error correction of $ 834,000 related to the amortization of bond premiums on available-for-sale securities. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. INCOME TAXES The tax provision includes estimated federal, state and foreign income taxes on the Company's pre-tax income. The tax provisions also may include discrete items, generally related to increases or decreases in tax reserves, tax provision vs. tax return differences and accrued interest for potential liabilities. The reconciliation of the federal statutory rate on the income before income taxes to the effective income tax rate for the years ended December 31 is as follows: 2023 2022 2021 Statutory federal tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax benefit ( 0.6 ) ( 2.4 ) ( 4.2 ) Increase in valuation allowance 7.4 14.5 9.2 Permanent items ( 8.5 ) ( 13.8 ) ( 17.9 ) Tax credits ( 5.9 ) ( 9.9 ) ( 5.7 ) Provision vs. tax return differences ( 1.9 ) 2.1 ( 2.0 ) Foreign rate differential and deferred items 0.1 ( 0.2 ) — Other ( 0.6 ) 0.1 ( 0.1 ) 11.0 % 11.4 % 0.3 % In 2023 and 2022, the Company utilized net operating loss carryforwards and tax credits to offset federal income expense. In 2021, the Company was in a taxable loss position which generated net operating loss carryforwards, primarily due to tax deductions on exercises of stock-based compensation of approximately $ 55,300,000 . For financial reporting purposes, income before income taxes for the years ended December 31 include the following components (in thousands): 2023 2022 2021 Domestic $ 59,528 $ 29,157 $ 56,620 Foreign 716 ( 470 ) 185 $ 60,244 $ 28,687 $ 56,805 Significant components of the provision (benefit) for income taxes for the years ended December 31 are as follows (in thousands): 2023 2022 2021 Current: Federal $ 4,814 $ 2,105 $ 1 State 1,655 955 ( 14 ) Foreign 209 298 171 6,678 3,358 158 Deferred: Foreign ( 34 ) ( 97 ) 18 ( 34 ) ( 97 ) 18 $ 6,644 $ 3,261 $ 176 Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows (in thousands): 2023 2022 Deferred tax assets: Research and development tax credit carryforwards $ 29,619 $ 33,764 Stock-based compensation 5,709 3,940 Inventory reserves 3,363 2,303 Investment tax credit carryforwards 2,659 2,461 UNICAP 1,139 1,118 Vacation accrual 1,319 1,248 Lease liabilities 1,388 1,422 Capitalized research and development 22,621 12,142 Other 3,235 2,893 Total deferred tax assets 71,052 61,291 Less: Valuation allowance for deferred tax assets ( 52,291 ) ( 47,413 ) Net deferred tax assets 18,761 13,878 Deferred tax liabilities: Depreciation ( 16,139 ) ( 11,396 ) ROU assets ( 1,201 ) ( 1,362 ) Prepaid expenses ( 1,048 ) ( 751 ) Other ( 77 ) ( 89 ) Total deferred tax liabilities ( 18,465 ) ( 13,598 ) Net deferred tax assets (liabilities) $ 296 $ 280 As of December 31, 2023, the Company had a valuation allowance of approximately $ 52,291,000 against all net domestic deferred tax assets, for which realization cannot be considered more likely than not at this time. Management assesses the need for the valuation allowance on a quarterly basis. In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and past financial performance. Despite recent positive operating results, the Company faces uncertainties in forecasting its operating results due to vendor supply and factory capacity constraints, certain process issues with the production of Advanced Products, and the unpredictability in certain markets, product transitions, new program introductions and adoption times of new technology offerings. This operating uncertainty also makes it difficult to predict the availability and utilization of tax benefits over the next several years. As a result, management has concluded, as of December 31, 2023, it is more likely than not the Company’s net domestic deferred tax assets will not be realized, and a full valuation allowance against all net domestic deferred tax assets is still warranted as of December 31, 2023. The valuation allowance against these deferred tax assets may require adjustment in the future based on changes in the mix of temporary differences, changes in tax laws, and operating performance. If the positive operating results continue and the Company’s concerns about industry uncertainty and world events, supply and factory capacity constraints, program adoption and process issues with the production of Advanced Products are resolved, and the amount of tax benefits the Company is able to utilize to the point that the Company believes future taxable income can be more reliably forecasted, the Company may release all or a portion of the valuation allowance in the near-term. Certain state tax credits, though, will likely never be released by the valuation allowance. If and when the Company determines the valuation allowance should be released (i.e., reduced), the adjustment would result in a tax benefit reported in that period’s Consolidated Statements of Operations, the effect of which would be an increase in reported net income. As of December 31, 2023, the Company had no federal net operating loss carryforwards available, and had state net operating losses of approximately $ 41,000 , which will begin to expire in 2030 . The Company has federal and state research and development tax credit carryforwards of $ 15,546,000 and $ 21,201,000 , which will begin to expire in 2039 and 2024 , respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2023 2022 2021 Balance on January 1 $ 3,474 $ 3,246 $ 2,297 Additions based on tax positions related to the current year 650 319 625 Additions (reductions) for tax positions of prior years 86 ( 54 ) 393 Lapse of statute ( 26 ) ( 37 ) ( 69 ) Balance on December 31 $ 4,184 $ 3,474 $ 3,246 The Company has reviewed the tax positions taken, or to be taken, in its tax returns for all tax years currently open to examination by a taxing authority. The total amount of unrecognized tax benefits, that is the aggregate tax effect of differences between tax return positions and the benefits recognized in the Company’s financial statements, as of December 31, 2023, 2022, and 2021 of $ 4,184,000 , $ 3,474,000 , and $ 3,246,000 , respectively, if recognized, may decrease the Company’s income tax provision and effective tax rate. None of the unrecognized tax benefits as of December 31, 2023 are expected to significantly change during the next twelve months. The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense. During the years ended December 31, 2023, 2022, and 2021, the Company recognized approximately $ 23,000 , $ 17,000 , and $ 19,000 , respectively, in net interest expense. As of December 31, 2023 and 2022, the Company had accrued approximately $ 67,000 and $ 52,000 , respectively, for the potential payment of interest. The Company files income tax returns in the United States and various foreign tax jurisdictions. These tax returns are generally open to examination by the relevant tax authorities from three to seven years from the date they are filed. The tax filings relating to the Company’s federal and state taxes are currently open to examination for tax years 2019 through 2022 and 2015 through 2022, respectively. In addition, the Company generated federal research and development credits in tax years 2005 through 2018. These years may also be subject to examination when the credits are carried forward and utilized in future years. The Company was informed in September 2021 by the Internal Revenue Service of their intention to examine the Company’s 2019 Federal income tax return. The IRS is in the process of closing the examination of the 2019 tax year with no material adjustments. There are no other audits or examinations in process in any other jurisdiction. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. COMMITMENTS AND contingencies At December 31, 2023 , the Company had approximately $ 15,014,000 of cancelable and non-cancelable capital expenditure commitments, principally for manufacturing equipment. The Company is the defendant in a patent infringement lawsuit originally filed on January 28, 2011 by SynQor, Inc. (“SynQor”) in the U.S. District Court (the “District Court”) for the Eastern District of Texas. The complaint, as amended, alleged that the Company’s unregulated bus converters used in intermediate bus architecture power supply systems infringed SynQor’s U.S. patent numbers 7,072,190, 7,272,021, 7,564,702, and 8,023,290 (“the ‘190 patent”, “the ‘021 patent”, “the ‘702 patent”, and “the ‘290 patent”, respectively, and collectively the “SynQor Patents”). The Company asserted counterclaims against SynQor alleging unfair competition and tortious interference with business relations (the “Counterclaims”). As a result of certain actions by the United States Patent and Trademark Office (“USPTO”) and the District Court, SynQor’s infringement allegations regarding the ‘021 patent and the ‘290 patent were dismissed from the case prior to the beginning of trial. Specifically, the USPTO invalidated all the asserted claims of the ‘021 patent and that decision was upheld on appeal on August 30, 2017. In addition, on October 5, 2022, the District Court issued an order involuntarily dismissing the ‘290 patent infringement allegations on grounds of equitable and judicial estoppel, in view of representations by SynQor to the District Court agreeing to such dismissal as a condition of lifting a prior stay of the lawsuit. On January 18, 2023, the United States Court of Appeals for the Federal Circuit issued a decision upholding a decision of the Patent Trial and Appeal Board of the USPTO invalidating all claims of the ‘290 patent. A trial in the District Court began on October 17, 2022 on the asserted claims of the ‘190 patent and the ‘702 patent, as well as on the Company’s Counterclaims. The District Court dismissed the Company’s Counterclaims on October 25, 2022. On October 26, 2022, the jury returned a verdict on SynQor’s patent infringement claims, finding that the Company willfully infringed the ‘702 patent, but did not infringe the ‘190 patent. The jury awarded SynQor damages in the amount of $ 6,500,000 for infringement of the ‘702 patent. All of the SynQor Patents expired in 2018. On December 23, 2022, SynQor filed in the District Court (a) a motion for judgment as a matter of law that the Company infringed the ‘190 patent, (b) a motion requesting the District Court to award SynQor treble damages, as well as pre- and post-judgment interest, (c) a motion requesting the District Court to award SynQor its attorneys’ fees, and (d) a motion for a new trial. On December 23, 2022, the Company filed in the District Court (a) a motion requesting judgment as a matter of law that it did not infringe the ‘702 patent, and (b) a motion requesting judgment with respect to its defenses of equitable estoppel and waiver. On January 8, 2024, the District Court issued orders denying (a) SynQor’s motion for judgment as a matter of law, (b) the Company’s motion for judgment as a matter of law, (c) the Company’s motion for judgment with respect to its defenses of equitable estoppel and waiver and (d) SynQor’s motion for a new trial. The Court has yet to rule on SynQor’s motions for treble damages, interest, and attorney fees. To the extent that the District Court ultimately rules against the Company with respect to SynQor's motions for treble damages, interest, and attorney fees, the Company anticipates appealing those rulings to the United States Court of Appeals for the Federal Circuit. The Company similarly anticipates appealing the District Court’s order dismissing the Company’s Counterclaims against SynQor. In accordance with applicable accounting standards, the Company recorded a litigation related accrual of $ 6,500,000 in the third quarter of 2022 as its estimate based on the jury award, using estimated outcomes ranging from $ 0 to treble damages plus attorney fees. In addition, the Company is involved in certain other litigation and claims incidental to the conduct of its business, both as a defendant and a plaintiff. While the outcome of such other lawsuits and claims against the Company cannot be predicted with certainty, management does not expect such litigation or claims will have a material adverse impact on the Company’s financial position or results of operations. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | VICOR CORPORATION SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Years ended December 31, 2023, 2022 and 2021 Charge (Recovery) Balance at to Costs and Other Charges, Balance at Description Beginning of Period Expenses Deductions (1) End of Period Allowance for doubtful accounts: Year ended: December 31, 2023 $ 87,000 $ 43,000 $ — $ 130,000 December 31, 2022 82,000 5,000 — 87,000 December 31, 2021 82,000 — — 82,000 (1) Reflects uncollectible accounts written off, net of recoveries. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates and assumptions relate to the useful lives of fixed assets and identified intangible assets, recoverability of long-lived assets, fair value of short-term and long-term investments, allowances for doubtful accounts, potential excess, obsolete or unmarketable inventory, potential reserves relating to litigation matters, accrued liabilities, accrued taxes, deferred tax valuation allowances, assumptions pertaining to share-based payments, and other reserves. Actual results could differ from those based on these estimates and assumptions, and such differences may be material to the financial statements. |
Foreign currency translation | Foreign currency translation The financial statements of Vicor Japan Company, Ltd. ("VJCL"), a majority-owned subsidiary, for which the functional currency is the Japanese Yen, have been translated into U.S. Dollars using the exchange rate in effect at the balance sheet date for balance sheet amounts and the average exchange rates in effect during the year for income statement amounts. The gains and losses resulting from the changes in exchange rates from year to year have been reported in other comprehensive income. Transaction gains and losses resulting from the remeasurement of foreign currency denominated assets and liabilities of the Company’s foreign subsidiaries where the functional currency is the U.S. Dollar are included in other income (expense), net. Foreign currency losses included in other income (expense), net were approximately $( 161,000 ), $( 653,000 ), and $( 336,000 ) in 2023, 2022, and 2021 , respectively. |
Investments | Investments The Company’s principal sources of liquidity are its existing balances of cash, cash equivalents, and cash generated from operations. Consistent with the guidelines of the Company’s investment policy, the Company can invest, and has historically invested, its cash balances in demand deposit accounts, money market funds, government debt securities, and auction rate securities meeting certain quality criteria. |
Cash and cash equivalents | Cash and Cash Equivalents Cash and cash equivalents are highly liquid investments with insignificant interest rate risk and maturities of 90 days or less at the time of acquisition. Cash and cash equivalents include funds held in disbursement (i.e., checking) and money market accounts, certificates of deposit, and debt securities with maturities of less than three months at the time of purchase. Cash and cash equivalents are valued at cost, approximating market value. The Company’s money market securities are purchased and redeemed at par value. Their estimated fair value is equal to their cost, and, due to the nature of the securities and their classification as cash equivalents, there are no unrealized gains or losses recorded at the balance sheet dates. |
Short-term Investments | Short-term Investments The Company’s short-term investments, consisting of obligations of the U.S. Treasury, are debt securities with original maturities greater than three months but less than one year at the time of purchase. |
Long-term investments | Long-term Investment The Company’s long-term investment is an auction rate debt security with a maturity of greater than one year and is subject to credit, liquidity, market, and interest rate risk. |
Available-For-Sale Securities | Available-For-Sale Securities Certain of the cash and cash equivalents, all of the short-term investments and the long-term investment are classified as available-for-sale securities (“AFS”). These securities are recorded at fair value, with unrealized gains and losses, net of tax, attributable to credit loss recorded through the Consolidated Statement of Operations and unrealized gains and losses, net of tax, attributable to other non-credit factors recorded in “Accumulated other comprehensive loss,” a component of Total Equity. Given the nature of the cash and cash equivalents and the short-term investments designated as AFS, credit losses are not considered to be material. In determining the amount of credit loss for the long-term investment, the Company compares the present value of cash flows expected to be collected to the amortized cost basis of the security, considering credit default risk probabilities and changes in credit ratings, among other factors. The Company periodically evaluates the long-term investment to determine if impairment is required, whether an impairment is other than temporary, and the measurement of an impairment loss. The Company considers a variety of impairment indicators such as, but not limited to, a significant deterioration in the earnings performance, credit rating, or asset quality of the investment. The amortized cost of the debt securities are adjusted for amortization of premiums and accretion of discounts to maturity, the net amount of which, along with interest and realized gains and losses, is included in “Other income (expense), net” in the Consolidated Statements of Operations. |
Fair value measurements | Fair value measurements The Company accounts for certain financial assets at fair value, defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., 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. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-level hierarchy is used to show the extent and level of judgment used to estimate fair value measurements: Level 1 Inputs used to measure fair value are unadjusted quoted prices available in active markets for the identical assets or liabilities as of the reporting date. Level 2 Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in inactive markets. Level 2 also includes assets and liabilities valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. Level 3 Inputs used to measure fair value are unobservable inputs supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The carrying amounts of cash and cash equivalents, short-term investments, accounts receivable, and accounts payable approximate fair value because of the short maturities of these financial instruments. |
Inventories | Inventories Inventories are valued at the lower of cost (determined using the first-in, first-out method) or net realizable value. Fixed production overhead is allocated to the inventory cost per unit based on the normal capacity of the production facilities. Abnormal production costs, including fixed cost variances from normal production capacity, if any, are charged to cost of revenues in the period incurred. All shipping and handling costs incurred in connection with the sale of products are included in cost of revenues. Inventory estimated to be excess, obsolete, or unmarketable is written down to net realizable value. The Company’s estimation process for assessing net realizable value is based upon management’s estimate of expected future utility which is derived based on backlog, historical consumption and expected market conditions. If the Company’s estimated demand and/or market expectations were to change or if product sales were to decline, the Company’s estimation process may cause larger inventory reserves to be recorded, resulting in larger charges to cost of revenues. |
Government Grants | Government Grants The Company accounts for government assistance that is not subject to the scope of Accounting Standards Codification ("ASC") 740, Income Taxes using a grant accounting model, by analogy to International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance , and recognize such grants when we have reasonable assurance that we will comply with the grant’s conditions and that the grant will be received. Government grants whose primary condition is the purchase, construction, or acquisition of a long-lived asset are considered asset-based grants and are recognized as a reduction to such asset’s cost basis, which reduces future depreciation. Other government grants not related to long-lived assets are considered income-based grants, which are initially recognized as “Government grants receivable” and are also recognized as a reduction to the related cost of activities that generated the benefit. Proceeds received from asset based grants are presented as cash inflows from investing activities on the consolidated statements of cash flows, whereas proceeds received from income based grants are presented as cash inflows from operating activities. |
Concentrations of risk | Concentrations of risk Financial instruments potentially subjecting the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and short-term investments, of which a significant portion are held by three financial institutions, its long-term investment, and trade accounts receivable. The Company maintains cash and cash equivalents, short-term investments and certain other financial instruments with high credit counterparties, and continuously monitors the amount of credit exposure to any one issuer and diversifies its investments in order to minimize its credit risk. Generally, amounts invested with these financial institutions are in excess of federal deposit insurance limits. The Company has not experienced any losses in such accounts, and management believes the Company is not exposed to significant credit risk. The Company’s long-term investment as of December 31, 2023 consists of a single auction rate security with a par value of $ 3,000,000 , which is collateralized by student loans. It is a highly rated (Aaa/AA+) municipal and corporate debt security. Through December 31, 2023, auctions held for the Company’s auction rate security have failed. The funds associated with an auction rate security that has failed auction may not be accessible until a successful auction occurs, a buyer is found outside of the auction process, the security is called, or the underlying securities have matured. If the credit rating of the issuer of the auction rate security held deteriorates, the Company may be required to adjust the carrying value of the investment for an other-than-temporary decline in value through an impairment charge. The Company’s investment policy, approved by the Board of Directors, limits the amount the Company may invest in any issuer, thereby reducing credit risk concentrations. The Company’s products are sold worldwide to customers ranging from smaller, independent manufacturers of highly specialized electronic devices, to larger OEMs, ODMs and their contract manufacturers. The Company’s Brick Products’ customers are primarily concentrated in the following industries: aerospace and defense electronics, industrial equipment, instrumentation and test equipment, and transportation (notably in rail and heavy equipment applications). The Company’s Advanced Products’ customers are concentrated in the data center and hyperscaler segments of enterprise computing, in which the Company’s products are used for power delivery on server motherboards, in server racks, and across datacenter infrastructure. The Company also serves applications in aerospace and aviation, defense electronics, satellites, factory automation, instrumentation, test equipment, transportation, telecommunications and networking infrastructure, and vehicles (notably in the autonomous driving, electric vehicle, and hybrid vehicle niches of the vehicle segment). While, overall, the Company has a broad customer base and sells into a variety of industries, a substantial portion of the Company’s revenue from its Advanced Products line has been derived from a limited number of customers. This concentration of revenue is a reflection of the relatively early stage of adoption of the technologies, architectures and products offered in the Advanced Products line, and the Company’s strategy of targeting market leading innovators as initial customers for its Advanced Products. Concentrations of credit risk with respect to trade accounts receivable are limited due to the number of entities comprising the Company’s customer base. As of December 31, 2023 and 2022 , one customer accounted for approximately 12.0 % and 15.4 %, respectively, of trade account receivables. Components and materials used in the Company’s products are purchased from a variety of vendors. While most of the components are available from multiple sources, some key components for certain Advanced Products, in particular, are supplied by single vendors. In instances of single source items, the Company maintains levels of inventories management considers appropriate to enable meeting the delivery requirements of customers. If suppliers or subcontractors cannot provide their products or services on time or to the required specifications, the Company may not be able to meet the demand for its products and its delivery times may be negatively affected. |
Long-lived assets | Long-lived assets The Company reviews property, plant and equipment and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying value of such assets may not be recoverable. Management determines whether the carrying value of an asset or asset group is recoverable based on comparison to the undiscounted expected future cash flows the assets are expected to generate over their remaining economic lives. If an asset value is not recoverable, the impairment loss is equal to the amount by which the carrying value of the asset exceeds its fair value, which is determined by either a quoted market price, if any, or a value determined by utilizing a discounted cash flow technique. Evaluation of impairment of long-lived assets requires estimates of future operating results that are used in the preparation of the expected future undiscounted cash flows. Actual future operating results and the remaining economic lives of our long-lived assets could differ from the estimates used in assessing the recoverability of these assets. These differences could result in impairment charges, which could be material. |
Intangible assets | Intangible assets Patents Values assigned to patents are amortized using the straight-line method over periods ranging from three to 20 years. Patents and other intangible assets are included in “Other assets” in the accompanying Consolidated Balance Sheets. |
Internally Developed Software | Internally Developed Software We capitalize internal and external costs related to developing, modifying or obtaining software for internal use, incurred during the application development stage in accordance with Accounting Standards Codification 350-40, Internal-Use Software . Costs related to software upgrades and enhancements are capitalized if it is determined that these upgrades or enhancements provide additional functionality to the software. The capitalized software is amortized using the straight-line method over the estimated useful life of the software. As of December 31, 2023 and 2022, we had $ 11,712,000 and $ 3,202,000 , respectively, of capitalized internal-use software costs which have not been amortized as the software has not yet been placed in service. |
Product warranties | Product warranties The Company generally offers a two-year warranty for all of its products, though it has extended the warranty period to three years for certain products. The Company provides for the estimated cost of product warranties at the time product revenue is recognized. Factors influencing the Company’s warranty reserves include the number of units sold, historical and anticipated rates of warranty returns, and the cost per return. The Company periodically assesses the adequacy of warranty reserves and adjusts the amounts as necessary. Warranty obligations are included in "Accrued expenses" in the accompanying Consolidated Balance Sheets. |
Revenue recognition | Revenue recognition Revenue is recognized when control of the promised goods or services is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales, value add, and other taxes collected concurrent with revenue producing activities are excluded from revenue. The expected costs associated with product warranties continue to be recognized at the time product revenue is recognized. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of revenues. The Company’s primary source of net revenue comes from the sale of products, which are modular power components and power systems for converting, regulating and controlling electric current. The principal customers for the Company’s power converters and systems are large OEMs, ODMs and the original design manufacturers and contract manufacturers serving them, and smaller, lower volume users, which are broadly distributed across several major market areas. The Company recognizes revenue for product sales at a point in time following the transfer of control of such products to the customer, including sales to stocking distributors, which typically occurs upon shipment or delivery, depending on the terms of the underlying contract. The Company establishes sales allowances on shipments to stocking distributors for estimated future product returns including distributor returns and price adjustment credits, primarily based upon historical and anticipated rates of product returns and allowances. Certain contracts with customers contain multiple performance obligations, which typically may include a combination of non-recurring engineering services (“NRE”), prototype units, and production units. For these contracts, the individual performance obligations are accounted for separately if they are distinct. Generally, the Company has determined the NRE and prototype units represent one distinct performance obligation and the production units represent a separate distinct performance obligation. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price, based on prices charged to customers or using the expected cost plus a margin approach. The Company recognizes revenue for NRE and prototype units at the point in time at which the final milestone under the NRE arrangement is completed and control is transferred to the customer, which is generally the shipment or delivery of the prototype. Revenue for production units is recognized upon shipment or delivery, consistent with product revenue summarized above. The Company licenses its intellectual property under right to use licenses, in which royalties due to the Company are based upon a percentage of the licensee’s sales. The Company utilizes the exception under the revenue recognition guidance for the recognition of sales- or usage-based royalties, in which the royalties are not recognized until the later of when 1) the customer’s subsequent sales or usages occur, or 2) the performance obligation to which some or all of the sales- or usage-based royalty has been allocated is satisfied or partially satisfied. Accounts receivable includes amounts billed and currently due from customers. The amounts due are stated at their estimated realizable value. The Company’s payment terms vary by the type and location of its customers and the products or services offered, although terms generally include a requirement of payment within 30 to 60 days. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments, based on assessments of customers’ credit-risk profiles and payment histories. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company does not require collateral from its customers, although there have been circumstances when the Company has required cash in advance (i.e., a partial down-payment) to facilitate orders in excess of a customer’s established credit limit. To date, such amounts have not been material. The Company records deferred revenue, which represents a contract liability, when cash payments are received or due in advance of performance under a contract with a customer. During the years ended December 31, 2023 and 2022 , the Company recognized revenue of approximately $ 7,568,000 and $ 5,328,000 , respectively, which was included in deferred revenue at the beginning of the respective period. The Company applies the practical expedient for the incremental costs of obtaining a contract for sales commissions, which are expensed when incurred because the amortization period is generally less than one year. These costs are included in selling, general and administrative expenses. The Company also applies another practical expedient and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. |
Advertising expense | Advertising expense The cost of advertising is expensed as incurred. The Company incurred approximately $ 3,730,000 , $ 3,786,000 , and $ 2,994,000 in advertising costs during 2023, 2022, and 2021 , respectively. |
Legal Costs | Legal Costs Legal costs in connection with litigation are expensed as incurred. |
Stock-based compensation | Stock-based compensation The Company uses the Black-Scholes option-pricing model to calculate the fair value of stock option awards, whether they possess time-based vesting provisions or performance-based vesting provisions, and awards granted under the Vicor Corporation 2017 Employee Stock Purchase Plan (“ESPP”), as of their grant date. For stock options with time-based vesting provisions, the calculated compensation expense, net of expected forfeitures, is recognized on a straight-line basis over the service period of the award, which is generally five years for stock options. For stock options with performance-based vesting provisions, recognition of compensation expense, net of expected forfeitures, commences if and when the achievement of the performance criteria is deemed probable. For stock options with performance-based vesting provisions, compensation expense, net of expected forfeitures, when recognized, is recognized over the relevant performance period. |
Income taxes | Income taxes Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted income tax rates and laws expected to be in effect when the temporary differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if management determines it is more likely than not that some portion or all of the deferred tax assets will not be realized. All deferred tax assets and liabilities are classified as noncurrent. The Company follows a two-step process to determine the amount of tax benefit to recognize. The first step is to evaluate the tax position to determine the likelihood it would be sustained upon examination by a tax authority. If the tax position is deemed “more-likely-than-not” to be sustained, the second step is to assess the tax position to determine the amount of tax benefit to be recognized in the financial statements. The amount of the benefit that may be recognized is the largest amount that possesses greater than 50 percent likelihood of being realized upon ultimate settlement. If the tax position does not meet the “more-likely-than-not” threshold, then it is not recognized in the financial statements. Additionally, the Company accrues interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense. The unrecognized tax benefits, including accrued interest and penalties, if any, are included in “Long-term income taxes payable” in the accompanying Consolidated Balance Sheets. |
Net income (loss) per common share | Net income per common share The Company computes basic net income per share using the weighted average number of common shares outstanding and diluted net income per share using the weighted average number of common shares outstanding plus the effect of outstanding dilutive stock options, if any. The following table sets forth the computation of basic and diluted net income per share for the years ended December 31 (in thousands, except per share amounts): 2023 2022 2021 Numerator: Net income attributable to Vicor Corporation $ 53,595 $ 25,446 $ 56,625 Denominator: Denominator for basic net income per share- 44,320 44,005 43,651 Effect of dilutive securities: Employee stock options (2) 684 889 1,315 Denominator for diluted net income per share- 45,004 44,894 44,966 Basic net income per share $ 1.21 $ 0.58 $ 1.30 Diluted net income per share $ 1.19 $ 0.57 $ 1.26 (1) Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding . (2) Options to purchase 1,557,927 , 879,228 and 60,736 shares of Common Stock in 2023, 2022, and 2021, respectively, were not included in the calculation of net income per share as the effect would have been antidilutive. (3) Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding for the year, adjusted to include the dilutive effect, if any, of outstanding options. |
Comprehensive income (loss) | Comprehensive income (loss) The components of comprehensive income (loss) include, in addition to consolidated net income, unrealized gains and losses on investments, net of tax and foreign currency translation adjustments related to VJCL, net of tax. |
Impact of recently issued accounting standards | Impact of recently issued accounting standards On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which enhances segment disclosures and requires additional disclosures of segment expenses. This ASU is effective for annual periods in fiscal years beginning after December 15, 2023, and interim periods thereafter. Early adoption is permitted. The Company has not yet determined the impact of this ASU on the Company’s consolidated financial statements and disclosures. In December 2023, FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company expects this ASU to impact disclosures with no impact to the Company’s consolidated financial statements. Other new pronouncements issued but not effective until after December 31, 2023 are not expected to have a material impact on the Company’s consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue, Major Customer [Line Items] | |
Computation of Basic and Diluted Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share for the years ended December 31 (in thousands, except per share amounts): 2023 2022 2021 Numerator: Net income attributable to Vicor Corporation $ 53,595 $ 25,446 $ 56,625 Denominator: Denominator for basic net income per share- 44,320 44,005 43,651 Effect of dilutive securities: Employee stock options (2) 684 889 1,315 Denominator for diluted net income per share- 45,004 44,894 44,966 Basic net income per share $ 1.21 $ 0.58 $ 1.30 Diluted net income per share $ 1.19 $ 0.57 $ 1.26 (1) Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding . (2) Options to purchase 1,557,927 , 879,228 and 60,736 shares of Common Stock in 2023, 2022, and 2021, respectively, were not included in the calculation of net income per share as the effect would have been antidilutive. (3) Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding for the year, adjusted to include the dilutive effect, if any, of outstanding options. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories as of December 31 were as follows (in thousands): 2023 2022 Raw materials $ 88,716 $ 82,181 Work-in-process 10,525 10,456 Finished goods 7,338 8,773 $ 106,579 $ 101,410 |
Long-Term Investment (Tables)
Long-Term Investment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment | Details of our investments are as follows (in thousands): December 31, 2023 Cash and Cash Long-Term Measured at fair value: Equivalents Investment Available-for-sale debt securities: Money Market Funds $ 209,489 $ — Failed Auction Security — 2,530 Total 209,489 2,530 Other measurement basis: Cash on hand 32,730 — Total $ 242,219 $ 2,530 December 31, 2022 Cash and Cash Long-Term Measured at fair value: Equivalents Investment Available-for-sale debt securities: Money Market Funds $ 143,274 $ — Failed Auction Security — 2,622 Total 143,274 2,622 Other measurement basis: Cash on hand 47,337 — Total $ 190,611 $ 2,622 |
Summary of Available-for-Sale Securities | The following is a summary of the available-for-sale securities (in thousands): Gross Gross Estimated Unrealized Unrealized Fair December 31, 2023 Cost Gains Losses Value Failed Auction Security $ 3,000 $ — $ 470 $ 2,530 December 31, 2022 Failed Auction Security $ 3,000 $ — $ 378 $ 2,622 |
Cost and Estimated Fair Value of Failed Auction Security by Contractual Maturities | The amortized cost and estimated fair value of the available-for-sale securities on December 31, 2023, by type and contractual maturities, are shown below (in thousands): Failed Auction Security: Estimated Cost Fair Value Due in nineteen years $ 3,000 $ 2,530 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2023 (in thousands): Using Significant Quoted Prices Other Significant in Active Observable Unobservable Total Fair Markets Inputs Inputs Value as of (Level 1) (Level 2) (Level 3) December 31, 2023 Cash equivalents: Money market funds $ 209,489 $ — $ — $ 209,489 Long-term investment: Failed Auction Security — — 2,530 2,530 Assets measured at fair value on a recurring basis included the following as of December 31, 2022 (in thousands): Using Significant Quoted Prices Other Significant in Active Observable Unobservable Total Fair Markets Inputs Inputs Value as of (Level 1) (Level 2) (Level 3) December 31, 2022 Cash equivalents: Money market funds $ 143,274 $ — $ — $ 143,274 Long-term investment: Failed Auction Security — — 2,622 2,622 |
Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs | The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the year ended December 31, 2023 was as follows (in thousands): Balance at the beginning of the period $ 2,622 Loss included in Other comprehensive income ( 92 ) Balance at the end of the period $ 2,530 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment as of December 31 were as follows (in thousands): 2023 2022 Land $ 3,600 $ 3,600 Buildings and improvements 82,861 73,520 Machinery and equipment 282,084 271,021 Furniture and fixtures 14,346 15,297 Construction in-progress and deposits 17,723 52,937 400,614 416,375 Accumulated depreciation and amortization ( 250,315 ) ( 258,570 ) Right of use asset - net 7,390 8,204 Net balance $ 157,689 $ 166,009 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Patents [Member] | |
Schedule of Patent Cost and Other Asset | Patent costs, which are included in Other assets in the accompanying Consolidated Balance Sheets, as of December 31 were as follows (in thousands): 2023 2022 Patent costs $ 900 $ 1,030 Accumulated amortization ( 708 ) ( 772 ) $ 192 $ 258 |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranty Activity | Product warranty activity for the years ended December 31 was as follows (in thousands): 2023 2022 2021 Balance at the beginning of the period $ 497 $ 292 $ 308 Accruals for warranties for products sold in the period 1,353 376 158 Fulfillment of warranty obligations ( 815 ) ( 131 ) ( 151 ) Revisions of estimated obligations ( 1 ) ( 40 ) ( 23 ) Balance at the end of the period $ 1,034 $ 497 $ 292 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Net Revenues Based On Geography Location | The following tables present the Company’s net revenues disaggregated by geography based on the location of the customer, by product line (in thousands): Year Ended December 31, 2023 Brick Advanced Total United States $ 82,400 $ 67,056 $ 149,456 Europe 31,792 27,950 59,742 Asia Pacific 63,631 128,636 192,267 All other 3,343 251 3,594 $ 181,166 $ 223,893 $ 405,059 Year Ended December 31, 2022 Brick Advanced Total United States $ 76,306 $ 53,116 $ 129,422 Europe 27,856 10,522 38,378 Asia Pacific 49,076 179,259 228,335 All other 2,520 424 2,944 $ 155,758 $ 243,321 $ 399,079 Year Ended December 31, 2021 Brick Advanced Total United States $ 74,280 $ 44,360 $ 118,640 Europe 32,762 5,145 37,907 Asia Pacific 80,344 120,459 200,803 All other 1,758 256 2,014 $ 189,144 $ 170,220 $ 359,364 |
Summary of Net Revenues Disaggregated by Geography | The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands): Year Ended December 31, 2023 Brick Advanced Total Direct customers, contract manufacturers and non-stocking $ 113,448 $ 163,549 $ 276,997 Stocking distributors, net of sales allowances 66,544 29,893 96,437 Non-recurring engineering 1,174 13,421 14,595 Royalties — 15,872 15,872 Other — 1,158 1,158 $ 181,166 $ 223,893 $ 405,059 Year Ended December 31, 2022 Brick Advanced Total Direct customers, contract manufacturers and non-stocking $ 102,905 $ 216,685 $ 319,590 Stocking distributors, net of sales allowances 51,819 13,831 65,650 Non-recurring engineering 1,034 9,933 10,967 Royalties — 2,801 2,801 Other — 71 71 $ 155,758 $ 243,321 $ 399,079 Year Ended December 31, 2021 Brick Advanced Total Direct customers, contract manufacturers and $ 139,099 $ 144,180 $ 283,279 Stocking distributors, net of sales allowances 49,359 14,123 63,482 Non-recurring engineering 686 10,027 10,713 Royalties — 1,819 1,819 Other — 71 71 $ 189,144 $ 170,220 $ 359,364 |
Summary of Changes in Contract Assets And Liabilities | The following table presents the changes in certain contract assets and (liabilities) (in thousands): December 31, 2023 December 31, 2022 Change Short-term deferred revenue and customer prepayments $ ( 3,157 ) $ ( 13,197 ) $ 10,040 Long-term deferred revenue ( 1,020 ) ( 145 ) ( 875 ) Deferred expenses — 577 ( 577 ) Sales allowances ( 3,482 ) ( 1,661 ) ( 1,821 ) |
Stock-Based Compensation and _2
Stock-Based Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation Expense | Stock-based compensation expense for the years ended December 31 was as follows (in thousands): 2023 2022 2021 Cost of revenues $ 2,429 $ 1,648 $ 1,000 Selling, general and administrative 6,829 5,735 3,873 Research and development 3,611 2,881 2,162 Total stock-based compensation $ 12,869 $ 10,264 $ 7,035 |
Summary of Compensation Expense by Type of Award | Compensation expense by type of award for the years ended December 31 was as follows (in thousands): 2023 2022 2021 Stock options $ 11,585 $ 9,093 $ 6,122 ESPP 1,284 1,171 913 Total stock-based compensation $ 12,869 $ 10,264 $ 7,035 |
Weighted-Average Assumptions for Non Performance-Based Fair Value for Stock Options | The fair value for non-performance-based stock options awarded under the 2000 Plan for the years shown below was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: 2023 2022 2021 Risk-free interest rate 3.7 % 2.8 % 0.8 % Expected dividend yield — — — Expected volatility 54 % 51 % 49 % Expected term (years) 4.2 4.4 4.9 |
2000 Plan, Vicor [Member] | |
Stock-Based Compensation Expense | A summary of the activity under the 2000 Plan as of December 31, 2023 and changes during the year then ended, is presented below (in thousands except for share and weighted-average data): Options Weighted- Weighted- Aggregate Outstanding on December 31, 2022 2,024,664 $ 41.48 Granted 918,161 $ 42.76 Forfeited and expired ( 79,500 ) $ 53.67 Exercised ( 308,083 ) $ 25.31 Outstanding on December 31, 2023 2,555,242 $ 43.51 3.90 $ 27,948 Exercisable on December 31, 2023 973,894 $ 27.39 2.10 $ 24,781 Vested or expected to vest as of December 31, 2,404,726 $ 43.04 3.79 $ 27,619 (1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. The number of options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases, Operating [Abstract] | |
Maturities of Lease Liabilities | The maturities of the Company’s lease liabilities are as follows (in thousands): 2024 $ 1,959 2025 1,821 2026 1,208 2027 837 2028 and beyond 3,881 Total lease payments $ 9,706 Less: Imputed interest 1,478 Present value of lease liabilities $ 8,228 |
Maturities of Lease Payments | The maturities of the lease payments to be received by the Company under the lease agreement for its leased facility in California are as follows (in thousands): 2024 $ 402 Total lease payments to be received $ 402 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Components of Other Income | The components of Other income (expense), net for the years ended December 31 were as follows (in thousands): 2023 2022 2021 Interest income, net $ 8,217 $ 1,313 $ 930 Rental income, net 792 792 792 Foreign currency losses, net ( 161 ) ( 653 ) ( 336 ) Other, net 38 34 ( 183 ) $ 8,886 $ 1,486 $ 1,203 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of Federal Statutory Rate on Loss before Income Taxes and before Gain from Sale of Equity Method Investment Rate to Effective Income Tax Rate | The reconciliation of the federal statutory rate on the income before income taxes to the effective income tax rate for the years ended December 31 is as follows: 2023 2022 2021 Statutory federal tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax benefit ( 0.6 ) ( 2.4 ) ( 4.2 ) Increase in valuation allowance 7.4 14.5 9.2 Permanent items ( 8.5 ) ( 13.8 ) ( 17.9 ) Tax credits ( 5.9 ) ( 9.9 ) ( 5.7 ) Provision vs. tax return differences ( 1.9 ) 2.1 ( 2.0 ) Foreign rate differential and deferred items 0.1 ( 0.2 ) — Other ( 0.6 ) 0.1 ( 0.1 ) 11.0 % 11.4 % 0.3 % |
Schedule of Domestic and Foreign Components of Income (Loss) Before Income Taxes and before the Gain from Sale of Equity Method Investment | For financial reporting purposes, income before income taxes for the years ended December 31 include the following components (in thousands): 2023 2022 2021 Domestic $ 59,528 $ 29,157 $ 56,620 Foreign 716 ( 470 ) 185 $ 60,244 $ 28,687 $ 56,805 |
Schedule of Components of Provision (Benefit) for Income Taxes | Significant components of the provision (benefit) for income taxes for the years ended December 31 are as follows (in thousands): 2023 2022 2021 Current: Federal $ 4,814 $ 2,105 $ 1 State 1,655 955 ( 14 ) Foreign 209 298 171 6,678 3,358 158 Deferred: Foreign ( 34 ) ( 97 ) 18 ( 34 ) ( 97 ) 18 $ 6,644 $ 3,261 $ 176 |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows (in thousands): 2023 2022 Deferred tax assets: Research and development tax credit carryforwards $ 29,619 $ 33,764 Stock-based compensation 5,709 3,940 Inventory reserves 3,363 2,303 Investment tax credit carryforwards 2,659 2,461 UNICAP 1,139 1,118 Vacation accrual 1,319 1,248 Lease liabilities 1,388 1,422 Capitalized research and development 22,621 12,142 Other 3,235 2,893 Total deferred tax assets 71,052 61,291 Less: Valuation allowance for deferred tax assets ( 52,291 ) ( 47,413 ) Net deferred tax assets 18,761 13,878 Deferred tax liabilities: Depreciation ( 16,139 ) ( 11,396 ) ROU assets ( 1,201 ) ( 1,362 ) Prepaid expenses ( 1,048 ) ( 751 ) Other ( 77 ) ( 89 ) Total deferred tax liabilities ( 18,465 ) ( 13,598 ) Net deferred tax assets (liabilities) $ 296 $ 280 |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2023 2022 2021 Balance on January 1 $ 3,474 $ 3,246 $ 2,297 Additions based on tax positions related to the current year 650 319 625 Additions (reductions) for tax positions of prior years 86 ( 54 ) 393 Lapse of statute ( 26 ) ( 37 ) ( 69 ) Balance on December 31 $ 4,184 $ 3,474 $ 3,246 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Customer | Dec. 31, 2022 USD ($) Customer | Dec. 31, 2021 USD ($) | |
Revenue, Major Customer [Line Items] | |||
Foreign currency losses, net | $ (161,000) | $ (653,000) | $ (336,000) |
Maturity period of cash and cash equivalents | less than three months | ||
Available-for-sale securities, failed auction, value | $ 3,000,000 | ||
Number of customers accounted for trade account receivable | Customer | 1 | 1 | |
Cost of advertising | $ 3,730,000 | $ 3,786,000 | $ 2,994,000 |
Stock option, service period of award | 5 years | ||
Percentage likelihood of tax benefit settlement | 50% | ||
Capitalized computer software, gross | $ 11,712,000 | 3,202,000 | |
Accounting Standards Update 2014-09 [Member] | |||
Revenue, Major Customer [Line Items] | |||
Deferred revenue current | $ 7,568,000 | $ 5,328,000 | |
Customer One [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of trade account receivable | 12% | 15.40% | |
Maximum [Member] | |||
Revenue, Major Customer [Line Items] | |||
Estimated useful life of intangible assets | 20 years | ||
Customer Payments Period | 60 days | ||
Minimum [Member] | |||
Revenue, Major Customer [Line Items] | |||
Estimated useful life of intangible assets | 3 years | ||
Customer Payments Period | 30 days |
Significant Accounting Polici_5
Significant Accounting Policies - Computation Of Basic And Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Numerator: | ||||
Net income attributable to Vicor Corporation | $ 53,595 | $ 25,446 | $ 56,625 | |
Denominator: | ||||
Denominator for basic net income per share- weighted average shares | [1] | 44,320 | 44,005 | 43,651 |
Effect of dilutive securities: | ||||
Employee stock options | [2] | 684 | 889 | 1,315 |
Denominator for diluted net income per share- adjusted weighted-average shares and assumed conversions | [3] | 45,004 | 44,894 | 44,966 |
Basic net income per share | $ 1.21 | $ 0.58 | $ 1.3 | |
Diluted net income per share | $ 1.19 | $ 0.57 | $ 1.26 | |
[1] Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding Options to purchase 1,557,927 , 879,228 and 60,736 shares of Common Stock in 2023, 2022, and 2021, respectively, were not included in the calculation of net income per share as the effect would have been antidilutive. Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding for the year, adjusted to include the dilutive effect, if any, of outstanding options. |
Significant Accounting Polici_6
Significant Accounting Policies - Computation Of Basic And Diluted Net Income (Loss) Per Share (Parenthetical) (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Options to purchase shares of Common Stock not included in the computation of diluted income (loss) per share | 1,557,927 | 879,228 | 60,736 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 88,716 | $ 82,181 |
Work-in-process | 10,525 | 10,456 |
Finished goods | 7,338 | 8,773 |
Net balance | $ 106,579 | $ 101,410 |
Long-Term Investment - Addition
Long-Term Investment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrealized Losses On Short Term And Long Term Investments [Line Items] | ||
Minimum period for which failed auction securities been in unrealized loss position | 12 months | 12 months |
Failed Auction Security [Member] | ||
Unrealized Losses On Short Term And Long Term Investments [Line Items] | ||
Amortized cost of securities | $ 3,000,000 | $ 3,000,000 |
Period for which failed auction securities been in unrealized loss position | exceeds 12 months | |
Estimated Fair Value | $ 2,530,000 | $ 2,622,000 |
Long-Term Investment - Summary
Long-Term Investment - Summary of Investment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Estimated Fair Value | $ 242,219 | $ 190,611 |
Other Long-term Investment [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Estimated Fair Value | 2,530 | 2,622 |
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Estimated Fair Value | 209,489 | 143,274 |
Estimate of Fair Value Measurement [Member] | Other Long-term Investment [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Estimated Fair Value | 2,530 | 2,622 |
Estimate of Fair Value Measurement [Member] | Auction Rate Securities [Member] | Other Long-term Investment [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Estimated Fair Value | 2,530 | 2,622 |
Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | Cash and Cash Equivalents [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Estimated Fair Value | 209,489 | 143,274 |
Portion at Other than Fair Value Measurement [Member] | Cash on hand [Member] | Cash and Cash Equivalents [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Estimated Fair Value | $ 32,730 | $ 47,337 |
Long-Term Investment - Summar_2
Long-Term Investment - Summary of Available-for-Sale Securities (Detail) - Failed Auction Security [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 3,000,000 | $ 3,000,000 |
Gross Unrealized Losses | 470,000 | 378,000 |
Estimated Fair Value | $ 2,530,000 | $ 2,622,000 |
Long-Term Investment - Amortize
Long-Term Investment - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturities (Detail) - Failed Auction Security [Member] $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Securities, Available-for-Sale [Line Items] | |
Due in twenty to forty years, Cost | $ 3,000 |
Due in twenty to forty years, Estimated Fair Value | $ 2,530 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Failed Auction Security [Member] | Other Long-term Investment [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Estimated Fair Value | $ 2,530 | $ 2,622 |
Money Market Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 209,489 | 143,274 |
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 209,489 | 143,274 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Failed Auction Security [Member] | Other Long-term Investment [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Estimated Fair Value | $ 2,530 | $ 2,622 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Fair Value Disclosures [Abstract] | |
Balance at the beginning of the period | $ 2,622 |
Loss included in Other comprehensive income | $ (92) |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax |
Balance at the end of the period | $ 2,530 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 09, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 17,174,000 | $ 13,701,000 | $ 11,609,000 | |
Capital expenditure commitments | 15,014,000 | |||
Tax credit for investment amount | 25% | |||
ITC credit receivable | $ 13,248,000 | |||
Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization period | 39 years | |||
Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization period | 3 years |
Property, Plant and Equipment_2
Property, Plant and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 3,600 | $ 3,600 |
Buildings and improvements | 82,861 | 73,520 |
Machinery and equipment | 282,084 | 271,021 |
Furniture and fixtures | 14,346 | 15,297 |
Construction in-progress and deposits | 17,723 | 52,937 |
Property, plant and equipment, gross, total | 400,614 | 416,375 |
Accumulated depreciation and amortization | (250,315) | (258,570) |
Right of use asset - net | 7,390 | 8,204 |
Net balance | $ 157,689 | $ 166,009 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Patent Cost and Other Asset (Detail) - Patents [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Patent costs | $ 900 | $ 1,030 |
Accumulated amortization | (708) | (772) |
Finite-lived intangible assets, net | $ 192 | $ 258 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 66,000 | $ 75,000 | $ 96,000 |
Capitalized computer software, gross | 11,712,000 | 3,202,000 | |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Capitalized computer software, gross | $ 11,712,000 | $ 3,202,000 |
Product Warranties - Product Wa
Product Warranties - Product Warranty Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Guarantees [Abstract] | |||
Balance at the beginning of the period | $ 497 | $ 292 | $ 308 |
Accruals for warranties for products sold in the period | 1,353 | 376 | 158 |
Fulfillment of warranty obligations | (815) | (131) | (151) |
Revisions of estimated obligations | (1) | (40) | (23) |
Balance at the end of the period | $ 1,034 | $ 497 | $ 292 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional information (Detail) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Vote shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Nov. 30, 2000 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock repurchased as per November plan | $ | $ 30,000,000 | |||
Stock repurchase program amount available | $ | $ 8,541,000 | |||
Stock repurchase | shares | 0 | 0 | 0 | |
Class B Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of vote to entitles holders | Vote | 10 | |||
Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of vote to entitles holders | Vote | 1 | |||
2000 Plan, Vicor [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock reserved for issuance | shares | 20,703,238 | 21,080,950 | 21,268,027 |
Revenues - Summary of Net Reven
Revenues - Summary of Net Revenues Disaggregated by Geography (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 405,059 | $ 399,079 | $ 359,364 |
Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 181,166 | 155,758 | 189,144 |
Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 223,893 | 243,321 | 170,220 |
United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 149,456 | 129,422 | 118,640 |
United States [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 82,400 | 76,306 | 74,280 |
United States [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 67,056 | 53,116 | 44,360 |
Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 59,742 | 38,378 | 37,907 |
Europe [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 31,792 | 27,856 | 32,762 |
Europe [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 27,950 | 10,522 | 5,145 |
Asia Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 192,267 | 228,335 | 200,803 |
Asia Pacific [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 63,631 | 49,076 | 80,344 |
Asia Pacific [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 128,636 | 179,259 | 120,459 |
All Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,594 | 2,944 | 2,014 |
All Other [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,343 | 2,520 | 1,758 |
All Other [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 251 | $ 424 | $ 256 |
Revenues - Summary of Net Rev_2
Revenues - Summary of Net Revenues Disaggregated by Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 405,059 | $ 399,079 | $ 359,364 |
Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 181,166 | 155,758 | 189,144 |
Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 223,893 | 243,321 | 170,220 |
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 276,997 | 319,590 | 283,279 |
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 113,448 | 102,905 | 139,099 |
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 163,549 | 216,685 | 144,180 |
Stocking distributors, net of sales allowances [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 96,437 | 65,650 | 63,482 |
Stocking distributors, net of sales allowances [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 66,544 | 51,819 | 49,359 |
Stocking distributors, net of sales allowances [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 29,893 | 13,831 | 14,123 |
Non-recurring engineering [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 14,595 | 10,967 | 10,713 |
Non-recurring engineering [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,174 | 1,034 | 686 |
Non-recurring engineering [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 13,421 | 9,933 | 10,027 |
Royalties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 15,872 | 2,801 | 1,819 |
Royalties [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Royalties [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 15,872 | 2,801 | 1,819 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,158 | 71 | 71 |
Other [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Other [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 1,158 | $ 71 | $ 71 |
Revenues - Summary of Changes i
Revenues - Summary of Changes in Certain Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||
Short-term deferred revenue and customer prepayments | $ (3,157) | $ (13,197) |
Long-term deferred revenue | (1,020) | (145) |
Deferred expenses | 0 | 577 |
Sales allowances | (3,482) | $ (1,661) |
Accounting Standards Update 2014-09 [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Short-term deferred revenue and customer prepayments | 10,040 | |
Long-term deferred revenue | (875) | |
Deferred expenses | (577) | |
Sales allowances | $ (1,821) |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - Customer | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of customers | 1 | 1 | 1 |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer One [Member] | |||
Percentage of total net revenues | 10.70% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer Two [Member] | |||
Percentage of total net revenues | 12.40% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer Three [Member] | |||
Percentage of total net revenues | 14.90% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | China [Member] | |||
Percentage of total net revenues | 17.70% | 18.80% | 27.50% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | TAIWAN | |||
Percentage of total net revenues | 14.60% | 26.40% | 16.10% |
Stock-Based Compensation and _3
Stock-Based Compensation and Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of Option | 10 years | ||
Employee's compensation plan | The Company matches employee contributions to the plan at a rate of 50%, up to the first 6% of an employee’s compensation. | ||
Employee contributions | 20% | ||
Company contribution to the plan | $ 2,317,000 | $ 2,211,000 | $ 1,593,000 |
Share based compensation arrangement by share based payment award vesting period | 5 years | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employees pre-tax salary | 1% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employees pre-tax salary | 80% | ||
2000 Plan, Vicor [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock reserved for issuance | 10,000,000 | ||
Non-qualified stock options granted to non-employees | 85% | ||
Annual forfeiture rate | 5% | 5.35% | 4.85% |
Percentage of estimating of option actually vest | 86% | 85% | 86% |
Share exercisable | 973,894 | 1,046,092 | 776,559 |
Weighted average exercise prices | $ 27.39 | $ 18.26 | $ 11.63 |
Total Intrinsic value | $ 14,396,000 | $ 7,252,000 | $ 56,933,000 |
Options Exercised | 7,798,000 | 1,634,000 | 7,616,000 |
Fair value of stock options that vested | 17,957,000 | $ 15,087,000 | $ 10,506,000 |
Total unrecognized compensation cost | $ 23,179,000 | ||
Compensation cost recognized over a weighted-average period | 2 years 1 month 6 days | ||
Expected recognized expenses, Year One | $ 11,028,000 | ||
Expected recognized expenses, Year Two | 6,730,000 | ||
Expected recognized expenses, Year Three | 3,638,000 | ||
Expected recognized expenses, Year Four | 1,473,000 | ||
Expected recognized expenses, Year Five | $ 310,000 | ||
Weighted-average fair value | $ 19.56 | $ 26.53 | $ 39.27 |
Stock Bonus Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock purchase by non-employees | 109,964 | ||
2017 Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-qualified stock options granted to non-employees | 85% | ||
Maximum number of shares authorized for issuances | 2,000,000 | ||
Maximum percentage of payroll deductions on employee's compensation | 15% | ||
Offering period of employee stock purchase plan | 6 months |
Stock-Based Compensation and _4
Stock-Based Compensation and Employee Benefit Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation | $ 12,869 | $ 10,264 | $ 7,035 |
Cost of Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation | 2,429 | 1,648 | 1,000 |
Selling, General and Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation | 6,829 | 5,735 | 3,873 |
Research and Development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation | $ 3,611 | $ 2,881 | $ 2,162 |
Stock-Based Compensation and _5
Stock-Based Compensation and Employee Benefit Plans - Summary of Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation | $ 12,869 | $ 10,264 | $ 7,035 |
Stock Options [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation | 11,585 | 9,093 | 6,122 |
ESPP [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation | $ 1,284 | $ 1,171 | $ 913 |
Stock-Based Compensation and _6
Stock-Based Compensation and Employee Benefit Plans - Weighted-Average Assumptions for Non Performance-Based Fair Value for Stock Options (Detail) - Non Performance-Based Stock Options [Member] - VI Chip [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Risk-free interest rate | 3.70% | 2.80% | 0.80% |
Expected dividend yield | 0% | 0% | 0% |
Expected volatility | 54% | 51% | 49% |
Expected term (years) | 4 years 2 months 12 days | 4 years 4 months 24 days | 4 years 10 months 24 days |
Stock-Based Compensation and _7
Stock-Based Compensation and Employee Benefit Plans - Summary of the Activity under the 2000 Plan (Detail) - 2000 Plan, Vicor [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Options Outstanding, Beginning balance | 2,024,664 | |||
Options Outstanding, Granted | 918,161 | |||
Options Outstanding, Forfeited and expired | (79,500) | |||
Options Outstanding, Exercised | (308,083) | |||
Options Outstanding, Ending balance | 2,555,242 | |||
Options Outstanding, Exercisable | 973,894 | 1,046,092 | 776,559 | |
Options Outstanding, Vested or expected to vest | [1] | 2,404,726 | ||
Weighted Average Exercise Price, Beginning balance | $ 41.48 | |||
Weighted Average Exercise Price, Granted | 42.76 | |||
Weighted Average Exercise Price, Forfeited and expired | 53.67 | |||
Weighted Average Exercise Price, Exercised | 25.31 | |||
Weighted Average Exercise Price, Ending balance | 43.51 | |||
Weighted Average Exercise Price, Exercisable | 27.39 | $ 18.26 | $ 11.63 | |
Weighted Average Exercise Price, Vested or expected to vest | [1] | $ 43.04 | ||
Weighted-Average Remaining Contractual Life in Years, Outstanding | 3 years 10 months 24 days | |||
Weighted-Average Remaining Contractual Life in Years, Exercisable | 2 years 1 month 6 days | |||
Weighted-Average Remaining Contractual Life in Years, Vested or expected to vest | [1] | 3 years 9 months 14 days | ||
Aggregate Intrinsic Value, Outstanding | $ 27,948 | |||
Aggregate Intrinsic Value, Exercisable | 24,781 | |||
Aggregate Intrinsic Value, Vested or expected to vest | [1] | $ 27,619 | ||
[1] In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. The number of options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options. |
Leases - Additional information
Leases - Additional information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Lease renewal term | 5 years | ||
Operating leases right of use assets | $ 7,390,000 | ||
Short-term lease liabilities | 1,864,000 | $ 1,450,000 | |
Long-term lease liabilities | 6,364,000 | 7,009,000 | |
Short-term lease cost | $ 2,138,000 | 2,130,000 | |
Weighted-average remaining lease term | 6 years 9 months 18 days | ||
Weighted-average discount rate | 4.22% | ||
Additional interest factor | 1.25% | ||
Lease liabilities paid | $ 2,096,000 | 2,183,000 | |
ROU assets in exchange for new operating lease liabilities | 1,180,000 | 2,941,000 | |
Lease income | 792,000 | 792,000 | $ 792,000 |
Operating lease liability additions | $ 1,165,000 | $ 3,040,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | ||
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Operating Income (Loss) | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, operating lease, remaining lease term | 1 year | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, operating lease, remaining lease term | 11 years |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 1,959 |
2025 | 1,821 |
2026 | 1,208 |
2027 | 837 |
2028 and beyond | 3,881 |
Total lease payments | 9,706 |
Less: Imputed interest | 1,478 |
Present value of lease liabilities | $ 8,228 |
Leases - Maturities of Lease Pa
Leases - Maturities of Lease Payments (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 402 |
Total lease payments to be received | $ 402 |
Other Income (Expense), Net - C
Other Income (Expense), Net - Components of Other Income (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Interest income, net | $ 8,217,000 | $ 1,313,000 | $ 930,000 |
Rental income, net | 792,000 | 792,000 | 792,000 |
Foreign currency losses, net | (161,000) | (653,000) | (336,000) |
Other, net | 38,000 | 34,000 | (183,000) |
Total other income (expense), net | $ 8,886,000 | $ 1,486,000 | $ 1,203,000 |
Other Income (Expense), Net - A
Other Income (Expense), Net - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Interest Income Expense Net [Member] | |
Amortization of Premiums Investments | $ 834,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Line Items] | ||||
Valuation allowance, deferred tax assets | $ 52,291,000 | $ 47,413,000 | ||
Research and development tax credit carryforwards | 29,619,000 | 33,764,000 | ||
Accrued interest | 4,184,000 | 3,474,000 | $ 3,246,000 | $ 2,297,000 |
Net interest expense | 23,000 | 17,000 | 19,000 | |
Potential payment of interest | 67,000 | 52,000 | ||
Stock-based compensation | $ 5,709,000 | $ 3,940,000 | ||
Maximum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Stock-based compensation | $ 55,300,000 | |||
Domestic Tax Authority [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Federal net operating loss carryforwards expiry, beginning year | 2039 | |||
Research and development tax credit carryforwards | $ 15,546,000 | |||
Net operating loss carryforwards | $ 0 | |||
Certain States [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Federal net operating loss carryforwards expiry, beginning year | 2024 | |||
Research and development tax credit carryforwards | $ 21,201,000 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Federal net operating loss carryforwards expiry, beginning year | 2030 | |||
Net operating loss carryforwards | $ 41,000 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Federal Statutory Rate on Loss before Income Taxes and before Gain from Sale of Equity Method Investment Rate to Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal tax rate | 21% | 21% | 21% |
State income taxes, net of federal income tax benefit | (0.60%) | (2.40%) | (4.20%) |
Increase in valuation allowance | 7.40% | 14.50% | 9.20% |
Permanent items | (8.50%) | (13.80%) | (17.90%) |
Tax credits | (5.90%) | (9.90%) | (5.70%) |
Provision vs. tax return differences | (1.90%) | 2.10% | (2.00%) |
Foreign rate differential and deferred items | 0.10% | (0.20%) | 0% |
Other | (0.60%) | 0.10% | (0.10%) |
Effective income tax rate | 11% | 11.40% | 0.30% |
Income Taxes - Schedule of Dome
Income Taxes - Schedule of Domestic and Foreign Components of Income (Loss) Before Income Taxes and before the Gain from Sale of Equity Method Investment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 59,528 | $ 29,157 | $ 56,620 |
Foreign | 716 | (470) | 185 |
Income before income taxes | $ 60,244 | $ 28,687 | $ 56,805 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 4,814 | $ 2,105 | $ 1 |
State | 1,655 | 955 | (14) |
Foreign | 209 | 298 | 171 |
Current, Total | 6,678 | 3,358 | 158 |
Deferred: | |||
Foreign | (34) | (97) | 18 |
Deferred Income Tax Expense (Benefit) | (34) | (97) | 18 |
Provision (benefit) for income taxes | $ 6,644 | $ 3,261 | $ 176 |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Research and development tax credit carryforwards | $ 29,619,000 | $ 33,764,000 |
Stock-based compensation | 5,709,000 | 3,940,000 |
Inventory reserves | 3,363,000 | 2,303,000 |
Investment tax credit carryforwards | 2,659,000 | 2,461,000 |
UNICAP | 1,139,000 | 1,118,000 |
Vacation accrual | 1,319,000 | 1,248,000 |
Lease liabilities | 1,388,000 | 1,422,000 |
Capitalized research and development | 22,621,000 | 12,142,000 |
Other | 3,235,000 | 2,893,000 |
Total deferred tax assets | 71,052,000 | 61,291,000 |
Less: Valuation allowance for deferred tax assets | (52,291,000) | (47,413,000) |
Net deferred tax assets | 18,761,000 | 13,878,000 |
Deferred tax liabilities: | ||
Depreciation | (16,139,000) | (11,396,000) |
ROU assets | (1,201,000) | (1,362,000) |
Prepaid expenses | (1,048,000) | (751,000) |
Other | (77,000) | (89,000) |
Total deferred tax liabilities | (18,465,000) | (13,598,000) |
Net deferred tax assets (liabilities) | $ 296,000 | $ 280,000 |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, Beginning Balance | $ 3,474,000 | $ 3,246,000 | $ 2,297,000 |
Additions based on tax positions related to the current year | 650,000 | 319,000 | 625,000 |
Additions (reductions) for tax positions of prior years | 86,000 | (54,000) | 393,000 |
Lapse of statute | (26,000) | (37,000) | (69,000) |
Unrecognized tax benefits, Ending Balance | $ 4,184,000 | $ 3,474,000 | $ 3,246,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | |
Capital expenditure commitments | $ 15,014,000 |
Litigation related accrual amount | 6,500,000 |
Estimated outcomes amount | 0 |
Infringement of 702 Patent [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Awarded, Value | $ 6,500,000 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 87,000 | $ 82,000 | $ 82,000 | |
Charge (Recovery) to Costs and Expenses | 43,000 | 5,000 | 0 | |
Other Charges, Deductions | [1] | 0 | 0 | 0 |
Balance at End of Period | $ 130,000 | $ 87,000 | $ 82,000 | |
[1] Reflects uncollectible accounts written off, net of recoveries. |