Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 25, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | VICOR CORPORATION | |
Entity Central Index Key | 0000751978 | |
Current Fiscal Year End Date | --12-31 | |
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 Transition Report | false | |
Document Quarterly Report | true | |
Securities Act 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 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 32,808,042 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,738,718 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 239,172 | $ 242,219 |
Accounts receivable, net | 57,604 | 52,631 |
Inventories | 112,316 | 106,579 |
Other current assets | 19,173 | 18,937 |
Total current assets | 428,265 | 420,366 |
Long-term deferred tax assets, net | 277 | 296 |
Long-term investment, net | 2,622 | 2,530 |
Property, plant and equipment, net | 157,677 | 157,689 |
Other assets | 16,276 | 14,006 |
Total assets | 605,117 | 594,887 |
Current liabilities: | ||
Accounts payable | 12,439 | 12,100 |
Accrued compensation and benefits | 11,636 | 11,227 |
Accrued litigation | 23,700 | 6,500 |
Accrued expenses | 7,078 | 5,093 |
Short-term lease liabilities | 1,812 | 1,864 |
Sales allowances | 3,130 | 3,482 |
Income taxes payable | 1,602 | 746 |
Short-term deferred revenue and customer prepayments | 2,684 | 3,157 |
Total current liabilities | 64,081 | 44,169 |
Long-term deferred revenue | 660 | 1,020 |
Long-term income taxes payable | 2,236 | 2,228 |
Long-term lease liabilities | 6,094 | 6,364 |
Total liabilities | 73,071 | 53,781 |
Commitments and contingencies (Note 10) | ||
Vicor Corporation stockholders' equity: | ||
Additional paid-in capital | 389,367 | 383,832 |
Retained earnings | 282,201 | 296,674 |
Accumulated other comprehensive loss | (1,390) | (1,273) |
Treasury stock at cost: 11,634,806 shares in 2024 and 2023 | (138,927) | (138,927) |
Total Vicor Corporation stockholders' equity | 531,815 | 540,869 |
Noncontrolling interest | 231 | 237 |
Total equity | 532,046 | 541,106 |
Total liabilities and equity | 605,117 | 594,887 |
Class B Common Stock [Member] | ||
Vicor Corporation stockholders' equity: | ||
Common Stock | 118 | 118 |
Common Stock [Member] | ||
Vicor Corporation stockholders' equity: | ||
Common Stock | $ 446 | $ 445 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) | Mar. 31, 2024 Vote $ / shares shares | Dec. 31, 2023 Vote $ / shares shares |
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 | 44,434,840 | 44,354,394 |
Common Stock, shares outstanding | 32,800,034 | 32,719,588 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Income Statement [Abstract] | |||
Net revenues | $ 83,872 | $ 97,816 | |
Cost of revenues | 38,749 | 51,282 | |
Gross margin | 45,123 | 46,534 | |
Operating expenses: | |||
Selling, general and administrative | 25,999 | 20,223 | |
Research and development | 18,039 | 15,869 | |
Litigation-contingency expense | 17,200 | 0 | |
Total operating expenses | 61,238 | 36,092 | |
(Loss) income from operations | (16,115) | 10,442 | |
Other income (expense), net: | |||
Total unrealized gains on available-for-sale securities, net | 92 | 9 | |
Less: portion of gains recognized in other comprehensive income | (92) | (9) | |
Net credit gains recognized in earnings | 0 | 0 | |
Other income (expense), net | 2,724 | 1,950 | |
Total other income (expense), net | 2,724 | 1,950 | |
(Loss) income before income taxes | (13,391) | 12,392 | |
Provision for income taxes | 1,071 | 1,141 | |
Consolidated net (loss) income | (14,462) | 11,251 | |
Less: Net income attributable to noncontrolling interest | 11 | 7 | |
Net (loss) income attributable to Vicor Corporation | $ (14,473) | $ 11,244 | |
Net (loss) income per common share attributable to Vicor Corporation: | |||
Basic | $ (0.33) | $ 0.25 | |
Diluted | $ (0.33) | $ 0.25 | |
Shares used to compute net (loss) income per common share attributable to Vicor Corporation: | |||
Basic | [1] | 44,516 | 44,162 |
Diluted | 44,516 | 44,907 | |
[1] Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Statement of Comprehensive Income [Abstract] | |||
Consolidated net (loss) income | $ (14,462) | $ 11,251 | |
Foreign currency translation losses, net of tax | [1] | (226) | (15) |
Unrealized gains on available-for-sale securities, net of tax | [1] | 92 | 9 |
Other comprehensive loss | (134) | (6) | |
Consolidated comprehensive (loss) income | (14,596) | 11,245 | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | (6) | 6 | |
Comprehensive (loss) income attributable to Vicor Corporation | $ (14,590) | $ 11,239 | |
[1] The deferred tax assets associated with foreign currency translation losses and unrealized gains on available-for-sale securities are completely offset by a tax valuation allowance as of March 31, 2024 and 2023 . Therefore, there is no income tax benefit (provision) recognized for the three months ended March 31, 2024 and 2023 . |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Recognized income tax benefit (provision) | $ 0 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities: | ||
Consolidated net (loss) income | $ (14,462) | $ 11,251 |
Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,614 | 4,199 |
Stock-based compensation expense | 3,780 | 2,817 |
Litigation-contingency expense | 17,200 | 0 |
(Decrease) increase in long-term deferred revenue | (360) | 2,038 |
(Decrease) increase in other assets | (99) | 33 |
Deferred income taxes | 4 | 0 |
Increase in long-term income taxes payable | 8 | 7 |
Change in current assets and liabilities, net | (8,103) | (10,232) |
Net cash provided by operating activities | 2,582 | 10,113 |
Investing activities: | ||
Additions to property, plant and equipment and internal-use software | (7,270) | (10,089) |
Net cash used for investing activities | (7,270) | (10,089) |
Financing activities: | ||
Proceeds from employee stock plans | 1,756 | 2,261 |
Net cash provided by financing activities | 1,756 | 2,261 |
Effect of foreign exchange rates on cash | (115) | 1 |
Net (decrease) increase in cash and cash equivalents | (3,047) | 2,286 |
Cash and cash equivalents at beginning of period | 242,219 | 190,611 |
Cash and cash equivalents at end of period | 239,172 | 192,897 |
Supplemental disclosure: | ||
Purchases of property, plant and equipment and internal-use software incurred but not yet paid | $ 1,983 | $ 2,083 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total Vicor Corporation Stockholders' Equity [Member] | Noncontrolling Interest [Member] | Class B Common Stock [Member] Common Stock [Member] |
Beginning Balance at Dec. 31, 2022 | $ 464,336 | $ 441 | $ 360,365 | $ 243,079 | $ (988) | $ (138,927) | $ 464,088 | $ 248 | $ 118 |
Issuance of Common Stock under employee stock plans | 2,261 | 1 | 2,260 | 2,261 | |||||
Stock-based compensation expense | 2,817 | 2,817 | 2,817 | ||||||
Components of comprehensive income (loss), net of tax: | |||||||||
Net (loss) income | 11,251 | 11,244 | 11,244 | 7 | |||||
Other comprehensive loss | (6) | (5) | (5) | (1) | |||||
Total comprehensive income (loss) | 11,245 | 11,239 | 6 | ||||||
Ending Balance at Mar. 31, 2023 | 480,659 | 442 | 365,442 | 254,323 | (993) | (138,927) | 480,405 | 254 | 118 |
Beginning Balance at Dec. 31, 2023 | 541,106 | 445 | 383,832 | 296,674 | (1,273) | (138,927) | 540,869 | 237 | 118 |
Issuance of Common Stock under employee stock plans | 1,756 | 1 | 1,755 | 1,756 | |||||
Stock-based compensation expense | 3,780 | 3,780 | 3,780 | ||||||
Components of comprehensive income (loss), net of tax: | |||||||||
Net (loss) income | (14,462) | (14,473) | (14,473) | 11 | |||||
Other comprehensive loss | (134) | (117) | (117) | (17) | |||||
Total comprehensive income (loss) | (14,596) | (14,590) | (6) | ||||||
Ending Balance at Mar. 31, 2024 | $ 532,046 | $ 446 | $ 389,367 | $ 282,201 | $ (1,390) | $ (138,927) | $ 531,815 | $ 231 | $ 118 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (14,473) | $ 11,244 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Vicor Corporation and its consolidated subsidiaries (collectively, the "Company") have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for any other interim period or the year ending December 31, 2024. The balance sheet at December 31, 2023 presented herein has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed by the Company with the SEC on February 28, 2024. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. Inventories Inventories were as follows (in thousands): March 31, 2024 December 31, 2023 Raw materials $ 88,365 $ 88,716 Work-in-process 15,113 10,525 Finished goods 8,838 7,338 $ 112,316 $ 106,579 |
Long-Term Investments
Long-Term Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Long-Term Investments | 3. Long-Term Investments As of March 31, 2024 and December 31, 2023 , the Company held one auction rate security with a par value of $ 3,000,000 and an estimated fair value of approximately $ 2,622,000 and $ 2,530,000 , 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 March 31, 2024 , 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. 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 March 31, 2024. Details of our investments are as follows (in thousands): March 31, 2024 Cash and Cash Long-Term Equivalents Investment Measured at fair value: Available-for-sale securities: Money market funds $ 209,702 $ — Failed Auction Security — 2,622 Total 209,702 2,622 Other measurement basis: Cash on hand 29,470 — Total $ 239,172 $ 2,622 December 31, 2023 Cash and Cash Long-Term Equivalents Investment Measured at fair value: Available-for-sale 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 The following is a summary of the available-for-sale securities (in thousands): Gross Gross Estimated Unrealized Unrealized Fair March 31, 2024 Cost Gains Losses Value Failed Auction Security $ 3,000 — 378 $ 2,622 Gross Gross Estimated Unrealized Unrealized Fair December 31, 2023 Cost Gains Losses Value Failed Auction Security $ 3,000 — 470 $ 2,530 As of March 31, 2024 , the 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 March 31, 2024, by type and contractual maturities, are shown below (in thousands): Estimated Cost Fair Value Failed Auction Security: Due in nineteen years $ 3,000 $ 2,622 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. 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 March 31, 2024 (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) March 31, 2024 Cash equivalents: Money market funds $ 209,702 $ — $ — $ 209,702 Long-term investment: Failed Auction Security — — 2,622 2,622 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 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 three months ended March 31, 2024 was as follows (in thousands): Balance at the beginning of the period $ 2,530 Gain included in Other comprehensive loss 92 Balance at the end of the period $ 2,622 Management utilized a probability weighted discounted cash flow model to determine the estimated fair value as of March 31, 2024 . |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 5. 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): Three Months Ended March 31, 2024 Brick Products Advanced Products Total United States $ 20,974 $ 27,186 $ 48,160 Europe 6,857 3,999 10,856 Asia Pacific 12,268 12,052 24,320 All other 493 43 536 $ 40,592 $ 43,280 $ 83,872 Three Months Ended March 31, 2023 Brick Products Advanced Products Total United States $ 21,256 $ 13,710 $ 34,966 Europe 7,546 4,027 11,573 Asia Pacific 16,847 33,444 50,291 All other 876 110 986 $ 46,525 $ 51,291 $ 97,816 The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands): Three Months Ended March 31, 2024 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 20,810 $ 21,640 $ 42,450 Stocking distributors, net of sales allowances 19,407 9,632 29,039 Non-recurring engineering 375 3,468 3,843 Royalties — 8,180 8,180 Other — 360 360 $ 40,592 $ 43,280 $ 83,872 Three Months Ended March 31, 2023 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 30,486 $ 42,013 $ 72,499 Stocking distributors, net of sales allowances 15,737 5,052 20,789 Non-recurring engineering 302 2,128 2,430 Royalties — 2,020 2,020 Other — 78 78 $ 46,525 $ 51,291 $ 97,816 The following table presents the changes in certain contract liabilities (in thousands): March 31, 2024 December 31, 2023 Change Short-term deferred revenue and customer prepayments $ ( 2,684 ) $ ( 3,157 ) $ 473 Long-term deferred revenue ( 660 ) ( 1,020 ) 360 Sales allowances ( 3,130 ) ( 3,482 ) 352 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. The Company recognized revenue of $ 360,000 and approximately $ 1,609,000 for the three months ended March 31, 2024 and 2023 , respectively, that was included in deferred revenue at the beginning of the respective period. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 6. 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. Stock-based compensation expense was as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenues $ 754 $ 486 Selling, general and administrative 1,919 1,520 Research and development 1,107 811 Total stock-based compensation $ 3,780 $ 2,817 Compensation expense by type of award was as follows (in thousands): Three Months Ended March 31, 2024 2023 Stock options $ 3,466 $ 2,496 ESPP 314 321 Total stock-based compensation $ 3,780 $ 2,817 |
Rental Income
Rental Income | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Rental Income | 7. Rental Income Income, net under the Company’s operating lease agreement, for its owned facility leased to a third party in California, was approximately $ 198,000 for each of the three month periods ended March 31, 2024 and 2023. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes The provision for income taxes is based on the estimated annual effective tax rate for the year, which includes estimated federal, state and foreign income taxes on the Company’s projected pre-tax income (loss). The provision for income taxes and the effective income tax rates were as follows (dollars in thousands): Three Months Ended March 31, 2024 2023 Provision for income taxes $ 1,071 $ 1,141 Effective income tax rate ( 8.0 )% 9.2 % The effective tax rates differ from the statutory tax rates for the three months ended March 31, 2024 and 2023 primarily due to the Company’s full valuation allowance position against domestic deferred tax assets. The provision for income taxes for the three months ended March 31, 2024 and 2023 included estimated federal, state and foreign income taxes in jurisdictions in which the Company does not have sufficient tax attributes. As of March 31, 2024 , 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 supply and factory capacity constraints, certain process issues with the production of Advanced Products and the unpredictability in certain markets. 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 March 31, 2024, 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 March 31, 2024. 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, 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. 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 Condensed Consolidated Statements of Operations, the effect of which would be an increase in reported net income. 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 examination of the 2019 tax year with no material adjustments. There are no other audits or examinations in process in any other jurisdiction. |
Net (Loss) Income per Share
Net (Loss) Income per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income per Share | 9. Net (Loss) Income per Share The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Numerator: Net (loss) income attributable to Vicor Corporation $ ( 14,473 ) $ 11,244 Denominator: Denominator for basic net (loss) income per share-weighted 44,516 44,162 Effect of dilutive securities: Employee stock options (2) — 745 Denominator for diluted net (loss) income per share – adjusted 44,516 44,907 Basic net (loss) income per share $ ( 0.33 ) $ 0.25 Diluted net (loss) income per share $ ( 0.33 ) $ 0.25 (1) Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding. (2) Options to pur chase 2,500,448 and 1,035,618 shares of Common Stock for the three months ended March 31, 2024 and 2023 , respectively, were not included in the calculations of net (loss) income per share as the effect would have been antidilutive. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies At March 31, 2024 , the Company had approximately $ 11,475,000 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 for the Eastern District of Texas (the “District Court”). 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 verdict 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. On April 24, 2024, the District Court issued an order granting SynQor’s motions for enhanced damages, pre-judgment and post-judgment interest, costs and attorneys' fees. Specifically, the District Court determined that the jury’s damages award of $ 6,500,000 should be enhanced by $ 4,500,000 . The District Court also granted SynQor an award of costs in the amount of approximately $ 87,000 . The District Court also awarded SynQor pre-judgment interest at the 2009 prime rate, compounded quarterly beginning in July 2009, as well as post-judgment interest at the statutory rate. The District Court also awarded SynQor its attorneys' fees relating to the assertion of the ‘702 patent, in an amount to be determined based upon the District Court’s consideration of subsequent submissions by SynQor. The Company anticipates appealing the District Court’s final judgment to the United States Court of Appeals for the Federal Circuit. In accordance with applicable accounting standards, the Company recorded a litigation related accrual of $ 6,500,000 in the third quarter of 2022 and an incremental litigation related accrual of $ 17,200,000 in the first quarter of 2024 as its estimate based on the awarded judgments, including enhanced damages, pre-judgment interest, costs and estimated attorneys' fees. The final determination of attorneys' fees and any associated pre-judgment and post-judgment interest will depend on the District Court's determination of those fees and interest amounts, subject to appeal, and could differ from the recorded liability. 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. |
Impact of Recently Issued Accou
Impact of Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Impact of Recently Issued Accounting Standards | 11. 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 March 31, 2024 are not expected to have a material impact on the Company’s consolidated financial statements. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories were as follows (in thousands): March 31, 2024 December 31, 2023 Raw materials $ 88,365 $ 88,716 Work-in-process 15,113 10,525 Finished goods 8,838 7,338 $ 112,316 $ 106,579 |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment | Details of our investments are as follows (in thousands): March 31, 2024 Cash and Cash Long-Term Equivalents Investment Measured at fair value: Available-for-sale securities: Money market funds $ 209,702 $ — Failed Auction Security — 2,622 Total 209,702 2,622 Other measurement basis: Cash on hand 29,470 — Total $ 239,172 $ 2,622 December 31, 2023 Cash and Cash Long-Term Equivalents Investment Measured at fair value: Available-for-sale 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 |
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 March 31, 2024 Cost Gains Losses Value Failed Auction Security $ 3,000 — 378 $ 2,622 Gross Gross Estimated Unrealized Unrealized Fair December 31, 2023 Cost Gains Losses Value Failed Auction Security $ 3,000 — 470 $ 2,530 |
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 March 31, 2024, by type and contractual maturities, are shown below (in thousands): Estimated Cost Fair Value Failed Auction Security: Due in nineteen years $ 3,000 $ 2,622 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 (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) March 31, 2024 Cash equivalents: Money market funds $ 209,702 $ — $ — $ 209,702 Long-term investment: Failed Auction Security — — 2,622 2,622 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 |
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 three months ended March 31, 2024 was as follows (in thousands): Balance at the beginning of the period $ 2,530 Gain included in Other comprehensive loss 92 Balance at the end of the period $ 2,622 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
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): Three Months Ended March 31, 2024 Brick Products Advanced Products Total United States $ 20,974 $ 27,186 $ 48,160 Europe 6,857 3,999 10,856 Asia Pacific 12,268 12,052 24,320 All other 493 43 536 $ 40,592 $ 43,280 $ 83,872 Three Months Ended March 31, 2023 Brick Products Advanced Products Total United States $ 21,256 $ 13,710 $ 34,966 Europe 7,546 4,027 11,573 Asia Pacific 16,847 33,444 50,291 All other 876 110 986 $ 46,525 $ 51,291 $ 97,816 |
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): Three Months Ended March 31, 2024 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 20,810 $ 21,640 $ 42,450 Stocking distributors, net of sales allowances 19,407 9,632 29,039 Non-recurring engineering 375 3,468 3,843 Royalties — 8,180 8,180 Other — 360 360 $ 40,592 $ 43,280 $ 83,872 Three Months Ended March 31, 2023 Brick Products Advanced Products Total Direct customers, contract manufacturers and $ 30,486 $ 42,013 $ 72,499 Stocking distributors, net of sales allowances 15,737 5,052 20,789 Non-recurring engineering 302 2,128 2,430 Royalties — 2,020 2,020 Other — 78 78 $ 46,525 $ 51,291 $ 97,816 |
Summary of Changes in Contract Liabilities | The following table presents the changes in certain contract liabilities (in thousands): March 31, 2024 December 31, 2023 Change Short-term deferred revenue and customer prepayments $ ( 2,684 ) $ ( 3,157 ) $ 473 Long-term deferred revenue ( 660 ) ( 1,020 ) 360 Sales allowances ( 3,130 ) ( 3,482 ) 352 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation Expense | Stock-based compensation expense was as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenues $ 754 $ 486 Selling, general and administrative 1,919 1,520 Research and development 1,107 811 Total stock-based compensation $ 3,780 $ 2,817 |
Summary of Compensation Expenses by Type of Award | Compensation expense by type of award was as follows (in thousands): Three Months Ended March 31, 2024 2023 Stock options $ 3,466 $ 2,496 ESPP 314 321 Total stock-based compensation $ 3,780 $ 2,817 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes and Effective Income Tax Rates | The provision for income taxes and the effective income tax rates were as follows (dollars in thousands): Three Months Ended March 31, 2024 2023 Provision for income taxes $ 1,071 $ 1,141 Effective income tax rate ( 8.0 )% 9.2 % |
Net (Loss) Income per Share (Ta
Net (Loss) Income per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net (Loss) Income Per Share | The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Numerator: Net (loss) income attributable to Vicor Corporation $ ( 14,473 ) $ 11,244 Denominator: Denominator for basic net (loss) income per share-weighted 44,516 44,162 Effect of dilutive securities: Employee stock options (2) — 745 Denominator for diluted net (loss) income per share – adjusted 44,516 44,907 Basic net (loss) income per share $ ( 0.33 ) $ 0.25 Diluted net (loss) income per share $ ( 0.33 ) $ 0.25 (1) Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding. (2) Options to pur chase 2,500,448 and 1,035,618 shares of Common Stock for the three months ended March 31, 2024 and 2023 , respectively, were not included in the calculations of net (loss) income per share as the effect would have been antidilutive. |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 88,365 | $ 88,716 |
Work-in-process | 15,113 | 10,525 |
Finished goods | 8,838 | 7,338 |
Net balance | $ 112,316 | $ 106,579 |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 | |
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 | $ 2,622,000 | $ 2,530,000 |
Long-Term Investments - Summary
Long-Term Investments - Summary of Investment (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Estimated Fair Value | $ 239,172 | $ 242,219 |
Other Long-term Investment [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Estimated Fair Value | 2,622 | 2,530 |
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Estimated Fair Value | 209,702 | 209,489 |
Estimate of Fair Value Measurement [Member] | Other Long-term Investment [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Estimated Fair Value | 2,622 | 2,530 |
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 | 2,622 | 2,530 |
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 | 209,702 | 209,489 |
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 | $ 29,470 | $ 32,730 |
Long-Term Investments - Summa_2
Long-Term Investments - Summary of Available-for-Sale Securities (Detail) - Failed Auction Security [Member] - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 3,000,000 | $ 3,000,000 |
Gross Unrealized Losses | 378,000 | 470,000 |
Estimated Fair Value | $ 2,622,000 | $ 2,530,000 |
Long-Term Investments - Amortiz
Long-Term Investments - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturities (Detail) - Failed Auction Security [Member] $ in Thousands | Mar. 31, 2024 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 | $ 2,622 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Failed Auction Security [Member] | Other Long-Term Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Estimated Fair Value | $ 2,622 | $ 2,530 |
Money Market Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 209,702 | 209,489 |
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 | 209,702 | 209,489 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Failed Auction Security [Member] | Other Long-Term Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Estimated Fair Value | $ 2,622 | $ 2,530 |
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 | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Fair Value Disclosures [Abstract] | |
Balance at the beginning of the period | $ 2,530 |
Gain included in Other comprehensive loss | $ 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 | $ 2,622 |
Revenues - Summary of Net Reven
Revenues - Summary of Net Revenues Disaggregated by Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 83,872 | $ 97,816 |
Brick Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 40,592 | 46,525 |
Advanced Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 43,280 | 51,291 |
United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 48,160 | 34,966 |
United States [Member] | Brick Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 20,974 | 21,256 |
United States [Member] | Advanced Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 27,186 | 13,710 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 10,856 | 11,573 |
Europe [Member] | Brick Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 6,857 | 7,546 |
Europe [Member] | Advanced Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,999 | 4,027 |
Asia Pacific [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 24,320 | 50,291 |
Asia Pacific [Member] | Brick Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 12,268 | 16,847 |
Asia Pacific [Member] | Advanced Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 12,052 | 33,444 |
All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 536 | 986 |
All Other [Member] | Brick Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 493 | 876 |
All Other [Member] | Advanced Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 43 | $ 110 |
Revenues - Summary of Net Rev_2
Revenues - Summary of Net Revenues Disaggregated by Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 83,872 | $ 97,816 |
Brick Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 40,592 | 46,525 |
Advanced Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 43,280 | 51,291 |
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 42,450 | 72,499 |
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | Brick Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 20,810 | 30,486 |
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | Advanced Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 21,640 | 42,013 |
Stocking distributors, net of sales allowances [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 29,039 | 20,789 |
Stocking distributors, net of sales allowances [Member] | Brick Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 19,407 | 15,737 |
Stocking distributors, net of sales allowances [Member] | Advanced Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9,632 | 5,052 |
Non-recurring engineering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,843 | 2,430 |
Non-recurring engineering [Member] | Brick Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 375 | 302 |
Non-recurring engineering [Member] | Advanced Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,468 | 2,128 |
Royalties [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,180 | 2,020 |
Royalties [Member] | Brick Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Royalties [Member] | Advanced Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,180 | 2,020 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 360 | 78 |
Other [Member] | Brick Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Other [Member] | Advanced Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 360 | $ 78 |
Revenues - Summary of Changes i
Revenues - Summary of Changes in Certain Contract Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Disaggregation of Revenue [Line Items] | ||
Short-term deferred revenue and customer prepayments | $ (2,684) | $ (3,157) |
Long-term deferred revenue | (660) | (1,020) |
Sales allowances | (3,130) | $ (3,482) |
Accounting Standards Update 2014-09 [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Short-term deferred revenue and customer prepayments | 473 | |
Long-term deferred revenue | 360 | |
Sales allowances | $ 352 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred Revenue, Revenue Recognized | $ 360,000 | $ 1,609,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 3,780 | $ 2,817 |
Cost of Revenues [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 754 | 486 |
Selling, General and Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 1,919 | 1,520 |
Research and Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 1,107 | $ 811 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 3,780 | $ 2,817 |
Stock Options [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 3,466 | 2,496 |
ESPP [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 314 | $ 321 |
Rental Income - Additional info
Rental Income - Additional information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Lease income | $ 198,000 | $ 198,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | Mar. 31, 2024 USD ($) |
Income Tax Disclosure [Abstract] | |
Valuation allowance, deferred tax assets | $ 52,291,000 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes and Effective Income Tax Rates (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 1,071 | $ 1,141 |
Effective income tax rate | (8.00%) | 9.20% |
Net (Loss) Income per Share - S
Net (Loss) Income per Share - Summary of Computation Of Basic And Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Numerator: | |||
Net (loss) income attributable to Vicor Corporation | $ (14,473) | $ 11,244 | |
Denominator: | |||
Denominator for basic net (loss) income per share-weighted average shares | [1] | 44,516 | 44,162 |
Effect of dilutive securities: | |||
Employee stock options | [2] | 745 | |
Denominator for diluted net (loss) income per share - adjusted weighted-average shares and assumed conversions | 44,516 | 44,907 | |
Basic net (loss) income per share | $ (0.33) | $ 0.25 | |
Diluted net (loss) income per share | $ (0.33) | $ 0.25 | |
[1] Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding. Options to pur chase 2,500,448 and 1,035,618 shares of Common Stock for the three months ended March 31, 2024 and 2023 , respectively, were not included in the calculations of net (loss) income per share as the effect would have been antidilutive. |
Net (Loss) Income per Share -_2
Net (Loss) Income per Share - Summary of Computation Of Basic And Diluted Net Income (Loss) Per Share (Parenthetical) (Detail) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Options to purchase shares of Common Stock not included in the computation of diluted income (loss) per share | 2,500,448 | 1,035,618 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Apr. 24, 2024 | Mar. 31, 2024 | Sep. 30, 2022 | |
Loss Contingencies [Line Items] | |||
Capital expenditure commitments | $ 11,475,000 | ||
Litigation related accrual amount | 17,200,000 | $ 6,500,000 | |
Infringement of 702 Patent [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Damages Awarded, Value | $ 6,500,000 | ||
Subsequent Event [Member] | Infringement of 702 Patent [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Damages Awarded, Value | $ 6,500,000 | ||
Increase in loss contingency damages awarded value | 4,500,000 | ||
Awarded cost amount | $ 87,000 |