Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 16, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
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 | ||
Entity Public Float | $ 1,187,898,000 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | Boston, MA | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 32,373,459 | ||
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, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 190,611 | $ 182,418 |
Short-term Investments | 0 | 45,215 |
Accounts receivable, less allowance of $87 in 2022 and $82 in 2021 | 65,429 | 55,097 |
Inventories | 101,410 | 67,322 |
Other current assets | 5,154 | 6,708 |
Total current assets | 362,604 | 356,760 |
Deferred tax assets | 280 | 208 |
Long-term investment, net | 2,622 | 2,639 |
Property, plant and equipment, net | 166,009 | 115,975 |
Other assets | 5,386 | 1,623 |
Total assets | 536,901 | 477,205 |
Current liabilities: | ||
Accounts payable | 22,207 | 21,189 |
Accrued compensation and benefits | 10,849 | 12,753 |
Accrued litigation | 6,500 | 0 |
Accrued expenses | 8,613 | 4,158 |
Sales allowances | 1,661 | 1,464 |
Short-term lease liabilities | 1,450 | 1,551 |
Income taxes payable | 72 | 66 |
Short-term deferred revenue and customer prepayments | 13,197 | 7,912 |
Total current liabilities | 64,549 | 49,093 |
Long-term deferred revenue | 145 | 413 |
Long-term income taxes payable | 862 | 569 |
Long-term lease liabilities | 7,009 | 3,225 |
Total liabilities | 72,565 | 53,300 |
Commitments and contingencies (Note 15) | ||
Vicor Corporation stockholders' equity: | ||
Additional paid-in capital | 360,365 | 345,664 |
Retained earnings | 243,079 | 217,633 |
Accumulated other comprehensive loss | (988) | (1,328) |
Treasury stock at cost: 11,634,806 shares in 2022 and 2021 | (138,927) | (138,927) |
Total Vicor Corporation stockholders' equity | 464,088 | 423,599 |
Noncontrolling interest | 248 | 306 |
Total equity | 464,336 | 423,905 |
Total liabilities and equity | 536,901 | 477,205 |
Class B Common Stock [Member] | ||
Vicor Corporation stockholders' equity: | ||
Common Stock | 118 | 118 |
Common Stock [Member] | ||
Vicor Corporation stockholders' equity: | ||
Common Stock | $ 441 | $ 439 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Thousands | Dec. 31, 2022 USD ($) Vote $ / shares shares | Dec. 31, 2021 USD ($) Vote $ / shares shares |
Accounts receivable, allowance | $ | $ 87 | $ 82 |
Common Stock, shares outstanding | 11,758,218 | |
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 | 11,758,218 |
Common Stock, shares outstanding | 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 | 43,976,336 | 43,789,528 |
Common Stock, shares outstanding | 32,341,530 | 32,154,722 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Income Statement [Abstract] | ||||
Net revenues | $ 399,079 | $ 359,364 | $ 296,576 | |
Cost of revenues | 218,520 | 181,164 | 165,129 | |
Gross margin | 180,559 | 178,200 | 131,447 | |
Operating expenses: | ||||
Selling, general and administrative | 86,264 | 69,484 | 63,163 | |
Research and development | 60,594 | 53,114 | 50,916 | |
Litigation-related | 6,500 | |||
Total operating expenses | 153,358 | 122,598 | 114,079 | |
Income from operations | 27,201 | 55,602 | 17,368 | |
Other income (expense), net: | ||||
Total unrealized (losses) gains on available-for-sale securities, net | (17) | 122 | 7 | |
Portion of losses (gains) recognized in other comprehensive income | 20 | (118) | (3) | |
Net credit gains recognized in earnings | 3 | 4 | 4 | |
Other income (expense), net | 1,483 | 1,199 | 1,089 | |
Total other income (expense), net | 1,486 | 1,203 | 1,093 | |
Income before income taxes | 28,687 | 56,805 | 18,461 | |
Less: Provision for income taxes | 3,261 | 176 | 539 | |
Consolidated net income | 25,426 | 56,629 | 17,922 | |
Less: Net (loss) income attributable to noncontrolling interest | (20) | 4 | 12 | |
Net income attributable to Vicor Corporation | $ 25,446 | $ 56,625 | $ 17,910 | |
Net income per common share attributable to Vicor Corporation: | ||||
Basic | $ 0.58 | $ 1.3 | $ 0.42 | |
Diluted | $ 0.57 | $ 1.26 | $ 0.41 | |
Shares used to compute net income per common share attributable to Vicor Corporation: | ||||
Basic | [1] | 44,005 | 43,651 | 42,186 |
Diluted | [2] | 44,894 | 44,966 | 43,869 |
[1]Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding.[2]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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement of Comprehensive Income [Abstract] | ||||
Consolidated net income | $ 25,426 | $ 56,629 | $ 17,922 | |
Foreign currency translation (losses) gains, net of tax benefit | [1] | (519) | (425) | 200 |
Unrealized gains (losses) on available-for-sale securities, net of tax | [1] | 821 | (732) | (6) |
Other comprehensive income (loss) | 302 | (1,157) | 194 | |
Consolidated comprehensive income | 25,728 | 55,472 | 18,116 | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | (58) | (29) | 27 | |
Comprehensive income attributable to Vicor Corporation | $ 25,786 | $ 55,501 | $ 18,089 | |
[1]The deferred tax assets associated with cumulative foreign currency translation (losses) gains and cumulative unrealized gains (losses) on available-for-sale securities are completely offset by a tax valuation allowance as of December 31, 2022, 2021, and 2020. Therefore, there is no income tax benefit (provision) recognized in any of the three years ended December 31, 2022. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | |||
Consolidated net income | $ 25,426 | $ 56,629 | $ 17,922 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | |||
Depreciation and amortization | 13,776 | 11,705 | 11,056 |
Stock-based compensation expense | 10,264 | 7,035 | 5,883 |
Litigation-related expense | 6,500 | ||
Decrease in long-term deferred revenue | (268) | (320) | (321) |
Amortization of Bond Premium | 1,056 | ||
(Decrease) increase in other assets | (692) | (43) | 182 |
Increase (decrease) in long-term income taxes payable | 293 | (74) | 76 |
Deferred income taxes | (72) | 18 | (21) |
Provision for doubtful accounts | 5 | 0 | 23 |
Credit gain on available-for-sale securities | (3) | (4) | (4) |
Decrease in contingent consideration obligations | 0 | (74) | 0 |
Change in current assets and liabilities, net | (33,346) | (20,428) | (54) |
Net cash provided by operating activities | 22,939 | 54,444 | 34,742 |
Investing activities: | |||
Purchases of short-term investments | 0 | (70,900) | (50,166) |
Additions to property, plant and equipment and internal-use software | (63,966) | (47,761) | (28,653) |
Sales and maturities of short-term investments | 45,000 | 75,000 | 0 |
Net cash used for investing activities | (18,966) | (43,661) | (78,819) |
Financing activities: | |||
Proceeds from employee stock plans | 4,439 | 10,243 | 11,585 |
Proceeds from public offering of Common Stock | 0 | 0 | 109,681 |
Payment of contingent consideration obligations | 0 | (153) | (224) |
Net cash provided by financing activities | 4,439 | 10,090 | 121,042 |
Effect of foreign exchange rates on cash | (219) | (197) | 109 |
Net increase in cash and cash equivalents | 8,193 | 20,676 | 77,074 |
Cash and cash equivalents at beginning of year | 182,418 | 161,742 | 84,668 |
Cash and cash equivalents at end of year | 190,611 | 182,418 | 161,742 |
Change in current assets and liabilities: | |||
Accounts receivable | (10,586) | (14,301) | (2,816) |
Inventories, net | (34,204) | (10,134) | (8,049) |
Other current assets | 1,547 | 10 | 369 |
Accounts payable and accrued liabilities | 4,399 | 2,503 | 8,668 |
Accrued severance and other charges | (93) | 93 | 0 |
Short-term lease payable | 103 | 4 | 34 |
Income taxes payable | 6 | (73) | 82 |
Deferred revenue | 5,482 | 1,470 | 1,658 |
Change in current assets and liabilities, net | (33,346) | (20,428) | (54) |
Supplemental disclosures: | |||
Cash paid during the year for income taxes, net of refunds | $ 1,263 | $ 645 | $ 79 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [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] | Class B Common Stock [Member] Common Stock [Member] |
Beginning Balance at Dec. 31, 2019 | $ 205,870 | $ 405 | $ 201,251 | $ 143,098 | $ (383) | $ (138,927) | $ 205,562 | $ 308 | $ 118 |
Issuance of Common Stock under employee stock plans | 11,585 | 10 | 11,575 | 11,585 | |||||
Issuance of Common Stock in public offering, net | 109,681 | 18 | 109,663 | 109,681 | |||||
Stock-based compensation expense | 5,883 | 5,883 | 5,883 | ||||||
Other | 20 | 20 | 20 | ||||||
Components of comprehensive income, net of tax | |||||||||
Net income (loss) | 17,922 | 17,910 | 17,910 | 12 | |||||
Other comprehensive income (loss) | 194 | 179 | 179 | 15 | |||||
Total comprehensive income (loss) | 18,116 | 18,089 | 27 | ||||||
Ending Balance at Dec. 31, 2020 | 351,155 | 433 | 328,392 | 161,008 | (204) | (138,927) | 350,820 | 335 | 118 |
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 | 345,664 | 217,633 | (1,328) | (138,927) | 423,599 | 306 | 118 |
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 | $ 360,365 | $ 243,079 | $ (988) | $ (138,927) | $ 464,088 | $ 248 | $ 118 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. DESCRIPTION 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, 2022 | |
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) gains included in other income (expense), net, were approximately $(653,000), $(336,000), and $181,000 in 2022, 2021, and 2020, 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, an ri 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 eq , du 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 tim Long-term Investment The Company’s long-term investment is an auction ra te Available-For-Sale Certain of the cash and cash equivalents, all of the short-term investments and the long-term investment are classified as available-for-sale non-credit 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 -te Inventories Inventories are valued at the lower of cost (determined using the first-in, first-out 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 an d/or 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, 2022 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, 2022, 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 autom ati . customer accounted for approximately % and %, 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 th e pr 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, mo dify 350-40, Internal-Use ovid internal-use Product warranties The Company generally offers a two-year nu 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 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, 2022 and 2021, the Company recognized revenue of approximately $5,328,000 and $4,087,000, 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 app 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 fiv e yea 52 criteria is deemed probable. For stock options with performance-based vesting provis io 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 expec ted The Company follows a two-step “more-likely-than-not” “more-likely-than-not” zed 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): 2022 2021 2020 Numerator: Net income attributable to Vicor Corporation $ 25,446 $ 56,625 $ 17,910 Denominator: Denominator for basic net income per share - 44,005 43,651 42,186 Effect of dilutive securities: Employee stock options (2) 889 1,315 1,683 Denominator for diluted net income per share - 44,894 44,966 43,869 Basic net income per share $ 0.58 $ 1.30 $ 0.42 Diluted net income per share $ 0.57 $ 1.26 $ 0.41 (1) Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding. (2) Options to purchase 879,228, 60,736 and 181,196 shares of Common Stock in 2022, 2021, and 2020, 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 op tio Comprehensive income (loss) The components of comprehensive income (loss) include, in addition to consolidated net income (loss), unrealized gains and losses on investments, net of tax and foreign currency translation adjustments re late Impact of recently issued accounting standards In December 2019, the FASB issued guidance designed to simplify the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740, Income Taxes Other new pronouncements issued but not effective until after December 31, 2022 are not expected to have a material impact on the Company’s consolidated financial statements. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. INVENTORIES Inventories as of December 31 were as follows (in thousands): 2022 2021 Raw materials $ 82,181 $ 51,289 Work-in-process 10,456 12,514 Finished goods 8,773 3,519 $ 101,410 $ 67,322 |
Short-Term and Long-Term Invest
Short-Term and Long-Term Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-Term and Long-Term Investments | 4. SHORT-TERM AND LONG-TERM INVESTMENTS As of December 31, 2022 and 2021, the Company held $0 and $45,215,000, respectively, of short-term investments, consisting of obligations of the U.S. Treasury, all of which were debt securities with original maturities greater than three months but less than one year at the time of purchase. As of December 31, 2022 and 2021, 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 $2,639 ,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, 2022, 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, 2022. 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, 2022 Cash and Cash Equivalents Short-Term Investments Long-Term Investments Measured at fair value: Available-for-sale 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 December 31, 2021 Cash and Cash Equivalents Short-Term Investments Long-Term Investments Measured at fair value: Available-for-sale Money Market Funds $ 94,282 $ — $ — U.S. Treasury Obligations — 45,215 — Failed Auction Security — — 2,639 Total 94,282 45,215 2,639 Other measurement basis: Cash on hand 88,136 — — Total $ 182,418 $ 45,215 $ 2,639 The following is a summary of the available-for-sale December 31, 2022 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Failed Auction Security $ 3,000 $ — $ 378 $ 2,622 December 31, 2021 U.S. Treasury Obligations $ 45,238 $ — $ 23 $ 45,215 Failed Auction Security 3,000 — 361 2,639 As of Decembe r 31, 2022 and 2021, 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 a vailabl Failed Auction Security: Cost Estimated Fair Value Due in twenty years $ 3,000 $ 2,622 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 (in thousands): Using Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value as of December 31, 2022 Cash equivalents: Money market funds $ 143,274 $ — $ — $ 143,274 Long-term investments: Failed Auction Security — — 2,622 2,622 Assets measured at fair value on a recurring basis included the following as of December 31, 2021 (in thousands): Using Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value as of December 31, 2021 Cash equivalents: Money market funds $ 94,282 $ — $ — $ 94,282 Short-term investments: U.S. Treasury Obligations 45,215 — — 45,215 Long-term investments: Failed Auction Security — — 2,639 2,639 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, 2022 was as follows (in thousands): Balance at the beginning of the period $ 2,639 Credit gain on available-for-sale 3 Loss included in Other comprehensive income (20 ) Balance at the end of the period $ 2,622 Management utilized a probability weighted discounted cash flow model to determine the estimated fair value of this investment as of December 31, 2022. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
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 period of three Property, plant and equipment as of December 31 were as follows (in thousands): 2022 2021 Land $ 3,600 $ 3,600 Buildings and improvements 73,520 50,138 Machinery and equipment 271,021 247,926 Furniture and fixtures 15,297 9,825 Construction in-progress 52,937 48,088 416,375 359,577 Accumulated depreciation and amortization (258,570 ) (248,226 ) Right of use asset — net 8,204 4,624 Net balance $ 166,009 $ 115,975 Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was approximately $13,701,000, $11,609,000, and $10,950,000, respectively. As of December 31, 2022, the Company had approximately $24,205,000 of capital expenditure commitments. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 7. INTANGIBLE ASSETS Patent costs, which are included in Other assets in the accompanying Conso lidated as 2022 2021 Patent costs $ 1,030 $ 1,686 Accumulated amortization (772 ) (1,354 ) $ 258 $ 332 Definite lived intangible assets, such as patent rights, are amortized and tested for impairment if a triggering event occurs. As of December 31, 2022, we had $3,202,000 of capitalized internal-use ftw Amortization expense was approximately $75,000, $96,000 and $106,000 in 2022, 2021, and 2020, respectively. |
Product Warranties
Product Warranties | 12 Months Ended |
Dec. 31, 2022 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranties | 8. PRODUCT WARRANTIES Product warranty activity for the years ended December 31 was as follows (in thousands): 2022 2021 2020 Balance at the beginning of the period $ 292 $ 308 $ 372 Accruals for warranties for products sold in the period 376 158 366 Fulfillment of warranty obligations (131 ) (151 ) (398 ) Revisions of estimated obligations (40 ) (23 ) (32 ) Balance at the end of the period $ 497 $ 292 $ 308 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
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 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 2022, 2021, and 2020. On December 31, 2022, the Company had approximately $8,541,000 available for share repurchases under the November 2000 Plan. In June 2020, the Company completed an underwritten public offering of its Common Stock, resulting in the issuance of a total of 1,769,231 shares of registered Common Stock and net proceeds of approximately $109,714,000, after deduction of underwriting discounts and offering expenses. The Company has been using the net proceeds from the offering to expand its manufacturing facilities and for other general corporate purposes. 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, 2022, 2021, and 2020, there were 21,080,950, 21,268,027, and 21,852,334, respectively, share s o up |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Brick Products Advanced Products 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 Products Advanced Products 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 Year Ended December 31, 2020 Brick Products Advanced Products Total United States $ 80,065 $ 25,493 $ 105,558 Europe 23,491 6,641 30,132 Asia Pacific 83,985 73,899 157,884 All other 2,715 287 3,002 $ 190,256 $ 106,320 $ 296,576 The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands): Year Ended December 31, 2022 Brick Products Advanced Products 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 e 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 Products Advanced Products Total Direct customers, contract manufacturers and non-stocking $ 139,099 $ 144,180 $ 283,279 Stocking distributors, net of sales allowances 49,359 14,123 63,482 Non-recurring 686 10,027 10,713 Royalties — 1,819 1,819 Other — 71 71 $ 189,144 $ 170,220 $ 359,364 Year Ended December 31, 2020 Brick Advanced Total Direct customers, contract manufacturers and non-stocking $ 160,004 $ 91,405 $ 251,409 Stocking distributors, net of sales allowances 29,411 8,510 37,921 Non-recurring 841 6,181 7,022 Royalties — 152 152 Other — 72 72 $ 190,256 $ 106,320 $ 296,576 The following table presents the changes in certain contract assets and (liabilities) (in thousands): December 31, 2022 December 31, 2021 Change Short-term deferred revenue and customer prepayments $ (13,197 ) $ (7,912 ) $ (5,285 ) Long-term deferred revenue (145 ) (413 ) 268 Deferred expenses 577 560 17 Sales allowances (1,661 ) (1,464 ) (197 ) Deferred expenses are included in Other current assets, in the accompanying Consolidated Balance Sheets. During 2022 , 2021, and 2020, customer accounted for approximately %, %, and % 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 26.4% of total net revenues in 2022, 16.1% in 2021 and 10.5% in 2020, respectively. Net revenues from customers in China (including Hong Kong), accounted for approximately 18.8% of total net revenues in 2022, 27.5% in 2021 and 31.4% in 2020, respectively. |
Stock-Based Compensation and Em
Stock-Based Compensation and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [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”) and dividend equivalent rights. Awards may be granted to employees and other key persons, including non-employee non-qualified non-employee years from the date of grant and have a Vicor Corporation 2017 Employee Stock Purchase Plan (the “Plan” or the “ESPP”) Stock-based compensation expense for the years ended December 31 was as follows (in thousands): 2022 2021 2020 Cost of revenues $ 1,648 $ 1,000 $ 934 Selling, general and administrative 5,735 3,873 3,164 Research and development 2,881 2,162 1,785 Total stock-based compensation $ 10,264 $ 7,035 $ 5,883 Compensation expense by type of award for the years ended December 31 was as follows (in thousands): 2022 2021 2020 Stock options $ 9,093 $ 6,122 $ 4,982 ESPP 1,171 913 901 Total stock-based compensation $ 10,264 $ 7,035 $ 5,883 All time-based (i.e., non-performance-based) with non-performance-based 2022 2021 2020 Risk-free interest rate 2.8 % 0.8 % 0.5 % Expected dividend yield — — — Expected volatility 51 % 49 % 48 % Expected term 4.4 4.9 6.1 Risk-free interest rate: The Company uses the yield on zero-coupon 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 Based on an analysis of historical forfeitures, the Company applied an annual forfeiture rate of 5.35% in 2022, estimating approximately 85% of its options would actually vest. For 2021 and 2020, the Company applied an annual forfeiture rate of 4.85% and 5.25%, respectively, estimating approximately 86% and 85%, respectively, of its options would actually vest. A summary of the activity under the 2000 Plan as of December 31, 2022 and changes during the year then ended, is presented below (in thousands except for share and weighted-average data): Options Outstanding Weighted- Average Exercise Price Weighted -Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding on December 31, 2021 1,677,661 $ 33.48 Granted 568,727 $ 61.72 Forfeited and expired (94,807 ) $ 59.78 Exercised (126,917 ) $ 12.87 Outstanding on December 31, 2022 2,024,664 $ 41.48 4.05 $ 42,160 Exercisable on December 31, 2022 1,046,092 $ 18.26 2.44 $ 40,376 Vested or expected to vest as of December 31, 2022(1) 1,928,480 $ 40.20 3.95 $ 42,057 (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, 2021 and 2020, the Company had options exercisable for 776,559 and 924,964 shares respectively, for which the weighted average exercise prices were $11.63 and $9.05, respectively. During t he As of December 31, 2022, there was approximately $19,144,000 of total unrecognized compensation cost related to unvested awards for Vicor. That cost is expected to be recognized over a weighted-average period of years for those awards. The expense will be recognized as follows: $ in 2023, $ in 2024, $ in 2025, $ in 2026, and $ in 2027. The weighted-average fair value of Vicor options granted was $26.53, $39.27, and $30.63, in 2022, 2021, and 2020, 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 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, 2022, 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, 2022 | |
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 provision 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, 2022, the balance of right of use (“ ROU The maturities of the Company’s lease liabilities are as follows (in thousands): 2023 $ 1,245 2024 1,786 2025 1,448 2026 1,094 2027 and beyond 4,538 Total lease payments $ 10,111 Less: Imputed interest 1,652 Present value of lease liabilities $ 8,459 As of December 31, 2022, the weighted-average remaining lease term was 7.1 years and the weighted-average discount rate was 3.84% for the Company’s operating leases. The Company developed the discount rates used based on a London Interbank Offered Rate (“LIBOR”) 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, 2022 and December 31, 2021, the Company paid approximately $2,183,000 and $1,876,000, respectively, for amounts included in the measurement of lease liabilities through operating cash flows. The Company obtained approximately $2,941,000 and $2,267,000 in ROU assets in exchange for $3,040,000 and $2,256,000 of new operating lease liabilities for the years ended December 31, 2022 and December 31, 2021, 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): 2023 $ 955 2024 402 Total lease payments to be received $ 1,357 The Company recorded net lease income |
Other Income (Expense), Net
Other Income (Expense), Net | 12 Months Ended |
Dec. 31, 2022 | |
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): 2022 2021 2020 Interest income, net $ 1,313 $ 930 $ 95 Rental income, net 792 792 792 Foreign currency (losses) gains, net (653 ) (336 ) 181 Other , net 34 (183 ) 25 $ 1,486 $ 1,203 $ 1,093 In 2022, “Interest income, net” includes an immaterial error correction of $834,000 related to the amortization of bond premiums on available - - |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
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 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: 2022 2021 2020 Statutory federal tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax benefit (2.4 ) (4.2 ) (0.5 ) Increase in valuation allowance 14.5 9.2 41.2 Permanent items (13.8 ) (17.9 ) (48.7 ) Tax credits (9.9 ) (5.7 ) (11.2 ) Provision vs. tax return differences 2.1 (2.0 ) 0.7 Foreign rate differential and deferred items (0.2 ) — 0.1 Other 0.1 (0.1 ) 0.3 11.4 % 0.3 % 2.9 % In 2022, the Company utilized net operating loss carryforwards and tax credits to offset federal income expense. In 2021 and 202 0 respectively. For financial reporting purposes, income before income taxes for the years ended December 31 include the following components (in thousands): 2022 2021 2020 Domestic $ 29,157 $ 56,620 $ 17,688 Foreign (470 ) 185 773 $ 28,687 $ 56,805 $ 18,461 Significant components of the provision (benefit) for income taxes for the years ended December 31 are as follows (in thousands): 2022 2021 2020 Current: Federal $ 2,105 $ 1 $ 215 State 955 (14 ) 93 Foreign 298 171 252 3,358 158 560 Deferred: Foreign (97 ) 18 (21 ) (97 ) 18 (21 ) $ 3,261 $ 176 $ 539 Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows (in thousands): 2022 2021 Deferred tax assets: Research and development tax credit carryforwards $ 33,764 $ 36,041 Net operating loss carryforwards 22 5,985 Stock-based compensation 3,940 2,341 Inventory reserves 2,303 2,268 Investment tax credit carryforwards 2,461 1,928 UNICAP 1,118 1,363 Vacation accrual 1,248 1,338 Lease liabilities 1,422 787 Accrued payroll tax deferral — 384 Capitalized research and development 12,142 — Other 2,871 1,568 Total deferred tax assets 61,291 54,003 Less: Valuation allowance for deferred tax assets (47,413 ) (43,329 ) Net deferred tax assets 13,878 10,674 Deferred tax liabilities: Depreciation (11,396 ) (9,048 ) ROU assets (1,362 ) (756 ) Prepaid expenses (751 ) (662 ) Other (89 ) — Total deferred tax liabilities (13,598 ) (10,466 ) Net deferred tax assets (liabilities) $ 280 $ 208 As of December 31, 2022, the Company has a valuation allowance of approximately $47,413,000 As of December 31 , 2022, the Company has no federal net operating loss carryforwards available, and has state net operating losses of approximately $3,607,000, which begin to expire in 2025. The Company has federal and state research and development tax credit carryforwards of $21,949,000 and $19,308,000, which will begin to expire in 2026 and 2023, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2022 2021 2020 Balance on January 1 $ 3,246 $ 2,297 $ 2,070 Additions based on tax positions related to the current year 319 625 244 Additions (reductions) for tax positions of prior years (54 ) 393 (13 ) Lapse of statute (37 ) (69 ) (4 ) Balance on December 31 $ 3,474 $ 3,246 $ 2,297 The Company has reviewed the tax positions taken, or to be taken, in its 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, 2022, 2021, and 2020, the Company recognized approximately $17,000, $19,000, and $17,000, respectively, in net interest expense. As of December 31, 2022 and 2021, the Company had accrued approximately $52,000 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 2021 and 2015 through 2021, 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, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. COMMITMENTS AND CONTINGENCIES As of December 31, 2022, we had a total of approximately $24,205,000 of cancelable and non-cancelable 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- Company In accordance with applicable accounting standards, the Company has 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, we are involved in certain other litigation and claims incidental to the conduct of our business. While the outcome of such other lawsuits and claims against us cannot be predicted with certainty, management does not expect such |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2022 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | VICOR CORPORATION SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Years ended December 31, 2022, 2021 and 2020 Description Balance at Beginning of Period Charge (Recovery) to Costs and Expenses Other Charges, Deductions (1) Balance at End of Period Allowance for doubtful accounts: Year ended: December 31, 2022 $ 82,000 $ 5,000 $ — $ 87,000 December 31, 2021 82,000 — — 82,000 December 31, 2020 59,000 23,000 — 82,000 (1) Reflects uncollectible accounts written off, net of recoveries. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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) gains included in other income (expense), net, were approximately $(653,000), $(336,000), and $181,000 in 2022, 2021, and 2020, 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, an ri |
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 eq , du |
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 tim |
Long-term investments | Long-term Investment The Company’s long-term investment is an auction ra te |
Available-For-Sale Securities | Available-For-Sale Certain of the cash and cash equivalents, all of the short-term investments and the long-term investment are classified as available-for-sale non-credit 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 -te |
Inventories | Inventories Inventories are valued at the lower of cost (determined using the first-in, first-out 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 an d/or |
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, 2022 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, 2022, 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 autom ati . customer accounted for approximately % and %, 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 th e pr |
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, mo dify 350-40, Internal-Use ovid internal-use |
Product warranties | Product warranties The Company generally offers a two-year nu |
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 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, 2022 and 2021, the Company recognized revenue of approximately $5,328,000 and $4,087,000, 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 app |
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 fiv e yea 52 criteria is deemed probable. For stock options with performance-based vesting provis io |
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 expec ted The Company follows a two-step “more-likely-than-not” “more-likely-than-not” zed |
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): 2022 2021 2020 Numerator: Net income attributable to Vicor Corporation $ 25,446 $ 56,625 $ 17,910 Denominator: Denominator for basic net income per share - 44,005 43,651 42,186 Effect of dilutive securities: Employee stock options (2) 889 1,315 1,683 Denominator for diluted net income per share - 44,894 44,966 43,869 Basic net income per share $ 0.58 $ 1.30 $ 0.42 Diluted net income per share $ 0.57 $ 1.26 $ 0.41 (1) Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding. (2) Options to purchase 879,228, 60,736 and 181,196 shares of Common Stock in 2022, 2021, and 2020, 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 op tio |
Comprehensive income (loss) | Comprehensive income (loss) The components of comprehensive income (loss) include, in addition to consolidated net income (loss), unrealized gains and losses on investments, net of tax and foreign currency translation adjustments re late |
Impact of recently issued accounting standards | Impact of recently issued accounting standards In December 2019, the FASB issued guidance designed to simplify the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740, Income Taxes Other new pronouncements issued but not effective until after December 31, 2022 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, 2022 | |
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): 2022 2021 2020 Numerator: Net income attributable to Vicor Corporation $ 25,446 $ 56,625 $ 17,910 Denominator: Denominator for basic net income per share - 44,005 43,651 42,186 Effect of dilutive securities: Employee stock options (2) 889 1,315 1,683 Denominator for diluted net income per share - 44,894 44,966 43,869 Basic net income per share $ 0.58 $ 1.30 $ 0.42 Diluted net income per share $ 0.57 $ 1.26 $ 0.41 (1) Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding. (2) Options to purchase 879,228, 60,736 and 181,196 shares of Common Stock in 2022, 2021, and 2020, 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 op tio |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories as of December 31 were as follows (in thousands): 2022 2021 Raw materials $ 82,181 $ 51,289 Work-in-process 10,456 12,514 Finished goods 8,773 3,519 $ 101,410 $ 67,322 |
Short-Term and Long-Term Inve_2
Short-Term and Long-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment | Details of our investments are as follows (in thousands): December 31, 2022 Cash and Cash Equivalents Short-Term Investments Long-Term Investments Measured at fair value: Available-for-sale 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 December 31, 2021 Cash and Cash Equivalents Short-Term Investments Long-Term Investments Measured at fair value: Available-for-sale Money Market Funds $ 94,282 $ — $ — U.S. Treasury Obligations — 45,215 — Failed Auction Security — — 2,639 Total 94,282 45,215 2,639 Other measurement basis: Cash on hand 88,136 — — Total $ 182,418 $ 45,215 $ 2,639 |
Summary of Available-for-Sale Securities | The following is a summary of the available-for-sale December 31, 2022 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Failed Auction Security $ 3,000 $ — $ 378 $ 2,622 December 31, 2021 U.S. Treasury Obligations $ 45,238 $ — $ 23 $ 45,215 Failed Auction Security 3,000 — 361 2,639 |
Cost and Estimated Fair Value of Failed Auction Security by Contractual Maturities | The amortized cost and estimated fair value of the a vailabl Failed Auction Security: Cost Estimated Fair Value Due in twenty years $ 3,000 $ 2,622 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 (in thousands): Using Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value as of December 31, 2022 Cash equivalents: Money market funds $ 143,274 $ — $ — $ 143,274 Long-term investments: Failed Auction Security — — 2,622 2,622 Assets measured at fair value on a recurring basis included the following as of December 31, 2021 (in thousands): Using Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value as of December 31, 2021 Cash equivalents: Money market funds $ 94,282 $ — $ — $ 94,282 Short-term investments: U.S. Treasury Obligations 45,215 — — 45,215 Long-term investments: Failed Auction Security — — 2,639 2,639 |
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, 2022 was as follows (in thousands): Balance at the beginning of the period $ 2,639 Credit gain on available-for-sale 3 Loss included in Other comprehensive income (20 ) Balance at the end of the period $ 2,622 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment as of December 31 were as follows (in thousands): 2022 2021 Land $ 3,600 $ 3,600 Buildings and improvements 73,520 50,138 Machinery and equipment 271,021 247,926 Furniture and fixtures 15,297 9,825 Construction in-progress 52,937 48,088 416,375 359,577 Accumulated depreciation and amortization (258,570 ) (248,226 ) Right of use asset — net 8,204 4,624 Net balance $ 166,009 $ 115,975 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Patents [Member] | |
Schedule of Patent Cost and Other Asset | Patent costs, which are included in Other assets in the accompanying Conso lidated as 2022 2021 Patent costs $ 1,030 $ 1,686 Accumulated amortization (772 ) (1,354 ) $ 258 $ 332 |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranty Activity | Product warranty activity for the years ended December 31 was as follows (in thousands): 2022 2021 2020 Balance at the beginning of the period $ 292 $ 308 $ 372 Accruals for warranties for products sold in the period 376 158 366 Fulfillment of warranty obligations (131 ) (151 ) (398 ) Revisions of estimated obligations (40 ) (23 ) (32 ) Balance at the end of the period $ 497 $ 292 $ 308 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Brick Products Advanced Products 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 Products Advanced Products 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 Year Ended December 31, 2020 Brick Products Advanced Products Total United States $ 80,065 $ 25,493 $ 105,558 Europe 23,491 6,641 30,132 Asia Pacific 83,985 73,899 157,884 All other 2,715 287 3,002 $ 190,256 $ 106,320 $ 296,576 |
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, 2022 Brick Products Advanced Products 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 e 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 Products Advanced Products Total Direct customers, contract manufacturers and non-stocking $ 139,099 $ 144,180 $ 283,279 Stocking distributors, net of sales allowances 49,359 14,123 63,482 Non-recurring 686 10,027 10,713 Royalties — 1,819 1,819 Other — 71 71 $ 189,144 $ 170,220 $ 359,364 Year Ended December 31, 2020 Brick Advanced Total Direct customers, contract manufacturers and non-stocking $ 160,004 $ 91,405 $ 251,409 Stocking distributors, net of sales allowances 29,411 8,510 37,921 Non-recurring 841 6,181 7,022 Royalties — 152 152 Other — 72 72 $ 190,256 $ 106,320 $ 296,576 |
Summary of Changes in Contract Assets And Liabilities | The following table presents the changes in certain contract assets and (liabilities) (in thousands): December 31, 2022 December 31, 2021 Change Short-term deferred revenue and customer prepayments $ (13,197 ) $ (7,912 ) $ (5,285 ) Long-term deferred revenue (145 ) (413 ) 268 Deferred expenses 577 560 17 Sales allowances (1,661 ) (1,464 ) (197 ) |
Stock-Based Compensation and _2
Stock-Based Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stock-Based Compensation Expense | Stock-based compensation expense for the years ended December 31 was as follows (in thousands): 2022 2021 2020 Cost of revenues $ 1,648 $ 1,000 $ 934 Selling, general and administrative 5,735 3,873 3,164 Research and development 2,881 2,162 1,785 Total stock-based compensation $ 10,264 $ 7,035 $ 5,883 |
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): 2022 2021 2020 Stock options $ 9,093 $ 6,122 $ 4,982 ESPP 1,171 913 901 Total stock-based compensation $ 10,264 $ 7,035 $ 5,883 |
Weighted-Average Assumptions for Non Performance-Based Fair Value for Stock Options | The fair value for non-performance-based 2022 2021 2020 Risk-free interest rate 2.8 % 0.8 % 0.5 % Expected dividend yield — — — Expected volatility 51 % 49 % 48 % Expected term 4.4 4.9 6.1 |
2000 Plan, Vicor [Member] | |
Stock-Based Compensation Expense | A summary of the activity under the 2000 Plan as of December 31, 2022 and changes during the year then ended, is presented below (in thousands except for share and weighted-average data): Options Outstanding Weighted- Average Exercise Price Weighted -Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding on December 31, 2021 1,677,661 $ 33.48 Granted 568,727 $ 61.72 Forfeited and expired (94,807 ) $ 59.78 Exercised (126,917 ) $ 12.87 Outstanding on December 31, 2022 2,024,664 $ 41.48 4.05 $ 42,160 Exercisable on December 31, 2022 1,046,092 $ 18.26 2.44 $ 40,376 Vested or expected to vest as of December 31, 2022(1) 1,928,480 $ 40.20 3.95 $ 42,057 (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, 2022 | |
Leases, Operating [Abstract] | |
Maturities of Lease Liabilities | The maturities of the Company’s lease liabilities are as follows (in thousands): 2023 $ 1,245 2024 1,786 2025 1,448 2026 1,094 2027 and beyond 4,538 Total lease payments $ 10,111 Less: Imputed interest 1,652 Present value of lease liabilities $ 8,459 |
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): 2023 $ 955 2024 402 Total lease payments to be received $ 1,357 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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): 2022 2021 2020 Interest income, net $ 1,313 $ 930 $ 95 Rental income, net 792 792 792 Foreign currency (losses) gains, net (653 ) (336 ) 181 Other , net 34 (183 ) 25 $ 1,486 $ 1,203 $ 1,093 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: 2022 2021 2020 Statutory federal tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax benefit (2.4 ) (4.2 ) (0.5 ) Increase in valuation allowance 14.5 9.2 41.2 Permanent items (13.8 ) (17.9 ) (48.7 ) Tax credits (9.9 ) (5.7 ) (11.2 ) Provision vs. tax return differences 2.1 (2.0 ) 0.7 Foreign rate differential and deferred items (0.2 ) — 0.1 Other 0.1 (0.1 ) 0.3 11.4 % 0.3 % 2.9 % |
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): 2022 2021 2020 Domestic $ 29,157 $ 56,620 $ 17,688 Foreign (470 ) 185 773 $ 28,687 $ 56,805 $ 18,461 |
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): 2022 2021 2020 Current: Federal $ 2,105 $ 1 $ 215 State 955 (14 ) 93 Foreign 298 171 252 3,358 158 560 Deferred: Foreign (97 ) 18 (21 ) (97 ) 18 (21 ) $ 3,261 $ 176 $ 539 |
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): 2022 2021 Deferred tax assets: Research and development tax credit carryforwards $ 33,764 $ 36,041 Net operating loss carryforwards 22 5,985 Stock-based compensation 3,940 2,341 Inventory reserves 2,303 2,268 Investment tax credit carryforwards 2,461 1,928 UNICAP 1,118 1,363 Vacation accrual 1,248 1,338 Lease liabilities 1,422 787 Accrued payroll tax deferral — 384 Capitalized research and development 12,142 — Other 2,871 1,568 Total deferred tax assets 61,291 54,003 Less: Valuation allowance for deferred tax assets (47,413 ) (43,329 ) Net deferred tax assets 13,878 10,674 Deferred tax liabilities: Depreciation (11,396 ) (9,048 ) ROU assets (1,362 ) (756 ) Prepaid expenses (751 ) (662 ) Other (89 ) — Total deferred tax liabilities (13,598 ) (10,466 ) Net deferred tax assets (liabilities) $ 280 $ 208 |
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): 2022 2021 2020 Balance on January 1 $ 3,246 $ 2,297 $ 2,070 Additions based on tax positions related to the current year 319 625 244 Additions (reductions) for tax positions of prior years (54 ) 393 (13 ) Lapse of statute (37 ) (69 ) (4 ) Balance on December 31 $ 3,474 $ 3,246 $ 2,297 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Customer | Dec. 31, 2021 USD ($) Customer | Dec. 31, 2020 USD ($) | |
Revenue, Major Customer [Line Items] | |||
Foreign currency gains (losses) | $ (653,000) | $ (336,000) | $ 181,000 |
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 | $ 3,786,000 | $ 2,994,000 | $ 2,637,000 |
Percentage likelihood of tax benefit settlement | 50% | ||
Capitalized computer software, gross | $ 3,202,000 | ||
Accounting Standards Update 2014-09 [Member] | |||
Revenue, Major Customer [Line Items] | |||
Deferred revenue current | $ 5,328,000 | $ 4,087,000 | |
Customer One [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of trade account receivable | 15.40% | 10% | |
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] | |||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Numerator: | ||||
Net income attributable to Vicor Corporation | $ 25,446 | $ 56,625 | $ 17,910 | |
Denominator: | ||||
Denominator for basic net income per share- weighted average shares | [1] | 44,005 | 43,651 | 42,186 |
Effect of dilutive securities: | ||||
Employee stock options | [2] | 889 | 1,315 | 1,683 |
Denominator for diluted net income per share- adjusted weighted-average shares and assumed conversions | [3] | 44,894 | 44,966 | 43,869 |
Basic net income per share | $ 0.58 | $ 1.3 | $ 0.42 | |
Diluted net income per share | $ 0.57 | $ 1.26 | $ 0.41 | |
[1]Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding.[2]Options to purchase 879,228, 60,736 and 181,196 shares of Common Stock in 2022, 2021, and 2020, 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. |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Options to purchase shares of Common Stock not included in the computation of diluted income (loss) per share | 879,228 | 60,736 | 181,196 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 82,181 | $ 51,289 |
Work-in-process | 10,456 | 12,514 |
Finished goods | 8,773 | 3,519 |
Net balance | $ 101,410 | $ 67,322 |
Short-Term and Long-Term Inve_3
Short-Term and Long-Term Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 | |
Short Term Investments | $ 0 | $ 45,215,000 |
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 | $ 2,639,000 |
Short-Term and Long-Term Inve_4
Short-Term and Long-Term Investments - Summary of Investment (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | $ 190,611 | $ 182,418 |
Short-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | 0 | 45,215 |
Other Long-term Investment [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | 2,622 | 2,639 |
Auction Rate Securities [Member] | Other Long-term Investment [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | 2,622 | 2,639 |
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | 143,274 | 94,282 |
Estimate of Fair Value Measurement [Member] | Short-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | 0 | 45,215 |
Estimate of Fair Value Measurement [Member] | Other Long-term Investment [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | 2,622 | 2,639 |
Estimate of Fair Value Measurement [Member] | Auction Rate Securities [Member] | Other Long-term Investment [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | 2,622 | 2,639 |
Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | Cash and Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | 143,274 | 94,282 |
Estimate of Fair Value Measurement [Member] | US Treasury Obligations [Member] | Short-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | 45,215 | |
Portion at Other than Fair Value Measurement [Member] | Cash [Member] | Cash and Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | $ 47,337 | $ 88,136 |
Short-Term and Long-Term Inve_5
Short-Term and Long-Term Investments - Summary of Available-for-Sale Securities (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
US Treasury Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 45,238,000 | |
Gross Unrealized Losses | 23,000 | |
Estimated Fair Value | 45,215,000 | |
Failed Auction Security [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 3,000,000 | 3,000,000 |
Gross Unrealized Losses | 378,000 | 361,000 |
Estimated Fair Value | $ 2,622,000 | $ 2,639,000 |
Short-Term and Long-Term Inve_6
Short-Term and Long-Term Investments - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturities (Detail) - Failed Auction Security [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Schedule of Available-for-sale Securities [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 | Dec. 31, 2022 | Dec. 31, 2021 |
Other Long-term Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Estimated Fair Value | $ 2,622 | $ 2,639 |
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 | 2,639 |
US Treasury Obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 45,215 | |
Money Market Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 143,274 | 94,282 |
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | US Treasury Obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 45,215 | |
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 | 143,274 | 94,282 |
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 | $ 2,639 |
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, 2022 USD ($) | |
Fair Value Disclosures [Abstract] | |
Balance at the beginning of the period | $ 2,639 |
Credit gain on available-for-sale security included in Other income (expense), net | 3 |
Loss included in Other comprehensive income | (20) |
Balance at the end of the period | $ 2,622 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 13,701,000 | $ 11,609,000 | $ 10,950,000 |
Capital expenditure commitments | $ 24,205,000 | ||
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, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 3,600 | $ 3,600 |
Buildings and improvements | 73,520 | 50,138 |
Machinery and equipment | 271,021 | 247,926 |
Furniture and fixtures | 15,297 | 9,825 |
Construction in-progress and deposits | 52,937 | 48,088 |
Property, plant and equipment, gross, total | 416,375 | 359,577 |
Accumulated depreciation and amortization | (258,570) | (248,226) |
Right of use asset — net | 8,204 | 4,624 |
Net balance | $ 166,009 | $ 115,975 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Patent Cost and Other Asset (Detail) - Patents [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Patent costs | $ 1,030 | $ 1,686 |
Accumulated amortization | (772) | (1,354) |
Finite-lived intangible assets, net | $ 258 | $ 332 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 75,000 | $ 96,000 | $ 106,000 |
Capitalized computer software, gross | 3,202,000 | ||
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Capitalized computer software, gross | $ 3,202,000 |
Product Warranties - Product Wa
Product Warranties - Product Warranty Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Guarantees [Abstract] | |||
Balance at the beginning of the period | $ 292 | $ 308 | $ 372 |
Accruals for warranties for products sold in the period | 376 | 158 | 366 |
Fulfillment of warranty obligations | (131) | (151) | (398) |
Revisions of estimated obligations | (40) | (23) | (32) |
Balance at the end of the period | $ 497 | $ 292 | $ 308 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2000 | |
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 | 0 | 0 | 0 | ||
Underwritten Public Offer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock shares issued during the period | 1,769,231 | ||||
Sale of common stock share net amount of inflows | $ 109,714,000 | ||||
2000 Plan, Vicor [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock reserved for issuance | 21,080,950 | 21,268,027 | 21,852,334 |
Revenues - Summary of Net Reven
Revenues - Summary of Net Revenues Disaggregated by Geography (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 399,079 | $ 359,364 | $ 296,576 |
Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 155,758 | 189,144 | 190,256 |
Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 243,321 | 170,220 | 106,320 |
United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 129,422 | 118,640 | 105,558 |
United States [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 76,306 | 74,280 | 80,065 |
United States [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 53,116 | 44,360 | 25,493 |
Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 38,378 | 37,907 | 30,132 |
Europe [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 27,856 | 32,762 | 23,491 |
Europe [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 10,522 | 5,145 | 6,641 |
Asia Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 228,335 | 200,803 | 157,884 |
Asia Pacific [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 49,076 | 80,344 | 83,985 |
Asia Pacific [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 179,259 | 120,459 | 73,899 |
All Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,944 | 2,014 | 3,002 |
All Other [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,520 | 1,758 | 2,715 |
All Other [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 424 | $ 256 | $ 287 |
Revenues - Summary of Net Rev_2
Revenues - Summary of Net Revenues Disaggregated by Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 399,079 | $ 359,364 | $ 296,576 |
Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 155,758 | 189,144 | 190,256 |
Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 243,321 | 170,220 | 106,320 |
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 319,590 | 283,279 | 251,409 |
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 102,905 | 139,099 | 160,004 |
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 216,685 | 144,180 | 91,405 |
Stocking distributors, net of sales allowances [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 65,650 | 63,482 | 37,921 |
Stocking distributors, net of sales allowances [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 51,819 | 49,359 | 29,411 |
Stocking distributors, net of sales allowances [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 13,831 | 14,123 | 8,510 |
Non-recurring engineering [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 10,967 | 10,713 | 7,022 |
Non-recurring engineering [Member] | Brick Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,034 | 686 | 841 |
Non-recurring engineering [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 9,933 | 10,027 | 6,181 |
Royalties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,801 | 1,819 | 152 |
Royalties [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,801 | 1,819 | 152 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 71 | 71 | 72 |
Other [Member] | Advanced Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 71 | $ 71 | $ 72 |
Revenues - Summary of Changes i
Revenues - Summary of Changes in Certain Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disaggregation of Revenue [Line Items] | ||
Short-term deferred revenue and customer prepayments | $ (13,197) | $ (7,912) |
Long-term deferred revenue | (145) | (413) |
Deferred expenses | 577 | 560 |
Sales allowances | (1,661) | $ (1,464) |
Accounting Standards Update 2014-09 [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Short-term deferred revenue and customer prepayments | (5,285) | |
Long-term deferred revenue | 268 | |
Deferred expenses | 17 | |
Sales allowances | $ (197) |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - Customer | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of customers | 1 | 1 | 1 |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer One [Member] | |||
Percentage of total net revenues | 12.40% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer Two [Member] | |||
Percentage of total net revenues | 14.90% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer Three [Member] | |||
Percentage of total net revenues | 18.50% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | China [Member] | |||
Percentage of total net revenues | 18.80% | 27.50% | 31.40% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | TAIWAN | |||
Percentage of total net revenues | 26.40% | 16.10% | 10.50% |
Stock-Based Compensation and _3
Stock-Based Compensation and Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 2,211,000 | $ 1,593,000 | $ 1,031,000 |
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 | 5.35% | 4.85% | 5.25% |
Share exercisable | 1,046,092 | 776,559 | 924,964 |
Weighted average exercise prices | $ 18.26 | $ 11.63 | $ 9.05 |
Total Intrinsic value | $ 7,252,000 | $ 56,933,000 | $ 50,410,000 |
Options Exercised | 1,634,000 | 7,616,000 | 9,127,000 |
Fair value of stock options that vested | 15,087,000 | $ 10,506,000 | $ 10,847,000 |
Total unrecognized compensation cost | $ 19,144,000 | ||
Compensation cost recognized over a weighted-average period | 2 years 1 month 6 days | ||
Expected recognized expenses, Year One | $ 8,860,000 | ||
Expected recognized expenses, Year Two | 5,558,000 | ||
Expected recognized expenses, Year Three | 3,164,000 | ||
Expected recognized expenses, Year Four | 1,323,000 | ||
Expected recognized expenses, Year Five | $ 239,000 | ||
Weighted-average fair value | $ 26.53 | $ 39.27 | $ 30.63 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation | $ 10,264 | $ 7,035 | $ 5,883 |
Cost of Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation | 1,648 | 1,000 | 934 |
Selling, General and Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation | 5,735 | 3,873 | 3,164 |
Research and Development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation | $ 2,881 | $ 2,162 | $ 1,785 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation | $ 10,264 | $ 7,035 | $ 5,883 |
Stock Options [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation | 9,093 | 6,122 | 4,982 |
ESPP [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation | $ 1,171 | $ 913 | $ 901 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Risk-free interest rate | 2.80% | 0.80% | 0.50% |
Expected dividend yield | 0% | 0% | 0% |
Expected volatility | 51% | 49% | 48% |
Expected term (years) | 4 years 4 months 24 days | 4 years 10 months 24 days | 6 years 1 month 6 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Options Outstanding, Beginning balance | 1,677,661 | |||
Options Outstanding, Granted | 568,727 | |||
Options Outstanding, Forfeited and expired | (94,807) | |||
Options Outstanding, Exercised | (126,917) | |||
Options Outstanding, Ending balance | 2,024,664 | |||
Options Outstanding, Exercisable | 1,046,092 | 776,559 | 924,964 | |
Options Outstanding, Vested or expected to vest | [1] | 1,928,480 | ||
Weighted Average Exercise Price, Beginning balance | $ 33.48 | |||
Weighted Average Exercise Price, Granted | 61.72 | |||
Weighted Average Exercise Price, Forfeited and expired | 59.78 | |||
Weighted Average Exercise Price, Exercised | 12.87 | |||
Weighted Average Exercise Price, Ending balance | 41.48 | |||
Weighted Average Exercise Price, Exercisable | 18.26 | $ 11.63 | $ 9.05 | |
Weighted Average Exercise Price, Vested or expected to vest | [1] | $ 40.2 | ||
Weighted-Average Remaining Contractual Life in Years, Outstanding | 4 years 18 days | |||
Weighted-Average Remaining Contractual Life in Years, Exercisable | 2 years 5 months 8 days | |||
Weighted-Average Remaining Contractual Life in Years, Vested or expected to vest | [1] | 3 years 11 months 12 days | ||
Aggregate Intrinsic Value, Outstanding | $ 42,160 | |||
Aggregate Intrinsic Value, Exercisable | 40,376 | |||
Aggregate Intrinsic Value, Vested or expected to vest | [1] | $ 42,057 | ||
[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 - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 1,245 |
2024 | 1,786 |
2025 | 1,448 |
2026 | 1,094 |
2027 and beyond | 4,538 |
Total lease payments | 10,111 |
Less: Imputed interest | 1,652 |
Present value of lease liabilities | $ 8,459 |
Leases - Maturities of Lease Pa
Leases - Maturities of Lease Payments (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 955 |
2024 | 402 |
Total lease payments to be received | $ 1,357 |
Leases - Additional information
Leases - Additional information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating leases right of use assets | $ 8,204,000 | ||
Short-term lease liabilities | 1,450,000 | $ 1,551,000 | |
Long-term lease liabilities | 7,009,000 | 3,225,000 | |
Short-term lease cost | $ 2,130,000 | 1,968,000 | |
Weighted-average remaining lease term | 7 years 1 month 6 days | ||
Weighted-average discount rate | 3.84% | ||
Additional interest factor | 1.25% | ||
Lease liabilities paid | $ 2,183,000 | 1,876,000 | |
ROU assets in exchange for new operating lease liabilities | 2,941,000 | 2,267,000 | |
Lease income | 792,000 | 792,000 | $ 792,000 |
Operating lease liability additions | $ 3,040,000 | $ 2,256,000 | |
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) |
Other Income (Expense), Net - C
Other Income (Expense), Net - Components of Other Income (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |||
Interest income, net | $ 1,313,000 | $ 930,000 | $ 95,000 |
Rental income, net | 792,000 | 792,000 | 792,000 |
Foreign currency (losses) gains, net | (653,000) | (336,000) | 181,000 |
Other, net | 34,000 | (183,000) | 25,000 |
Total other income (expense), net | $ 1,486,000 | $ 1,203,000 | $ 1,093,000 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | ||||
Valuation allowance, deferred tax assets | $ 47,413,000 | $ 43,329,000 | ||
Research and development tax credit carryforwards | 33,764,000 | 36,041,000 | ||
Accrued interest | 3,474,000 | 3,246,000 | $ 2,297,000 | $ 2,070,000 |
Net interest expense | 17,000 | 19,000 | $ 17,000 | |
Potential payment of interest | 52,000 | 52,000 | ||
Stock-based compensation | 3,940,000 | 2,341,000 | ||
Maximum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Stock-based compensation | $ 49,500,000 | $ 55,300,000 | ||
Domestic Tax Authority [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Federal net operating loss carryforwards expiry, beginning year | 2026 | |||
Research and development tax credit carryforwards | $ 21,949,000 | |||
Net operating loss carryforwards | $ 0 | |||
Certain States [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Federal net operating loss carryforwards expiry, beginning year | 2023 | |||
Research and development tax credit carryforwards | $ 19,308,000 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Federal net operating loss carryforwards expiry, beginning year | 2025 | |||
Net operating loss carryforwards | $ 3,607,000 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal tax rate | 21% | 21% | 21% |
State income taxes, net of federal income tax benefit | (2.40%) | (4.20%) | (0.50%) |
Increase in valuation allowance | 14.50% | 9.20% | 41.20% |
Permanent items | (13.80%) | (17.90%) | (48.70%) |
Tax credits | (9.90%) | (5.70%) | (11.20%) |
Provision vs. tax return differences | 2.10% | (2.00%) | 0.70% |
Foreign rate differential and deferred items | (0.20%) | 0% | 0.10% |
Other | 0.10% | (0.10%) | 0.30% |
Effective income tax rate | 11.40% | 0.30% | 2.90% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 29,157 | $ 56,620 | $ 17,688 |
Foreign | (470) | 185 | 773 |
Income before income taxes | $ 28,687 | $ 56,805 | $ 18,461 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ 2,105 | $ 1 | $ 215 |
State | 955 | (14) | 93 |
Foreign | 298 | 171 | 252 |
Current, Total | 3,358 | 158 | 560 |
Deferred: | |||
Foreign | (97) | 18 | (21) |
Deferred Income Tax Expense (Benefit) | (97) | 18 | (21) |
Provision (benefit) for income taxes | $ 3,261 | $ 176 | $ 539 |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Research and development tax credit carryforwards | $ 33,764,000 | $ 36,041,000 |
Net operating loss carryforwards | 22,000 | 5,985,000 |
Stock-based compensation | 3,940,000 | 2,341,000 |
Inventory reserves | 2,303,000 | 2,268,000 |
Investment tax credit carryforwards | 2,461,000 | 1,928,000 |
UNICAP | 1,118,000 | 1,363,000 |
Vacation accrual | 1,248,000 | 1,338,000 |
Lease liabilities | 1,422,000 | 787,000 |
Accrued payroll tax deferral | 0 | 384,000 |
Capitalized research and development | 12,142,000 | 0 |
Other | 2,871,000 | 1,568,000 |
Total deferred tax assets | 61,291,000 | 54,003,000 |
Less: Valuation allowance for deferred tax assets | (47,413,000) | (43,329,000) |
Net deferred tax assets | 13,878,000 | 10,674,000 |
Deferred tax liabilities: | ||
Depreciation | (11,396,000) | (9,048,000) |
Prepaid expenses | (751,000) | (662,000) |
ROU assets | (1,362,000) | (756,000) |
Other | (89,000) | 0 |
Total deferred tax liabilities | (13,598,000) | (10,466,000) |
Net deferred tax assets (liabilities) | $ 280,000 | $ 208,000 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, Beginning Balance | $ 3,246,000 | $ 2,297,000 | $ 2,070,000 |
Additions based on tax positions related to the current year | 319,000 | 625,000 | 244,000 |
Additions (reductions) for tax positions of prior years | (54,000) | 393,000 | (13,000) |
Lapse of statute | (37,000) | (69,000) | (4,000) |
Unrecognized tax benefits, Ending Balance | $ 3,474,000 | $ 3,246,000 | $ 2,297,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | |
Capital expenditure commitments | $ 24,205,000 |
Capital expenditures incurred but not yet paid | 4,194,000 |
Litigation related accrual amount | 6,500,000 |
Estimated outcomes amount | 0 |
Infringement Of702 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 82,000 | $ 82,000 | $ 59,000 | |
Charge (Recovery) to Costs and Expenses | 5,000 | 0 | 23,000 | |
Other Charges, Deductions | [1] | 0 | 0 | 0 |
Balance at End of Period | $ 87,000 | $ 82,000 | $ 82,000 | |
[1]Reflects uncollectible accounts written off, net of recoveries. |