Vicor (VICR) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 24, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	VICOR CORPORATION
Entity Central Index Key	0000751978
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	VICR
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Transition Report	false
Document Quarterly Report	true
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
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,471,065
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,743,218

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 192,897	$ 190,611
Accounts receivable, net	61,061	65,429
Inventories	107,382	101,410
Other current assets	5,030	5,154
Total current assets	366,370	362,604
Long-term deferred tax assets, net	280	280
Long-term investment, net	2,631	2,622
Property, plant and equipment, net	167,812	166,009
Other assets	7,162	5,386
Total assets	544,255	536,901
Current liabilities:
Accounts payable	16,790	22,207
Accrued compensation and benefits	11,324	10,849
Accrued litigation	6,500	6,500
Accrued expenses	4,769	8,613
Short-term lease liabilities	1,459	1,450
Sales allowances	2,389	1,661
Accrued severance and other charges	13	0
Income taxes payable	663	72
Short-term deferred revenue and customer prepayments	9,765	13,197
Total current liabilities	53,672	64,549
Long-term deferred revenue	2,183	145
Long-term income taxes payable	869	862
Long-term lease liabilities	6,872	7,009
Total liabilities	63,596	72,565
Commitments and contingencies (Note 10)
Vicor Corporation stockholders' equity:
Additional paid-in capital	365,442	360,365
Retained earnings	254,323	243,079
Accumulated other comprehensive loss	(993)	(988)
Treasury stock at cost: 11,634,806 shares in 2023 and 2022	(138,927)	(138,927)
Total Vicor Corporation stockholders' equity	480,405	464,088
Noncontrolling interest	254	248
Total equity	480,659	464,336
Total liabilities and equity	544,255	536,901
Class B Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	118	118
Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	$ 442	$ 441

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical)	Mar. 31, 2023 Vote $ / shares shares	Dec. 31, 2022 Vote $ / shares shares
Treasury stock, shares	11,634,806	11,634,806
Class B Common Stock [Member]
Common Stock, votes per share | Vote	10	10
Common Stock, par value | $ / shares	$ 0.01	$ 0.01
Common Stock, shares authorized	14,000,000	14,000,000
Common Stock, shares issued	11,743,218	11,743,218
Common Stock, shares outstanding	11,743,218	11,743,218
Common Stock [Member]
Common Stock, votes per share | Vote	1	1
Common Stock, par value | $ / shares	$ 0.01	$ 0.01
Common Stock, shares authorized	62,000,000	62,000,000
Common Stock, shares issued	44,104,331	43,976,336
Common Stock, shares outstanding	32,469,525	32,341,530

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net revenues		$ 97,816	$ 88,282
Cost of revenues		51,282	50,681
Gross margin		46,534	37,601
Operating expenses:
Selling, general and administrative		20,223	18,568
Research and development		15,869	14,253
Total operating expenses		36,092	32,821
Income from operations		10,442	4,780
Other income (expense), net:
Total unrealized gains (losses) on available-for-sale securities, net		9	(103)
Less: portion of (gains) losses recognized in other comprehensive income		(9)	104
Net credit gains recognized in earnings		0	1
Other income, net		1,950	161
Total other income, net		1,950	162
Income before income taxes		12,392	4,942
Provision (benefit) for income taxes		1,141	(48)
Consolidated net income		11,251	4,990
Less: Net income (loss) attributable to noncontrolling interest		7	(9)
Net income attributable to Vicor Corporation		$ 11,244	$ 4,999
Net income per common share attributable to Vicor Corporation:
Basic		$ 0.25	$ 0.11
Diluted		$ 0.25	$ 0.11
Shares used to compute net income per common share attributable to Vicor Corporation:
Basic	[1]	44,162	43,952
Diluted		44,907	44,954
[1]Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Consolidated net income		$ 11,251	$ 4,990
Foreign currency translation losses, net of tax	[1]	(15)	(194)
Unrealized income (loss) on available-for-sale securities, net of tax	[1]	9	(316)
Other comprehensive loss		(6)	(510)
Consolidated comprehensive income		11,245	4,480
Less: Comprehensive income (loss) attributable to noncontrolling interest		6	(23)
Comprehensive income attributable to Vicor Corporation		$ 11,239	$ 4,503
[1]The deferred tax assets associated with foreign currency translation losses and unrealized income (loss) available-for-sale

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Recognized income tax benefit (provision)	$ 0	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Consolidated net income	$ 11,251	$ 4,990
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	4,199	3,296
Stock-based compensation expense	2,817	1,994
Increase (decrease) in long-term deferred revenue	2,038	(81)
Increase in other assets	33	62
Increase in long-term income taxes payable	7	5
Deferred income taxes	0	2
Credit gain on available-for-sale securities	0	(1)
Change in current assets and liabilities, net	(10,232)	(5,682)
Net cash provided by operating activities	10,113	4,585
Investing activities:
Sales or maturities of short-term investments	0	25,000
Additions to property, plant and equipment	(10,089)	(22,683)
Net cash (used for) provided by investing activities	(10,089)	2,317
Financing activities:
Proceeds from employee stock plans	2,261	1,810
Net cash provided by financing activities	2,261	1,810
Effect of foreign exchange rates on cash	1	(80)
Net increase in cash and cash equivalents	2,286	8,632
Cash and cash equivalents at beginning of period	190,611	182,418
Cash and cash equivalents at end of period	$ 192,897	$ 191,050

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]	Total Vicor Corporation Stockholders' Equity [Member]	Noncontrolling Interest [Member]	Class B Common Stock [Member] Common Stock [Member]
Beginning Balance at Dec. 31, 2021	$ 423,905	$ 439	$ 345,664	$ 217,633	$ (1,328)	$ (138,927)	$ 423,599	$ 306	$ 118
Issuance of Common Stock under employee stock plans	1,810	1	1,809				1,810
Stock-based compensation expense	1,994		1,994				1,994
Components of comprehensive income (loss), net of tax:
Net income (loss)	4,990			4,999			4,999	(9)
Other comprehensive loss	(510)				(496)		(496)	(14)
Total comprehensive income (loss)	4,480						4,503	(23)
Ending Balance at Mar. 31, 2022	432,189	440	349,467	222,632	(1,824)	(138,927)	431,906	283	118
Beginning Balance at Dec. 31, 2022	464,336	441	360,365	243,079	(988)	(138,927)	464,088	248	118
Issuance of Common Stock under employee stock plans	2,261	1	2,260				2,261
Stock-based compensation expense	2,817		2,817				2,817
Components of comprehensive income (loss), net of tax:
Net income (loss)	11,251			11,244			11,244	7
Other comprehensive loss	(6)				(5)		(5)	(1)
Total comprehensive income (loss)	11,245						11,239	6
Ending Balance at Mar. 31, 2023	$ 480,659	$ 442	$ 365,442	$ 254,323	$ (993)	$ (138,927)	$ 480,405	$ 254	$ 118

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Vicor Corporation and its consolidated subsidiaries (collectively, the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for any other interim period or the year ending December 31, 2023. The balance sheet at December 31, 2022 presented herein has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K 10-K”).

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	2. Inventories Inventories were as follows (in thousands): March 31, 2023 December 31, 2022 Raw materials $ 85,833 $ 82,181 Work-in-process 12,101 10,456 Finished goods 9,448 8,773 $ 107,382 $ 101,410

Long-Term Investments

Long-Term Investments	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Long-Term Investments	3. Long-Term Investments As of March 31, 2023 and December 31, 2022, the Company held one auction rate security with a par value of $3,000,000 and an estimated fair value of approximately $2,631,000 and $2,622,000, respectively, purchased through and held in custody by a broker-dealer affiliate of Bank of America, N.A., that has experienced failed auctions (the “Failed Auction Security”) since February 2008. The Failed Auction Security held by the Company is Aaa/AA+ rated by major credit rating agencies, is collateralized by student loans, and is guaranteed by the U.S. Department of Education under the Federal Family Education Loan Program. Management is not aware of any reason to believe the issuer of the Failed Auction Security is presently at risk of default. Through March 31, 2023, the Company has continued to receive interest payments on the Failed Auction Security in accordance with the terms of its indenture. Management believes the Company ultimately should be able to liquidate the Failed Auction Security without significant loss primarily due to the overall quality of the issue held and the collateral securing the substantial majority of the underlying obligation. However, current conditions in the auction rate securities market have led management to conclude the recovery period for the Failed Auction Security exceeds 12 months. As a result, the Company continued to classify the Failed Auction Security as long-term as of March 31, 2023. Details of our investments are as follows (in thousands): March 31, 2023 Cash and Cash Equivalents Long-Term Investment Measured at fair value: Available-for-sale Money market funds $ 144,725 $ — Failed Auction Security — 2,631 Total 144,725 2,631 Other measurement basis: Cash on hand 48,172 — Total $ 192,897 $ 2,631 December 31, 2022 Cash and Cash Equivalents Long-Term Investment 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 The following is a summary of the available-for-sale March 31, 2023 Cost Gross Gross Estimated Failed Auction Security $ 3,000 — 369 $ 2,631 December 31, 2022 Cost Gross Gross Estimated Failed Auction Security 3,000 — 378 2,622 As of March 31, 2023, the Failed Auction Security had been in an unrealized loss position for greater than 12 months. The amortized cost and estimated fair value of the available-for-sale contractual maturities, are shown below (in thousands): Cost Estimated Failed Auction Security: Due in twenty years $ 3,000 $ 2,631

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The Company accounts for certain financial assets at fair value, defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions market participants would use in pricing an asset or liability. A three-level hierarchy is used to show the extent and level of judgment used to estimate fair value measurements. Assets and liabilities measured at fair value on a recurring basis included the following as of March 31, 2023 (in thousands): Using Quoted Prices Significant Significant Total Fair Cash equivalents: Money market funds $ 144,725 $ — $ — $ 144,725 Long-term investment: Failed Auction Security — — 2,631 2,631 Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2022 (in thousands): Using Quoted Prices Significant Significant Total Fair Cash equivalents: Money market funds $ 143,274 $ — $ — $ 143,274 Long-term investment: Failed Auction Security — — 2,622 2,622 The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the three months ended March 31, 2023 was as follows (in thousands): Balance at the beginning of the period $ 2,622 Credit gain on available-for-sale 9 Balance at the end of the period $ 2,631 Management utilized a probability weighted discounted cash flow model to determine the estimated fair value as of March 31, 2023.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues	5. Revenues The following tables present the Company’s net revenues disaggregated by geography based on the location of the customer, by product line (in thousands): Three Months Ended March 31, 2023 Brick Products Advanced Products Total United States $ 21,256 $ 13,710 $ 34,966 Europe 7,546 4,027 11,573 Asia Pacific 16,847 33,444 50,291 All other 876 110 986 $ 46,525 $ 51,291 $ 97,816 Three Months Ended March 31, 2022 Brick Products Advanced Products Total United States $ 14,061 $ 10,626 $ 24,687 Europe 7,042 2,768 9,810 Asia Pacific 13,521 39,495 53,016 All other 733 36 769 $ 35,357 $ 52,925 $ 88,282 The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands): Three Months Ended March 31, 2023 Brick Products Advanced Products Total Direct customers, contract manufacturers and non-stocking $ 30,486 $ 42,013 $ 72,499 Stocking distributors, net of sales allowances 15,737 5,052 20,789 Non-recurring 302 2,128 2,430 Royalties — 2,020 2,020 Other — 78 78 $ 46,525 $ 51,291 $ 97,816 Three Months Ended March 31, 2022 Brick Products Advanced Products Total Direct customers, contract manufacturers and non-stocking $ 24,401 $ 47,471 $ 71,872 Stocking distributors, net of sales allowances 10,764 3,744 14,508 Non-recurring 192 1,386 1,578 Royalties — 306 306 Other — 18 18 $ 35,357 $ 52,925 $ 88,282 The following table presents the changes in certain contract assets and (liabilities) (in thousands): March 31, 2023 December 31, 2022 Change Short-term deferred revenue and customer prepayments $ (9,765 ) $ (13,197 ) $ 3,432 Long-term deferred revenue (2,183 ) (145 ) (2,038 ) Deferred expenses 98 577 (479 ) Sales allowances (2,389 ) (1,661 ) (728 ) Deferred expenses are included in Other current assets in the accompanying Condensed Consolidated Balance Sheets. The Company records deferred revenue, which represents a contract liability, when cash payments are received or due in advance of performance under a contract with a customer. The Company recognized revenue of approximately $ and $ for the three months ended March 31, 2023 and 2022, respectively, that was included in deferred revenue at the beginning of the respective period.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	6. Stock-Based Compensation The Company uses the Black-Scholes option pricing model to calculate the fair value of stock option awards, whether they possess time-based vesting provisions or performance-based vesting provisions, and awards granted under the Vicor Corporation 2017 Employee Stock Purchase Plan (“ESPP”), as of their grant date. Stock-based compensation expense was as follows (in thousands): Three Months Ended 2023 2022 Cost of revenues $ 486 $ 251 Selling, general and administrative 1,520 1,207 Research and development 811 536 Total stock-based compensation $ 2,817 $ 1,994 Compensation expense by type of award was as follows (in thousands): Three Months Ended 2023 2022 Stock options $ 2,496 $ 1,759 ESPP 321 235 Total stock-based compensation $ 2,817 $ 1,994

Rental Income

Rental Income	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Rental Income	7. Rental Income Income, net under the Company’s operating lease agreement, for its owned facility leased to a third party in California, was approximately $198,000 for the three months ended March 31, 2023 and 2022.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes The provision (benefit) for income taxes is based on the estimated annual effective tax rate for the year, which includes estimated federal, state and foreign income taxes on the Company’s projected pre-tax The provision (benefit) for income taxes and the effective income tax rates were as follows (dollars in thousands): Three Months Ended 2023 2022 Provision (benefit) for income taxes $ 1,141 $ (48 ) Effective income tax rate 9.2 % (1.0 )% The effective tax rates were lower than the statutory tax rates for the three months ended March 31, 2023 and 2022 primarily due to the Company’s full valuation allowance position against domestic deferred tax assets. The provision (benefit) for income taxes for the three months ended March 31, 2023 and 2022 included estimated federal, state and foreign income taxes in jurisdictions in which the Company does not have sufficient tax attributes. As of March 31, 2023 , against all net domestic deferred tax assets for which realization cannot be considered more likely than not at this time. Management assesses the need for the valuation allowance on a quarterly basis. In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and past financial performance. Despite recent positive operating results, the Company faces uncertainties in forecasting its operating results due to supply and factory capacity constraints, certain process issues with the production of Advanced Products and the unpredictability in certain markets. This operating uncertainty also makes it difficult to predict the availability and utilization of tax benefits over the next several years. As a result, management has concluded, as of March 31, 2023, it is more likely than not the Company’s net domestic deferred tax assets will not be realized, and a full valuation allowance against all net domestic deferred tax assets is still warranted as of March 31, 2023. The valuation allowance against these deferred tax assets may require adjustment in the future based on changes in the mix of temporary differences, changes in tax laws, and operating performance. If the positive operating results continue, and the Company’s concerns about industry uncertainty and world events, supply and factory capacity constraints, and process issues with the production of Advanced Products are resolved, and the amount of tax benefits the Company is able to utilize to the point that the Company believes future taxable income can be more reliably forecasted, the Company may release all or a portion of the valuation allowance in the near-term. If and when the Company determines the valuation allowance should be released (i.e., reduced), the adjustment would result in a tax benefit reported in that period’s Condensed Consolidated Statements of Operations, the effect of which would be an increase in reported net income. The Company was informed in September 2021 by the Internal Revenue Service of their intention to examine the Company’s 2019 Federal income tax return. The IRS is in the process of closing examination of the 2019 tax year with no material adjustments. There are no other audits or examinations in process in any other jurisdiction.

Net Income per Share

Net Income per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income per Share	9. Net Income per Share The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): Three Months Ended 2023 2022 Numerator: Net income attributable to Vicor Corporation $ 11,244 $ 4,999 Denominator: Denominator for basic net income per share-weighted average shares (1) 44,162 43,952 Effect of dilutive securities: Employee stock options (2) 745 1,002 Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions 44,907 44,954 Basic net income per share $ 0.25 $ 0.11 Diluted net income per share $ 0.25 $ 0.11 (1) Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding. (2) Options to purchase 1,035,618 and 291,880 shares of Common Stock for the three months ended March 31, 2023 and 2022, respectively, were not included in the calculations of net income per share as the effect would have been antidilutive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies At March 31, 2023, the Company had approximately $19,325,000 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- In accordance with applicable accounting standards, the Company recorded a litigation related accrual of $6,500,000 in the third quarter of 2022 as its estimate based on the jury award, using estimated outcomes ranging from $0 to treble damages plus attorney fees. In addition, the Company is involved in certain other litigation and claims incidental to the conduct of its business. While the outcome of such other lawsuits and claims against the Company cannot be predicted with certainty, management does not expect such litigation or claims will have a material adverse impact on the Company’s financial position or results of operations.

Impact of Recently Issued Accou

Impact of Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Impact of Recently Issued Accounting Standards	11. Impact of Recently Issued A ccou New pronouncements issued but not effective until after March 31, 2023 are not expected to have a material impact on the Company’s consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories were as follows (in thousands): March 31, 2023 December 31, 2022 Raw materials $ 85,833 $ 82,181 Work-in-process 12,101 10,456 Finished goods 9,448 8,773 $ 107,382 $ 101,410

Long-Term Investments (Tables)

Long-Term Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Investment	Details of our investments are as follows (in thousands): March 31, 2023 Cash and Cash Equivalents Long-Term Investment Measured at fair value: Available-for-sale Money market funds $ 144,725 $ — Failed Auction Security — 2,631 Total 144,725 2,631 Other measurement basis: Cash on hand 48,172 — Total $ 192,897 $ 2,631 December 31, 2022 Cash and Cash Equivalents Long-Term Investment 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
Summary of Available-for-Sale Securities	The following is a summary of the available-for-sale March 31, 2023 Cost Gross Gross Estimated Failed Auction Security $ 3,000 — 369 $ 2,631 December 31, 2022 Cost Gross Gross Estimated Failed Auction Security 3,000 — 378 2,622
Cost and Estimated Fair Value of Failed Auction Security by Contractual Maturities	The amortized cost and estimated fair value of the available-for-sale contractual maturities, are shown below (in thousands): Cost Estimated Failed Auction Security: Due in twenty years $ 3,000 $ 2,631

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis included the following as of March 31, 2023 (in thousands): Using Quoted Prices Significant Significant Total Fair Cash equivalents: Money market funds $ 144,725 $ — $ — $ 144,725 Long-term investment: Failed Auction Security — — 2,631 2,631 Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2022 (in thousands): Using Quoted Prices Significant Significant Total Fair Cash equivalents: Money market funds $ 143,274 $ — $ — $ 143,274 Long-term investment: Failed Auction Security — — 2,622 2,622
Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs	The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the three months ended March 31, 2023 was as follows (in thousands): Balance at the beginning of the period $ 2,622 Credit gain on available-for-sale 9 Balance at the end of the period $ 2,631

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2023
Summary of Net Revenues Based On Geography Location	The following tables present the Company’s net revenues disaggregated by geography based on the location of the customer, by product line (in thousands): Three Months Ended March 31, 2023 Brick Products Advanced Products Total United States $ 21,256 $ 13,710 $ 34,966 Europe 7,546 4,027 11,573 Asia Pacific 16,847 33,444 50,291 All other 876 110 986 $ 46,525 $ 51,291 $ 97,816 Three Months Ended March 31, 2022 Brick Products Advanced Products Total United States $ 14,061 $ 10,626 $ 24,687 Europe 7,042 2,768 9,810 Asia Pacific 13,521 39,495 53,016 All other 733 36 769 $ 35,357 $ 52,925 $ 88,282
Summary of Net Revenues Disaggregated by Geography	The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands): Three Months Ended March 31, 2023 Brick Products Advanced Products Total Direct customers, contract manufacturers and non-stocking $ 30,486 $ 42,013 $ 72,499 Stocking distributors, net of sales allowances 15,737 5,052 20,789 Non-recurring 302 2,128 2,430 Royalties — 2,020 2,020 Other — 78 78 $ 46,525 $ 51,291 $ 97,816 Three Months Ended March 31, 2022 Brick Products Advanced Products Total Direct customers, contract manufacturers and non-stocking $ 24,401 $ 47,471 $ 71,872 Stocking distributors, net of sales allowances 10,764 3,744 14,508 Non-recurring 192 1,386 1,578 Royalties — 306 306 Other — 18 18 $ 35,357 $ 52,925 $ 88,282
Summary of Changes in Contract Assets And Liabilities	The following table presents the changes in certain contract assets and (liabilities) (in thousands): March 31, 2023 December 31, 2022 Change Short-term deferred revenue and customer prepayments $ (9,765 ) $ (13,197 ) $ 3,432 Long-term deferred revenue (2,183 ) (145 ) (2,038 ) Deferred expenses 98 577 (479 ) Sales allowances (2,389 ) (1,661 ) (728 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Stock-Based Compensation Expense	Stock-based compensation expense was as follows (in thousands): Three Months Ended 2023 2022 Cost of revenues $ 486 $ 251 Selling, general and administrative 1,520 1,207 Research and development 811 536 Total stock-based compensation $ 2,817 $ 1,994
Summary of Compensation Expense by Type of Award	Compensation expense by type of award was as follows (in thousands): Three Months Ended 2023 2022 Stock options $ 2,496 $ 1,759 ESPP 321 235 Total stock-based compensation $ 2,817 $ 1,994

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Provision for Income Taxes and Effective Income Tax Rates	The provision (benefit) for income taxes and the effective income tax rates were as follows (dollars in thousands): Three Months Ended 2023 2022 Provision (benefit) for income taxes $ 1,141 $ (48 ) Effective income tax rate 9.2 % (1.0 )%

Net Income per Share (Tables)

Net Income per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income Per Share	The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): Three Months Ended 2023 2022 Numerator: Net income attributable to Vicor Corporation $ 11,244 $ 4,999 Denominator: Denominator for basic net income per share-weighted average shares (1) 44,162 43,952 Effect of dilutive securities: Employee stock options (2) 745 1,002 Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions 44,907 44,954 Basic net income per share $ 0.25 $ 0.11 Diluted net income per share $ 0.25 $ 0.11 (1) Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding. (2) Options to purchase 1,035,618 and 291,880 shares of Common Stock for the three months ended March 31, 2023 and 2022, respectively, were not included in the calculations of net income per share as the effect would have been antidilutive.

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 85,833	$ 82,181
Work-in-process	12,101	10,456
Finished goods	9,448	8,773
Net balance	$ 107,382	$ 101,410

Long-Term Investments - Additio

Long-Term Investments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Unrealized Losses On Short Term And Long Term Investments [Line Items]
Minimum period for which failed auction securities been in unrealized loss position	12 months
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	$ 2,631,000	$ 2,622,000

Long-Term Investments - Summary

Long-Term Investments - Summary of Investment (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	$ 192,897	$ 190,611
Other Long-term Investment [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	2,631	2,622
Auction Rate Securities [Member] | Other Long-term Investment [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	2,631	2,622
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	144,725	143,274
Estimate of Fair Value Measurement [Member] | Other Long-term Investment [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	2,631	2,622
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	2,631	2,622
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	144,725	143,274
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	$ 48,172	$ 47,337

Long-Term Investments - Summa_2

Long-Term Investments - Summary of Available-for-Sale Securities (Detail) - Failed Auction Security [Member] - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cost	$ 3,000,000	$ 3,000,000
Gross Unrealized Losses	369,000	378,000
Estimated Fair Value	$ 2,631,000	$ 2,622,000

Long-Term Investments - Amortiz

Long-Term Investments - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturities (Detail) - Failed Auction Security [Member] $ in Thousands	Mar. 31, 2023 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	$ 2,631

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Long-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 2,631	$ 2,622
Failed Auction Security [Member] | Other Long-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	2,631	2,622
Money market funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	144,725	143,274
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Money market funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	144,725	143,274
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	$ 2,631	$ 2,622

Fair Value Measurements - Chang

Fair Value Measurements - Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Balance at the beginning of the period	$ 2,622
Credit gain on available-for-sale security included in Other income (expense), net	9
Balance at the end of the period	$ 2,631

Revenues - Summary of Net Reven

Revenues - Summary of Net Revenues Disaggregated by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 97,816	$ 88,282
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	46,525	35,357
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	51,291	52,925
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue	34,966	24,687
United States [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	21,256	14,061
United States [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	13,710	10,626
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue	11,573	9,810
Europe [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	7,546	7,042
Europe [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	4,027	2,768
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue	50,291	53,016
Asia Pacific [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	16,847	13,521
Asia Pacific [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	33,444	39,495
All Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	986	769
All Other [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	876	733
All Other [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 110	$ 36

Revenues - Summary of Net Rev_2

Revenues - Summary of Net Revenues Disaggregated by Category (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 97,816	$ 88,282
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	46,525	35,357
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	51,291	52,925
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member]
Disaggregation of Revenue [Line Items]
Revenue	72,499	71,872
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	30,486	24,401
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	42,013	47,471
Stocking distributors, net of sales allowances [Member]
Disaggregation of Revenue [Line Items]
Revenue	20,789	14,508
Stocking distributors, net of sales allowances [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	15,737	10,764
Stocking distributors, net of sales allowances [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	5,052	3,744
Non-recurring engineering [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,430	1,578
Non-recurring engineering [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	302	192
Non-recurring engineering [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,128	1,386
Royalties [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,020	306
Royalties [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,020	306
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	78	18
Other [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 78	$ 18

Revenues - Summary of Changes i

Revenues - Summary of Changes in Certain Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Short-term deferred revenue and customer prepayments	$ (9,765)	$ (13,197)
Long-term deferred revenue	(2,183)	(145)
Deferred expenses	98	577
Sales allowances	(2,389)	$ (1,661)
Accounting Standards Update 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Short-term deferred revenue and customer prepayments	3,432
Long-term deferred revenue	(2,038)
Deferred expenses	(479)
Sales allowances	$ (728)

Revenues - Additional Informati

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Deferred Revenue, Revenue Recognized	$ 1,609,000	$ 155,000

Stock-Based Compensation and Em

Stock-Based Compensation and Employee Benefit Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,817	$ 1,994
Cost of Revenues [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	486	251
Selling, General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	1,520	1,207
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 811	$ 536

Stock-Based Compensation and _2

Stock-Based Compensation and Employee Benefit Plans - Summary of Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,817	$ 1,994
Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	2,496	1,759
ESPP [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 321	$ 235

Rental Income - Additional info

Rental Income - Additional information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Lease income	$ 198,000	$ 198,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	Mar. 31, 2023 USD ($)
Income Tax Disclosure [Line Items]
Valuation allowance, deferred tax assets	$ 47,413,000

Net Income per Share - Summary

Net Income per Share - Summary of Computation Of Basic And Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income attributable to Vicor Corporation		$ 11,244	$ 4,999
Denominator:
Denominator for basic net income per share- weighted average shares	[1]	44,162	43,952
Effect of dilutive securities:
Employee stock options	[2]	745	1,002
Denominator for diluted net income per share- adjusted weighted-average shares and assumed conversions		44,907	44,954
Basic net income per share		$ 0.25	$ 0.11
Diluted net income per share		$ 0.25	$ 0.11
[1]Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding.[2]Options to purchase 1,035,618 and 291,880 shares of Common Stock for the three months ended March 31, 2023 and 2022, respectively, were not included in the calculations of net income per share as the effect would have been antidilutive.

Net Income per Share - Summar_2

Net Income per Share - Summary of Computation Of Basic And Diluted Net Income (Loss) Per Share (Parenthetical) (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Options to purchase shares of Common Stock not included in the computation of diluted income (loss) per share	1,035,618	291,880

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes and Effective Income Tax Rates (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 1,141	$ (48)
Effective income tax rate	9.20%	(1.00%)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Capital expenditure commitments	$ 19,325,000
Capital expenditures incurred but not yet paid	2,083,000
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