Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 2021 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Entity Registrant Name | CYBEROPTICS CORP | ||
Entity Central Index Key | 0000768411 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
ICFR Auditor Attestation Flag | false | ||
Entity Common Stock, Shares Outstanding | 7,402,683 | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 288,262,267 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity File Number | 0-16577 | ||
Entity Incorporation, State or Country Code | MN | ||
Entity Tax Identification Number | 41-1472057 | ||
Entity Address, Address Line One | 5900 Golden Hills Drive | ||
Entity Address, City or Town | MINNEAPOLIS | ||
Entity Address, State or Province | MN | ||
Entity Address, Postal Zip Code | 55416 | ||
City Area Code | (763) | ||
Local Phone Number | 542-5000 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(g) Security | Common Stock, no par value | ||
Trading Symbol | CYBE | ||
Security Exchange Name | NASDAQ | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Name | BDO USA, LLP | ||
Auditor Firm ID | 243 | ||
Auditor Location | Minneapolis, Minnesota |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 13,684 | $ 8,399 |
Marketable securities | 7,327 | 8,121 |
Accounts receivable, less allowance for doubtful accounts of $355 at December 31, 2021 and $302 at December 31, 2020 | 19,821 | 14,735 |
Inventories | 27,602 | 20,271 |
Prepaid expenses | 808 | 686 |
Other current assets | 864 | 890 |
Total current assets | 70,106 | 53,102 |
Marketable securities, long-term | 17,281 | 14,052 |
Equipment and leasehold improvements, net | 3,174 | 3,235 |
Intangibles, net | 375 | 325 |
Goodwill | 1,366 | 1,366 |
Right-of-use assets (operating leases) | 2,052 | 2,621 |
Trade notes receivable, long-term | 0 | 418 |
Deferred tax assets | 3,668 | 4,597 |
Total assets | 98,022 | 79,716 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 10,275 | 5,118 |
Advance customer payments | 599 | 823 |
Accrued expenses | 4,418 | 3,893 |
Current operating lease liabilities | 864 | 819 |
Total current liabilities | 16,156 | 10,653 |
Other liabilities | 177 | 134 |
Long-term operating lease liabilities | 2,369 | 3,244 |
Reserve for income taxes | 214 | 157 |
Total liabilities | 18,916 | 14,188 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, no par value, 5,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock, no par value, 25,000,000 shares authorized, 7,391,906 shares issued and outstanding at December 31, 2021 and 7,294,617 shares issued and outstanding at December 31, 2020 | 39,052 | 37,817 |
Accumulated other comprehensive loss | (1,510) | (1,102) |
Retained earnings | 41,564 | 28,813 |
Total stockholders’ equity | 79,106 | 65,528 |
Total liabilities and stockholders’ equity | $ 98,022 | $ 79,716 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 355 | $ 302 |
Preferred stock, par value (in usd per share) | ||
Preferred stock, shares authorized, shares | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding, shares | 0 | 0 |
Common stock, par value (in usd per share) | ||
Common stock, shares authorized, shares | 25,000,000 | 25,000,000 |
Common stock, shares issued, shares | 7,391,906 | 7,294,617 |
Common stock, shares outstanding, shares | 7,391,906 | 7,294,617 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||
Revenues | $ 92,774 | $ 70,117 |
Cost of revenues | 49,608 | 38,900 |
Gross margin | 43,166 | 31,217 |
Research and development expenses | 10,857 | 9,572 |
Selling, general and administrative expenses | 17,973 | 15,648 |
Income from operations | 14,336 | 5,997 |
Interest income and other, net | 159 | 357 |
Total income before income taxes | 14,495 | 6,354 |
Income tax provision | 1,744 | 612 |
Net income | $ 12,751 | $ 5,742 |
Net income per share - Basic (in usd per share) | $ 1.74 | $ 0.8 |
Net income per share - Diluted (in usd per share) | $ 1.69 | $ 0.77 |
Weighted average shares outstanding – Basic, shares | 7,320 | 7,215 |
Weighted average shares outstanding – Diluted, shares | 7,537 | 7,454 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net income | $ 12,751 | $ 5,742 |
Other comprehensive income (loss), before tax: | ||
Foreign currency translation adjustments, Before Tax | (193) | 190 |
Unrealized gains (losses) on available-for-sale securities | (272) | 145 |
Total other comprehensive income (loss) before income taxes | (465) | 335 |
Income tax provision | (57) | 31 |
Total other comprehensive income (loss) after income taxes | (408) | 304 |
Total comprehensive income | $ 12,343 | $ 6,046 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 12,751,000 | $ 5,742,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,560,000 | 2,629,000 |
Non-cash operating lease expense | 569,000 | 521,000 |
Provision (recovery) for doubtful accounts | 124,000 | (20,000) |
Deferred taxes | 983,000 | 366,000 |
Foreign currency transaction gains | (8,000) | (97,000) |
Share-based compensation | 1,347,000 | 1,181,000 |
Unrealized (gain) loss on available for sale equity security | (13,000) | 18,000 |
Changes in operating assets and liabilities: | ||
Accounts and trade notes receivable | (4,792,000) | 1,888,000 |
Inventories | (8,221,000) | (5,212,000) |
Prepaid expenses and other assets | 9,000 | 49,000 |
Accounts payable | 5,198,000 | (1,903,000) |
Advance customer payments and other | (177,000) | 247,000 |
Accrued expenses | 589,000 | 1,321,000 |
Operating lease liabilities | (830,000) | (772,000) |
Net cash provided by operating activities | 10,089,000 | 5,958,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of available-for-sale marketable securities | 10,601,000 | 11,576,000 |
Proceeds from sale of available-for-sale marketable securities | 225,000 | 0 |
Purchases of available-for-sale marketable securities | (13,639,000) | (13,186,000) |
Additions to equipment and leasehold improvements | (1,627,000) | (1,527,000) |
Additions to patents | (254,000) | (212,000) |
Net cash used in investing activities | (4,694,000) | (3,349,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 428,000 | 358,000 |
Tax payments related to shares withheld for share-based compensation plans | (787,000) | (605,000) |
Proceeds from issuance of common stock under employee stock purchase plan | 247,000 | 224,000 |
Net cash used in financing activities | (112,000) | (23,000) |
Effects of exchange rate changes on cash and cash equivalents | 2,000 | (23,000) |
Net increase in cash and cash equivalents | 5,285,000 | 2,563,000 |
Cash and cash equivalents – beginning of period | 8,399,000 | 5,836,000 |
Cash and cash equivalents – end of period | $ 13,684,000 | $ 8,399,000 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] |
BALANCE at Dec. 31, 2019 | $ 58,324 | $ 36,659 | $ (1,406) | $ 23,071 |
BALANCE, shares at Dec. 31, 2019 | 7,155 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Exercise of stock options and vesting of restricted stock units, net of shares exchanged as payment | 358 | $ 358 | 0 | |
Exercise of stock options and vesting of restricted stock units, net of shares exchanged as payment, shares | 135 | |||
Tax payments related to shares withheld for share-based compensation plans | (605) | $ (605) | ||
Tax payments related to shares withheld for share-based compensation plans, shares | (23) | |||
Share issuances for director compensation | 0 | $ 0 | ||
Share issuances for director compensation, shares | 8 | |||
Share-based compensation | 1,181 | $ 1,181 | ||
Issuance of common stock under Employee Stock Purchase Plan | 224 | $ 224 | ||
Issuance of common stock under Employee Stock Purchase Plan, shares | 20 | |||
Other comprehensive income, net of tax | 304 | 304 | ||
Net income | 5,742 | 5,742 | ||
BALANCE at Dec. 31, 2020 | 65,528 | $ 37,817 | (1,102) | 28,813 |
BALANCE, shares at Dec. 31, 2020 | 7,295 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Exercise of stock options and vesting of restricted stock units, net of shares exchanged as payment | 428 | $ 428 | 0 | |
Exercise of stock options and vesting of restricted stock units, net of shares exchanged as payment, shares | 100 | |||
Tax payments related to shares withheld for share-based compensation plans | (787) | $ (787) | ||
Tax payments related to shares withheld for share-based compensation plans, shares | (18) | |||
Share issuances for director compensation | 0 | $ 0 | ||
Share issuances for director compensation, shares | 8 | |||
Share-based compensation | 1,347 | $ 1,347 | ||
Issuance of common stock under Employee Stock Purchase Plan | 247 | $ 247 | ||
Issuance of common stock under Employee Stock Purchase Plan, shares | 7 | |||
Other comprehensive income, net of tax | (408) | (408) | ||
Net income | 12,751 | 12,751 | ||
BALANCE at Dec. 31, 2021 | $ 79,106 | $ 39,052 | $ (1,510) | $ 41,564 |
BALANCE, shares at Dec. 31, 2021 | 7,392 |
Business Description And Signif
Business Description And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
BUSINESS DESCRIPTION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
BUSINESS DESCRIPTION AND SIGNICANT ACCOUNTING POLICIES | NOTE 1 – BUSINESS DESCRIPTION AND SIGNIFICANT ACCOUNTING POLICIES Description of Business We are a leading global developer and manufacturer of high precision 3D sensors and systems for inspection and metrology. We also develop and manufacture our WaferSense ® products, a family of wireless, wafer-shaped sensors that provide measurements of critical factors in the semiconductor fabrication process. Our sensors and system products are used in surface mount technology (SMT) and semiconductor markets to significantly improve yields and productivity. Principles of Consolidation The consolidated financial statements include the accounts of CyberOptics Corporation and its wholly-owned subsidiaries. In these notes to the consolidated financial statements, these companies are collectively referred to as “CyberOptics,” “we,” “us,” or “our.” All significant inter-company accounts and transactions have been eliminated in consolidation. Segment Reporting We operate in a single reportable segment that includes the design, development and manufacture of high precision sensing, inspection and metrology solutions for the SMT and semiconductor markets. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Cash and cash equivalents consist of funds maintained in demand deposit accounts, money market accounts, certificate of deposits, corporate debt instruments and U.S. government backed obligations. Cash and cash equivalent balances, at times, may exceed federally insured limits. Marketable Securities We determine the classification of investment securities at the time of purchase. Marketable securities are classified as short-term or long-term in the consolidated balance sheets based on their maturity date and expectations regarding sales. All marketable securities are classified as available-for-sale and are a part of our asset/liability management strategy and may be sold in response to changes in interest rates, prepayment risk or other market factors. Cash and marketable securities held by foreign subsidiaries totaled $588,000 at and $ 672,000 . Debt Securities Debt securities consist of U.S. government and agency backed obligations, certificates of deposit, corporate debt instruments, or asset backed securities. Available-for-sale securities are carried at estimated fair value. Unrealized gains and losses for debt securities are reported as a separate component of stockholders’ equity in accumulated other comprehensive income (loss), net of applicable income taxes, until realized. Fair values are primarily determined using quoted market prices or valuations provided by external investment managers who obtain them from a variety of industry standard data providers. The amortized cost and fair value of debt securities, for purposes of computing unrealized gains and losses, are determined by specific identification. The cost of debt securities sold and the resulting realized gains or losses are also determined by specific identification. Interest income and dividends are recognized in interest income on an accrual basis. Premiums and discounts on debt securities are amortized as an adjustment to interest income over the period to maturity of the related security using the effective interest method. We monitor the carrying value of our debt securities compared to their fair value to determine whether an other-than-temporary impairment (“OTTI”) has occurred. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the amortized cost basis, credit quality (considering factors such as adverse conditions specific to the issuer and the security and ratings agency actions) and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. If a decline in fair value of our debt securities is determined to be other-than-temporary, the amount by which amortized cost exceeds the fair value of a debt security is separated into a component representing the credit loss, which is recognized in earnings, and a component related to all other factors, which is recognized in other comprehensive income (loss). The measurement of the credit loss component is equal to the difference between the debt security’s amortized cost basis and the present value of its expected future cash flows discounted at the security’s effective yield. If we intend to sell the security, or if it is more likely than not we will be required to sell the security before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the amortized cost basis and fair value of the security. Equity Securities Equity securities have readily determinable fair values. Fair values are primarily determined using quoted market prices or valuations provided by external investment managers who obtain them from a variety of industry standard data providers. The fair value of equity securities, for purposes of computing unrealized gains and losses, are determined by specific identification. The cost of equity securities sold and resulting realized gains or losses are also determined by specific identification. Dividends are recognized in interest income on an accrual basis. Unrealized gains and losses for equity securities are reported in net income. Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined using the first-in, first-out (FIFO) method. Net realizable value is the estimated selling price in the ordinary course of business less cost to sell and considers our current assessment of general market and economic conditions, slow-moving inventory and future demand. Appropriate consideration is given to deterioration, obsolescence, and other factors in evaluating net realizable value. Accounts and Trade Notes Receivable We extend unsecured credit to our customers in the normal course of business. We periodically provide financing to customers for the purchase of SQ3000 Multi-Function system products. Trade notes receivable bear interest at annual effective rates ranging from approximately 5% to 7%, and are repayable over periods ranging from 18 to 36 months. The current portion of the trade notes are classified as accounts receivable in the accompanying balance sheets. Interest income will be discontinued for any trade notes receivable with a specific reserve established if it is likely that we will be unable to collect all amounts due according to the original terms of the trade notes. For these trade notes receivable, cash collection will first be applied as a reduction to principal outstanding. Any cash received in excess of the outstanding principal payments will be recognized as interest income. Trade notes receivable may be removed from non-accrual status with respect to interest income based upon changes in customer circumstances, including a sustained history of payments. At December 31, 2021 and December 31, 2020, none of our trade notes receivable were in a non-accrual status with respect to interest income. Allowance for Doubtful Accounts and Trade Notes Allowances for doubtful accounts are maintained for estimated losses resulting from the inability of our customers to make required payments. In making the determination of the appropriate allowance for doubtful accounts, we consider specific accounts, historical write-offs, changes in customer relationships and credit worthiness and concentrations of credit risk. Specific accounts and trade notes receivable are written-off once a determination is made that the account is uncollectible. Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance are charged to expense as incurred. In-progress costs are capitalized with depreciation beginning when assets are placed in service. Depreciation is recorded using the straight-line method over the estimated useful lives of the equipment, ranging from one seven years. Leasehold improvements are amortized using the straight-line method over the shorter of the asset useful life or the underlying lease term, ranging from one eight years. Gains or losses on dispositions are included in current operations. Goodwill Goodwill represents the excess of purchase price over the fair value of net assets acquired in a business combination. We have determined that we have one reporting unit. We evaluate the carrying value of goodwill annually on December 31 On December 31, 2021 and 2020, we performed a qualitative assessment to determine if there was any indication that our goodwill might be impaired. After considering all available evidence, including our financial performance, financial outlook and current market capitalization, we concluded that it is more likely than not that our fair value is greater than carrying value. As a result, no further testing was deemed necessary, and we determined that our goodwill was not impaired. Therefore, no amounts were recorded for goodwill impairment in 2021 2020 Patents Patents consist of legal and patent registration costs for protection of our proprietary technology. We amortize patent costs on a straight-line basis, based upon their estimated life. Long Lived Assets Intangible assets subject to amortization and other long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss would be recognized when future undiscounted cash flows expected to result from use of the asset and eventual disposition are less than the carrying amount. Operating Leases We determine if an arrangement is a lease at inception. Operating leases are recorded in operating lease right-of-use (ROU) assets, current operating lease liabilities, and long-term operating lease liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term. The operating lease ROU assets exclude lease incentives. As our leases do not provide an implicit rate, we use our incremental borrowing rate to determine the present value of lease payments. Our leases may include renewal options to extend the lease term, the exercise of which are at our sole discretion. In our accounting treatment of leases, the lease terms used do not include any option to extend the lease, because it is not reasonably certain that we will exercise the option. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components (e.g., common-area or other maintenance costs) which are generally accounted for separately and expensed monthly. We do not recognize a ROU asset and lease liability for leases having a term of 12 months or less at the effective date. Revenue Recognition Revenue is measured based on consideration specified in the contract with a customer. y d Our performance obligations are mostly satisfied at a point in time and to a lesser extent over time as work progresses. Revenue for products and services transferred to customers at a point in time is recognized when obligations under the terms of the contract with our customer are satisfied; generally with the transfer of control upon shipment. Sales of some products may require customer acceptance due to performance or other acceptance criteria that is considered more than a formality. For these product sales, revenue is recognized upon notification of customer acceptance. Sales involving multiple performance obligations typically include the sale of an inspection or metrology systems Undelivered performance obligations in an arrangement are typically minimal, consisting of undelivered installation and training services. Periodically For these arrangements, control is transferred over the manufacturing process; therefore, revenue is recognized over time utilizing an input method based on actual costs incurred in the manufacturing process to date relative to total expected production costs. For certain longer duration 3D scanning service projects, we progress bill as the services are performed. These arrangements create an asset with no alternative use and include an enforceable right to payment. For these arrangements, control is transferred over the hours incurred to complete the scanning project; therefore, revenue is recognized over time utilizing an input method based on actual hours incurred relative to total projected project hours. For maintenance and extended warranty contracts, revenue is recognized over time on a straight-line basis over the term of the contract as the customer simultaneously receives and consumes the benefits of the coverage. Practical Expedients We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, primarily consisting of product installation and training. We do not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Foreign Currency Translation Financial position and results of operations of our international subsidiaries are measured using local currency as their functional currency. Assets and liabilities of these operations are translated at the exchange rates in effect at each fiscal year-end. Statements of operations accounts are translated at the average rates of exchange prevailing during the year. Translation adjustments arising from the use of differing exchange rates from period to period are included as a cumulative translation adjustment in stockholders’ equity. Foreign Currency Transactions Foreign currency transaction gains and losses are included in interest income and other, net in the statement of operations. We recognized foreign currency transaction losses of $ 2021. We recognized foreign transaction gains of $27,000 in 2020 . Research and Development Research and development (R&D) costs, including product software development, are expensed when incurred. Product software development costs are required to be expensed until the point that technological feasibility and proven marketability of the product are established; costs otherwise capitalizable after such point also are expensed because they are insignificant. All other R&D costs are expensed as incurred. R&D expenses consist primarily of salaries, project materials, contract labor and other costs associated with ongoing product development and enhancement efforts. Advertising Costs We expense all advertising costs as incurred. Advertising expenses were $252,000 in 2021 and $371,000 in 2020 . Warranty Costs We provide for the estimated cost of product warranties, which cover products for periods ranging from one three years at the time revenue is recognized. See Note 9 to the consolidated financial statements for additional information related to warranty costs. Income Taxes We evaluate uncertain tax positions using the “more likely than not” threshold (i.e., a likelihood of occurrence greater than fifty percent). The recognition threshold is met when an entity concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify for initial recognition are classified as a gross unrecognized tax benefit until the first interim period in which they meet the more likely than not standard, or are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. Our net unrecognized tax benefit ("UTB") is a long-term income tax reserve within our consolidated balance sheets. Only the portion of the UTB that is expected to be paid within one one year Deferred income taxes are recorded to reflect the tax consequences in future years of differences between the financial reporting and tax bases of assets and liabilities. We have made an accounting policy election to record the U.S. income tax effect of future global intangible low-taxed income ("GILTI") inclusions in the period in which they arise, rather than establishing deferred taxes with respect to the expected future tax liabilities associated with future GILTI inclusion. Income tax expense is the sum of the tax currently payable and the change in the deferred tax assets and liabilities during the period, excluding changes in deferred tax assets recorded to goodwill or accumulated other comprehensive loss. Valuation allowances are established when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. We assess the realizability of our deferred tax assets and the need for a valuation allowance based on all positive and negative evidence. Net Income Per Share Basic net income per basic share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Net income per diluted share is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of common shares to be issued upon exercise of stock options, vesting of restricted stock units, vesting of restricted shares and from purchases of shares under our employee stock purchase plan, as calculated using the treasury stock method. Common equivalent shares are excluded from the calculation of net income per diluted share if their effect is anti-dilutive. Comprehensive Income Total comprehensive income and the components of accumulated other comprehensive loss are presented in the Consolidated Statements of Comprehensive Income and the Consolidated Statements of Stockholders' Equity. Accumulated other comprehensive loss is composed of foreign currency translation effects and unrealized gains and losses on available-for-sale marketable debt securities. We use the individual item approach for releasing income tax effects from accumulated other comprehensive loss. Fair Value of Financial Instruments The carrying amounts of financial instruments such as cash equivalents, accounts receivable, other assets, accounts payable, advance customer payments, accrued expenses and other liabilities approximate their related fair values due to the short-term maturities of these instruments. The fair value for trade notes receivable is based on discounted future cash flows using current interest rates that would be offered for a similar transaction to a similarly situated customer. The difference between the carrying amount and estimated fair value for trade notes receivable is immaterial. See Note 6 for information related to fair value of marketable securities. Share-Based Compensation All share-based payments to employees, including grants of stock options, are required to be recognized as an expense in our consolidated statements of operations based on the grant date fair value of the award. We utilize the straight-line method of expense recognition over the award’s service period for our graded vesting options. The fair value of stock options has been determined usi ng the Black-Scholes model. We account for the impact of forfeitures related to employee share-based payment arrangements when the forfeitures occur. We have classified employee share-based compensation within our consolidated statements of operations in the same manner as our cash based employee compensation costs. See Note 7 to the consolidated financial statements for additional information related to employee share-based compensation. Related Party Transactions We periodically sell or purchase products from companies for which our board members serve in an executive capacity and in some cases on the board of directors. These transactions occur in the normal course of business. Our cumulative sales to these companies were $387,000 . Accounts receivable due from related party sales were $185,000 as of December 31, 2021 and $3,000 Our cumulative purchases from these companies were $61,000 in 2021 and $ 59,000 Recent Accounting Developments In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments No other new accounting pronouncements are expected to have a significant impact on our consolidated financial statements. |
Covid-19 pandemic
Covid-19 pandemic | 12 Months Ended |
Dec. 31, 2021 | |
COVID-19 PANDEMIC | |
COVID-19 PANDEMIC | NOTE Effect of Covid-19 Outbreak on Business Operations Covid-19 was first identified in December 2019, and in March 2020, the World Health Organization categorized Covid-19 as a pandemic. The Covid-19 pandemic is affecting our customers, suppliers, service providers and employees to varying degrees, and the ultimate impacts of Covid-19, including the potential impact of known and future variants, on our business, results of operations, liquidity and prospects are not fully known at this time. Overall, the Covid-19 outbreak has not had a significant impact on our business to date. However, the following factors have affected and may continue to affect our business: Our key factories are located in Minnesota and Singapore. Both of these locations have been subject to government mandated shelter-in-place orders. Because our operations have been deemed essential, we were able to keep our factories up and running while the shelter-in-place mandates were in effect. If the pandemic worsens, it is possible that our operations may not be deemed essential under future government mandated shelter-in-place orders, and we may be required to shut-down factory operations. We have periodically implemented split-shifts for our factory operations to minimize the number of employees in our facilities at any given time, but these measures have not affected our production capacity. Since the start of the pandemic, many of our non-factory employees have spent the majority of their time working remotely. To date, the shelter-in-place mandates and remote work arrangements have had a minimal impact on operations, but material negative effects on our business could result if the pandemic worsens and continues for an extended period of time. Sales of some products, mainly our SQ3000 Multi-Function systems and MX memory module inspection products, require customer acceptance due to performance or other criteria that is considered more than a formality. Most of our customer’s factories have remained open during the Covid-19 pandemic because they are deemed to be essential under government shelter-in-place mandates. However, global travel restrictions and quarantine measures have hindered our ability to obtain some customer acceptances of certain products at various times during the Covid-19 pandemic. Continuing or new global travel restrictions and quarantine measures could hinder our ability to obtain customer acceptances in a timely manner in the future, and therefore impact the timing of revenue recognition. The Covid-19 pandemic has caused disruptions in the global supply chain, including shortages of raw materials, parts and labor, and shipping and logistics issues, including delays in ocean freight and port congestion. Key supply chain disruptions impacting our business have been resolved to date. On-hand inventories have been sufficient to enable us to mitigate any supply disruptions with minimal impact on our sales or ability to service customers. However, it has become increasingly difficult to obtain adequate supplies of certain key components and labor for product assembly. Port congestion and tight booking for global sea freight have caused delays in product deliveries. The inability to obtain adequate supply of components or labor could result in the inability to meet customer demands and deliver one or more of our products for a period of several months or longer. Supply chain disruptions are expected to continue for the foreseeable future and may increase if the pandemic worsens or continues for an extended period of time. Although we cannot estimate the continuing impact of the Covid-19 outbreak at this time, it may have an adverse effect on our results of future operations, financial position and liquidity in 2022 and beyond. Singapore Jobs Support Program The Singapore Government implemented a jobs support program in 2020 that was intended to support businesses and encourage retention of employees during the period of economic uncertainty caused by the Covid-19 pandemic. Under the jobs support program, the Singapore Government co-funded a portion of the gross monthly wages paid to local employees, which reduced our operating expense by $410,000 in 2020. We did not receive any material benefit from the Singapore jobs support program in 2021 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
REVENUE RECOGNITION | |
REVENUE RECOGNITION | NOTE 3 – REVENUE RECOGNITION Performance Obligations Our revenue performance obligations are primarily satisfied at a point in time and limited revenue streams are satisfied over time as work progresses. The following is a summary of our revenue performance obligations: For the Year Ended December 31, 2021 2020 (In thousands) Revenues Percent of Revenues Revenues Percent of Revenues Revenue recognized over time $ 2,253 2.4 % $ 1,715 2.4 % Revenue recognized at a point in time 90,521 97.6 % 68,402 97.6 % $ 92,774 100.0 % $ 70,117 100.0 % See Note 13 for additional information regarding disaggregation of revenue. Contract Balances Contract assets consist of unbilled amounts from sales where we recognize the revenue over time and the revenue recognized exceeds the amount billed to the customer at a point in time. Accounts and trade notes receivable are recorded when the right to payment becomes unconditional. Contract liabilities consist of payments received in advance of performance under the contract. Contract liabilities are recognized as revenue when we perform under the contract. The following summarizes our contract assets and contract liabilities: (In thousands) December 31, 2021 December 31, 2020 Contract assets, included in other current assets $ 7 $ 2 Contract liabilities - advance customer payments $ 289 $ 567 Contract liabilities - deferred warranty revenue $ 445 $ 344 Changes in contract assets in 2021 and 2020 resulted from unbilled amounts under sensor product arrangements and longer duration 3D scanning service projects in which revenue is recognized over time. Changes in contract liabilities primarily resulted from reclassification of beginning contract liabilities to revenue as performance obligations were satisfied or from cash received in advance and not recognized as revenue. See Note 9 for changes in contractual obligations related to deferred warranty revenue. Unsatisfied performance obligations for deferred warranty revenue are generally expected to be recognized as revenue over the next one t The following summarizes the amounts reclassified from beginning contract liabilities to revenue: Year Ended December 31, (In thousands) 2021 2020 Amounts reclassified from beginning contract liabilities to revenue $ 393 $ 171 Amounts reclassified from deferred warranty revenue 263 193 Total $ 656 $ 364 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2021 | |
MARKETABLE SECURITIES [Abstract] | |
MARKETABLE SECURITIES | NOTE 4 – MARKETABLE SECURITIES Our investments in marketable securities are classified as available-for-sale and consist of the following: December 31, 2021 (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Short-Term U.S. government and agency obligations $ 3,005 $ 13 $ — $ 3,018 Corporate debt securities and certificates of deposit 4,177 8 (2 ) 4,183 Asset backed securities 125 1 — 126 Marketable securities – short-term $ 7,307 $ 22 $ (2 ) $ 7,327 Long-Term U.S. government and agency obligations $ 9,921 $ 5 $ (57 ) $ 9,869 Corporate debt securities and certificates of deposit 4,869 9 (18 ) 4,860 Asset backed securities 2,511 9 (11 ) 2,509 Equity security 42 1 — 43 Marketable securities – long-term $ 17,343 $ 24 $ (86 ) $ 17,281 December 31, 2020 (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Short-Term U.S. government and agency obligations $ 4,817 $ 36 $ — $ 4,853 Corporate debt securities and certificates of deposit 3,113 21 — 3,134 Asset backed securities 133 1 — 134 Marketable securities – short-term $ 8,063 $ 58 $ — $ 8,121 Long-Term U.S. government and agency obligations $ 7,529 $ 66 $ — $ 7,595 Corporate debt securities and certificates of deposit 3,975 61 (1 ) 4,035 Asset backed securities 2,347 45 — 2,392 Equity security 42 — (12 ) 30 Marketable securities – long-term $ 13,893 $ 172 $ (13 ) $ 14,052 In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2021 U.S. government and agency obligations $ 9,250 $ (57 ) $ — $ — Corporate debt securities and certificates of deposit 5,188 (18 ) 355 (2 ) Asset backed securities 1,278 (11 ) — — Marketable securities $ 15,716 $ (86 ) $ 355 $ (2 ) December 31, 2020 U.S. government and agency obligations $ 330 $ — $ — $ — Corporate debt securities and certificates of deposit 411 (1 ) — — Marketable securities $ 741 $ (1 ) $ — $ — Our long-term investments in marketable debt securities all have maturities of less than years. losses at December 31, 2021 and net pre-tax unrealized gains of $ at December 31, 2020 have been recorded as a component of accumulated other comprehensive loss in stockholders’ equity. We only invest in highly rated investment grade securities. We have determined that the net pre-tax unrealized gains and losses for marketable debt securities at December 31, 2021 2020. See Note 6 for additional information regarding the fair value of our investments in marketable securities. Investments in marketable debt securities classified as cash equivalents of $8.8 million at December 31, 2021 and $1.3 million at December 31, 2020, consist of corporate debt securities and certificates of deposit. There were no unrealized gains or losses associated with any of these securities at December 31, 2021 or December 31, 2020. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER COMPREHENSIVE INCOME (LOSS) | |
OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 5 – OTHER COMPREHENSIVE INCOME (LOSS) There were no r Changes in components of other comprehensive income (loss) and taxes related to items of other comprehensive income (loss) are as follows: Year Ended Year Ended December 31, 2020 (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Foreign currency translation adjustments $ (193 ) $ — $ (193 ) $ 190 $ — $ 190 Unrealized gains (losses) on available-for-sale securities (272 ) 57 (215 ) 145 (31 ) 114 Other comprehensive income (loss) $ (465 ) $ 57 $ (408 ) $ 335 $ (31 ) $ 304 At December 31, 2021 and (In thousands) Foreign Currency Translation Adjustments Available- for-Sale Securities Accumulated Other Comprehensive Loss Balances at December 31, 2019 $ (1,475 ) $ 69 $ (1,406 ) Other comprehensive income for the year ended December 31, 2020 190 114 304 Balances at December 31, 2020 $ (1,285 ) $ 183 $ (1,102 ) Other comprehensive loss for the year ended December 31, 2021 (193 ) (215 ) (408 ) Balances at $ (1,478 ) $ (32 ) $ (1,510 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 6 – FAIR VALUE MEASUREMENTS We determine the fair value of our assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. We use a fair value hierarchy with three levels of inputs, of which the first two are considered observable and the last is considered unobservable, to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 2 3 Fair Value Measurements at December 31, 2021 Using (In thousands) Balance December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1 Significant Other Observable Inputs (Level 2 Significant Unobservable Inputs (Level 3 Marketable securities: U.S. government and agency obligations $ 12,887 $ — $ 12,887 $ — Corporate debt securities and certificates of deposit 9,043 — 9,043 — Asset backed securities 2,635 — 2,635 — Equity security 43 43 — — Total marketable securities $ 24,608 $ 43 $ 24,565 $ — Fair Value Measurements at December 31, 2020 Using (In thousands) Balance December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1 Significant Other Observable Inputs (Level 2 Significant Unobservable Inputs (Level 3 Marketable securities: U.S. government and agency obligations $ 12,448 $ — $ 12,448 $ — Corporate debt securities and certificates of deposit 7,169 — 7,169 — Asset backed securities 2,526 — 2,526 — Equity security 30 30 — — Total marketable securities $ 22,173 $ 30 $ 22,143 $ — During 2021 and 2020, we owned no Level 3 securities and there were no transfers within the three level hierarchy. A significant transfer is recognized when the inputs used to value a security have been changed which merit a transfer between the levels of the valuation hierarchy. The fair value for our U.S. government and agency obligations, corporate debt securities and certificates of deposit and asset backed securities are determined based on valuations provided by external investment managers who obtain them from a variety of industry standard data providers. The fair value for our equity security is based on a quoted market price obtained from an active market. The carrying amounts of financial instruments included in cash equivalents approximate their related fair values due to the short-term maturities of those instruments. See Note 4 for additional information regarding our investments in marketable securities Non-financial assets such as equipment and leasehold improvements, goodwill and intangible assets and right-of-use assets for operating leases are subject to non-recurring fair value measurements if they are deemed impaired. We had 2021 2020 . The fair value for trade notes receivable is based on discounted future cash flows using current interest rates that would be offered for a similar transaction to a similarly situated customer. The difference between the carrying amount and estimated fair value for trade notes receivable is immaterial. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
SHARE-BASED COMPENSATION [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 7 – SHARE-BASED COMPENSATION We have three Employee Stock Incentive Plan As of December 31, 2021, there are shares Non-Employee Director Stock Plan As of December 31, 2021, there were 36,000 shares of common stock reserved in the aggregate for issuance pursuant to future restricted share grants under our Non-Employee Director Stock Plan and 8,000 shares of common stock reserved in the aggregate for issuance pursuant to outstanding stock option awards under our Non-Employee Director Stock Plan (which previously authorized the granting of stock options to non-employee directors). Under the terms of the plan, each non-employee director receives annual restricted share grants of 2,000 shares of our common stock on the date of each annual meeting at which such director is elected to serve on the board . The annual restricted share grants of common stock vest in four On the dates of our an d 8,000 shares of our common stock to our non-employee directors, which were restricted as specified in the Non-Employee Director Stock Plan. The shares granted at the 2021 annual meeting had an aggregate fair market value on the date of grant equal to $ 224,000 (grant date fair value of $ per The aggregate fair value of the unvested shares b 2 020 annual meeting had an aggregate fair market value on the date of grant equal to $227,000 (grant date fair value of $ Stock Option Activity The following is a summary of activity in stock options for 2021: Options Outstanding Weighted Average Exercise Price Per Share Outstanding, December 31, 2020 419,100 $ 15.22 Granted 24,000 42.90 Exercised (89,500 ) 11.26 Forfeited (1,775 ) 17.52 Outstanding, December 31, 2021 351,825 $ 18.11 Exercisable, December 31, 2021 257,026 $ 14.82 The intrinsic value of an option is the amount by which the market price of the underlying common stock exceeds the option's exercise price. For options outstanding at , the weighted average remaining contractual term of all outstanding options was years and their aggregate intrinsic value was $ million. At , the weighted average remaining contractual term of options that were exercisable was 2.6 years million. The aggregate intrinsic value of stock options exercised was $2.7 million in and $2.7 in . We received proceeds from stock option exer cises of $ 2021 and 2020 The fair value of stock options granted to our employees was estimated on the date of grant using the Black-Scholes model. The Black-Scholes valuation model incorporates ranges of assumptions that are disclosed in the table below. The risk-free interest rate is based on the United States Treasury yield curve at the time of grant with a remaining term equal to the expected life of the awards. We used historical experience to estimate the expected term, representing the length of time in years, that the options are expected to be outstanding. Expected volatility was computed based on historical fluctuations in the daily price of our common stock. For stock options granted in the two-year period ended December 31, 2021, we utilized the fair value of our common stock on the date of grant and employed the following key assumptions in computing fair value using the Black-Scholes option-pricing model: 2021 2020 Risk-free interest rates 1.15% - 1.18% 0.44% - 0.50% Expected life in years 5.19 - 5.64 5.12 - 5.55 Expected volatility 58.02% - 58.44% 59.43% - 59.81% Dividend yield 0.00% 0.00% Weighted average fair value on grant date $22.24 $14.58 Restricted Shares and Restricted Stock Units Restricted shares are granted under our Non-Employee Director Stock Plan. Restricted stock units are granted under our Employee Stock Incentive Plan. The fair value of restricted shares and restricted stock units is equal to the market value of our common stock on the date of grant. There were 24,100 restricted shares and restricted stock units granted in 2021 2020 $ as $2.7 million. The following is a summary of activity in restricted shares and restricted stock units for 2021: Non-vested restricted stock units Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2020 68,454 $ 21.45 Granted 24,100 37.94 Vested (33,322 ) 21.56 Forfeited (1,331 ) 23.03 Non-vested at December 31, 2021 57,901 $ 28.21 Employee Stock Purchase Plan We have an Employee Stock Purchase Plan available to eligible U.S. employees. Under terms of the plan, eligible employees may designate from % to % of their compensation to be withheld through payroll deductions, up to a maximum of $ in each plan year, for the purchase of common stock at % of the lower of the market price on the first or last day of the offering period. Purchases under this plan were 7,380 shares in 2021 and 19,897 shares in 2020 . As of December 31, 2021, shares remain available for future issuance under this plan. Share-Based Compensation Information Pre-tax share-based compensation expense for 2021 2020 (In thousands) 2021 2020 Pre-tax share-based compensation expense $ 1,347 $ 1,181 Income tax benefits related to share-based compensation $ 833 $ 712 At December 31, 2021, the total unrecognized compensation cost related to non-vested share-based compensation arrangements was $2.9 million and the related weighted average period over which such cost is expected to be recognize d is 2.9 ye |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2021 | |
NET INCOME PER SHARE [Abstract] | |
NET INCOME PER SHARE | NOTE 8 – NET INCOME PER SHARE Net income per basic share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Net income per diluted share is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of common shares to be issued upon exercise of stock options, vesting of restricted stock units, vesting of restricted shares and from purchases of shares under our Employee Stock Purchase Plan, as calculated using the treasury stock method. Common equivalent shares are excluded from the calculation of net income per diluted share if their effect is anti-dilutive. The components of net income per basic and diluted share were as follows: (In thousands except per share amounts) Net Income Weighted Average Shares Outstanding Per Share Amount Year Ended 12/31/2021: Basic $ 12,751 7,320 $ 1.74 Dilutive effect of common equivalent shares — 217 (0.05 ) Dilutive $ 12,751 7,537 $ 1.69 (In thousands except per share amounts) Net Income Weighted Average Shares Outstanding Per Share Amount Year Ended 12/31/2020: Basic $ 5,742 7,215 $ 0.80 Dilutive effect of common equivalent shares — 239 (0.03 ) Dilutive $ 5,742 7,454 $ 0.77 Potentially dilutive shares consist of stock options, restricted stock units, restricted shares and purchases of shares under our Employee Stock Purchase Plan. Potentially dilutive shares excluded from the calculations of net income per diluted share due to their anti-dilutive effect were as follows: 50,000 shares in 2021 and 57,000 shares in 2020 . |
Other Financial Statement Data
Other Financial Statement Data | 12 Months Ended |
Dec. 31, 2021 | |
OTHER FINANCIAL STATEMENT DATA [Abstract] | |
OTHER FINANCIAL STATEMENT DATA | NOTE 9 – OTHER FINANCIAL STATEMENT DATA Inventories consist of the following: December 31, (In thousands) 2021 2020 Raw materials and purchased parts $ 18,013 $ 11,903 Work in process 1,655 2,459 Finished goods 6,859 4,208 Demonstration inventories, net 1,075 1,701 Total inventories $ 27,602 $ 20,271 Demonstration inventories are stated at cost less accumulated amortization, generally based on a 36 month useful life. Accumulated amortization for demonstration inventories totaled $ 2.8 2.7 Equipment and leasehold improvements consist of the following: December 31, (In thousands) 2021 2020 Equipment $ 16,051 $ 15,070 Leasehold improvements 3,070 3,072 19,121 18,142 Accumulated depreciation and amortization (15,947 ) (14,907 ) $ 3,174 $ 3,235 Depreciation and amortization expense related to equipment and leasehold improvements was $1.6 million in 2021 and $1.7 million in 2020. Intangible assets consist of the following: December 31, 2021 December 31, 2020 (In thousands) Gross Carrying Accumulated Amortization Net Gross Carrying Accumulated Amortization Net Patents $ 1,972 $ (1,614 ) $ 358 $ 1,832 $ (1,542 ) $ 290 Software 206 (206 ) — 206 (200 ) 6 Marketing assets and customer relationships 86 (69 ) 17 101 (72 ) 29 $ 2,264 $ (1,889 ) $ 375 $ 2,139 $ (1,814 ) $ 325 Amortization expense in 2021 and 2020 was as follows: Year Ended December 31, Weighted Avg. Remaining Life-Years at December 31, 2021 (In thousands) 2021 2020 Patents $ 187 $ 153 1.6 Software 6 29 — Marketing assets and customer relationships 8 9 2.2 $ 201 $ 191 Estimated aggregate amortization expense based on current intangible assets for the next three years is expected to be as follows : $ in 2022; in 2023; and in 2024 . Accrued expenses consist of the following: December 31, (In thousands) 2021 2020 Wages and benefits $ 2,966 $ 2,768 Warranty liability 949 793 Income taxes payable 341 269 Other 162 63 $ 4,418 $ 3,893 Other liabilities consist of the following: December 31, (In thousands) 2021 2020 Deferred warranty revenue $ 135 $ 88 Warranty liability 42 46 $ 177 $ 134 See Note 3 for additional information related to contract liabilities. Warranty costs: We provide for the estimated cost of product warranties, which cover products for periods ranging from one three years A reconciliation of the changes in our estimated warranty liability is as follows: Year Ended December 31, (In thousands) 2021 2020 Balance at beginning of period $ 839 $ 798 Accrual for warranties 1,024 836 Warranty revision (53 ) 43 Settlements made during the period (819 ) (838 ) Balance at end of period 991 839 Current portion of estimated warranty liability (949 ) (793 ) Long-term estimated warranty liability $ 42 $ 46 Deferred warranty revenue: The current portion of our deferred warranty revenue is included as a component of advance customer payments. The long-term portion of our deferred warranty revenue is included as a component of other liabilities. A reconciliation of the changes in our deferred warranty revenue is as follows: Year Ended December 31, (In thousands) 2021 2020 Balance at beginning of period $ 344 $ 275 Revenue deferrals 575 434 Amortization of deferred revenue (474 ) (365 ) Total deferred warranty revenue 445 344 Current portion of deferred warranty revenue (310 ) (256 ) Long-term deferred warranty revenue $ 135 $ 88 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 10 – INCOME TAXES Income before income taxes consists of the following: Year Ended December 31, (In thousands) 2021 2020 Sources of income before income taxes: United States $ 12,741 $ 4,876 Foreign 1,754 1,478 Total income before income taxes $ 14,495 $ 6,354 The provision for income taxes consists of the following: Year Ended December 31, (In thousands) 2021 2020 Current: Federal $ 417 $ 26 State 46 19 Foreign 298 201 Total current $ 761 $ 246 Deferred: Federal $ 960 $ 361 State (1 ) — Foreign 24 5 Total deferred $ 983 $ 366 Total provision for income taxes $ 1,744 $ 612 A reconciliation of the statutory rate to the effective income tax rate is as follows: Year Ended December 31, 2021 2020 Federal statutory rate 21.0 % 21.0 % State income taxes, net of federal benefit 0.3 0.2 Global Intangible Low-Taxed Income (GILTI)/Foreign Derived Intangible Income (FDII) (2.9 ) 2.1 Share-based compensation (3.8 ) (7.4 ) Research and experimentation (R&D) credit (2.3 ) (3.2 ) Foreign tax credit (1.0 ) (2.2 ) Foreign rate difference (0.4 ) (1.1 ) Valuation allowance 0.5 (4.2 ) Expiring and unrecognized deferred tax attributes — 3.7 Other, net 0.6 0.7 Effective tax rate 12.0 % 9.6 % Our effective tax rate in 2021 was favorably impacted by GILTI, FDII, $605,000 of excess tax benefits from employee share-based compensation and favorable benefits from U.S. federal R&D tax credits and foreign tax credits. Our effective tax rate in 2020 was favorably impacted by $497,000 of excess tax benefits from employee share-based compensation and favorable benefits from U.S. federal R&D tax credits and foreign tax credits, offset in part by A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (“UTB”) is as follows: Year Ended December 31, (In thousands) 2021 2020 Gross UTB balance at beginning of year $ 1,789 $ 1,761 Additions based on tax positions related to the current year 231 137 Additions for tax positions of prior years 1 60 Reductions for tax positions of prior years (39 ) (169 ) Gross UTB balance at end of year $ 1,982 $ 1,789 Net UTB balance at end of year $ 214 $ 197 The difference between the gross and net ending UTB and the difference between the changes in the gross and net UTB during the year are related to the required netting of UTB balances against positions that have an established deferred tax asset, such as our federal and state R&D tax credits. The increase in our gross UTB balance as of December 31, 2021 was primarily related to federal and state R&D tax credits. The increase in our net UTB at December 31, 2021 is primarily related to various inconsequential state tax matters. The net UTB is a long-term income tax reserve within our consolidated balance sheets. We recognize interest and penalties related to unrecognized tax benefits in tax expense. Accrued interest and penalties on a gross basis and estimated gross interest and penalties included in the above amounts for all years were inconsequential. The gross UTB at December 31, 2021 and 2020, if recognized, would favorably impact our effective tax rate. We file income tax returns in the United States and various state and foreign jurisdictions. Our federal income tax returns for years after 2017 are still subject to examination by the Internal Revenue Service. We are no longer subject to state and local income tax examinations for years prior to 2017. The Inland Revenue Authority of Singapore has initiated a routine compliance review of our 2018 income tax return. We presently anticipate that the outcome of this audit will not have a significant impact on our financial position or results of operations. Deferred tax assets and liabilities consist of the following: December 31, 2021 December 31, 2020 (In thousands) Assets Liabilities Assets Liabilities Equipment, leaseholds and intangible amortization, net $ 185 $ 230 $ 176 $ 251 Operating lease liabilities 672 — 839 — Right-of-use assets (operating leases) — 369 — 478 Inventory allowances 550 20 549 5 Accrued expenses 130 — 129 — Warranty accrual 214 — 182 — Deferred revenue 312 — 214 — Federal and state tax credits 2,992 — 3,960 — State net operating loss carry forwards 233 — 275 — Share-based compensation 361 — 358 — Other, net 131 — 113 50 Subtotal 5,780 619 6,795 784 Valuation allowance (1,493 ) — (1,414 ) — Total deferred tax assets and liabilities $ 4,287 $ 619 $ 5,381 $ 784 We have significant deferred tax assets as a result of temporary differences between the taxable income on our tax returns and U.S. GAAP income, R&D tax credit carry forwards and state net operating loss carry forwards. A deferred tax asset generally represents future tax benefits to be received when temporary differences previously reported in our consolidated financial statements become deductible for income tax purposes, when net operating loss carry forwards could be applied against future taxable income, or when tax credit carry forwards are utilized on our tax returns. We assess the realizability of our deferred tax assets and the need for a valuation allowance based on the guidance provided in current financial accounting standards. Significant judgment is required in determining the realizability of our deferred tax assets. The assessment of whether valuation allowances are required considers, among other matters, the nature, frequency and severity of any current and cumulative losses, forecasts of future profitability, the duration of statutory carry forward periods, our experience with loss carry forwards not expiring unused and tax planning alternatives. In analyzing the need for valuation allowances, we first considered our history of cumulative operating results for income tax purposes over the past three years in each of the tax jurisdictions in which we operate, our financial performance in recent quarters, statutory carry forward periods and tax planning alternatives. In addition, we considered both our near-term and long-term financial outlook. After considering all available evidence (both positive and negative), we concluded that recognition of valuation allowances for substantially all of our U.S. and Singapore based deferred tax assets was not required at December 31, 2021 or December 31, 2020. Our valuation allowances at December 31, 2021 and December 31, 2020 mainly relate to state R&D tax credits and net operating loss carry forwards. The valuation allowance recorded against our deferred tax assets at December 31, 2021 was increased by $79,000, mainly for state R&D tax credits that we do not expect to use . The valuation allowance recorded against our deferred tax assets at December 31, 2020 was reduced by $265,000 , mainly for U.S. federal R&D tax credits that were used or expired. 3.0 million that will begin to expire in 2027 , if unused. We determine on a regular basis the amount of undistributed earnings that will be reinvested in our non-U.S. operations. This assessment is based on our fiscal objectives and the working capital requirements for each of our foreign subsidiaries. The Tax Cuts and Jobs Act provides for a % dividends-received-deduction for foreign-source dividends received from 10% or more owned foreign corporations. Additionally, our foreign income is subject to Subpart F, GILTI and is eligible for foreign tax credits. The tax jurisdictions for the vast majority of our foreign operations do not impose a withholding tax. For these reasons, we have not recognized a deferred tax liability for the unremitted earnings of any of our foreign subsidiaries. Determination of the amount of any deferred income or withholding tax liability is not practicable because of the complexities of the hypothetical calculation. Cash payments for income taxes, net of refunds received, were $ in 2021 and |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2021 | |
OPERATING LEASES [Abstract] | |
OPERATING LEASES | NOTE 11 – OPERATING LEASES We lease a 61,208 square foot mixed office and warehouse facility in Golden Valley, Minnesota. The lease has a term of 91 months and expires on July 31, 2026 . The lease contains a rent escalation clause, one three year Rental expense, including the effects of lease incentives, is recognized on a straight-line basis over the term of the lease. We did not include the renewal option in our accounting for the lease because it is not reasonably certain that we will exercise the option. We are also required to pay insurance, property taxes and other operating expenses related to the leased facility, which are not fixed or tied to an index. In February 2020, we finalized a new lease for our existing 19,805 square foot mixed office and warehouse facility in Singapore, which serves as a sales, development and final assembly and integration facility for our inspection and metrology system products. The new lease does not contain any incentives or renewal options and runs through July 2023. We also have operating leases for small facilities in Taiwan, the United Kingdom and China which expire in June 2023, May 2023 and November 2022, respectively. Effective January 2022, we have an operating lease for a small facility in Malaysia which expires in December 2023. The components of our costs for operating leases are as follows: Year Ended Year Ended Component (in thousands) December 31, 2021 December 31, 2020 Operating lease cost $ 742 $ 723 Variable lease cost 269 272 Short-term lease cost 39 38 Total $ 1,050 $ 1,033 Variable lease costs generally consists of real estate taxes and insurance for leased facilities, which are paid based on actual costs incurred by the lessor. At December 31, 2021, the future maturities of lease liabilities are as follows: Twelve months ending December 31, (In thousands) 2022 $ 1,016 2023 873 2024 658 2025 674 2026 403 Total lease payments 3,624 Less: amount representing interest 391 Present value of operating lease liabilities $ 3,233 At December 31, 2021, the weighted average remaining term of our operating leases was 4.02 years, and the weighted average discount rate applied to our operating leases was 5.31%. At December 31, 2020, the weighted average remaining term of our operating leases was 4.85 years, and the weighted average discount rate applied to our operating leases was 5.2%. Cash paid for amounts included in the measurement of operating lease liabilit ies was $ million in Operating lease liabilities and right-of-use assets were increased for new non-cash leases by $941,000 in 2020. |
401(K) and Other Defined Contri
401(K) and Other Defined Contribution Plans | 12 Months Ended |
Dec. 31, 2021 | |
401(K) AND OTHER DEFINED CONTRIBUTION PLANS [Abstract] | |
401(K) AND OTHER DEFINED CONTRIBUTION PLANS | NOTE 12 – 401(K) AND OTHER DEFINED CONTRIBUTION PLANS We have a retirement savings plan pursuant to Section 401(k) of the Internal Revenue Code (Code), under which eligible employees may contribute a portion of their earnings, not to exceed annual amounts allowed under the Code. In addition, we may also make contributions at the discretion of the Board of Directors. We provided matching contributions to employees totaling $323,000 in 2021 and $303,000 in 2020. We also contribute to defined contribution retirement savings plans on behalf of our employees in the United Kingdom and Taiwan. We made contributions to these plans totaling $50,000 in 2021 and $39,000 in 2020. |
Revenue Concentrations, Signifi
Revenue Concentrations, Significant Customers, and Geographic Areas | 12 Months Ended |
Dec. 31, 2021 | |
REVENUE CONCENTRATIONS, SIGNIFICANT CUSTOMERS, AND GEOGRAPHIC AREAS [Abstract] | |
REVENUE CONCENETRATIONS, SIGNIFICANT CUSTOMERS, AND GEOGRAPHIC AREAS | NOTE 13 – REVENUE CONCENTRATIONS, SIGNIFICANT CUSTOMERS, AND GEOGRAPHIC AREAS The following summarizes our revenue by product line: Year Ended December 31, (In thousands) 2021 2020 High precision 3D and 2D sensors $ 25,941 $ 17,522 Inspection and metrology systems 42,958 37,547 Semiconductor sensors 23,875 15,048 Total $ 92,774 $ 70,117 Revenue from sales of high precision 3D and 2D sensors based on our 3D Multi-Reflection Suppression™ (MRS™) technology was $17.2 million in 2021 2020 2021 2020 In 2021, sales to significant customer A accounted for 17% of our total revenues. In 2020, sales to significant customer A accounted for . Export revenues as a percentage of total revenues were % in and 80% in 2020. Export revenues are attributed to the country where the product is shipped. Substantially all of our export revenues are negotiated, invoiced and paid in U.S. dollars. Revenues by geographic area is summarized as follows: Year Ended December 31, (In thousands) 2021 2020 United States $ 15,327 $ 14,134 Netherlands 2,700 2,237 Other Europe 9,649 7,017 China 30,698 18,903 Singapore 4,097 3,797 South Korea 14,809 6,376 Japan 5,145 3,172 Other Asia 7,255 11,702 Other 3,094 2,779 Total revenues $ 92,774 $ 70,117 Long -lived assets include equipment and leasehold improvements and intangible and other assets attributable to each geographic area’s operations. Long-lived assets at December 31, 2021 and 2020 are as follows: (In thousands) 2021 2020 Long-lived assets: United States $ 2,526 $ 2,814 Europe 13 6 Asia and other 1,010 740 Total long-lived assets $ 3,549 $ 3,560 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
CONTINGENCIES [Abstract] | |
CONTINGENCIES | NOTE 14 – CONTINGENCIES We are periodically a defendant in miscellaneous lawsuits, claims and disputes in the ordinary course of business. While the outcome of these matters cannot be predicted with certainty, management presently believes the disposition of these matters will not have a material effect on our financial position, results of operations or cash flows. In the normal course of business to facilitate sales of our products and services, we at times indemnify other parties, including customers, with respect to certain matters. In these instances, we have agreed to hold the other parties harmless against losses arising out of intellectual property infringement or other types of claims. These agreements may limit the time within which an indemnification claim can be made, and almost always limits the amount of the claim. It is not possible to determine the maximum potential amount of exposure under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made, if any, under these agreements have not had a material impact on our operating results, financial position or cash flows. |
Business Description And Sign_2
Business Description And Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
BUSINESS DESCRIPTION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of CyberOptics Corporation and its wholly-owned subsidiaries. In these notes to the consolidated financial statements, these companies are collectively referred to as “CyberOptics,” “we,” “us,” or “our.” All significant inter-company accounts and transactions have been eliminated in consolidation. |
Segment Reporting | Segment Reporting We operate in a single reportable segment that includes the design, development and manufacture of high precision sensing, inspection and metrology solutions for the SMT and semiconductor markets. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Cash and cash equivalents consist of funds maintained in demand deposit accounts, money market accounts, certificate of deposits, corporate debt instruments and U.S. government backed obligations. Cash and cash equivalent balances, at times, may exceed federally insured limits. |
Marketable Securities | Marketable Securities We determine the classification of investment securities at the time of purchase. Marketable securities are classified as short-term or long-term in the consolidated balance sheets based on their maturity date and expectations regarding sales. All marketable securities are classified as available-for-sale and are a part of our asset/liability management strategy and may be sold in response to changes in interest rates, prepayment risk or other market factors. Cash and marketable securities held by foreign subsidiaries totaled $588,000 at and $ 672,000 . Debt Securities Debt securities consist of U.S. government and agency backed obligations, certificates of deposit, corporate debt instruments, or asset backed securities. Available-for-sale securities are carried at estimated fair value. Unrealized gains and losses for debt securities are reported as a separate component of stockholders’ equity in accumulated other comprehensive income (loss), net of applicable income taxes, until realized. Fair values are primarily determined using quoted market prices or valuations provided by external investment managers who obtain them from a variety of industry standard data providers. The amortized cost and fair value of debt securities, for purposes of computing unrealized gains and losses, are determined by specific identification. The cost of debt securities sold and the resulting realized gains or losses are also determined by specific identification. Interest income and dividends are recognized in interest income on an accrual basis. Premiums and discounts on debt securities are amortized as an adjustment to interest income over the period to maturity of the related security using the effective interest method. We monitor the carrying value of our debt securities compared to their fair value to determine whether an other-than-temporary impairment (“OTTI”) has occurred. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the amortized cost basis, credit quality (considering factors such as adverse conditions specific to the issuer and the security and ratings agency actions) and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. If a decline in fair value of our debt securities is determined to be other-than-temporary, the amount by which amortized cost exceeds the fair value of a debt security is separated into a component representing the credit loss, which is recognized in earnings, and a component related to all other factors, which is recognized in other comprehensive income (loss). The measurement of the credit loss component is equal to the difference between the debt security’s amortized cost basis and the present value of its expected future cash flows discounted at the security’s effective yield. If we intend to sell the security, or if it is more likely than not we will be required to sell the security before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the amortized cost basis and fair value of the security. Equity Securities Equity securities have readily determinable fair values. Fair values are primarily determined using quoted market prices or valuations provided by external investment managers who obtain them from a variety of industry standard data providers. The fair value of equity securities, for purposes of computing unrealized gains and losses, are determined by specific identification. The cost of equity securities sold and resulting realized gains or losses are also determined by specific identification. Dividends are recognized in interest income on an accrual basis. Unrealized gains and losses for equity securities are reported in net income. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined using the first-in, first-out (FIFO) method. Net realizable value is the estimated selling price in the ordinary course of business less cost to sell and considers our current assessment of general market and economic conditions, slow-moving inventory and future demand. Appropriate consideration is given to deterioration, obsolescence, and other factors in evaluating net realizable value. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts and Trade Notes Receivable We extend unsecured credit to our customers in the normal course of business. We periodically provide financing to customers for the purchase of SQ3000 Multi-Function system products. Trade notes receivable bear interest at annual effective rates ranging from approximately 5% to 7%, and are repayable over periods ranging from 18 to 36 months. The current portion of the trade notes are classified as accounts receivable in the accompanying balance sheets. Interest income will be discontinued for any trade notes receivable with a specific reserve established if it is likely that we will be unable to collect all amounts due according to the original terms of the trade notes. For these trade notes receivable, cash collection will first be applied as a reduction to principal outstanding. Any cash received in excess of the outstanding principal payments will be recognized as interest income. Trade notes receivable may be removed from non-accrual status with respect to interest income based upon changes in customer circumstances, including a sustained history of payments. At December 31, 2021 and December 31, 2020, none of our trade notes receivable were in a non-accrual status with respect to interest income. Allowance for Doubtful Accounts and Trade Notes Allowances for doubtful accounts are maintained for estimated losses resulting from the inability of our customers to make required payments. In making the determination of the appropriate allowance for doubtful accounts, we consider specific accounts, historical write-offs, changes in customer relationships and credit worthiness and concentrations of credit risk. Specific accounts and trade notes receivable are written-off once a determination is made that the account is uncollectible. |
Equipment and Leasehold Improvements | Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost. Significant additions or improvements extending asset lives are capitalized, while repairs and maintenance are charged to expense as incurred. In-progress costs are capitalized with depreciation beginning when assets are placed in service. Depreciation is recorded using the straight-line method over the estimated useful lives of the equipment, ranging from one seven years. Leasehold improvements are amortized using the straight-line method over the shorter of the asset useful life or the underlying lease term, ranging from one eight years. Gains or losses on dispositions are included in current operations. |
Goodwill | Goodwill Goodwill represents the excess of purchase price over the fair value of net assets acquired in a business combination. We have determined that we have one reporting unit. We evaluate the carrying value of goodwill annually on December 31 On December 31, 2021 and 2020, we performed a qualitative assessment to determine if there was any indication that our goodwill might be impaired. After considering all available evidence, including our financial performance, financial outlook and current market capitalization, we concluded that it is more likely than not that our fair value is greater than carrying value. As a result, no further testing was deemed necessary, and we determined that our goodwill was not impaired. Therefore, no amounts were recorded for goodwill impairment in 2021 2020 |
Patents | Patents Patents consist of legal and patent registration costs for protection of our proprietary technology. We amortize patent costs on a straight-line basis, based upon their estimated life. |
Long Lived Assets | Long Lived Assets Intangible assets subject to amortization and other long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss would be recognized when future undiscounted cash flows expected to result from use of the asset and eventual disposition are less than the carrying amount. |
Operating Leases | Operating Leases We determine if an arrangement is a lease at inception. Operating leases are recorded in operating lease right-of-use (ROU) assets, current operating lease liabilities, and long-term operating lease liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term. The operating lease ROU assets exclude lease incentives. As our leases do not provide an implicit rate, we use our incremental borrowing rate to determine the present value of lease payments. Our leases may include renewal options to extend the lease term, the exercise of which are at our sole discretion. In our accounting treatment of leases, the lease terms used do not include any option to extend the lease, because it is not reasonably certain that we will exercise the option. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components (e.g., common-area or other maintenance costs) which are generally accounted for separately and expensed monthly. We do not recognize a ROU asset and lease liability for leases having a term of 12 months or less at the effective date. |
Revenue Recognition | Revenue Recognition Revenue is measured based on consideration specified in the contract with a customer. y d Our performance obligations are mostly satisfied at a point in time and to a lesser extent over time as work progresses. Revenue for products and services transferred to customers at a point in time is recognized when obligations under the terms of the contract with our customer are satisfied; generally with the transfer of control upon shipment. Sales of some products may require customer acceptance due to performance or other acceptance criteria that is considered more than a formality. For these product sales, revenue is recognized upon notification of customer acceptance. Sales involving multiple performance obligations typically include the sale of an inspection or metrology systems Undelivered performance obligations in an arrangement are typically minimal, consisting of undelivered installation and training services. Periodically For these arrangements, control is transferred over the manufacturing process; therefore, revenue is recognized over time utilizing an input method based on actual costs incurred in the manufacturing process to date relative to total expected production costs. For certain longer duration 3D scanning service projects, we progress bill as the services are performed. These arrangements create an asset with no alternative use and include an enforceable right to payment. For these arrangements, control is transferred over the hours incurred to complete the scanning project; therefore, revenue is recognized over time utilizing an input method based on actual hours incurred relative to total projected project hours. For maintenance and extended warranty contracts, revenue is recognized over time on a straight-line basis over the term of the contract as the customer simultaneously receives and consumes the benefits of the coverage. Practical Expedients We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, primarily consisting of product installation and training. We do not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be one year or less. |
Foreign Currency Translation And Transactions | Foreign Currency Translation Financial position and results of operations of our international subsidiaries are measured using local currency as their functional currency. Assets and liabilities of these operations are translated at the exchange rates in effect at each fiscal year-end. Statements of operations accounts are translated at the average rates of exchange prevailing during the year. Translation adjustments arising from the use of differing exchange rates from period to period are included as a cumulative translation adjustment in stockholders’ equity. Foreign Currency Transactions Foreign currency transaction gains and losses are included in interest income and other, net in the statement of operations. We recognized foreign currency transaction losses of $ 2021. We recognized foreign transaction gains of $27,000 in 2020 . |
Research and Development | Research and Development Research and development (R&D) costs, including product software development, are expensed when incurred. Product software development costs are required to be expensed until the point that technological feasibility and proven marketability of the product are established; costs otherwise capitalizable after such point also are expensed because they are insignificant. All other R&D costs are expensed as incurred. R&D expenses consist primarily of salaries, project materials, contract labor and other costs associated with ongoing product development and enhancement efforts. |
Advertising Costs | Advertising Costs We expense all advertising costs as incurred. Advertising expenses were $252,000 in 2021 and $371,000 in 2020 . |
Warranty Costs | Warranty Costs We provide for the estimated cost of product warranties, which cover products for periods ranging from one three years at the time revenue is recognized. |
Income Taxes | Income Taxes We evaluate uncertain tax positions using the “more likely than not” threshold (i.e., a likelihood of occurrence greater than fifty percent). The recognition threshold is met when an entity concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify for initial recognition are classified as a gross unrecognized tax benefit until the first interim period in which they meet the more likely than not standard, or are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. Our net unrecognized tax benefit ("UTB") is a long-term income tax reserve within our consolidated balance sheets. Only the portion of the UTB that is expected to be paid within one one year Deferred income taxes are recorded to reflect the tax consequences in future years of differences between the financial reporting and tax bases of assets and liabilities. We have made an accounting policy election to record the U.S. income tax effect of future global intangible low-taxed income ("GILTI") inclusions in the period in which they arise, rather than establishing deferred taxes with respect to the expected future tax liabilities associated with future GILTI inclusion. Income tax expense is the sum of the tax currently payable and the change in the deferred tax assets and liabilities during the period, excluding changes in deferred tax assets recorded to goodwill or accumulated other comprehensive loss. Valuation allowances are established when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. We assess the realizability of our deferred tax assets and the need for a valuation allowance based on all positive and negative evidence. |
Net Income Per Share | Net Income Per Share Basic net income per basic share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Net income per diluted share is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of common shares to be issued upon exercise of stock options, vesting of restricted stock units, vesting of restricted shares and from purchases of shares under our employee stock purchase plan, as calculated using the treasury stock method. Common equivalent shares are excluded from the calculation of net income per diluted share if their effect is anti-dilutive. |
Comprehensive Income | Comprehensive Income Total comprehensive income and the components of accumulated other comprehensive loss are presented in the Consolidated Statements of Comprehensive Income and the Consolidated Statements of Stockholders' Equity. Accumulated other comprehensive loss is composed of foreign currency translation effects and unrealized gains and losses on available-for-sale marketable debt securities. We use the individual item approach for releasing income tax effects from accumulated other comprehensive loss. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of financial instruments such as cash equivalents, accounts receivable, other assets, accounts payable, advance customer payments, accrued expenses and other liabilities approximate their related fair values due to the short-term maturities of these instruments. The fair value for trade notes receivable is based on discounted future cash flows using current interest rates that would be offered for a similar transaction to a similarly situated customer. The difference between the carrying amount and estimated fair value for trade notes receivable is immaterial. See Note 6 for information related to fair value of marketable securities. |
Share-Based Compensation | Share-Based Compensation All share-based payments to employees, including grants of stock options, are required to be recognized as an expense in our consolidated statements of operations based on the grant date fair value of the award. We utilize the straight-line method of expense recognition over the award’s service period for our graded vesting options. The fair value of stock options has been determined usi ng the Black-Scholes model. We account for the impact of forfeitures related to employee share-based payment arrangements when the forfeitures occur. We have classified employee share-based compensation within our consolidated statements of operations in the same manner as our cash based employee compensation costs. See Note 7 to the consolidated financial statements for additional information related to employee share-based compensation. |
Related Party Transactions | Related Party Transactions We periodically sell or purchase products from companies for which our board members serve in an executive capacity and in some cases on the board of directors. These transactions occur in the normal course of business. Our cumulative sales to these companies were $387,000 . Accounts receivable due from related party sales were $185,000 as of December 31, 2021 and $3,000 Our cumulative purchases from these companies were $61,000 in 2021 and $ 59,000 |
Recent Accounting Developments | Recent Accounting Developments In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments No other new accounting pronouncements are expected to have a significant impact on our consolidated financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
REVENUE RECOGNITION | |
Summary of revenue performance obligations | The following is a summary of our revenue performance obligations: For the Year Ended December 31, 2021 2020 (In thousands) Revenues Percent of Revenues Revenues Percent of Revenues Revenue recognized over time $ 2,253 2.4 % $ 1,715 2.4 % Revenue recognized at a point in time 90,521 97.6 % 68,402 97.6 % $ 92,774 100.0 % $ 70,117 100.0 % |
Summary of contract assets and contract liabilities | The following summarizes our contract assets and contract liabilities: (In thousands) December 31, 2021 December 31, 2020 Contract assets, included in other current assets $ 7 $ 2 Contract liabilities - advance customer payments $ 289 $ 567 Contract liabilities - deferred warranty revenue $ 445 $ 344 |
Summary of the amounts reclassified from beginning contract liabilities to revenue | The following summarizes the amounts reclassified from beginning contract liabilities to revenue: Year Ended December 31, (In thousands) 2021 2020 Amounts reclassified from beginning contract liabilities to revenue $ 393 $ 171 Amounts reclassified from deferred warranty revenue 263 193 Total $ 656 $ 364 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
MARKETABLE SECURITIES [Abstract] | |
Schedule of Marketable Securities | Our investments in marketable securities are classified as available-for-sale and consist of the following: December 31, 2021 (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Short-Term U.S. government and agency obligations $ 3,005 $ 13 $ — $ 3,018 Corporate debt securities and certificates of deposit 4,177 8 (2 ) 4,183 Asset backed securities 125 1 — 126 Marketable securities – short-term $ 7,307 $ 22 $ (2 ) $ 7,327 Long-Term U.S. government and agency obligations $ 9,921 $ 5 $ (57 ) $ 9,869 Corporate debt securities and certificates of deposit 4,869 9 (18 ) 4,860 Asset backed securities 2,511 9 (11 ) 2,509 Equity security 42 1 — 43 Marketable securities – long-term $ 17,343 $ 24 $ (86 ) $ 17,281 December 31, 2020 (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Short-Term U.S. government and agency obligations $ 4,817 $ 36 $ — $ 4,853 Corporate debt securities and certificates of deposit 3,113 21 — 3,134 Asset backed securities 133 1 — 134 Marketable securities – short-term $ 8,063 $ 58 $ — $ 8,121 Long-Term U.S. government and agency obligations $ 7,529 $ 66 $ — $ 7,595 Corporate debt securities and certificates of deposit 3,975 61 (1 ) 4,035 Asset backed securities 2,347 45 — 2,392 Equity security 42 — (12 ) 30 Marketable securities – long-term $ 13,893 $ 172 $ (13 ) $ 14,052 |
Schedule of Unrealized Loss Position | In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2021 U.S. government and agency obligations $ 9,250 $ (57 ) $ — $ — Corporate debt securities and certificates of deposit 5,188 (18 ) 355 (2 ) Asset backed securities 1,278 (11 ) — — Marketable securities $ 15,716 $ (86 ) $ 355 $ (2 ) December 31, 2020 U.S. government and agency obligations $ 330 $ — $ — $ — Corporate debt securities and certificates of deposit 411 (1 ) — — Marketable securities $ 741 $ (1 ) $ — $ — |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER COMPREHENSIVE INCOME (LOSS) | |
The Effect of the Reclassification from Other Comprehensive Income (Loss) to Earnings | Changes in components of other comprehensive income (loss) and taxes related to items of other comprehensive income (loss) are as follows: Year Ended Year Ended December 31, 2020 (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Foreign currency translation adjustments $ (193 ) $ — $ (193 ) $ 190 $ — $ 190 Unrealized gains (losses) on available-for-sale securities (272 ) 57 (215 ) 145 (31 ) 114 Other comprehensive income (loss) $ (465 ) $ 57 $ (408 ) $ 335 $ (31 ) $ 304 |
Schedule of Accumulated Other Comprehensive Loss | At December 31, 2021 and (In thousands) Foreign Currency Translation Adjustments Available- for-Sale Securities Accumulated Other Comprehensive Loss Balances at December 31, 2019 $ (1,475 ) $ 69 $ (1,406 ) Other comprehensive income for the year ended December 31, 2020 190 114 304 Balances at December 31, 2020 $ (1,285 ) $ 183 $ (1,102 ) Other comprehensive loss for the year ended December 31, 2021 (193 ) (215 ) (408 ) Balances at $ (1,478 ) $ (32 ) $ (1,510 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Fair Value Measurements for Marketable Securities and Foreign Exchange Forward Contracts | The following provides information regarding fair value measurements for our marketable securities as of December 31, 2021 and December 31, 2020 according to the three-level fair value hierarchy. Fair Value Measurements at December 31, 2021 Using (In thousands) Balance December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1 Significant Other Observable Inputs (Level 2 Significant Unobservable Inputs (Level 3 Marketable securities: U.S. government and agency obligations $ 12,887 $ — $ 12,887 $ — Corporate debt securities and certificates of deposit 9,043 — 9,043 — Asset backed securities 2,635 — 2,635 — Equity security 43 43 — — Total marketable securities $ 24,608 $ 43 $ 24,565 $ — Fair Value Measurements at December 31, 2020 Using (In thousands) Balance December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1 Significant Other Observable Inputs (Level 2 Significant Unobservable Inputs (Level 3 Marketable securities: U.S. government and agency obligations $ 12,448 $ — $ 12,448 $ — Corporate debt securities and certificates of deposit 7,169 — 7,169 — Asset backed securities 2,526 — 2,526 — Equity security 30 30 — — Total marketable securities $ 22,173 $ 30 $ 22,143 $ — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SHARE-BASED COMPENSATION [Abstract] | |
Schedule Of Stock Option Activity | The following is a summary of activity in stock options for 2021: Options Outstanding Weighted Average Exercise Price Per Share Outstanding, December 31, 2020 419,100 $ 15.22 Granted 24,000 42.90 Exercised (89,500 ) 11.26 Forfeited (1,775 ) 17.52 Outstanding, December 31, 2021 351,825 $ 18.11 Exercisable, December 31, 2021 257,026 $ 14.82 |
Schedule Of Stock Option Valuation Assumptions | For stock options granted in the two-year period ended December 31, 2021, we utilized the fair value of our common stock on the date of grant and employed the following key assumptions in computing fair value using the Black-Scholes option-pricing model: 2021 2020 Risk-free interest rates 1.15% - 1.18% 0.44% - 0.50% Expected life in years 5.19 - 5.64 5.12 - 5.55 Expected volatility 58.02% - 58.44% 59.43% - 59.81% Dividend yield 0.00% 0.00% Weighted average fair value on grant date $22.24 $14.58 |
Schedule Of Non-Vested Restricted Stock Activity | The following is a summary of activity in restricted shares and restricted stock units for 2021: Non-vested restricted stock units Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2020 68,454 $ 21.45 Granted 24,100 37.94 Vested (33,322 ) 21.56 Forfeited (1,331 ) 23.03 Non-vested at December 31, 2021 57,901 $ 28.21 |
Summary Of Pre-tax Equity Based Compensation Expense | (In thousands) 2021 2020 Pre-tax share-based compensation expense $ 1,347 $ 1,181 Income tax benefits related to share-based compensation $ 833 $ 712 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
NET INCOME PER SHARE [Abstract] | |
Schedule of Net Income Per Basic and Diluted Shares | The components of net income per basic and diluted share were as follows: (In thousands except per share amounts) Net Income Weighted Average Shares Outstanding Per Share Amount Year Ended 12/31/2021: Basic $ 12,751 7,320 $ 1.74 Dilutive effect of common equivalent shares — 217 (0.05 ) Dilutive $ 12,751 7,537 $ 1.69 (In thousands except per share amounts) Net Income Weighted Average Shares Outstanding Per Share Amount Year Ended 12/31/2020: Basic $ 5,742 7,215 $ 0.80 Dilutive effect of common equivalent shares — 239 (0.03 ) Dilutive $ 5,742 7,454 $ 0.77 |
Other Financial Statement Data
Other Financial Statement Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER FINANCIAL STATEMENT DATA [Abstract] | |
Schedule of Inventory Components | Inventories consist of the following: December 31, (In thousands) 2021 2020 Raw materials and purchased parts $ 18,013 $ 11,903 Work in process 1,655 2,459 Finished goods 6,859 4,208 Demonstration inventories, net 1,075 1,701 Total inventories $ 27,602 $ 20,271 |
Schedule of Equipment and Leasehold Improvements | Equipment and leasehold improvements consist of the following: December 31, (In thousands) 2021 2020 Equipment $ 16,051 $ 15,070 Leasehold improvements 3,070 3,072 19,121 18,142 Accumulated depreciation and amortization (15,947 ) (14,907 ) $ 3,174 $ 3,235 |
Schedule of Intangible Assets | Intangible assets consist of the following: December 31, 2021 December 31, 2020 (In thousands) Gross Carrying Accumulated Amortization Net Gross Carrying Accumulated Amortization Net Patents $ 1,972 $ (1,614 ) $ 358 $ 1,832 $ (1,542 ) $ 290 Software 206 (206 ) — 206 (200 ) 6 Marketing assets and customer relationships 86 (69 ) 17 101 (72 ) 29 $ 2,264 $ (1,889 ) $ 375 $ 2,139 $ (1,814 ) $ 325 |
Schedule of Amortization Expense for Intangible Assets | Amortization expense in 2021 and 2020 was as follows: Year Ended December 31, Weighted Avg. Remaining Life-Years at December 31, 2021 (In thousands) 2021 2020 Patents $ 187 $ 153 1.6 Software 6 29 — Marketing assets and customer relationships 8 9 2.2 $ 201 $ 191 |
Schedule of Accrued Expenses | Accrued expenses consist of the following: December 31, (In thousands) 2021 2020 Wages and benefits $ 2,966 $ 2,768 Warranty liability 949 793 Income taxes payable 341 269 Other 162 63 $ 4,418 $ 3,893 |
Other Noncurrent Liabilities | Other liabilities consist of the following: December 31, (In thousands) 2021 2020 Deferred warranty revenue $ 135 $ 88 Warranty liability 42 46 $ 177 $ 134 |
Schedule of Changes in Estimated Warranty Liability | A reconciliation of the changes in our estimated warranty liability is as follows: Year Ended December 31, (In thousands) 2021 2020 Balance at beginning of period $ 839 $ 798 Accrual for warranties 1,024 836 Warranty revision (53 ) 43 Settlements made during the period (819 ) (838 ) Balance at end of period 991 839 Current portion of estimated warranty liability (949 ) (793 ) Long-term estimated warranty liability $ 42 $ 46 |
Schedule of Changes in Deferred Warranty Revenue | A reconciliation of the changes in our deferred warranty revenue is as follows: Year Ended December 31, (In thousands) 2021 2020 Balance at beginning of period $ 344 $ 275 Revenue deferrals 575 434 Amortization of deferred revenue (474 ) (365 ) Total deferred warranty revenue 445 344 Current portion of deferred warranty revenue (310 ) (256 ) Long-term deferred warranty revenue $ 135 $ 88 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES [Abstract] | |
Schedule Of Income Before Income Taxes | Income before income taxes consists of the following: Year Ended December 31, (In thousands) 2021 2020 Sources of income before income taxes: United States $ 12,741 $ 4,876 Foreign 1,754 1,478 Total income before income taxes $ 14,495 $ 6,354 |
Schedule Of Provision (Benefit) For Income Taxes | The provision for income taxes consists of the following: Year Ended December 31, (In thousands) 2021 2020 Current: Federal $ 417 $ 26 State 46 19 Foreign 298 201 Total current $ 761 $ 246 Deferred: Federal $ 960 $ 361 State (1 ) — Foreign 24 5 Total deferred $ 983 $ 366 Total provision for income taxes $ 1,744 $ 612 |
Schedule Of A Reconciliation Of The Statutory Rate To The Effective Income Tax Rate | A reconciliation of the statutory rate to the effective income tax rate is as follows: Year Ended December 31, 2021 2020 Federal statutory rate 21.0 % 21.0 % State income taxes, net of federal benefit 0.3 0.2 Global Intangible Low-Taxed Income (GILTI)/Foreign Derived Intangible Income (FDII) (2.9 ) 2.1 Share-based compensation (3.8 ) (7.4 ) Research and experimentation (R&D) credit (2.3 ) (3.2 ) Foreign tax credit (1.0 ) (2.2 ) Foreign rate difference (0.4 ) (1.1 ) Valuation allowance 0.5 (4.2 ) Expiring and unrecognized deferred tax attributes — 3.7 Other, net 0.6 0.7 Effective tax rate 12.0 % 9.6 % |
Summary Of A Reconciliation Of The Beginning And Ending Amount Of Gross Unrecognized Tax Benefits ("UTB") | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (“UTB”) is as follows: Year Ended December 31, (In thousands) 2021 2020 Gross UTB balance at beginning of year $ 1,789 $ 1,761 Additions based on tax positions related to the current year 231 137 Additions for tax positions of prior years 1 60 Reductions for tax positions of prior years (39 ) (169 ) Gross UTB balance at end of year $ 1,982 $ 1,789 Net UTB balance at end of year $ 214 $ 197 |
Schedule Of Deferred Tax Assets And Liabilities | Deferred tax assets and liabilities consist of the following: December 31, 2021 December 31, 2020 (In thousands) Assets Liabilities Assets Liabilities Equipment, leaseholds and intangible amortization, net $ 185 $ 230 $ 176 $ 251 Operating lease liabilities 672 — 839 — Right-of-use assets (operating leases) — 369 — 478 Inventory allowances 550 20 549 5 Accrued expenses 130 — 129 — Warranty accrual 214 — 182 — Deferred revenue 312 — 214 — Federal and state tax credits 2,992 — 3,960 — State net operating loss carry forwards 233 — 275 — Share-based compensation 361 — 358 — Other, net 131 — 113 50 Subtotal 5,780 619 6,795 784 Valuation allowance (1,493 ) — (1,414 ) — Total deferred tax assets and liabilities $ 4,287 $ 619 $ 5,381 $ 784 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OPERATING LEASES [Abstract] | |
Schedule of components of our costs for operating leases | The components of our costs for operating leases are as follows: Year Ended Year Ended Component (in thousands) December 31, 2021 December 31, 2020 Operating lease cost $ 742 $ 723 Variable lease cost 269 272 Short-term lease cost 39 38 Total $ 1,050 $ 1,033 |
Schedule Of Future Minimum Lease Payments Required Under Non-cancelable Operating Lease Agreements | At December 31, 2021, the future maturities of lease liabilities are as follows: Twelve months ending December 31, (In thousands) 2022 $ 1,016 2023 873 2024 658 2025 674 2026 403 Total lease payments 3,624 Less: amount representing interest 391 Present value of operating lease liabilities $ 3,233 |
Revenue Concentrations, Signi_2
Revenue Concentrations, Significant Customers, and Geographic Areas (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
REVENUE CONCENTRATIONS, SIGNIFICANT CUSTOMERS, AND GEOGRAPHIC AREAS [Abstract] | |
Summary Of Revenue By Product Line | The following summarizes our revenue by product line: Year Ended December 31, (In thousands) 2021 2020 High precision 3D and 2D sensors $ 25,941 $ 17,522 Inspection and metrology systems 42,958 37,547 Semiconductor sensors 23,875 15,048 Total $ 92,774 $ 70,117 |
Schedule Of Revenue By Geographic Area | Revenues by geographic area is summarized as follows: Year Ended December 31, (In thousands) 2021 2020 United States $ 15,327 $ 14,134 Netherlands 2,700 2,237 Other Europe 9,649 7,017 China 30,698 18,903 Singapore 4,097 3,797 South Korea 14,809 6,376 Japan 5,145 3,172 Other Asia 7,255 11,702 Other 3,094 2,779 Total revenues $ 92,774 $ 70,117 |
Schedule Of Long-lived Assets Attributable To Each Geographic Area's Operations | Long-lived assets at December 31, 2021 and 2020 are as follows: (In thousands) 2021 2020 Long-lived assets: United States $ 2,526 $ 2,814 Europe 13 6 Asia and other 1,010 740 Total long-lived assets $ 3,549 $ 3,560 |
Business Description And Sign_3
Business Description And Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)reporting_unit | Dec. 31, 2020USD ($) | |
Business Description And Significant Accounting Policies [Line Items] | ||
Cash held in foreign accounts | $ 588,000 | $ 672,000 |
Number of reporting units | reporting_unit | 1 | |
Goodwill impairment | $ 0 | 0 |
Maximum period in which accounts receivable become due | 150 days | |
Recognized foreign currency transactions gain (loss) | $ (11,000) | 27,000 |
Advertising expense | $ 252,000 | 371,000 |
Minimum [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Trade notes receivable interest rate stated percentage | 5.00% | |
Trade notes receivable repayment period | 18 months | |
Estimated useful lives of the equipment and leasehold improvements (in years) | 1 year | |
Warranty period | 1 year | |
Warranty period (in years) | 1 year | |
Maximum [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Trade notes receivable interest rate stated percentage | 7.00% | |
Trade notes receivable repayment period | 36 months | |
Estimated useful lives of the equipment and leasehold improvements (in years) | 7 years | |
Warranty period | 3 years | |
Warranty period (in years) | 3 years | |
Leasehold Improvements [Member] | Minimum [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the equipment and leasehold improvements (in years) | 1 year | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the equipment and leasehold improvements (in years) | 8 years | |
Affiliated Entity [Member] | ||
Business Description And Significant Accounting Policies [Line Items] | ||
Sales to related party | $ 387,000 | 40,000 |
Cumulative purchases | 61,000 | 59,000 |
Accounts receivable due from related party sales | $ 185,000 | $ 3,000 |
Covid-19 Pandemic (Narrative) (
Covid-19 Pandemic (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Singapore [Member] | Jobs Support Program [Member] | Reduced Employee Expenses [Member] | |
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |
Operating expenses | $ 410,000 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - Effect of adoption of Topic 606 [Member] - Accounting Standards Update 2014-09 [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUE RECOGNITION - TOPIC 606 | ||
Impairment losses for contract assets | $ 0 | $ 0 |
Minimum [Member] | ||
REVENUE RECOGNITION - TOPIC 606 | ||
Period for deferred warranty revenue expected to be recognized | 1 year | |
Maximum [Member] | ||
REVENUE RECOGNITION - TOPIC 606 | ||
Period for deferred warranty revenue expected to be recognized | 3 years |
Revenue Recognition (Summary Of
Revenue Recognition (Summary Of Revenue Performance Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Performance Obligations | ||
Revenues | $ 92,774 | $ 70,117 |
Percent of Revenues | 100.00% | 100.00% |
Revenue recognized over time [Member] | ||
Performance Obligations | ||
Revenues | $ 2,253 | $ 1,715 |
Percent of Revenues | 2.40% | 2.40% |
Revenue recognized at a point in time [Member] | ||
Performance Obligations | ||
Revenues | $ 90,521 | $ 68,402 |
Percent of Revenues | 97.60% | 97.60% |
Revenue Recognition (Summary _2
Revenue Recognition (Summary Of Contract Assets And Contract Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
REVENUE RECOGNITION | ||
Contract assets, included in other current assets | $ 7 | $ 2 |
Contract liabilities - advance customer payments | 289 | 567 |
Contract liabilities - deferred warranty revenue | $ 445 | $ 344 |
Revenue Recognition (Summary _3
Revenue Recognition (Summary of the amounts reclassified from beginning contract liabilities to revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUE RECOGNITION | ||
Amounts reclassified from beginning contract liabilities to revenue | $ 393 | $ 171 |
Amounts reclassified from deferred warranty revenue | 263 | 193 |
Total | $ 656 | $ 364 |
Marketable Securities (Schedule
Marketable Securities (Schedule Of Marketable Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Short-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | $ 7,307 | $ 8,063 |
Unrealized Gains | 22 | 58 |
Unrealized Losses | (2) | 0 |
Fair Value | 7,327 | 8,121 |
Long-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 17,343 | 13,893 |
Unrealized Gains | 24 | 172 |
Unrealized Losses | (86) | (13) |
Fair Value | 17,281 | 14,052 |
U.S. Government And Agency Obligations [Member] | Short-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 3,005 | 4,817 |
Unrealized Gains | 13 | 36 |
Unrealized Losses | 0 | 0 |
Fair Value | 3,018 | 4,853 |
U.S. Government And Agency Obligations [Member] | Long-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 9,921 | 7,529 |
Unrealized Gains | 5 | 66 |
Unrealized Losses | (57) | 0 |
Fair Value | 9,869 | 7,595 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Short-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 4,177 | 3,113 |
Unrealized Gains | 8 | 21 |
Unrealized Losses | (2) | 0 |
Fair Value | 4,183 | 3,134 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Long-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 4,869 | 3,975 |
Unrealized Gains | 9 | 61 |
Unrealized Losses | (18) | (1) |
Fair Value | 4,860 | 4,035 |
Asset Backed Securities [Member] | Short-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 125 | 133 |
Unrealized Gains | 1 | 1 |
Unrealized Losses | 0 | 0 |
Fair Value | 126 | 134 |
Asset Backed Securities [Member] | Long-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 2,511 | 2,347 |
Unrealized Gains | 9 | 45 |
Unrealized Losses | (11) | 0 |
Fair Value | 2,509 | 2,392 |
Equity Security [Member] | Long-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 42 | 42 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | 0 | (12) |
Fair Value | $ 43 | $ 30 |
Marketable Securities (Schedu_2
Marketable Securities (Schedule Of Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | $ 15,716 | $ 741 |
In Unrealized Loss Position For Greater Than 12 Months | 355 | 0 |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (86) | (1) |
In Unrealized Loss Position For Greater Than 12 Months | (2) | 0 |
U.S. Government And Agency Obligations [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 9,250 | 330 |
In Unrealized Loss Position For Greater Than 12 Months | 0 | 0 |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (57) | 0 |
In Unrealized Loss Position For Greater Than 12 Months | 0 | 0 |
Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 5,188 | 411 |
In Unrealized Loss Position For Greater Than 12 Months | 355 | 0 |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (18) | (1) |
In Unrealized Loss Position For Greater Than 12 Months | (2) | $ 0 |
Asset Backed Securities [Member] | ||
Fair Value | ||
In Unrealized Loss Position For Less Than 12 Months | 1,278 | |
In Unrealized Loss Position For Greater Than 12 Months | 0 | |
Gross Unrealized Losses | ||
In Unrealized Loss Position For Less Than 12 Months | (11) | |
In Unrealized Loss Position For Greater Than 12 Months | $ 0 |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gain (Loss) on Investments [Line Items] | ||
Maximum maturity of debt securities (less than 5 years) | 5 years | |
Net pre-tax unrealized losses | $ 43,000 | |
Net pre-tax unrealized gains | $ 229,000 | |
Proceeds from sales of marketable securities | 225,000 | 0 |
Sale of marketable securities | 0 | |
Marketable securities classified as cash equivalents | 8,800,000 | 1,300,000 |
Unrealized gains or losses on marketable securities | $ 0 | $ 0 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ 0 | $ 0 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Changes in components of other comprehensive income (loss) and taxes related to items of other comprehensive income (loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Foreign currency translation adjustments, Before Tax | $ (193) | $ 190 |
Foreign currency translation adjustments, Tax Effect | 0 | 0 |
Foreign currency translation adjustments, Net of Tax Amount | (193) | 190 |
Unrealized gains on available-for-sale securities, Before Tax | (272) | 145 |
Unrealized gains on available-for-sale securities, Tax Effect | 57 | (31) |
Unrealized gains on available-for-sale securities, Net of Tax Amount | (215) | 114 |
Total other comprehensive income (loss) before income taxes | (465) | 335 |
Other comprehensive income (loss), Tax Effect | 57 | (31) |
Other comprehensive income (loss), Net of Tax Amount | $ (408) | $ 304 |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) (Schedule of Accumulated Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance at the beginning of period | $ (1,102) | $ (1,406) |
Other comprehensive loss for the period | (408) | 304 |
Balance at the end of period | (1,510) | (1,102) |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance at the beginning of period | (1,285) | (1,475) |
Other comprehensive loss for the period | (193) | 190 |
Balance at the end of period | (1,478) | (1,285) |
Available-for-sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance at the beginning of period | 183 | 69 |
Other comprehensive loss for the period | (215) | 114 |
Balance at the end of period | $ (32) | $ 183 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements For Marketable Securities And Foreign Exchange Forward Contracts) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 24,608 | $ 22,173 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 43 | 30 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 24,565 | 22,143 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Government And Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 12,887 | 12,448 |
U.S. Government And Agency Obligations [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Government And Agency Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 12,887 | 12,448 |
U.S. Government And Agency Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 9,043 | 7,169 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 9,043 | 7,169 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Asset Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,635 | 2,526 |
Asset Backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Asset Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,635 | 2,526 |
Asset Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Equity Security [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 43 | 30 |
Equity Security [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 43 | 30 |
Equity Security [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Equity Security [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
FAIR VALUE MEASUREMENTS [Abstract] | ||
Asset impairment charges | $ 0 | $ 0 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) | May 13, 2021USD ($)$ / sharesshares | May 14, 2020USD ($)$ / sharesshares | Dec. 31, 2021USD ($)qtrplan$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock-based compensation plans | plan | 3 | |||
Common stock reserved for issuance pursuant to outstanding awards | shares | 351,825 | 419,100 | ||
Shares granted, shares | shares | 24,100 | |||
Weighted average grant date fair value, granted (in usd per share) | $ / shares | $ 37.94 | |||
Unvested shares | shares | 57,901 | 68,454 | ||
Proceeds from exercise of stock options | $ 428,000 | $ 358,000 | ||
Equity based compensation expense | 1,347,000 | 1,181,000 | ||
Unrecognized compensation cost related to non-vested equity based compensation | $ 2,900,000 | |||
Unrecognized equity based compensation weighted average period (in years) | 2 years 10 months 24 days | |||
Tax benefit from the exercise of stock options and vesting of share based payments | $ 833,000 | 712,000 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 4 years | |||
Expiration of stock options from date of grant (in years) | 7 years | |||
Weighted average remaining contractual term (in years) | 3 years 4 months 28 days | |||
Aggregate intrinsic value for all options outstanding | $ 10,000,000 | |||
Weighted average remaining contractual term for exercisable options (in years) | 2 years 7 months 6 days | |||
Aggregate intrinsic value of exercisable options | $ 8,100,000 | |||
Aggregate intrinsic value of stock options exercised | 2,700,000 | 2,700,000 | ||
Proceeds from exercise of stock options | 428,000 | 358,000 | ||
Fair value of shares vested | 491,000 | 456,000 | ||
Stock Options And Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity based compensation expense | $ 993,000 | $ 876,000 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future issuance, shares | shares | 129,411 | |||
Maximum contribution per plan year | $ 6,500 | |||
Employees can purchase stock at the percentage rate of the lower of the market price on the first or last day of the offering period (as a percent) | 85.00% | |||
Shares granted, shares | shares | 7,380 | 19,897 | ||
Equity based compensation expense | $ 130,000 | $ 111,000 | ||
Employee Stock Purchase Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payroll deduction for employee stock purchase plan percentage | 1.00% | |||
Employee Stock Purchase Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payroll deduction for employee stock purchase plan percentage | 10.00% | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 4 years | |||
Restricted stock units to common stock ratio, shares entitled, shares | shares | 1 | |||
Restricted Shares and Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted, shares | shares | 24,100 | 30,700 | ||
Weighted average grant date fair value, granted (in usd per share) | $ / shares | $ 37.94 | $ 28.33 | ||
Aggregate intrinsic value for all options outstanding | $ 2,700,000 | |||
Fair value of shares vested | $ 1,400,000 | $ 857,000 | ||
Stock Incentive Plan [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future issuance, shares | shares | 87,507 | |||
Common stock reserved for issuance pursuant to outstanding awards | shares | 397,726 | |||
Non Employee Director Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future issuance, shares | shares | 36,000 | |||
Common stock reserved for issuance pursuant to outstanding awards | shares | 8,000 | |||
Number of shares granted for non-employee directors upon re-election, shares | shares | 2,000 | |||
Number of quarterly installments in which awards will vest | qtr | 4 | |||
Stock issued during period, shares | shares | 8,000 | 8,000 | ||
Stock granted, value | $ 224,000 | $ 227,000 | ||
Weighted average grant date fair value, granted (in usd per share) | $ / shares | $ 27.96 | $ 28.34 | ||
Number of shares vested | shares | 4,000 | |||
Unvested shares | shares | 4,000 | |||
Aggregate intrinsic value for all options outstanding | $ 186,000 | |||
Stock Grant Plan For Non-Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity based compensation expense | $ 224,000 | $ 194,000 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Stock Option Activity) (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options Outstanding, Outstanding, Beginning of period, shares | shares | 419,100 |
Options Outstanding, Granted, shares | shares | 24,000 |
Options Outstanding, Exercised, shares | shares | (89,500) |
Options Outstanding, Forfeited, shares | shares | (1,775) |
Options Outstanding, Outstanding, End of period, shares | shares | 351,825 |
Options Outstanding, Exercisable, End of period, shares | shares | 257,026 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted-Average Exercise Price Per Share, Outstanding, Beginning of period (in usd per share) | $ / shares | $ 15.22 |
Weighted-Average Exercise Price Per Share, Granted (in usd per share) | $ / shares | 42.9 |
Weighted-Average Exercise Price Per Share, Exercised (in usd per share) | $ / shares | 11.26 |
Weighted-Average Exercise Price Per Share, Forfeited (in usd per share) | $ / shares | 17.52 |
Weighted-Average Exercise Price Per Share, Outstanding, End of period (in usd per share) | $ / shares | 18.11 |
Weighted-Average Exercise Price Per Share, Exercisable, End of period (in usd per share) | $ / shares | $ 14.82 |
Share-Based Compensation (Sch_2
Share-Based Compensation (Schedule Of Stock Option Valuation Assumptions) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Weighted average fair value on grant date | $ 22.24 | $ 14.58 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rates | 1.15% | 0.44% |
Expected life in years | 5 years 2 months 8 days | 5 years 1 month 13 days |
Expected volatility | 58.02% | 59.43% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rates | 1.18% | 0.50% |
Expected life in years | 5 years 7 months 20 days | 5 years 6 months 18 days |
Expected volatility | 58.44% | 59.81% |
Share-Based Compensation (Sch_3
Share-Based Compensation (Schedule Of Non-Vested Restricted Stock Activity) (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Shares, Non-vested at December 31, 2019 | shares | 68,454 |
Shares, Granted | shares | 24,100 |
Shares, Vested | shares | (33,322) |
Shares, Forfeited | shares | (1,331) |
Shares, Non-vested at December 31, 2020 | shares | 57,901 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2019 (in usd per share) | $ / shares | $ 21.45 |
Weighted Average Grant Date Fair Value, Granted (in usd per share) | $ / shares | 37.94 |
Weighted Average Grant Date Fair Value, Vested (in usd per share) | $ / shares | 21.56 |
Weighted Average Grant Date Fair Value, Forfeited (in usd per share) | $ / shares | 23.03 |
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2020 (in usd per share) | $ / shares | $ 28.21 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Pre-tax Equity Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SHARE-BASED COMPENSATION [Abstract] | ||
Pre-tax share-based compensation expense | $ 1,347 | $ 1,181 |
Income tax benefits related to share-based compensation | $ 833 | $ 712 |
Net Income Per Share (Schedule
Net Income Per Share (Schedule Of Net Income Per Basic And Diluted Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
NET INCOME PER SHARE [Abstract] | ||
Net income | $ 12,751 | $ 5,742 |
Weighted Average Shares Outstanding, Basic, shares | 7,320 | 7,215 |
Weighted Average Shares Outstanding, Dilutive effect of common equivalent shares, shares | 217 | 239 |
Weighted Average Shares Outstanding, Dilutive, shares | 7,537 | 7,454 |
Per Share Amount, Basic (in usd per share) | $ 1.74 | $ 0.8 |
Per Share Amount, Dilutive effect of common equivalent shares (in usd per share) | (0.05) | (0.03) |
Per Share Amount, Dilutive (in usd per share) | $ 1.69 | $ 0.77 |
Net Income Per Share (Narrative
Net Income Per Share (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
NET INCOME PER SHARE [Abstract] | ||
Earnings per share, potentially dilutive shares (in shares) | 50,000 | 57,000 |
Other Financial Statement Dat_2
Other Financial Statement Data (Schedule Of Inventory Components) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
OTHER FINANCIAL STATEMENT DATA [Abstract] | ||
Raw materials and purchased parts | $ 18,013 | $ 11,903 |
Work in process | 1,655 | 2,459 |
Finished goods | 6,859 | 4,208 |
Demonstration inventories, net | 1,075 | 1,701 |
Total inventories | $ 27,602 | $ 20,271 |
Other Financial Statement Dat_3
Other Financial Statement Data (Schedule Of Equipment And Leasehold Improvements) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements, gross | $ 19,121 | $ 18,142 |
Accumulated depreciation and amortization | (15,947) | (14,907) |
Equipment and leasehold improvements, net | 3,174 | 3,235 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements, gross | 16,051 | 15,070 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements, gross | $ 3,070 | $ 3,072 |
Other Financial Statement Dat_4
Other Financial Statement Data (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Product Liability Contingency [Line Items] | ||
Demonstration inventory useful life (in months) | 36 months | |
Accumulated amortization for demonstration inventories | $ 2,800,000 | $ 2,700,000 |
Amortization expense related to demonstration inventories | 709,000 | 770,000 |
Depreciation expense | 1,600,000 | $ 1,700,000 |
Amortization expense, 2022 | 190,000 | |
Amortization expense, 2023 | 141,000 | |
Amortization expense, 2024 | $ 44,000 | |
Minimum [Member] | ||
Product Liability Contingency [Line Items] | ||
Warranty period (in years) | 1 year | |
Maximum [Member] | ||
Product Liability Contingency [Line Items] | ||
Warranty period (in years) | 3 years |
Other Financial Statement Dat_5
Other Financial Statement Data (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,264 | $ 2,139 |
Accumulated Amortization | (1,889) | (1,814) |
Net | 375 | 325 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,972 | 1,832 |
Accumulated Amortization | (1,614) | (1,542) |
Net | 358 | 290 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 206 | 206 |
Accumulated Amortization | (206) | (200) |
Net | 0 | 6 |
Marketing Assets and Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 86 | 101 |
Accumulated Amortization | (69) | (72) |
Net | $ 17 | $ 29 |
Other Financial Statement Dat_6
Other Financial Statement Data (Schedule Of Amortization Expense For Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 201 | $ 191 |
Intangible assets acquired, Weighted Average Life (in years) | ||
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 187 | 153 |
Intangible assets acquired, Weighted Average Life (in years) | 1 year 7 months 6 days | |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 6 | 29 |
Marketing Assets and Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 8 | $ 9 |
Intangible assets acquired, Weighted Average Life (in years) | 2 years 2 months 12 days |
Other Financial Statement Dat_7
Other Financial Statement Data (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
OTHER FINANCIAL STATEMENT DATA [Abstract] | ||
Wages and benefits | $ 2,966 | $ 2,768 |
Warranty liability | 949 | 793 |
Income taxes payable | 341 | 269 |
Other | 162 | 63 |
Accrued expenses | $ 4,418 | $ 3,893 |
Other Financial Statement Dat_8
Other Financial Statement Data (Schedule of Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
OTHER FINANCIAL STATEMENT DATA [Abstract] | ||
Deferred warranty revenue | $ 135 | $ 88 |
Warranty liability | 42 | 46 |
Other liabilities | $ 177 | $ 134 |
Other Financial Statement Dat_9
Other Financial Statement Data (Schedule Of Changes In Estimated Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 839 | $ 798 |
Accrual for warranties | 1,024 | 836 |
Warranty revision | (53) | 43 |
Settlements made during the period | (819) | (838) |
Balance at end of period | 991 | 839 |
Current portion of estimated warranty liability | (949) | (793) |
Long-term estimated warranty liability | $ 42 | $ 46 |
Other Financial Statement Da_10
Other Financial Statement Data (Schedule Of Changes In Deferred Warranty Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in Extended Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 344 | $ 275 |
Revenue deferrals | 575 | 434 |
Amortization of deferred revenue | (474) | (365) |
Total deferred warranty revenue | 445 | 344 |
Current portion of deferred warranty revenue | (310) | (256) |
Long-term deferred warranty revenue | $ 135 | $ 88 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME TAXES [Abstract] | ||
Sources of income (loss) before income taxes: United States | $ 12,741 | $ 4,876 |
Sources of income (loss) before income taxes: Foreign | 1,754 | 1,478 |
Total income before income taxes | $ 14,495 | $ 6,354 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | ||
Federal | $ 417 | $ 26 |
State | 46 | 19 |
Foreign | 298 | 201 |
Total current | 761 | 246 |
Deferred: | ||
Federal | 960 | 361 |
State | (1) | 0 |
Foreign | 24 | 5 |
Total deferred | 983 | 366 |
Total provision for income taxes | $ 1,744 | $ 612 |
Income Taxes (Schedule Of A Rec
Income Taxes (Schedule Of A Reconciliation Of The Statutory Rate To The Effective Income Tax Rate) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME TAXES [Abstract] | ||
Federal statutory rate (as a percent) | 21.00% | 21.00% |
State income taxes, net of federal benefit (as a percent) | 0.30% | 0.20% |
Global Intangible Low-Taxed Income (GILTI)/Foreign Derived Intangible Income (as a percent) | (2.90%) | 2.10% |
Share-based compensation (as a percent) | (3.80%) | (7.40%) |
Research and experimentation (R&D) credit (as a percent) | (2.30%) | (3.20%) |
Foreign tax credit (as a percent) | (1.00%) | (2.20%) |
Foreign rate difference (as a percent) | (0.40%) | (1.10%) |
Valuation allowance (as a percent) | 0.50% | (4.20%) |
Expiring and unrecognized deferred tax attributes (as a percent) | 0.00% | 3.70% |
Other, net (as a percent) | 0.60% | 0.70% |
Effective tax rate (as a percent) | 12.00% | 9.60% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax [Line Items] | ||
Need for valuation allowance based on history of cumulative losses | 3 years | |
Increase (decrease) in valuation allowance | $ 79,000 | $ (265,000) |
Research & Development tax credits | 3,000,000 | |
Cash payments for income taxes, net of refunds received | 628,000 | 59,000 |
Effective tax rate reconciliation, Excess tax expenses (benefits) from employee stock option exercises and vesting of restricted stock units and restricted shares, Amount | $ (605,000) | $ (497,000) |
Income Taxes (Summary Of A Reco
Income Taxes (Summary Of A Reconciliation Of The Beginning And Ending Amount Of Gross Unrecognized Tax Benefits ("UTB")) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Gross UTB balance at beginning of year | $ 1,789 | $ 1,761 |
Additions based on tax positions related to the current year | 231 | 137 |
Additions for tax positions of prior years | 1 | 60 |
Reductions for tax positions of prior years | (39) | (169) |
Gross UTB balance at end of year | 1,982 | 1,789 |
Net UTB balance at end of year | $ 214 | $ 197 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Equipment, leaseholds and intangible amortization, net | $ 185 | $ 176 |
Operating lease liabilities | 672 | 839 |
Inventory allowances | 550 | 549 |
Accrued expenses | 130 | 129 |
Warranty accrual | 214 | 182 |
Deferred revenue | 312 | 214 |
Federal and state tax credits | 2,992 | 3,960 |
State net operating loss carry forwards | 233 | 275 |
Share-based compensation | 361 | 358 |
Other, net | 131 | 113 |
Subtotal | 5,780 | 6,795 |
Valuation allowance | (1,493) | (1,414) |
Total deferred tax assets | 4,287 | 5,381 |
Liabilities | ||
Equipment, leaseholds and intangible amortization, net | 230 | 251 |
Right-of-use assets (operating leases) | 369 | 478 |
Inventory allowances | 20 | 5 |
Other, net | 0 | 50 |
Subtotal | 619 | 784 |
Total deferred tax liabilities | $ 619 | $ 784 |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)ft²renewal_option | Dec. 31, 2020USD ($) | |
Operating Leased Assets [Line Items] | ||
Weighted average remaining term for operating leases | 4 years 7 days | 4 years 10 months 6 days |
Weighted average discount rate applied to operating leases | 5.31% | 5.20% |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | $ 1,000,000 | $ 975,000 |
Increase in operating lease liabilities for right of use assets | $ | $ 941,000 | |
SINGAPORE | ||
Operating Leased Assets [Line Items] | ||
Mixed office and warehouse facility, square footage | ft² | 19,805 | |
Golden Valley [Member] | MINNESOTA | ||
Operating Leased Assets [Line Items] | ||
Mixed office and warehouse facility, square footage | ft² | 61,208 | |
Period for recognizing rental expense (in months) | 91 months | |
Renewal options, number | renewal_option | 1 | |
Renewal options, term (in years) | 3 years |
Operating Leases (Schedule of c
Operating Leases (Schedule of components of our costs for operating leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING LEASES [Abstract] | ||
Operating lease cost | $ 742 | $ 723 |
Variable lease cost | 269 | 272 |
Short-term lease cost | 39 | 38 |
Total | $ 1,050 | $ 1,033 |
Operating Leases (Schedule of t
Operating Leases (Schedule of the future maturities of lease liabilities) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
OPERATING LEASES [Abstract] | |
2022 | $ 1,016 |
2023 | 873 |
2024 | 658 |
2025 | 674 |
2026 | 403 |
Total lease payments | 3,624 |
Less: amount representing interest | 391 |
Present value of operating lease liabilities | $ 3,233 |
401(K) and Other Defined Cont_2
401(K) and Other Defined Contribution Plans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Savings Plan Section 401k [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Matching contributions to employees | $ 323,000 | $ 303,000 |
Defined Contribution Retirement Savings Plans [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Matching contributions to employees | $ 50,000 | $ 39,000 |
Revenue Concentrations, Signi_3
Revenue Concentrations, Significant Customers, and Geographic Areas (Summary Of Revenue By Product Line) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Product Information [Line Items] | ||
Revenues | $ 92,774 | $ 70,117 |
High Precision 3D and 2D Sensors [Member] | ||
Product Information [Line Items] | ||
Revenues | 25,941 | 17,522 |
Inspection and Metrology Systems [Member] | ||
Product Information [Line Items] | ||
Revenues | 42,958 | 37,547 |
Semiconductor Sensors [Member] | ||
Product Information [Line Items] | ||
Revenues | $ 23,875 | $ 15,048 |
Revenue Concentrations, Signi_4
Revenue Concentrations, Significant Customers, and Geographic Areas (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Major Customer [Line Items] | ||
Revenues | $ 92,774 | $ 70,117 |
Accounts receivable | 19,821 | 14,735 |
MRS based sensors [Member] | ||
Revenue, Major Customer [Line Items] | ||
Revenues | 17,200 | 11,600 |
MRS based systems [Member] | ||
Revenue, Major Customer [Line Items] | ||
Revenues | $ 31,000 | $ 20,200 |
Customer Concentration Risk [Member] | Revenues [Member] | Significant Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Percentage of Revenues | 17.00% | 14.00% |
Customer Concentration Risk [Member] | Revenues [Member] | Significant Customer B [Member] | ||
Revenue, Major Customer [Line Items] | ||
Percentage of Revenues | 13.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Significant Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable, net | $ 2,000 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Significant Customer C [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable, net | 3,600 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Significant Customer D [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable, net | $ 2,700 | |
Geographic Concentration Risk [Member] | Revenues [Member] | Non-US [Member] | ||
Revenue, Major Customer [Line Items] | ||
Percentage of Revenues | 83.00% | 80.00% |
Revenue Concentrations, Signi_5
Revenue Concentrations, Significant Customers, and Geographic Areas (Schedule Of Revenue By Geographic Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Major Customer [Line Items] | ||
Revenues | $ 92,774 | $ 70,117 |
United States [Member] | ||
Revenue, Major Customer [Line Items] | ||
Revenues | 15,327 | 14,134 |
Netherlands [Member] | ||
Revenue, Major Customer [Line Items] | ||
Revenues | 2,700 | 2,237 |
Other Europe [Member] | ||
Revenue, Major Customer [Line Items] | ||
Revenues | 9,649 | 7,017 |
China [Member] | ||
Revenue, Major Customer [Line Items] | ||
Revenues | 30,698 | 18,903 |
Singapore [Member] | ||
Revenue, Major Customer [Line Items] | ||
Revenues | 4,097 | 3,797 |
South Korea [Member] | ||
Revenue, Major Customer [Line Items] | ||
Revenues | 14,809 | 6,376 |
Japan [Member] | ||
Revenue, Major Customer [Line Items] | ||
Revenues | 5,145 | 3,172 |
Other Asia [Member] | ||
Revenue, Major Customer [Line Items] | ||
Revenues | 7,255 | 11,702 |
Other [Member] | ||
Revenue, Major Customer [Line Items] | ||
Revenues | $ 3,094 | $ 2,779 |
Revenue Concentrations, Signi_6
Revenue Concentrations, Significant Customers, and Geographic Areas (Schedule Of Long-lived Assets Attributable To Each Geographic Area's Operations) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 3,549 | $ 3,560 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 2,526 | 2,814 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 13 | 6 |
Asia And Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 1,010 | $ 740 |