QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 04-2742817 | |
(State of Incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, par value $0.01 per share | VICR | The NASDAQ Stock Market LLC |
Large accelerated filer | Smaller reporting company | ☐ | ||||
Accelerated filer | ☐ | Emerging growth company | ☐ | |||
☐ | ||||||
Common Stock, $.01 par value | ||||
Class B Common Stock, $.01 par value | 11,758,218 |
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39 | ||||||
SECTION 302 CERTIFICATION OF CEO | ||||||
SECTION 302 CERTIFICATION OF CFO | ||||||
SECTION 906 CERTIFICATION OF CEO | ||||||
SECTION 906 CERTIFICATION OF CFO |
March 31, 2020 | December 31, 2019 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 82,751 | $ | 84,668 | ||||
Accounts receivable, less allowance of $102 in 2020 and $59 in 2019 | 41,279 | 38,115 | ||||||
Inventories, net | 53,352 | 49,187 | ||||||
Other current assets | 7,808 | 7,096 | ||||||
Total current assets | 185,190 | 179,066 | ||||||
Long-term deferred tax assets, net | 206 | 205 | ||||||
Long-term investments, net | 2,557 | 2,510 | ||||||
Property, plant and equipment, net | 56,879 | 56,952 | ||||||
Other assets | 1,893 | 1,994 | ||||||
Total assets | $ | 246,725 | $ | 240,727 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 13,440 | $ | 9,005 | ||||
Accrued compensation and benefits | 10,081 | 10,410 | ||||||
Accrued expenses | 2,761 | 2,690 | ||||||
Short-term lease liabilities | 1,370 | 1,520 | ||||||
Sales allowances | 781 | 741 | ||||||
Income taxes payable | 34 | 57 | ||||||
Short-term deferred revenue and customer prepayments | 6,753 | 5,507 | ||||||
Total current liabilities | 35,220 | 29,930 | ||||||
Long-term deferred revenue | 974 | 1,054 | ||||||
Contingent consideration obligations | 362 | 451 | ||||||
Long-term income taxes payable | 571 | 567 | ||||||
Long-term lease liabilities | 2,601 | 2,855 | ||||||
Total liabilities | 39,728 | 34,857 | ||||||
Commitments and contingencies (Note 1 0 ) | ||||||||
Equity: | ||||||||
Vicor Corporation stockholders’ equity: | ||||||||
Class B Common Stock | 118 | 118 | ||||||
Common Stock | 407 | 405 | ||||||
Additional paid-in capital | 204,020 | 201,251 | ||||||
Retained earnings | 141,363 | 143,098 | ||||||
Accumulated other comprehensive loss | (300 | ) | (383 | ) | ||||
Treasury stock, at cost | (138,927 | ) | (138,927 | ) | ||||
Total Vicor Corporation stockholders’ equity | 206,681 | 205,562 | ||||||
Noncontrolling interest | 316 | 308 | ||||||
Total equity | 206,997 | 205,870 | ||||||
Total liabilities and equity | $ | 246,725 | $ | 240,727 | ||||
September 30, 2020 | December 31, 2019 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 203,605 | $ | 84,668 | ||||
Accounts receivable, less allowance of $82 in 2020 and $59 in 2019 | 41,136 | 38,115 | ||||||
Inventories, net | 58,169 | 49,187 | ||||||
Other current assets | 6,872 | 7,096 | ||||||
Total current assets | 309,782 | 179,066 | ||||||
Long-term deferred tax assets, net | 189 | 205 | ||||||
Long-term investments, net | 2,591 | 2,510 | ||||||
Property, plant and equipment, net | 65,780 | 56,952 | ||||||
Other assets | 1,777 | 1,994 | ||||||
Total assets | $ | 380,119 | $ | 240,727 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 11,911 | $ | 9,005 | ||||
Accrued compensation and benefits | 13,248 | 10,410 | ||||||
Accrued expenses | 2,417 | 2,690 | ||||||
Short-term lease liabilities | 1,563 | 1,520 | ||||||
Sales allowances | 736 | 741 | ||||||
Income taxes payable | 62 | 57 | ||||||
Short-term deferred revenue and customer prepayments | 8,061 | 5,507 | ||||||
Total current liabilities | 37,998 | 29,930 | ||||||
Long-term deferred revenue | 813 | 1,054 | ||||||
Contingent consideration obligations | 265 | 451 | ||||||
Long-term income taxes payable | 575 | 567 | ||||||
Long-term lease liabilities | 2,880 | 2,855 | ||||||
Total liabilities | 42,531 | 34,857 | ||||||
Commitments and contingencies (Note 11) | ||||||||
Equity: | ||||||||
Vicor Corporation stockholders’ equity: | ||||||||
Class B Common Stock: 10 votes per share, $.01 par value, 14,000,000 shares authorized, 11,758,218 shares issued and outstanding in 2020 and 2019 | 118 | 118 | ||||||
Common Stock: 1 vote per share, $.01 par value, 62,000,000 shares authorized 43,146,143 shares issued and 31,511,337 shares outstanding in 2020; 40,403,058 shares issued and 28,768,252 shares outstanding in 2019 | 433 | 405 | ||||||
Additional paid-in capital | 326,026 | 201,251 | ||||||
Retained earnings | 149,815 | 143,098 | ||||||
Accumulated other comprehensive loss | (203 | ) | (383 | ) | ||||
Treasury stock at cost: 11,634,806 shares in 2020 and 2019 | (138,927 | ) | (138,927 | ) | ||||
Total Vicor Corporation stockholders’ equity | 337,262 | 205,562 | ||||||
Noncontrolling interest | 326 | 308 | ||||||
Total equity | 337,588 | 205,870 | ||||||
Total liabilities and equity | $ | 380,119 | $ | 240,727 | ||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Net revenues | $ | 63,401 | $ | 65,725 | ||||
Cost of revenues | 36,070 | 34,639 | ||||||
Gross margin | 27,331 | 31,086 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 16,369 | 15,373 | ||||||
Research and development | 13,335 | 11,220 | ||||||
Total operating expenses | 29,704 | 26,593 | ||||||
(Loss) income from operations | (2,373 | ) | 4,493 | |||||
Other income (expense), net: | ||||||||
Total unrealized gains on available-for-sale securities, net | 47 | 20 | ||||||
Less: portion of gains recognized in other comprehensive income | (46 | ) | (19 | ) | ||||
Net credit gains recognized in earnings | 1 | 1 | ||||||
Other income (expense), net | 147 | 238 | ||||||
Total other income (expense), net | 148 | 239 | ||||||
(Loss) income before income taxes | (2,225 | ) | 4,732 | |||||
Less: (Benefit) provision for income taxes | (494 | ) | 426 | |||||
Consolidated net (loss) income | (1,731 | ) | 4,306 | |||||
Less: Net income attributable to noncontrolling interest | 4 | 20 | ||||||
Net (loss) income attributable to Vicor Corporation | $ | (1,735 | ) | $ | 4,286 | |||
Net (loss) income per common share attributable to Vicor Corporation: | ||||||||
Basic | $ | (0.04 | ) | $ | 0.11 | |||
Diluted | $ | (0.04 | ) | $ | 0.10 | |||
Shares used to compute net (loss) income per common share attributable to Vicor Corporation: | ||||||||
Basic | 40,635 | 40,229 | ||||||
Diluted | 40,635 | 41,029 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net revenues | $ | 78,112 | $ | 70,772 | $ | 212,274 | $ | 199,852 | ||||||||
Cost of revenues | 44,765 | 37,770 | 121,278 | 106,647 | ||||||||||||
Gross margin | 33,347 | 33,002 | 90,996 | 93,205 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 15,212 | 15,443 | 47,036 | 45,846 | ||||||||||||
Research and development | 12,032 | 11,507 | 38,197 | 34,433 | ||||||||||||
Total operating expenses | 27,244 | 26,950 | 85,233 | 80,279 | ||||||||||||
Income from operations | 6,103 | 6,052 | 5,763 | 12,926 | ||||||||||||
Other income (expense), net: | ||||||||||||||||
Total unrealized gains on available-for-sale | 36 | 11 | 81 | 50 | ||||||||||||
Less: portion of gains recognized in other comprehensive income | (35 | ) | (10 | ) | (78 | ) | (47 | ) | ||||||||
Net credit gains recognized in earnings | 1 | 1 | 3 | 3 | ||||||||||||
Other income (expense), net | 333 | 145 | 712 | 670 | ||||||||||||
Total other income (expense), net | 334 | 146 | 715 | 673 | ||||||||||||
Income before income taxes | 6,437 | 6,198 | 6,478 | 13,599 | ||||||||||||
Less: Provision (benefit) for income taxes | 651 | 266 | (249 | ) | 805 | |||||||||||
Consolidated net income | 5,786 | 5,932 | 6,727 | 12,794 | ||||||||||||
1 | (5 | ) | 10 | 8 | ||||||||||||
Net income attributable to Vicor Corporation | $ | 5,785 | $ | 5,937 | $ | 6,717 | $ | 12,786 | ||||||||
Net income per common share attributable to Vicor Corporation: | ||||||||||||||||
Basic | $ | 0.13 | $ | 0.15 | $ | 0.16 | $ | 0.32 | ||||||||
Diluted | $ | 0.13 | $ | 0.14 | $ | 0.15 | $ | 0.31 | ||||||||
Shares used to compute net income per common share attributable to Vicor Corporation: | ||||||||||||||||
Basic | 43,164 | 40,332 | 41,814 | 40,279 | ||||||||||||
Diluted | 44,743 | 42,194 | 43,567 | 41,435 |
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Consolidated net (loss) income | $ | (1,731 | ) | $ | 4,306 | |||
Foreign currency translation gains (losses), net of tax (1) | 46 | (66 | ) | |||||
Unrealized gains on available-for-sale securities, net of tax (1) | 41 | 19 | ||||||
Other comprehensive income (loss) | 87 | (47 | ) | |||||
Consolidated comprehensive (loss) income | (1,644 | ) | 4,259 | |||||
Less: Comprehensive income attributable to noncontrolling interest | 8 | 15 | ||||||
Comprehensive (loss) income attributable to Vicor Corporation | $ | (1,652 | ) | $ | 4,244 | |||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Consolidated net income | $ | 5,786 | $ | 5,932 | $ | 6,727 | $ | 12,794 | ||||||||
Foreign currency translation gains (losses), net of tax (1) | 84 | (11 | ) | 110 | 74 | |||||||||||
Unrealized gains on available-for-sale | 35 | 10 | 78 | 47 | ||||||||||||
Other comprehensive income (loss) | 119 | (1 | ) | 188 | 121 | |||||||||||
Consolidated comprehensive income | 5,905 | 5,931 | 6,915 | 12,915 | ||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 7 | (6 | ) | 18 | 13 | |||||||||||
Comprehensive income attributable to Vicor Corporation | $ | 5,898 | $ | 5,937 | $ | 6,897 | $ | 12,902 | ||||||||
(1) | The deferred tax assets associated with cumulative foreign currency translation gains and cumulative unrealized gains on available-for-sale |
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Operating activities: | ||||||||
Consolidated net (loss) income | $ | (1,731 | ) | $ | 4,306 | |||
Adjustments to reconcile consolidated net (loss) income to net cash used by operating activities: | ||||||||
Depreciation and amortization | 2,711 | 2,445 | ||||||
Stock-based compensation expense, net | 710 | 773 | ||||||
Provision (benefit) for doubtful accounts | 43 | (88 | ) | |||||
Increase in long-term income taxes payable | 4 | 2 | ||||||
Decrease in long-term deferred revenue | (80 | ) | (18 | ) | ||||
Gain on disposal of equipment | — | (9 | ) | |||||
Deferred income taxes | (1 | ) | (1 | ) | ||||
Credit gain on available-for-sale securities | (1 | ) | (1 | ) | ||||
Change in current assets and liabilities, net | (2,639 | ) | (9,529 | ) | ||||
Net cash used by operating activities | (984 | ) | (2,120 | ) | ||||
Investing activities: | ||||||||
Additions to property, plant and equipment | (2,999 | ) | (3,322 | ) | ||||
Proceeds from sale of equipment | — | 9 | ||||||
Decrease in other assets | 75 | (8 | ) | |||||
Net cash used for investing activities | (2,924 | ) | (3,321 | ) | ||||
Financing activities: | ||||||||
Proceeds from issuance of Common Stock | 2,061 | 1,570 | ||||||
Payment of contingent consideration obligations | (89 | ) | (30 | ) | ||||
Net cash provided by financing activities | 1,972 | 1,540 | ||||||
Effect of foreign exchange rates on cash | 19 | (42 | ) | |||||
Net decrease in cash and cash equivalents | (1,917 | ) | (3,943 | ) | ||||
Cash and cash equivalents at beginning of period | 84,668 | 70,557 | ||||||
Cash and cash equivalents at end of period | $ | 82,751 | $ | 66,614 | ||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2020 | 2019 | |||||||
Operating activities: | ||||||||
Consolidated net income | $ | 6,727 | $ | 12,794 | ||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 8,175 | 7,647 | ||||||
Stock-based compensation expense, net | 4,286 | 2,292 | ||||||
Provision (benefit) for doubtful accounts | 23 | (138 | ) | |||||
Increase (decrease) in long-term income taxes payable | 8 | (1 | ) | |||||
(Decrease) increase in long-term deferred revenue | (241 | ) | 902 | |||||
Gain on disposal of equipment | (9 | ) | (23 | ) | ||||
Deferred income taxes | 16 | 24 | ||||||
Credit gain on available-for-sale | (3 | ) | (3 | ) | ||||
Change in current assets and liabilities, net | (3,742 | ) | (6,955 | ) | ||||
Net cash provided by operating activities | 15,240 | 16,539 | ||||||
Investing activities: | ||||||||
Additions to property, plant and equipment | (16,837 | ) | (9,122 | ) | ||||
Proceeds from sale of equipment | 9 | 23 | ||||||
Decrease (increase) in other assets | 135 | (37 | ) | |||||
Net cash used for investing activities | (16,693 | ) | (9,136 | ) | ||||
Financing activities: | ||||||||
Proceeds from employee stock plans | 10,836 | 3,423 | ||||||
Proceeds from public offering of Common Stock | 109,681 | — | ||||||
Payment of contingent consideration obligations | (186 | ) | (198 | ) | ||||
Net cash provided by financing activities | 120,331 | 3,225 | ||||||
Effect of foreign exchange rates on cash | 59 | 44 | ||||||
Net increase in cash and cash equivalents | 118,937 | 10,672 | ||||||
Cash and cash equivalents at beginning of period | 84,668 | 70,557 | ||||||
Cash and cash equivalents at end of period | $ | 203,605 | $ | 81,229 | ||||
Three months ended March 31, 2020 | Class B Common Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Vicor Corporation Stockholders’ Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||
Balance on December 31, 2019 | $ | 118 | $ | 405 | $ | 201,251 | $ | 143,098 | $ | (383 | ) | $ | (138,927 | ) | $ | 205,562 | $ | 308 | $ | 205,870 | ||||||||||||||||
Sales of Common Stock | 1 | 788 | 789 | 789 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 710 | 710 | 710 | |||||||||||||||||||||||||||||||||
Issuances of stock through employee stock purchase plan | 1 | 1,271 | 1,272 | 1,272 | ||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | (1,735 | ) | (1,735 | ) | 4 | (1,731 | ) | |||||||||||||||||||||||||||||
Other comprehensive income | 83 | 83 | 4 | 87 | ||||||||||||||||||||||||||||||||
Total comprehensive income | (1,652 | ) | 8 | (1,644 | ) | |||||||||||||||||||||||||||||||
Balance on March 31, 2020 | $ | 118 | $ | 407 | $ | 204,020 | $ | 141,363 | $ | (300 | ) | $ | (138,927 | ) | $ | 206,681 | $ | 316 | $ | 206,997 | ||||||||||||||||
Three months ended March 31, 2019 | Class B Common Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Vicor Corporation Stockholders’ Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||
Balance on December 31, 2018 | $ | 118 | $ | 402 | $ | 193,457 | $ | 129,000 | $ | (394 | ) | $ | (138,927 | ) | $ | 183,656 | $ | 434 | $ | 184,090 | ||||||||||||||||
Sales of Common Stock | 291 | 291 | 291 | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | 773 | 773 | 773 | |||||||||||||||||||||||||||||||||
Issuances of stock through employee stock purchase plan | 1 | 1,278 | 1,279 | 1,279 | ||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 4,286 | 4,286 | 20 | 4,306 | ||||||||||||||||||||||||||||||||
Other comprehensive loss | (42 | ) | (42 | ) | (5 | ) | (47 | ) | ||||||||||||||||||||||||||||
Total comprehensive income | 4,244 | 15 | 4,259 | |||||||||||||||||||||||||||||||||
Balance on March 31, 2019 | $ | 118 | $ | 403 | $ | 195,799 | $ | 133,286 | $ | (436 | ) | $ | (138,927 | ) | $ | 190,243 | $ | 449 | $ | 190,692 | ||||||||||||||||
Three months ended September 30, 2020 | Class B Common Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Vicor Corporation Stockholders’ Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||
Balance on June 30, 2020 | $ | 118 | $ | 431 | $ | 320,988 | $ | 144,030 | $ | (316 | ) | $ | (138,927 | ) | $ | 326,324 | $ | 319 | $ | 326,643 | ||||||||||||||||
Issuance of Common Stock under employee stock plans | 2 | 3,449 | 3,451 | 3,451 | ||||||||||||||||||||||||||||||||
Additional expenses associated with issuance of Common Stock in public offering (see Note 5) | (51 | ) | (51 | ) | (51 | ) | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 1,640 | 1,640 | 1,640 | |||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 5,785 | 5,785 | 1 | 5,786 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 113 | 113 | 6 | 119 | ||||||||||||||||||||||||||||||||
Total comprehensive income | 5,898 | 7 | 5,905 | |||||||||||||||||||||||||||||||||
Balance on September 30, 2020 | $ | 118 | $ | 433 | $ | 326,026 | $ | 149,815 | $ | (203 | ) | $ | (138,927 | ) | $ | 337,262 | $ | 326 | $ | 337,588 | ||||||||||||||||
Nine months ended September 30, 2020 | Class B Common Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Vicor Corporation Stockholders’ Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||
Balance on December 31, 2019 | $ | 118 | $ | 405 | $ | 201,251 | $ | 143,098 | $ | (383 | ) | $ | (138,927 | ) | $ | 205,562 | $ | 308 | $ | 205,870 | ||||||||||||||||
Issuance of Common Stock under employee stock plans | 10 | 10,826 | 10,836 | 10,836 | ||||||||||||||||||||||||||||||||
Issuance of Common Stock in public offering, net (see Note 5) | 18 | 109,663 | 109,681 | 109,681 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 4,286 | 4,286 | 4,286 | |||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 6,717 | 6,717 | 10 | 6,727 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 180 | 180 | 8 | 188 | ||||||||||||||||||||||||||||||||
Total comprehensive income | 6,897 | 18 | 6,915 | |||||||||||||||||||||||||||||||||
Balance on September 30, 2020 | $ | 118 | $ | 433 | $ | 326,026 | $ | 149,815 | $ | (203 | ) | $ | (138,927 | ) | $ | 337,262 | $ | 326 | $ | 337,588 | ||||||||||||||||
Three months ended September 30, 2019 | Class B Common Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Vicor Corporation Stockholders’ Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||
Balance on June 30, 2019 | $ | 118 | $ | 403 | $ | 196,698 | $ | 135,849 | $ | (278 | ) | $ | (138,927 | ) | $ | 193,863 | $ | 453 | $ | 194,316 | ||||||||||||||||
Issuance of Common Stock under employee stock plans | 1 | 1,715 | 1,716 | 1,716 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 753 | 753 | 753 | |||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 5,937 | 5,937 | (5 | ) | 5,932 | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||
Total comprehensive income | 5,937 | (6 | ) | 5,931 | ||||||||||||||||||||||||||||||||
Balance on September 30, 2019 | $ | 118 | $ | 404 | $ | 199,166 | $ | 141,786 | $ | (278 | ) | $ | (138,927 | ) | $ | 202,269 | $ | 447 | $ | 202,716 | ||||||||||||||||
Nine months ended September 30, 2019 | Class B Common Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Vicor Corporation Stockholders’ Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||
Balance on December 31, 2018 | $ | 118 | $ | 402 | $ | 193,457 | $ | 129,000 | $ | (394 | ) | $ | (138,927 | ) | $ | 183,656 | $ | 434 | $ | 184,090 | ||||||||||||||||
Issuance of Common Stock under employee stock plans | 2 | 3,421 | 3,423 | 3,423 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 2,292 | 2,292 | 2,292 | |||||||||||||||||||||||||||||||||
Other | (4 | ) | (4 | ) | (4 | ) | ||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||
Net income | 12,786 | 12,786 | 8 | 12,794 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 116 | 116 | 5 | 121 | ||||||||||||||||||||||||||||||||
Total comprehensive income | 12,902 | 13 | 12,915 | |||||||||||||||||||||||||||||||||
Balance on September 30, 2019 | $ | 118 | $ | 404 | $ | 199,166 | $ | 141,786 | $ | (278 | ) | $ | (138,927 | ) | $ | 202,269 | $ | 447 | $ | 202,716 | ||||||||||||||||
March 31, 2020 | December 31, 2019 | |||||||
Raw materials | $ | 38,758 | $ | 35,901 | ||||
Work-in-process | 7,705 | 5,184 | ||||||
Finished goods | 6,889 | 8,102 | ||||||
Net balance | $ | 53,352 | $ | 49,187 | ||||
September 30, 2020 | December 31, 2019 | |||||||
Raw materials | $ | 43,165 | $ | 35,901 | ||||
Work-in-process | 8,090 | 5,184 | ||||||
Finished goods | 6,914 | 8,102 | ||||||
$ | 58,169 | $ | 49,187 | |||||
Gross | Gross | Estimated | ||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||
March 31, 2020 | Cost | Gains | Losses | Value | ||||||||||||
Failed Auction Security | $ | 3,000 | $ | — | $ | 443 | $ | 2,557 | ||||||||
September 30, 2020 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
Failed Auction Security | $ | 3,000 | $ | — | $ | 409 | $ | 2,591 | ||||||||
December 31, 2019 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
Failed Auction Security | $ | 3,000 | $ | — | $ | 490 | $ | 2,510 | ||||||||
Gross | Gross | Estimated | ||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||
December 31, 2019 | Cost | Gains | Losses | Value | ||||||||||||
Failed Auction Security | $ | 3,000 | $ | — | $ | 490 | $ | 2,510 | ||||||||
Estimated | ||||||||
Cost | Fair Value | |||||||
Due in twenty to forty years | $ | 3,000 | $ | 2,557 | ||||
Cost | Estimated Fair Value | |||||||
Due in twenty to forty years | $ | 3,000 | $ | 2,591 | ||||
2020 | 2019 | |||||||
Balance at the beginning of the period | $ | 37 | $ | 41 | ||||
Reductions in the amount related to credit gain for which other-than-temporary impairment was not previously recognized | (1 | ) | (1 | ) | ||||
Balance at the end of the period | $ | 36 | $ | 40 | ||||
2020 | 2019 | |||||||
Balance at the beginning of the period | $ | 37 | $ | 41 | ||||
Reductions in the amount related to credit gain for which other-than- temporary impairment was not previously recognized | (3 | ) | (3 | ) | ||||
Balance at the end of the period | $ | 34 | $ | 38 | ||||
Using | ||||||||||||||||
Quoted Prices Markets (Level | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value as of March 31, 2020 | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 9,665 | $ | — | $ | — | $ | 9,665 | ||||||||
Long-term investments: | ||||||||||||||||
Failed Auction Security | — | — | 2,557 | 2,557 | ||||||||||||
Liabilities: | ||||||||||||||||
Contingent consideration obligations | — | — | (362 | ) | (362 | ) |
Using | ||||||||||||||||
Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value as of September 30, 2020 | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 9,677 | $ | — | $ | — | $ | 9,677 | ||||||||
Long-term investments: | ||||||||||||||||
Failed Auction Security | — | — | 2,591 | 2,591 | ||||||||||||
Liabilities: | ||||||||||||||||
Contingent consideration obligations | — | — | (265 | ) | (265 | ) |
Using | ||||||||||||||||
Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value as of December 31, 2019 | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 9,630 | $ | — | $ | — | $ | 9,630 | ||||||||
Long-term investments: | ||||||||||||||||
Failed Auction Security | — | — | 2,510 | 2,510 | ||||||||||||
Liabilities: | ||||||||||||||||
Contingent consideration obligations | — | — | (451 | ) | (451 | ) |
Using | ||||||||||||||||
Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value as of December 31, 2019 | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 9,630 | $ | — | $ | — | $ | 9,630 | ||||||||
Long-term investments: | ||||||||||||||||
Failed Auction Security | — | — | 2,510 | 2,510 | ||||||||||||
Liabilities: | ||||||||||||||||
Contingent consideration obligations | — | — | (451 | ) | (451 | ) |
Fair Value | Valuation Tech nique | Unobservable Input | Weighted Average | |||||||||
Failed Auction Security | $ | 2,557 | Discounted cash flow | Cumulative probability of earning the maximum rate until maturity | 0.11 | % | ||||||
Cumulative probability of principal return prior to maturity | 93.98 | % | ||||||||||
Cumulative probability of default | 5.91 | % | ||||||||||
Liquidity risk premium | 5.00 | % | ||||||||||
Recovery rate in default | 40.00 | % |
Fair Value | Valuation Technique | Unobservable Input | Weighted Average | |||||||||||
Failed Auction Security | $ | 2,591 | Discounted cash flow | Cumulative probability of earning the maximum rate until maturity | 0.11 | % | ||||||||
Cumulative probability of principal return prior to maturity | 94.75 | % | ||||||||||||
Cumulative probability of default | 5.14 | % | ||||||||||||
Liquidity risk premium | 5.00 | % | ||||||||||||
Recovery rate in default | 40.00 | % |
Balance at the beginning of the period | $ | 2,510 | ||
Credit gain on available-for-sale security included in Other income (expense), net | 1 | |||
Gain included in Other comprehensive income | 46 | |||
Balance at the end of the period | $ | 2,557 | ||
Balance at the beginning of the period | $ | 2,510 | ||
Credit gain on available-for-sale | 3 | |||
Gain included in Other comprehensive income | 78 | |||
Balance at the end of the period | $ | 2,591 | ||
Balance at the beginning of the period | $ | 451 | ||
Payments | (89 | ) | ||
Balance at the end of the period | $ | 362 | ||
Balance at the beginning of the period | $ | 451 | ||
Payments | (186 | ) | ||
Balance at the end of the period | $ | 265 | ||
Three Months Ended March 31, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States | $ | 25,970 | $ | 7,597 | $ | 33,567 | ||||||
Europe | 4,568 | 879 | 5,447 | |||||||||
Asia Pacific | 13,656 | 9,376 | 23,032 | |||||||||
All other | 1,323 | 32 | 1,355 | |||||||||
$ | 45,517 | $ | 17,884 | $ | 63,401 | |||||||
Three Months Ended September 30, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States | $ | 16,905 | $ | 4,391 | $ | 21,296 | ||||||
Europe | 4,456 | 2,050 | 6,506 | |||||||||
Asia Pacific | 25,878 | 23,926 | 49,804 | |||||||||
All other | 454 | 52 | 506 | |||||||||
$ | 47,693 | $ | 30,419 | $ | 78,112 | |||||||
Nine Months Ended September 30, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States | $ | 57,880 | $ | 17,205 | $ | 75,085 | ||||||
Europe | 18,451 | 5,218 | 23,669 | |||||||||
Asia Pacific | 60,917 | 50,076 | 110,993 | |||||||||
All other | 2,390 | 137 | 2,527 | |||||||||
$ | 139,638 | $ | 72,636 | $ | 212,274 | |||||||
Three Months Ended September 30, 2019 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States | $ | 25,265 | $ | 4,290 | $ | 29,555 | ||||||
Europe | 5,577 | 889 | 6,466 | |||||||||
Asia Pacific | 14,510 | 18,875 | 33,385 | |||||||||
All other | 1,130 | 236 | 1,366 | |||||||||
$ | 46,482 | $ | 24,290 | $ | 70,772 | |||||||
Nine Months Ended September 30, 2019 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States | $ | 73,289 | $ | 16,562 | $ | 89,851 | ||||||
Europe | 17,960 | 3,517 | 21,477 | |||||||||
Asia Pacific | 46,908 | 37,618 | 84,526 | |||||||||
All other | 2,955 | 1,043 | 3,998 | |||||||||
$ | 141,112 | $ | 58,740 | $ | 199,852 | |||||||
Three Months Ended March 31, 2019 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States | $ | 22,292 | $ | 6,949 | $ | 29,241 | ||||||
Europe | 6,009 | 986 | 6,995 | |||||||||
Asia Pacific | 17,111 | 10,900 | 28,011 | |||||||||
All other | 1,213 | 265 | 1,478 | |||||||||
$ | 46,625 | $ | 19,100 | $ | 65,725 | |||||||
Three Months Ended March 31, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 35,739 | $ | 14,767 | $ | 50,506 | ||||||
Stocking distributors, net of sales allowances | 9,622 | 3,062 | 12,684 | |||||||||
Non-recurring engineering | 156 | 37 | 193 | |||||||||
Other | — | 18 | 18 | |||||||||
$ | 45,517 | $ | 17,884 | $ | 63,401 | |||||||
Three Months Ended March 31, 2019 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 39,948 | $ | 14,766 | $ | 54,714 | ||||||
Stocking distributors, net of sales allowances | 6,117 | 3,166 | 9,283 | |||||||||
Non-recurring engineering | 548 | 1,125 | 1,673 | |||||||||
Royalties | 12 | 24 | 36 | |||||||||
Other | — | 19 | 19 | |||||||||
$ | 46,625 | $ | 19,100 | $ | 65,725 | |||||||
Three Months Ended September 30, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 40,916 | $ | 27,422 | $ | 68,338 | ||||||
Stocking distributors, net of sales allowances | 6,661 | 1,463 | 8,124 | |||||||||
Non-recurring engineering | 116 | 1,499 | 1,615 | |||||||||
Royalties | — | 17 | 17 | |||||||||
Other | — | 18 | 18 | |||||||||
$ | 47,693 | $ | 30,419 | $ | 78,112 | |||||||
Nine Months Ended September 30, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 116,127 | $ | 62,233 | $ | 178,360 | ||||||
Stocking distributors, net of sales allowances | 23,097 | 6,101 | 29,198 | |||||||||
Non-recurring engineering | 414 | 4,231 | 4,645 | |||||||||
Royalties | — | 17 | 17 | |||||||||
Other | — | 54 | 54 | |||||||||
$ | 139,638 | $ | 72,636 | $ | 212,274 | |||||||
Three Months Ended September 30, 2019 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 39,705 | $ | 22,574 | $ | 62,279 | ||||||
Stocking distributors, net of sales allowances | 6,522 | 1,734 | 8,256 | |||||||||
Non-recurring engineering | 163 | (36 | ) | 127 | ||||||||
Royalties | 92 | — | 92 | |||||||||
Other | — | 18 | 18 | |||||||||
$ | 46,482 | $ | 24,290 | $ | 70,772 | |||||||
Nine Months Ended September 30, 2019 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors | $ | 120,496 | $ | 49,524 | $ | 170,020 | ||||||
Stocking distributors, net of sales allowances | 19,750 | 7,817 | 27,567 | |||||||||
Non-recurring engineering | 762 | 1,319 | 2,081 | |||||||||
Royalties | 104 | 24 | 128 | |||||||||
Other | — | 56 | 56 | |||||||||
$ | 141,112 | $ | 58,740 | $ | 199,852 | |||||||
March 31, 2020 | December 31, 2019 | Change | ||||||||||
Accounts receivable | $ | 41,279 | $ | 38,115 | $ | 3,164 | ||||||
Short-term deferred revenue and customer prepayments | (6,753 | ) | (5,507 | ) | (1,246 | ) | ||||||
Long-term deferred revenue | (974 | ) | (1,054 | ) | 80 | |||||||
Deferred expenses | 2,023 | 1,897 | 126 | |||||||||
Sales allowances | (781 | ) | (741 | ) | (40 | ) |
September 30, 2020 | December 31, 2019 | Change | ||||||||||
Accounts receivable | $ | 41,136 | $ | 38,115 | $ | 3,021 | ||||||
Short-term deferred revenue and customer prepayments | (8,061 | ) | (5,507 | ) | (2,554 | ) | ||||||
Long-term deferred revenue | (813 | ) | (1,054 | ) | 241 | |||||||
Deferred expenses | 1,588 | 1,897 | (309 | ) | ||||||||
Sales allowances | (736 | ) | (741 | ) | 5 |
Three Months Ended | ||||||||
March 31, | ||||||||
2020 | 2019 | |||||||
Cost of revenues | $ | 119 | $ | 69 | ||||
Selling, general and administrative | 437 | 519 | ||||||
Research and development | 154 | 185 | ||||||
Total stock-based compensation | $ | 710 | $ | 773 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Cost of revenues | $ | 296 | $ | 86 | $ | 692 | $ | 228 | ||||||||
Selling, general and administrative | 846 | 482 | 2,313 | 1,507 | ||||||||||||
Research and development | 498 | 185 | 1,281 | 557 | ||||||||||||
Total stock-based compensation | $ | 1,640 | $ | 753 | $ | 4,286 | $ | 2,292 | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2020 | 2019 | |||||||
Stock options | $ | 506 | $ | 533 | ||||
ESPP | 204 | 240 | ||||||
Total stock-based compensation | $ | 710 | $ | 773 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Stock options | $ | 1,420 | $ | 514 | $ | 3,663 | $ | 1,556 | ||||||||
ESPP | 220 | 239 | 623 | 736 | ||||||||||||
Total stock-based compensation | $ | 1,640 | $ | 753 | $ | 4,286 | $ | 2,292 | ||||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
(Benefit) provision for income taxes | $ | (494 | ) | $ | 426 | |||
Effective income tax rate | (22.2 | )% | 9.0 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Provision (benefit) for income taxes | $ | 651 | $ | 266 | $ | (249 | ) | $ | 805 | |||||||
Effective income tax rate | 10.1 | % | 4.3 | % | (3.8 | )% | 5.9 | % |
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Numerator: | ||||||||
Net (loss) income attributable to Vicor Corporation | $ | (1,735 | ) | $ | 4,286 | |||
Denominator: | ||||||||
Denominator for basic net (loss) income per share-weighted average shares (1) | 40,635 | 40,229 | ||||||
Effect of dilutive securities: | ||||||||
Employee stock options (2) | — | 800 | ||||||
Denominator for diluted net (loss) income per share – adjusted weighted-average shares and assumed conversions | 40,635 | 41,029 | ||||||
Basic net (loss) income per share | $ | (0.04 | ) | $ | 0.11 | |||
Diluted net (loss) income per share | $ | (0.04 | ) | $ | 0.10 | |||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Numerator: | ||||||||||||||||
Net income attributable to Vicor Corporation | $ | 5,785 | $ | 5,937 | $ | 6,717 | $ | 12,786 | ||||||||
Denominator: | ||||||||||||||||
Denominator for basic net income per share-weighted average shares (1) | 43,164 | 40,332 | 41,814 | 40,279 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Employee stock options (2) | 1,579 | 1,862 | 1,753 | 1,156 | ||||||||||||
Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions | 44,743 | 42,194 | 43,567 | 41,435 | ||||||||||||
Basic net income per share | $ | 0.13 | $ | 0.15 | $ | 0.16 | $ | 0.32 | ||||||||
Diluted net income per share | $ | 0.13 | $ | 0.14 | $ | 0.15 | $ | 0.31 | ||||||||
(1) | Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding. |
(2) | Options to purchase |
Decrease | ||||||||||||||||
2020 | 2019 | $ | % | |||||||||||||
Brick Products | $ | 45,517 | $ | 46,625 | $ | (1,108 | ) | (2.4 | )% | |||||||
Advanced Products | 17,884 | 19,100 | (1,216 | ) | (6.4 | )% | ||||||||||
Total | $ | 63,401 | $ | 65,725 | $ | (2,324 | ) | (3.5 | )% | |||||||
Increase (decrease) | ||||||||
Legal fees | $ | 564 | 161.6 | %(1) | ||||
Compensation | 456 | 4.6 | %(2) | |||||
Bad debt expense | 131 | 148.9 | % | |||||
Depreciation and amortization | 118 | 18.4 | % | |||||
Outside services | 101 | 23.8 | % | |||||
Travel expense | (145 | ) | (21.9 | )%(3) | ||||
Business taxes and bank fees | (164 | ) | (58.6 | )%(4) | ||||
Other, net | (65 | ) | (2.0 | )% | ||||
$ | 996 | 6.5 | % | |||||
Increase | ||||||||||||||||
2020 | 2019 | $ | % | |||||||||||||
Brick Products | $ | 47,693 | $ | 46,482 | $ | 1,211 | 2.6 | % | ||||||||
Advanced Products | 30,419 | 24,290 | 6,129 | 25.2 | % | |||||||||||
Total | $ | 78,112 | $ | 70,772 | $ | 7,340 | 10.4 | % | ||||||||
Increase (decrease) | ||||||||
Travel expense | $ | (690 | ) | (79.4 | )%(1) | |||
Commissions | (191 | ) | (21.6 | )%(2) | ||||
Outside services | (173 | ) | (25.4 | )%(3) | ||||
Compensation | 812 | 8.6 | %(4) | |||||
Other, net | 11 | 0.4 | % | |||||
$ | (231 | ) | (1.5 | )% | ||||
(1) | Decrease primarily attributable to reduced travel by our sales and marketing personnel, due to travel restrictions caused by the COVID-19 pandemic. |
(2) | Decrease primarily attributable to the decline in net revenues subject to commissions. |
(3) | Decrease primarily attributable to a decrease in the use of outside service providers at our Andover, MA facility. |
(4) | Increase primarily attributable to higher stock-based compensation expense associated with June 2020 stock option awards. |
Increase (decrease) | ||||||||
Project and pre-production materials | $ | 970 | 61.6 | %(1) | ||||
Compensation | 575 | 6.9 | %(2) | |||||
Deferred costs | 364 | 74.9 | %(3) | |||||
Overhead absorption | 89 | 29.3 | % | |||||
Supplies expense | 87 | 40.8 | % | |||||
Other, net | 30 | 1.5 | % | |||||
$ | 2,115 | 18.9 | % | |||||
Increase (decrease) | ||||||||
Compensation | $ | 730 | 8.8 | %(1) | ||||
Facilities allocations | 99 | 16.7 | % | |||||
Deferred costs | (144 | ) | (71.6 | )%(2) | ||||
Project and pre-production materials | (144 | ) | (9.5 | )%(3) | ||||
Other, net | (16 | ) | (1.3 | )% | ||||
$ | 525 | 4.6 | % | |||||
(1) | Increase primarily attributable to |
(2) | Decrease primarily attributable to |
non-recurring engineering projects for which the related revenues have been deferred. |
(3) | Decrease primarily attributable to lower prototype development costs for Advanced Products. |
2020 | 2019 | Increase (decrease) | ||||||||||
Rental income | $ | 198 | $ | 198 | $ | — | ||||||
Interest income | 53 | 83 | (30 | ) | ||||||||
Gain on disposals of equipment | — | 9 | (9 | ) | ||||||||
Foreign currency losses, net | (121 | ) | (58 | ) | (63 | ) | ||||||
Other, net | 18 | 7 | 11 | |||||||||
$ | 148 | $ | 239 | $ | (91 | ) | ||||||
2020 | 2019 | Increase (decrease) | ||||||||||
Rental income | $ | 198 | $ | 198 | $ | — | ||||||
Foreign currency gains (losses), net | 140 | (142 | ) | 282 | ||||||||
Interest income | 7 | 74 | (67 | ) | ||||||||
Gain on disposals of equipment | 3 | 1 | 2 | |||||||||
Other, net | (14 | ) | 15 | (29 | ) | |||||||
$ | 334 | $ | 146 | $ | 188 | |||||||
2020 | 2019 | |||||||
(Benefit) provision for income taxes | $ | (494 | ) | $ | 426 | |||
Effective income tax rate | (22.2 | )% | 9.0 | % |
2020 | 2019 | |||||||
Provision for income taxes | $ | 651 | $ | 266 | ||||
Effective income tax rate | 10.1 | % | 4.3 | % |
Increase (decrease) | ||||||||||||||||
2020 | 2019 | $ | % | |||||||||||||
Brick Products | $ | 139,638 | $ | 141,112 | $ | (1,474 | ) | (1.0 | )% | |||||||
Advanced Products | 72,636 | 58,740 | 13,896 | 23.7 | % | |||||||||||
Total | $ | 212,274 | $ | 199,852 | $ | 12,422 | 6.2 | % | ||||||||
Increase (decrease) | ||||||||
Compensation | $ | 2,349 | 8.2 | %(1) | ||||
Legal fees | 468 | 46.7 | %(2) | |||||
Depreciation and amortization | 241 | 11.7 | %(3) | |||||
Bad debt expense | 161 | 116.7 | % | |||||
Outside services | (146 | ) | (8.9 | )% | ||||
Facilities allocations | (186 | ) | (14.5 | )% | ||||
Advertising expense | (252 | ) | (11.2 | )%(4) | ||||
Travel expense | (1,397 | ) | (61.8 | )%(5) | ||||
Other, net | (48 | ) | (0.7 | )% | ||||
$ | 1,190 | 2.6 | % | |||||
(1) | Increase primarily attributable to merit-based compensation increases for non-exempt hourly employees, increase in headcount and higher stock-based compensation expense associated with stock options awarded in June 2020. |
(2) | Increase primarily attributable to higher use of outside legal services associated with the December 2019 ransomware incident, which carried into the first quarter of 2020, and other corporate legal matters. |
(3) | Increase attributable to net additions of furniture and fixtures and capitalization of building improvements. |
(4) | Decrease primarily attributed to lower sales support expenses, direct mailings, and advertising in trade publications. |
(5) | Decrease primarily attributable to reduced travel by our sales and marketing personnel, due to travel restrictions caused by the COVID-19 pandemic. |
Increase (decrease) | ||||||||
Compensation | $ | 2,088 | 8.4 | %(1) | ||||
Project and pre-production materials | 1,122 | 23.7 | %(2) | |||||
Deferred costs | 516 | 44.4 | %(3) | |||||
Other, net | 38 | 0.6 | % | |||||
$ | 3,764 | 10.9 | % | |||||
(1) | Increase primarily attributable to merit-based compensation increases for non-exempt hourly employees, increase in headcount, and higher stock-based compensation expense associated with stock options awarded in June 2020. |
(2) | Increase primarily attributable to higher spending for new product development of Advanced Products. |
(3) | Increase primarily attributable to a decrease in the capitalization of costs for certain non-recurring engineering projects for which the related revenues have been deferred. |
2020 | 2019 | Increase (decrease) | ||||||||||
Rental income | $ | 594 | $ | 594 | $ | — | ||||||
Interest income | 77 | 236 | (159 | ) | ||||||||
Foreign currency gains (losses), net | 23 | (202 | ) | 225 | ||||||||
Gain on disposals of equipment | 9 | 23 | (14 | ) | ||||||||
Other, net | 12 | 22 | (10 | ) | ||||||||
$ | 715 | $ | 673 | $ | 42 | |||||||
2020 | 2019 | |||||||
(Benefit) provision for income taxes | $ | (249 | ) | $ | 805 | |||
Effective income tax rate | (3.8 | )% | 5.9 | % |
Increase (decrease) | ||||
Cash and cash equivalents | $ | (1,917 | ) | |
Accounts receivable | 3,164 | |||
Inventories, net | 4,165 | |||
Other current assets | 712 | |||
Accounts payable | (4,435 | ) | ||
Accrued compensation and benefits | 329 | |||
Accrued expenses | (71 | ) | ||
Short-term lease liabilities | 150 | |||
Sales allowances | (40 | ) | ||
Income taxes payable | 23 | |||
Short-term deferred revenue | (1,246 | ) | ||
$ | 834 | |||
Increase (decrease) | ||||
Cash and cash equivalents | $ | 118,937 | ||
Accounts receivable | 3,021 | |||
Inventories, net | 8,982 | |||
Other current assets | (224 | ) | ||
Accounts payable | (2,906 | ) | ||
Accrued compensation and benefits | (2,838 | ) | ||
Accrued expenses | 273 | |||
Short-term lease liabilities | (43 | ) | ||
Sales allowances | 5 | |||
Income taxes payable | (5 | ) | ||
Short-term deferred revenue | (2,554 | ) | ||
$ | 122,648 | |||
32.1 | ||||
32.2 | ||||
101.INS | ||||
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | ||||
Inline XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | ||||
Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF | ||||
Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB | ||||
Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE | ||||
Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104 | ||||
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
(1) | Filed as an exhibit to the Company’s Annual Report on Form 10-K filed on March 29, 2001 (FileNo. 000-18277) and incorporated herein by reference. |
(2) | Filed as an exhibit to the Company’s Current Report on Form 8-K filed on June 4, 2020 (FileNo. 000-18277) and incorporated herein by reference. |
VICOR CORPORATION | |||||||||
Date: | By: | /s/ Patrizio Vinciarelli | |||||||
Patrizio Vinciarelli | |||||||||
Chairman of the Board, President and Chief Executive Officer | |||||||||
Date: October 30, 2020 | By: | /s/ James A. Simms | |||||||
(Principal Financial Officer) |