Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 28, 2020 | Apr. 28, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Interactive Data Current | Yes | |
Document Period End Date | Mar. 28, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | INTEVAC INC | |
Entity Central Index Key | 0001001902 | |
Current Fiscal Year End Date | --01-02 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | IVAC | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 0-26946 | |
Entity Tax Identification Number | 94-3125814 | |
Entity Address, Address Line One | 3560 Bassett Street | |
Entity Address, City or Town | Santa Clara | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95054 | |
City Area Code | 408 | |
Local Phone Number | 986-9888 | |
Entity Small Business | true | |
Title of 12(b) Security | Common Stock | |
Entity Common Stock, Shares Outstanding | 23,489,111 | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 21,450 | $ 19,767 |
Short-term investments | 16,441 | 16,720 |
Trade and other accounts receivable, net of allowances of $0 at both March 28, 2020 and at December 28, 2019 | 23,021 | 28,619 |
Inventories | 27,208 | 24,907 |
Prepaid expenses and other current assets | 1,897 | 1,504 |
Total current assets | 90,017 | 91,517 |
Long-term investments | 4,549 | 5,537 |
Restricted cash | 787 | 787 |
Property, plant and equipment, net | 12,038 | 11,598 |
Operating lease right-of-use assets | 9,730 | 10,279 |
Intangible assets, net of accumulated amortization of $8,267 at March 28, 2020 and $8,113 at December 28, 2019 | 120 | 274 |
Deferred income taxes and other long-term assets | 6,138 | 6,330 |
Total assets | 123,379 | 126,322 |
Current liabilities: | ||
Current operating lease liabilities | 2,614 | 2,524 |
Accounts payable | 4,747 | 4,199 |
Accrued payroll and related liabilities | 4,030 | 6,488 |
Other accrued liabilities | 2,651 | 3,593 |
Customer advances | 4,696 | 4,007 |
Total current liabilities | 18,738 | 20,811 |
Noncurrent liabilities: | ||
Noncurrent operating lease liabilities | 8,819 | 9,532 |
Other long-term liabilities | 153 | 186 |
Total noncurrent liabilities | 8,972 | 9,718 |
Stockholders' equity: | ||
Common stock, $0.001 par value | 23 | 23 |
Additional paid-in capital | 189,876 | 188,290 |
Treasury stock, 5,087 shares at March 28, 2020 and 4,989 shares at December 28, 2019 | (29,551) | (29,158) |
Accumulated other comprehensive income | 331 | 424 |
Accumulated deficit | (65,010) | (63,786) |
Total stockholders' equity | 95,669 | 95,793 |
Total liabilities and stockholders' equity | $ 123,379 | $ 126,322 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Statement of Financial Position [Abstract] | ||
Net of allowances of trade, note and other accounts receivable | $ 0 | $ 0 |
Net of amortization of intangible assets | $ 8,267 | $ 8,113 |
Common stock, par value | $ 0.001 | $ 0.001 |
Treasury stock, shares | 5,087 | 4,989 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Net revenues: | ||
Total net revenues | $ 18,840 | $ 24,827 |
Cost of net revenues: | ||
Total cost of net revenues | 10,684 | 17,588 |
Gross profit | 8,156 | 7,239 |
Operating expenses: | ||
Research and development | 3,284 | 3,986 |
Selling, general and administrative | 5,972 | 5,252 |
Total operating expenses | 9,256 | 9,238 |
Loss from operations | (1,100) | (1,999) |
Interest income and other income (expense), net | 142 | 160 |
Loss before provision for income taxes | (958) | (1,839) |
Provision for income taxes | 266 | 553 |
Net loss | $ (1,224) | $ (2,392) |
Net loss per share: | ||
Basic and Diluted | $ (0.05) | $ (0.10) |
Weighted average shares outstanding: | ||
Basic and Diluted | 23,483 | 22,855 |
Systems and components | ||
Net revenues: | ||
Total net revenues | $ 13,836 | $ 21,637 |
Cost of net revenues: | ||
Total cost of net revenues | 7,767 | 15,100 |
Technology development | ||
Net revenues: | ||
Total net revenues | 5,004 | 3,190 |
Cost of net revenues: | ||
Total cost of net revenues | $ 2,917 | $ 2,488 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (1,224) | $ (2,392) |
Other comprehensive income, before tax: | ||
Change in unrealized net gain (loss) on available-for-sale investments | 2 | 45 |
Foreign currency translation gains and (losses) | (95) | 61 |
Other comprehensive income (loss), before tax | (93) | 106 |
Income tax provision related to items in other comprehensive income | 0 | 0 |
Other comprehensive income (loss), net of tax | (93) | 106 |
Comprehensive loss | $ (1,317) | $ (2,286) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Operating activities | ||
Net loss | $ (1,224) | $ (2,392) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation & amortization | 858 | 1,036 |
Net amortization (accretion) of investment premiums and discounts | (19) | (16) |
Equity-based compensation | 672 | 756 |
Straight-line rent adjustment and amortization of lease incentives | (74) | (85) |
Change in the fair value of acquisition-related contingent consideration | 0 | 7 |
Deferred income taxes | 114 | 332 |
Loss on disposal of equipment | 0 | 45 |
Changes in operating assets and liabilities | 786 | 1,286 |
Total adjustments | 2,337 | 3,361 |
Net cash provided by operating activities | 1,113 | 969 |
Investing activities | ||
Purchase of investments | (4,242) | (5,045) |
Proceeds from sales and maturities of investments | 5,530 | 8,396 |
Purchase of leasehold improvements and equipment | (1,145) | (371) |
Net cash provided by investing activities | 143 | 2,980 |
Financing activities | ||
Proceeds from issuance of common stock | 950 | 1,021 |
Common stock repurchases | (393) | 0 |
Taxes paid related to net share settlement | (36) | (28) |
Payment of acquisition-related contingent consideration | 0 | (98) |
Net cash provided by financing activities | 521 | 895 |
Effect of exchange rate changes on cash and cash equivalents | (94) | 63 |
Net increase in cash, cash equivalents and restricted cash in cash, cash equivalents and restricted cash | 1,683 | 4,907 |
Cash, cash equivalents and restricted cash at beginning of period | 20,554 | 19,884 |
Cash, cash equivalents and restricted cash at end of period | $ 22,237 | $ 24,791 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 28, 2020 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Intevac, Inc. (together with its subsidiaries “Intevac,” the “Company” or “we”) is a provider of vacuum deposition equipment for a wide variety of thin-film applications, and a leading provider of digital night-vision technologies and products to the defense industry. The Company leverages its core capabilities in high-volume manufacturing of small substrates to provide process manufacturing equipment solutions to the hard disk drive (“HDD”), display cover panel (“DCP”), and photovoltaic (“PV”) solar cell industries. Intevac also provides sensors, cameras and systems for government applications such as night vision. Intevac’s customers include manufacturers of hard disk media, DCPs and solar cells as well as the U.S. government and its agencies, allies and contractors. Intevac reports two segments: Thin-film Equipment (“TFE”) and Photonics. In the opinion of management, the unaudited interim condensed consolidated financial statements of Intevac included herein have been prepared on a basis consistent with the December 28, 2019 audited consolidated financial statements and include all material adjustments, consisting of normal recurring adjustments, necessary to fairly present the information set forth therein. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. In March 2020, the World Health Organization characterized the coronavirus (“COVID-19”) COVID-19 COVID-19, |
Revenue
Revenue | 3 Months Ended |
Mar. 28, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 2. Revenue The following tables represent a disaggregation of revenue from contracts with customers for the three months ended March 28, 2020 and March 30, 2019 along with the reportable segment for each category. Major Products and Service Lines TFE Three Months Ended March 28, 2020 Three Months Ended March 30, 2019 (In thousands) HDD DCP PV Total HDD DCP PV Total Systems, upgrades and spare parts $ 6,361 $ — $ 208 $ 6,569 $ 11,050 $ — $ 6,373 $ 17,423 Field service 1,393 — — 1,393 1,522 — — 1,522 Total TFE net revenues $ 7,754 $ — $ 208 $ 7,962 $ 12,572 $ — $ 6,373 $ 18,945 Three Months Ended Photonics March 28, March 30, (In thousands) Products: Military products $ 5,365 $ 1,813 Commercial products 79 318 Repair and other services 430 561 Total Photonics product net revenues 5,874 2,692 Technology development: Firm Fixed Price (“FFP”) 4,430 1,692 Cost Plus Fixed Fee (“CPFF”) 574 1,496 Time and materials — 2 Total technology development net revenues 5,004 3,190 Total Photonics net revenues $ 10,878 $ 5,882 Primary Geographical Markets Three Months Ended March 28, 2020 March 30, 2019 (In thousands) TFE Photonics Total TFE Photonics Total United States $ 519 $ 10,856 $ 11,375 $ 161 $ 5,716 $ 5,877 Asia 7,443 — 7,443 18,784 — 18,784 Europe — 22 22 — 166 166 Total net revenues $ 7,962 $ 10,878 $ 18,840 $ 18,945 $ 5,882 $ 24,827 Timing of Revenue Recognition Three Months Ended March 28, 2020 March 30, 2019 (In thousands) TFE Photonics Total TFE Photonics Total Products transferred at a point in time $ 7,962 $ 430 $ 8,392 $ 18,945 $ 561 $ 19,506 Products and services transferred over time — 10,448 10,448 — 5,321 5,321 $ 7,962 $ 10,878 $ 18,840 $ 18,945 $ 5,882 $ 24,827 The following table reflects the changes in our contract assets, which we classify as accounts receivable, unbilled or retainage, and our contract liabilities, which we classify as deferred revenue and customer advances, for the three months ended March 28 2020. March 28, December 28, Three Months Change (In thousands) TFE: Contract assets: Accounts receivable, unbilled $ — $ 760 $ (760 ) Contract liabilities: Deferred revenue $ 486 $ 320 $ 166 Customer advances 4,696 4,007 689 $ 5,182 $ 4,327 $ 855 Photonics: Contract assets: Accounts receivable, unbilled $ 6,187 $ 3,210 $ 2,977 Retainage 103 99 4 $ 6,290 $ 3,309 $ 2,981 Accounts receivable, unbilled in our TFE segment represents a contract asset for revenue that has been recognized in advance of billing the customer. For our system and certain upgrade sales, our TFE customers generally pay in three installments, with a portion of the system price billed upon receipt of an order, a portion of the price billed upon shipment, and the balance of the price due upon completion of installation and acceptance of the system at the customer’s factory. Accounts receivable, unbilled in our TFE segment generally represents the balance of the system price that is due upon completion of installation and acceptance less, the amount that has been deferred as revenue for the performance of the installation tasks. During the three months ended March 28, 2020, contract assets in our TFE segment decreased by $760,000 primarily due to the recognition of revenue for the installation portion of revenue for two systems that completed installation and acceptance during the quarter. Customer advances in our TFE segment generally represent a contract liability for amounts billed to the customer prior to transferring goods. The Company has elected to use the practical expedient to disregard the effect of the time value of money in a significant financing component when its payment terms are less than one year. These contract advances are liquidated when revenue is recognized. Deferred revenue in our TFE segment generally represents a contract liability for amounts billed to a customer for completed systems at the customer site that are undergoing installation and acceptance testing where transfer of control has not yet occurred as Intevac does not yet have a demonstrated history of meeting the acceptance criteria upon the customer’s receipt of product. During the three months ended March 28, 2020, we recognized revenue in our TFE segment of $155,000 and $21,000 that was included in customer advances and deferred revenue, respectively, at the beginning of the period. Accounts receivable, unbilled in our Photonics segment represents a contract asset for revenue that has been recognized in advance of billing the customer, which is common for contracts in the defense industry. In our Photonics segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly) or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. Our contracts with the U.S. government may also contain retainage provisions. Retainage represents a contract asset for the portion of the contract price earned by us for work performed, but held for payment by the U.S. government as a form of security until satisfactory completion of the contract. The retainage is billable upon completion of the contract performance and approval of final indirect expense rates by the government. During the three months ended March 28, 2020, contract assets in our Photonics segment increased by $3.0 million primarily due to the accrual of revenue for incurred costs under FFP and CPFF contracts. On March 28, 2020 we had $87.2 million of remaining performance obligations, which we also refer to as total backlog. Backlog at March 28, 2020 consisted of $22.4 million of TFE backlog and $64.8 million of Photonics backlog. We expect to recognize approximately 59% of our remaining performance obligations as revenue in 2020, 21% in 2021, 13% in 2022 and 7% in 2023. |
Inventories
Inventories | 3 Months Ended |
Mar. 28, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories Inventories are stated at the lower of average cost or net realizable value and consist of the following: March 28, December 28, (In thousands) Raw materials $ 13,502 $ 15,286 Work-in-progress 7,272 4,748 Finished goods 6,434 4,873 $ 27,208 $ 24,907 Finished goods inventory at March 28, 2020 and at December 28, 2019 included one VERTEX SPECTRA system for DCP under evaluation at a customer’s factory and one MATRIX PVD system for advanced semiconductor packaging under evaluation at a customer’s factory. |
Equity-Based Compensation
Equity-Based Compensation | 3 Months Ended |
Mar. 28, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 4. Equity-Based Compensation At March 28, 2020, Intevac had equity-based awards outstanding under the 2012 Equity Incentive Plan and the 2004 Equity Incentive Plan (together, the “Plans”) and the 2003 Employee Stock Purchase Plan (the “ESPP”). Intevac’s stockholders approved all of these plans. The Plans permit the grant of incentive or non-statutory The ESPP provides that eligible employees may purchase Intevac’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market value at the entry date of the applicable offering period or at the end of each applicable purchase interval. Offering periods are generally two years in length, and consist of a series of six-month six-month Compensation Expense The effect of recording equity-based compensation for the three-month periods ended March 28, 2020 and March 30, 2019 was as follows: Three Months Ended March 28, 2020 March 30, 2019 (In thousands) Equity-based compensation by type of award: Stock options $ 215 $ 206 RSUs 366 291 Employee stock purchase plan 91 259 Total equity-based compensation $ 672 $ 756 Stock Options and ESPP The fair value of stock options and ESPP awards is estimated at the grant date using the Black-Scholes option valuation model. The determination of fair value of stock options and ESPP awards on the date of grant using an option-pricing model is affected by Intevac’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, our expected stock price volatility over the term of the awards, and actual employee stock option exercise behavior. Option activity as of March 28, 2020 and changes during the three months ended March 28, 2020 were as follows: Shares Weighted-Average Options outstanding at December 28, 2019 2,096,610 $ 6.63 Options granted 6,000 $ 4.88 Options cancelled and forfeited (2,998 ) $ 6.70 Options exercised (41,214 ) $ 4.74 Options outstanding at March 28, 2020 2,058,398 $ 6.66 Options exercisable at March 28, 2020 1,304,343 $ 6.77 Intevac issued 189,833 shares of common stock under the ESPP during the three months ended March 28, 2020. Intevac estimated the weighted-average fair value of stock options and ESPP purchase rights using the following weighted-average assumptions: Three Months Ended March 28, 2020 March 30, 2019 Stock Options: Weighted-average fair value of grants per share $ 1.82 $ 2.28 Expected volatility 46.06 % 43.40 % Risk-free interest rate 0.44 % 2.21 % Expected term of options (in years) 4.39 4.32 Dividend yield None None ESPP Purchase Rights: Weighted-average fair value of grants per share $ 1.66 $ 1.89 Expected volatility 36.69 % 50.00 % Risk-free interest rate 1.56 % 2.53 % Expected term of purchase rights (in years) 0.5 1.0 Dividend yield None None The computation of the expected volatility assumptions used in the Black-Scholes calculations for new stock option grants and ESPP purchase rights is based on the historical volatility of Intevac’s stock price, measured over a period equal to the expected term of the stock option grant or purchase right. The risk-free interest rate is based on the yield available on U.S. Treasury Strips with an equivalent remaining term. The expected term of employee stock options represents the weighted-average period that the stock options are expected to remain outstanding and was determined based on historical experience of similar awards, giving consideration to the contractual terms of the equity-based awards and vesting schedules. The expected term of purchase rights represents the period of time remaining in the current offering period. The dividend yield assumption is based on Intevac’s history of not paying dividends and the assumption of not paying dividends in the future. Intevac accounts for forfeitures as they occur, rather than by estimating expected forfeitures. RSUs A summary of the RSU activity is as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 553,355 $ 6.15 Granted 15,625 $ 5.09 Vested (15,611 ) $ 6.33 Cancelled and forfeited (248 ) $ 6.94 Non-vested 553,121 $ 6.11 Time-based RSUs are converted into shares of Intevac common stock upon vesting on a one-for-one |
Purchased Intangible Assets
Purchased Intangible Assets | 3 Months Ended |
Mar. 28, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Purchased Intangible Assets | 5. Purchased Intangible Assets Details of finite-lived intangible assets by segment as of March 28, 2020, are as follows: March 28, 2020 Gross Accumulated Net (In thousands) TFE $ 7,172 $ (7,077 ) $ 95 Photonics 1,215 (1,190 ) 25 $ 8,387 $ (8,267 ) $ 120 Total amortization expense of finite-lived intangibles for the three months ended March 28, 2020 was $154,000. As of March 28, 2020, future amortization expense is expected to be as follows: (In thousands) 2020 $ 120 |
Acquisition-Related Contingent
Acquisition-Related Contingent Consideration | 3 Months Ended |
Mar. 28, 2020 | |
Business Combinations [Abstract] | |
Contingent Consideration | 6. Acquisition-Related Contingent Consideration In connection with the acquisition of Solar Implant Technologies, Inc. (“SIT”), Intevac agreed to pay to the selling shareholders in cash a revenue earnout on Intevac’s net revenues from commercial sales of certain products over a specified period up to an aggregate of $9.0 million. The earnout period terminated on June 30, 2019. There is no remaining contingent consideration obligation associated with the earnout agreement at March 28, 2020. The following table represents a reconciliation of the change in the fair value measurement of the contingent consideration liability for the three-month period ended March 30, 2019. Three Months Ended March 30, 2019 (In thousands) Opening balance $ 223 Changes in fair value 7 Cash payments made (98 ) Closing balance $ 132 |
Warranty
Warranty | 3 Months Ended |
Mar. 28, 2020 | |
Guarantees [Abstract] | |
Warranty | 7. Warranty Intevac provides for the estimated cost of warranty when revenue is recognized. Intevac’s warranty is subject to contract terms and, for its HDD manufacturing, DCP manufacturing and solar cell manufacturing systems, the warranty typically ranges between 12 and 24 months from customer acceptance. During this warranty period any defective non-consumable On the condensed consolidated balance sheets, the short-term portion of the warranty provision is included in other accrued liabilities, while the long-term portion is included in other long-term liabilities. The expense associated with product warranties issued or adjusted is included in cost of net revenues on the condensed consolidated statements of operations. The following table displays the activity in the warranty provision account for the three-month periods ended March 28, 2020 and March 30, 2019. Three Months Ended March 28, 2020 March 30, 2019 (In thousands) Opening balance $ 1,022 $ 997 Expenditures incurred under warranties (120 ) (167 ) Accruals for product warranties issued during the reporting period 25 324 Adjustments to previously existing warranty accruals (202 ) 143 Closing balance $ 725 $ 1,297 The following table displays the balance sheet classification of the warranty provision account at March 28 20 March 28 , December 28, 2020 2019 (In thousands) Other accrued liabilities $ 582 $ 846 Other long-term liabilities 143 176 Total warranty provision $ 725 $ 1,022 |
Guarantees
Guarantees | 3 Months Ended |
Mar. 28, 2020 | |
Guarantees [Abstract] | |
Guarantees | 8. Guarantees Officer and Director Indemnifications As permitted or required under Delaware law and to the maximum extent allowable under that law, Intevac has certain obligations to indemnify its current and former officers and directors for certain events or occurrences while the officer or director is, or was, serving at Intevac’s request in such capacity. These indemnification obligations are valid as long as the director or officer acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The maximum potential amount of future payments Intevac could be required to make under these indemnification obligations is unlimited; however, Intevac has a director and officer insurance policy that mitigates Intevac’s exposure and enables Intevac to recover a portion of any future amounts paid. As a result of Intevac’s insurance policy coverage, Intevac believes the estimated fair value of these indemnification obligations is not material. Other Indemnifications As is customary in Intevac’s industry, many of Intevac’s contracts provide remedies to certain third parties such as defense, settlement, or payment of judgments for intellectual property claims related to the use of its products. Such indemnification obligations may not be subject to maximum loss clauses. Historically, payments made related to these indemnifications have been immaterial. Letters of Credit As of March 28, 2020, we had letters of credit and bank guarantees outstanding totaling $787,000, including the standby letter of credit outstanding under the Santa Clara, California facility lease and various other guarantees with our bank. These letters of credit and bank guarantees are collateralized by $787,000 of restricted cash. |
Cash, Cash Equivalents and Inve
Cash, Cash Equivalents and Investments | 3 Months Ended |
Mar. 28, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Cash, Cash Equivalents and Investments | 9. Cash, Cash Equivalents and Investments Cash and cash equivalents, short-term investments and long-term investments consist of: March 28, 2020 Amortized Cost Unrealized Unrealized Fair Value (In thousands) Cash and cash equivalents: Cash $ 17,782 $ — $ — $ 17,782 Money market funds 3,168 — — 3,168 Certificates of deposit 500 — — 500 Total cash and cash equivalents $ 21,450 $ — $ — $ 21,450 Short-term investments: Certificates of deposit $ 3,800 $ 5 $ 9 $ 3,796 Commercial paper 1,894 1 1 1,894 Corporate bonds and medium-term notes 7,309 5 8 7,306 U.S. treasury and agency securities 3,433 12 — 3,445 Total short-term investments $ 16,436 $ 23 $ 18 $ 16,441 Long-term investments: Certificates of deposit $ 999 $ 2 $ 14 $ 987 Corporate bonds and medium-term notes 1,015 3 — 1,018 U.S. treasury and agency securities 2,495 49 — 2,544 Total long-term investments $ 4,509 $ 54 $ 14 $ 4,549 Total cash, cash equivalents, and investments $ 42,395 $ 77 $ 32 $ 42,440 December 28, 2019 Amortized Cost Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 16,512 $ — $ — $ 16,512 Money market funds 3,255 — — 3,255 Total cash and cash equivalents $ 19,767 $ — $ — $ 19,767 Short-term investments: Certificates of deposit $ 3,000 $ 1 $ — $ 3,001 Commercial paper 1,891 2 — 1,893 Corporate bonds and medium-term notes 6,383 25 — 6,408 U.S. treasury and agency securities 5,417 1 — 5,418 Total short-term investments $ 16,691 $ 29 $ — $ 16,720 Long-term investments: Certificates of deposit $ 499 $ 1 $ — $ 500 Corporate bonds and medium-term notes 2,530 12 — 2,542 U.S. treasury and agency securities 2,494 1 — 2,495 Total long-term investments $ 5,523 $ 14 $ — $ 5,537 Total cash, cash equivalents, and investments $ 41,981 $ 43 $ — $ 42,024 The contractual maturities of available-for-sale Amortized Cost Fair Value (In thousands) Due in one year or less $ 20,104 $ 20,109 Due after one through five years 4,509 4,549 $ 24,613 $ 24,658 The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of March 28, 2020. March 28, 2020 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Certificates of deposit $ 2,176 $ 23 $ — $ — Commercial paper 896 1 — — Corporate bonds and medium-term notes 3,915 8 — — $ 6,987 $ 32 $ — $ — All prices for the fixed maturity securities including U.S. treasury and agency securities, certificates of deposit, commercial paper, corporate bonds, asset backed securities and municipal bonds are received from independent pricing services utilized by Intevac’s outside investment manager. This investment manager performs a review of the pricing methodologies and inputs utilized by the independent pricing services for each asset type priced by the vendor. In addition, on at least an annual basis, the investment manager conducts due diligence visits and interviews with each pricing vendor to verify the inputs utilized for each asset class. The due diligence visits include a review of the procedures performed by each vendor to ensure that pricing evaluations are representative of the price that would be received if a security were sold in an orderly transaction. Any pricing where the input is based solely on a broker price is deemed to be a Level 3 price. Intevac uses the pricing data obtained from its outside investment manager as the primary input to make its assessments and determinations as to the ultimate valuation of the above-mentioned securities and has not made, during the periods presented, any material adjustments to such inputs. The following table represents the fair value hierarchy of Intevac’s available-for-sale Fair Value Measurements at March 28, 2020 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Available-for-sale Money market funds $ 3,168 $ 3,168 $ — U.S. treasury and agency securities 5,989 5,989 — Certificates of deposit 5,283 — 5,283 Commercial paper 1,894 — 1,894 Corporate bonds and medium-term notes 8,324 — 8,324 Total recurring fair value measurements $ 24,658 $ 9,157 $ 15,501 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 28, 2020 | |
Derivative Instrument Detail [Abstract] | |
Derivative Instruments | 10. Derivative Instruments The Company uses foreign currency forward contracts to mitigate variability in gains and losses generated from the re-measurement re-measurement The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its condensed consolidated balance sheets as of March 28, 2020 and December 28, 2019. Notional Amounts Derivative Liabilities Derivative Instrument March 28, December 28, March 28, December 28, Balance Sheet Line Fair Value Balance Sheet Line Fair Value (In thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 911 1,035 * $ — * $ 4 Total Hedges $ 911 1,035 $ — $ 4 * Other accrued liabilities |
Equity
Equity | 3 Months Ended |
Mar. 28, 2020 | |
Equity [Abstract] | |
Equity | 11. Equity Condensed Consolidated Statements of Changes in Equity The changes in stockholders’ equity by component for the three months ended March 28, 2020 and March 30, 2019, are as follows (in thousands): Three Months Ended March 28, 2020 Common Paid-in Treasury Accumulated Accumulated Total Balance at December 28, 2019 $ 188,313 $ (29,158 ) $ 424 $ (63,786 ) $ 95,793 Common stock issued under employee plans 914 — — — 914 Equity-based compensation expense 672 — — — 672 Net loss — — — (1,224 ) (1,224 ) Other comprehensive loss — — (93 ) — (93 ) Common stock repurchases — (393 ) — — (393 ) Balance at March 28, 2020 $ 189,899 $ (29,551 ) $ 331 $ (65,010 ) $ 95,669 Three Months Ended March 30, 2019 Common Paid-in Treasury Accumulated Accumulated Total Balance at December 29, 2018 $ 183,227 $ (29,047 ) $ 378 $ (64,934 ) $ 89,624 Common stock issued under employee plans 993 — — — 993 Equity-based compensation expense 756 — — — 756 Net loss — — — (2,392 ) (2,392 ) Other comprehensive income — — 106 — 106 Balance at March 30, 2019 $ 184,976 $ (29,047 ) $ 484 $ (67,326 ) $ 89,087 Accumulated Other Comprehensive Income The changes in accumulated other comprehensive income by component for the three months ended March 30, 2019 and March 31, 2019, are as follows: Three Months Ended March 28, 2020 March 30, 2019 Foreign Unrealized available- for-sale Total Foreign Unrealized available- for-sale Total (In thousands) Beginning balance $ 381 $ 43 $ 424 $ 405 $ (27 ) $ 378 Other comprehensive income (loss) before reclassification (95 ) 2 (93 ) 61 45 106 Amounts reclassified from other comprehensive income (loss) — — — — — — Net current-period other comprehensive income (loss) (95 ) 2 (93 ) 61 45 106 Ending balance $ 286 $ 45 $ 331 $ 466 $ 18 $ 484 Stock Repurchase Program On November 21, 2013, Intevac’s Board of Directors approved a stock repurchase program authorizing up to $30.0 million in repurchases. On August 15, 201 8 The following table summarizes Intevac’s stock repurchases: Three Months Ended March 28, 2020 March 30, 2019 (In thousands, except per share amounts) Shares of common stock repurchased 98 — Cost of stock repurchased $ 393 $ — Average price paid per share share $ 3.97 $ — Intevac records treasury stock purchases under the cost method using the first-in, first-out paid-in paid-in |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 28, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 12. Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share. Three Months Ended March 28, 2020 March 30, 2019 (In thousands) Net loss $ (1,224 ) $ (2,392 ) Weighted-average shares – basic 23,483 22,855 Effect of dilutive potential common shares — — Weighted-average shares – diluted 23,483 22,855 Net loss per share – basic and diluted $ (0.05 ) $ (0.10 ) As the Company is in a net loss position, all of the Company’s equity instruments are considered antidilutive. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 28, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. Segment Reporting Intevac’s two Each reportable segment is separately managed and has separate financial results that are reviewed by Intevac’s chief operating decision-maker. Each reportable segment contains closely related products that are unique to the particular segment. Segment operating profit is determined based upon internal performance measures used by the chief operating decision-maker. Intevac derives the segment results from its internal management reporting system. The accounting policies Intevac uses to derive reportable segment results are substantially the same as those used for external reporting purposes. Management measures the performance of each reportable segment based upon several metrics, including orders, net revenues and operating income. Management uses these results to evaluate the performance of, and to assign resources to, each of the reportable segments. Intevac manages certain operating expenses separately at the corporate level. Intevac allocates certain of these corporate expenses to the segments in an amount equal to 3 The TFE segment designs, develops and markets vacuum process equipment solutions for high-volume manufacturing of small substrates with precise thin-film properties, such as for the hard drive, solar cell and DCP industries, as well as other adjacent thin-film markets. The Photonics segment develops compact, cost-effective, high-sensitivity digital-optical products for the capture and display of low-light Information for each reportable segment for the three months ended March 28, 2020 and March 30, 2019 is as follows: Net Revenues Three Months Ended March 28, 2020 March 30, 2019 (In thousands) TFE $ 7,962 $ 18,945 Photonics 10,878 5,882 Total segment net revenues $ 18,840 $ 24,827 Operating Income (Loss) Three Months Ended March 28, 2020 March 30, 2019 (In thousands) TFE $ (2,531 ) $ (603 ) Photonics 2,912 (640 ) Total segment operating income (loss) 381 (1,243 ) Unallocated costs (1,481 ) (756 ) Loss from operations (1,100 ) (1,999 ) Interest income and other income (expense), net 142 160 Loss before provision for income taxes $ (958 ) $ (1,839 ) Total assets for each reportable segment as of March 28, 2020 and December 28, 2019 are as follows: Assets March 28, 2020 December 28, 2019 (In thousands) TFE $ 46,007 $ 51,153 Photonics 23,487 22,071 Total segment assets 69,494 73,244 Cash, cash equivalents and investments 42,440 42,024 Restricted cash 787 787 Deferred income taxes 6,138 6,252 Other current assets 1,195 752 Common property, plant and equipment 1,531 1,307 Common operating lease right-of-use 1,794 1,898 Other assets — 78 Consolidated total assets $ 123,379 $ 126,322 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 28, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes Intevac recorded income tax provisions of $266,000 for the three months ended March 28, 2020 and $553,000 for the three months ended March 30, 2019. The income tax provisions for the three month periods are based upon estimates of annual income (loss), annual permanent differences and statutory tax rates in the various jurisdictions in which Intevac operates. For the three-month period ended March 28, 2020 Intevac recorded a $165,000 income tax provision on earnings of its international subsidiaries and recorded $101,000 for withholding taxes on royalties paid to the United States from Intevac’s Singapore subsidiary as a discrete item. For the three-month period ended March 30, 2019 Intevac recorded a $362,000 income tax provision on earnings of its international subsidiaries and recorded $191,000 for withholding taxes on royalties paid to the United States from Intevac’s Singapore subsidiary as a discrete item. For all periods presented Intevac utilized net operating loss carry-forwards to offset the impact of the global intangible low-taxed The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States. The CARES Act includes several significant provisions for corporations, including the usage of net operating losses and payroll benefits. Several foreign (non-U.S.) non-U.S. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 28, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies From time to time, Intevac may have certain contingent liabilities that arise in the ordinary course of its business activities. Intevac accounts for contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 28, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events On April 27, 2020, the Singapore government directed the Company to suspend all onsite activities at its factory in Singapore and remain closed until at least June 1, 2020. While this business disruption is expected to be temporary, the current circumstances are dynamic and the impacts of COVID-19 on the Company’s business operations, including the duration of disruptions to the Company’s operations, cannot be reasonably estimated at this time. The closure of its factory in Singapore significantly curtails the Company’s ability to meet its production demand and shipments for its TFE HDD customers during this closure period. Although these restrictions are currently scheduled to expire on June 1, 2020, there can be no assurance they will not be extended. The Company is currently petitioning the Singapore government for an exemption from these restrictions as an essential business. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue from Contracts with Customers | The following tables represent a disaggregation of revenue from contracts with customers for the three months ended March 28, 2020 and March 30, 2019 along with the reportable segment for each category. Major Products and Service Lines TFE Three Months Ended March 28, 2020 Three Months Ended March 30, 2019 (In thousands) HDD DCP PV Total HDD DCP PV Total Systems, upgrades and spare parts $ 6,361 $ — $ 208 $ 6,569 $ 11,050 $ — $ 6,373 $ 17,423 Field service 1,393 — — 1,393 1,522 — — 1,522 Total TFE net revenues $ 7,754 $ — $ 208 $ 7,962 $ 12,572 $ — $ 6,373 $ 18,945 Three Months Ended Photonics March 28, March 30, (In thousands) Products: Military products $ 5,365 $ 1,813 Commercial products 79 318 Repair and other services 430 561 Total Photonics product net revenues 5,874 2,692 Technology development: Firm Fixed Price (“FFP”) 4,430 1,692 Cost Plus Fixed Fee (“CPFF”) 574 1,496 Time and materials — 2 Total technology development net revenues 5,004 3,190 Total Photonics net revenues $ 10,878 $ 5,882 Primary Geographical Markets Three Months Ended March 28, 2020 March 30, 2019 (In thousands) TFE Photonics Total TFE Photonics Total United States $ 519 $ 10,856 $ 11,375 $ 161 $ 5,716 $ 5,877 Asia 7,443 — 7,443 18,784 — 18,784 Europe — 22 22 — 166 166 Total net revenues $ 7,962 $ 10,878 $ 18,840 $ 18,945 $ 5,882 $ 24,827 Timing of Revenue Recognition Three Months Ended March 28, 2020 March 30, 2019 (In thousands) TFE Photonics Total TFE Photonics Total Products transferred at a point in time $ 7,962 $ 430 $ 8,392 $ 18,945 $ 561 $ 19,506 Products and services transferred over time — 10,448 10,448 — 5,321 5,321 $ 7,962 $ 10,878 $ 18,840 $ 18,945 $ 5,882 $ 24,827 |
Changes in Contract Assets and Contract Liabilities | The following table reflects the changes in our contract assets, which we classify as accounts receivable, unbilled or retainage, and our contract liabilities, which we classify as deferred revenue and customer advances, for the three months ended March 28 2020. March 28, December 28, Three Months Change (In thousands) TFE: Contract assets: Accounts receivable, unbilled $ — $ 760 $ (760 ) Contract liabilities: Deferred revenue $ 486 $ 320 $ 166 Customer advances 4,696 4,007 689 $ 5,182 $ 4,327 $ 855 Photonics: Contract assets: Accounts receivable, unbilled $ 6,187 $ 3,210 $ 2,977 Retainage 103 99 4 $ 6,290 $ 3,309 $ 2,981 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories are stated at the lower of average cost or net realizable value and consist of the following: March 28, December 28, (In thousands) Raw materials $ 13,502 $ 15,286 Work-in-progress 7,272 4,748 Finished goods 6,434 4,873 $ 27,208 $ 24,907 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Effect of Recording Equity-Based Compensation | The effect of recording equity-based compensation for the three-month periods ended March 28, 2020 and March 30, 2019 was as follows: Three Months Ended March 28, 2020 March 30, 2019 (In thousands) Equity-based compensation by type of award: Stock options $ 215 $ 206 RSUs 366 291 Employee stock purchase plan 91 259 Total equity-based compensation $ 672 $ 756 |
Summary of Stock Option Activity | Option activity as of March 28, 2020 and changes during the three months ended March 28, 2020 were as follows: Shares Weighted-Average Options outstanding at December 28, 2019 2,096,610 $ 6.63 Options granted 6,000 $ 4.88 Options cancelled and forfeited (2,998 ) $ 6.70 Options exercised (41,214 ) $ 4.74 Options outstanding at March 28, 2020 2,058,398 $ 6.66 Options exercisable at March 28, 2020 1,304,343 $ 6.77 |
Employee Stock Options Weighted-Average Assumptions | Intevac estimated the weighted-average fair value of stock options and ESPP purchase rights using the following weighted-average assumptions: Three Months Ended March 28, 2020 March 30, 2019 Stock Options: Weighted-average fair value of grants per share $ 1.82 $ 2.28 Expected volatility 46.06 % 43.40 % Risk-free interest rate 0.44 % 2.21 % Expected term of options (in years) 4.39 4.32 Dividend yield None None ESPP Purchase Rights: Weighted-average fair value of grants per share $ 1.66 $ 1.89 Expected volatility 36.69 % 50.00 % Risk-free interest rate 1.56 % 2.53 % Expected term of purchase rights (in years) 0.5 1.0 Dividend yield None None |
Summary of Restricted Stock Units Activity | A summary of the RSU activity is as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 553,355 $ 6.15 Granted 15,625 $ 5.09 Vested (15,611 ) $ 6.33 Cancelled and forfeited (248 ) $ 6.94 Non-vested 553,121 $ 6.11 |
Purchased Intangible Assets (Ta
Purchased Intangible Assets (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Information Regarding Other Acquisition Related Intangible Assets | Details of finite-lived intangible assets by segment as of March 28, 2020, are as follows: March 28, 2020 Gross Accumulated Net (In thousands) TFE $ 7,172 $ (7,077 ) $ 95 Photonics 1,215 (1,190 ) 25 $ 8,387 $ (8,267 ) $ 120 |
Estimated Future Amortization Expense Related to Finite-Lived Purchased Intangible Assets | As of March 28, 2020, future amortization expense is expected to be as follows: (In thousands) 2020 $ 120 |
Acquisition-Related Contingen_2
Acquisition-Related Contingent Consideration (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Business Combinations [Abstract] | |
Reconciliation of Change in Fair Value Measurement of Contingent Consideration Liability | The following table represents a reconciliation of the change in the fair value measurement of the contingent consideration liability for the three-month period ended March 30, 2019. Three Months Ended March 30, 2019 (In thousands) Opening balance $ 223 Changes in fair value 7 Cash payments made (98 ) Closing balance $ 132 |
Warranty (Tables)
Warranty (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Guarantees [Abstract] | |
Schedule of Product Warranty Liability | The following table displays the activity in the warranty provision account for the three-month periods ended March 28, 2020 and March 30, 2019. Three Months Ended March 28, 2020 March 30, 2019 (In thousands) Opening balance $ 1,022 $ 997 Expenditures incurred under warranties (120 ) (167 ) Accruals for product warranties issued during the reporting period 25 324 Adjustments to previously existing warranty accruals (202 ) 143 Closing balance $ 725 $ 1,297 The following table displays the balance sheet classification of the warranty provision account at March 28 20 March 28 , December 28, 2020 2019 (In thousands) Other accrued liabilities $ 582 $ 846 Other long-term liabilities 143 176 Total warranty provision $ 725 $ 1,022 |
Cash, Cash Equivalents and In_2
Cash, Cash Equivalents and Investments (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Investments, All Other Investments [Abstract] | |
Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments | Cash and cash equivalents, short-term investments and long-term investments consist of: March 28, 2020 Amortized Cost Unrealized Unrealized Fair Value (In thousands) Cash and cash equivalents: Cash $ 17,782 $ — $ — $ 17,782 Money market funds 3,168 — — 3,168 Certificates of deposit 500 — — 500 Total cash and cash equivalents $ 21,450 $ — $ — $ 21,450 Short-term investments: Certificates of deposit $ 3,800 $ 5 $ 9 $ 3,796 Commercial paper 1,894 1 1 1,894 Corporate bonds and medium-term notes 7,309 5 8 7,306 U.S. treasury and agency securities 3,433 12 — 3,445 Total short-term investments $ 16,436 $ 23 $ 18 $ 16,441 Long-term investments: Certificates of deposit $ 999 $ 2 $ 14 $ 987 Corporate bonds and medium-term notes 1,015 3 — 1,018 U.S. treasury and agency securities 2,495 49 — 2,544 Total long-term investments $ 4,509 $ 54 $ 14 $ 4,549 Total cash, cash equivalents, and investments $ 42,395 $ 77 $ 32 $ 42,440 December 28, 2019 Amortized Cost Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 16,512 $ — $ — $ 16,512 Money market funds 3,255 — — 3,255 Total cash and cash equivalents $ 19,767 $ — $ — $ 19,767 Short-term investments: Certificates of deposit $ 3,000 $ 1 $ — $ 3,001 Commercial paper 1,891 2 — 1,893 Corporate bonds and medium-term notes 6,383 25 — 6,408 U.S. treasury and agency securities 5,417 1 — 5,418 Total short-term investments $ 16,691 $ 29 $ — $ 16,720 Long-term investments: Certificates of deposit $ 499 $ 1 $ — $ 500 Corporate bonds and medium-term notes 2,530 12 — 2,542 U.S. treasury and agency securities 2,494 1 — 2,495 Total long-term investments $ 5,523 $ 14 $ — $ 5,537 Total cash, cash equivalents, and investments $ 41,981 $ 43 $ — $ 42,024 |
Contractual Maturities of Available-for-Sale Securities | The contractual maturities of available-for-sale Amortized Cost Fair Value (In thousands) Due in one year or less $ 20,104 $ 20,109 Due after one through five years 4,509 4,549 $ 24,613 $ 24,658 |
Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired | The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of March 28, 2020. March 28, 2020 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Certificates of deposit $ 2,176 $ 23 $ — $ — Commercial paper 896 1 — — Corporate bonds and medium-term notes 3,915 8 — — $ 6,987 $ 32 $ — $ — |
Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis | The following table represents the fair value hierarchy of Intevac’s available-for-sale Fair Value Measurements at March 28, 2020 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Available-for-sale Money market funds $ 3,168 $ 3,168 $ — U.S. treasury and agency securities 5,989 5,989 — Certificates of deposit 5,283 — 5,283 Commercial paper 1,894 — 1,894 Corporate bonds and medium-term notes 8,324 — 8,324 Total recurring fair value measurements $ 24,658 $ 9,157 $ 15,501 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Derivative Instrument Detail [Abstract] | |
Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets | The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its condensed consolidated balance sheets as of March 28, 2020 and December 28, 2019. Notional Amounts Derivative Liabilities Derivative Instrument March 28, December 28, March 28, December 28, Balance Sheet Line Fair Value Balance Sheet Line Fair Value (In thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 911 1,035 * $ — * $ 4 Total Hedges $ 911 1,035 $ — $ 4 * Other accrued liabilities |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Equity [Abstract] | |
Schedule of Changes in Stockholders' Equity | The changes in stockholders’ equity by component for the three months ended March 28, 2020 and March 30, 2019, are as follows (in thousands): Three Months Ended March 28, 2020 Common Paid-in Treasury Accumulated Accumulated Total Balance at December 28, 2019 $ 188,313 $ (29,158 ) $ 424 $ (63,786 ) $ 95,793 Common stock issued under employee plans 914 — — — 914 Equity-based compensation expense 672 — — — 672 Net loss — — — (1,224 ) (1,224 ) Other comprehensive loss — — (93 ) — (93 ) Common stock repurchases — (393 ) — — (393 ) Balance at March 28, 2020 $ 189,899 $ (29,551 ) $ 331 $ (65,010 ) $ 95,669 Three Months Ended March 30, 2019 Common Paid-in Treasury Accumulated Accumulated Total Balance at December 29, 2018 $ 183,227 $ (29,047 ) $ 378 $ (64,934 ) $ 89,624 Common stock issued under employee plans 993 — — — 993 Equity-based compensation expense 756 — — — 756 Net loss — — — (2,392 ) (2,392 ) Other comprehensive income — — 106 — 106 Balance at March 30, 2019 $ 184,976 $ (29,047 ) $ 484 $ (67,326 ) $ 89,087 |
Changes in Accumulated Other Comprehensive Income by Component | The changes in accumulated other comprehensive income by component for the three months ended March 30, 2019 and March 31, 2019, are as follows: Three Months Ended March 28, 2020 March 30, 2019 Foreign Unrealized available- for-sale Total Foreign Unrealized available- for-sale Total (In thousands) Beginning balance $ 381 $ 43 $ 424 $ 405 $ (27 ) $ 378 Other comprehensive income (loss) before reclassification (95 ) 2 (93 ) 61 45 106 Amounts reclassified from other comprehensive income (loss) — — — — — — Net current-period other comprehensive income (loss) (95 ) 2 (93 ) 61 45 106 Ending balance $ 286 $ 45 $ 331 $ 466 $ 18 $ 484 |
Schedule of Stock Repurchases | The following table summarizes Intevac’s stock repurchases: Three Months Ended March 28, 2020 March 30, 2019 (In thousands, except per share amounts) Shares of common stock repurchased 98 — Cost of stock repurchased $ 393 $ — Average price paid per share share $ 3.97 $ — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The following table sets forth the computation of basic and diluted net loss per share. Three Months Ended March 28, 2020 March 30, 2019 (In thousands) Net loss $ (1,224 ) $ (2,392 ) Weighted-average shares – basic 23,483 22,855 Effect of dilutive potential common shares — — Weighted-average shares – diluted 23,483 22,855 Net loss per share – basic and diluted $ (0.05 ) $ (0.10 ) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Segment Reporting [Abstract] | |
Information for Each Reportable Segment | Information for each reportable segment for the three months ended March 28, 2020 and March 30, 2019 is as follows: Net Revenues Three Months Ended March 28, 2020 March 30, 2019 (In thousands) TFE $ 7,962 $ 18,945 Photonics 10,878 5,882 Total segment net revenues $ 18,840 $ 24,827 Operating Income (Loss) Three Months Ended March 28, 2020 March 30, 2019 (In thousands) TFE $ (2,531 ) $ (603 ) Photonics 2,912 (640 ) Total segment operating income (loss) 381 (1,243 ) Unallocated costs (1,481 ) (756 ) Loss from operations (1,100 ) (1,999 ) Interest income and other income (expense), net 142 160 Loss before provision for income taxes $ (958 ) $ (1,839 ) |
Segment Assets | Total assets for each reportable segment as of March 28, 2020 and December 28, 2019 are as follows: Assets March 28, 2020 December 28, 2019 (In thousands) TFE $ 46,007 $ 51,153 Photonics 23,487 22,071 Total segment assets 69,494 73,244 Cash, cash equivalents and investments 42,440 42,024 Restricted cash 787 787 Deferred income taxes 6,138 6,252 Other current assets 1,195 752 Common property, plant and equipment 1,531 1,307 Common operating lease right-of-use 1,794 1,898 Other assets — 78 Consolidated total assets $ 123,379 $ 126,322 |
Revenue -Disaggregation of Reve
Revenue -Disaggregation of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 18,840 | $ 24,827 |
TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 7,962 | 18,945 |
TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 6,569 | 17,423 |
TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,393 | 1,522 |
Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 10,878 | 5,882 |
HDD | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 7,754 | 12,572 |
HDD | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 6,361 | 11,050 |
HDD | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,393 | 1,522 |
DCP | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | ||
DCP | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | ||
DCP | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | ||
PV | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 208 | 6,373 |
PV | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 208 | 6,373 |
PV | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | ||
Military Products | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 5,365 | 1,813 |
Commercial Products | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 79 | 318 |
Repair and Other Services | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 430 | 561 |
Product | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 5,874 | 2,692 |
Firm Fixed Price [Member] | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 4,430 | 1,692 |
Cost Plus Fixed Fee [Member] | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 574 | 1,496 |
Times and Materials | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 2 | |
Technology Development | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 5,004 | $ 3,190 |
Revenue - Primary Geography Mar
Revenue - Primary Geography Markets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 18,840 | $ 24,827 |
Products Transferred at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 8,392 | 19,506 |
Products and Services Transferred Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 10,448 | 5,321 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 11,375 | 5,877 |
Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 7,443 | 18,784 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 22 | 166 |
TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 7,962 | 18,945 |
TFE | Products Transferred at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 7,962 | 18,945 |
TFE | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 519 | 161 |
TFE | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 7,443 | 18,784 |
Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 10,878 | 5,882 |
Photonics | Products Transferred at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 430 | 561 |
Photonics | Products and Services Transferred Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 10,448 | 5,321 |
Photonics | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 10,856 | 5,716 |
Photonics | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | ||
Photonics | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 22 | $ 166 |
Revenue - Changes in Contract A
Revenue - Changes in Contract Assets and Contract Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Dec. 28, 2019 | |
TFE | ||
Contract liabilities: | ||
Contract liabilities | $ 5,182 | $ 4,327 |
Contract liabilities: | ||
Change in contract liabilities | 855 | |
TFE | Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 760 | |
Contract assets: | ||
Change in contract assets | (760) | |
TFE | Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 486 | 320 |
Contract liabilities: | ||
Change in contract liabilities | 166 | |
TFE | Customer Advances | ||
Contract liabilities: | ||
Contract liabilities | 4,696 | 4,007 |
Contract liabilities: | ||
Change in contract liabilities | 689 | |
Photonics | ||
Contract assets: | ||
Contract assets | 6,290 | 3,309 |
Contract assets: | ||
Change in contract assets | 2,981 | |
Photonics | Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 6,187 | 3,210 |
Contract assets: | ||
Change in contract assets | 2,977 | |
Photonics | Retainage | ||
Contract assets: | ||
Contract assets | 103 | $ 99 |
Contract assets: | ||
Change in contract assets | $ 4 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 3 Months Ended |
Mar. 28, 2020USD ($)Installment | |
Revenue From Contract With Customers [Line Items] | |
Revenue remaining performance obligation | $ 87,200,000 |
TFE | |
Revenue From Contract With Customers [Line Items] | |
Revenue remaining performance obligation | $ 22,400,000 |
TFE | Accounts Receivable, Unbilled | |
Revenue From Contract With Customers [Line Items] | |
Number of installments | Installment | 3 |
Change in contract assets | $ (760,000) |
TFE | Customer Advances | |
Revenue From Contract With Customers [Line Items] | |
Contract with customer liability revenue recognized | 155,000 |
TFE | Deferred Revenue | |
Revenue From Contract With Customers [Line Items] | |
Contract with customer liability revenue recognized | 21,000 |
Photonics | |
Revenue From Contract With Customers [Line Items] | |
Change in contract assets | 2,981,000 |
Revenue remaining performance obligation | 64,800,000 |
Photonics | Accounts Receivable, Unbilled | |
Revenue From Contract With Customers [Line Items] | |
Change in contract assets | $ 2,977,000 |
Revenue - Additional Informat_2
Revenue - Additional Information (Detail 1) | Dec. 28, 2023 | Mar. 28, 2022 | Mar. 28, 2021 | Mar. 28, 2020 |
Revenue From Contract With Customers [Line Items] | ||||
Revenue, remaining performance obligation, percentage | 59.00% | |||
Scenario Forecast | ||||
Revenue From Contract With Customers [Line Items] | ||||
Revenue, remaining performance obligation, percentage | 7.00% | 13.00% | 21.00% |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional information (Detail) | 3 Months Ended |
Mar. 28, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Purchase of common stock through payroll deductions | 85.00% |
Offering periods | 2 years |
Maximum employee salary withholdings for purchase of common stock under the terms of the ESPP | 15.00% |
Stock issued under Employee Stock Purchase Plans | 189,833 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award, vesting period | 4 years |
Equity-Based Compensation - Eff
Equity-Based Compensation - Effect of Recording Equity-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 672 | $ 756 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 215 | 206 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 366 | 291 |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 91 | $ 259 |
Equity-Based Compensation - Wei
Equity-Based Compensation - Weighted-Average Fair Value of Stock Options and Employee Stock Purchase Rights using Weighted-Average Assumptions (Detail) - $ / shares | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of grants per share | $ 1.82 | $ 2.28 |
Expected volatility | 46.06% | 43.40% |
Risk free interest rate | 0.44% | 2.21% |
Expected term of options (in years) | 4 years 4 months 20 days | 4 years 3 months 25 days |
Dividend yield | 0.00% | 0.00% |
Stock Purchase Rights | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of grants per share | $ 1.66 | $ 1.89 |
Expected volatility | 36.69% | 50.00% |
Risk free interest rate | 1.56% | 2.53% |
Expected term of options (in years) | 6 months | 1 year |
Dividend yield | 0.00% | 0.00% |
Equity-Based Compensation - Opt
Equity-Based Compensation - Option Activity and Changes (Detail) - $ / shares | 3 Months Ended | |
Mar. 28, 2020 | Dec. 28, 2019 | |
Shares | ||
Options outstanding at December 29, 2018 | 2,096,610 | |
Options granted | 6,000 | |
Options cancelled and forfeited | (2,998) | |
Options exercised | (41,214) | |
Options outstanding at December 28, 2019 | 2,058,398 | |
Options exercisable at December 28, 2019 | 1,304,343 | |
Weighted-Average Exercise Price | ||
Options outstanding at December 29, 2018 | $ 6.63 | |
Options granted | 4.88 | |
Options cancelled and forfeited | 6.70 | |
Options exercised | 4.74 | |
Options outstanding at December 28, 2019 | $ 6.66 | |
Options exercisable at December 28, 2019 | $ 6.77 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 28, 2020$ / sharesshares | |
Shares | |
Non-vested RSUs at December 28, 2019 | shares | 553,355 |
Granted | shares | 15,625 |
Vested | shares | (15,611) |
Cancelled | shares | (248) |
Non-vested RSUs at March 28, 2020 | shares | 553,121 |
Weighted Average Grant Date Fair Value | |
Non-vested RSUs at December 28, 2019 | $ / shares | $ 6.15 |
Granted | $ / shares | 5.09 |
Vested | $ / shares | 6.33 |
Cancelled | $ / shares | 6.94 |
Non-vested RSUs at March 28, 2020 | $ / shares | $ 6.11 |
Inventories - Inventories State
Inventories - Inventories Stated at Lower of Average Cost or Net Realizable Value (Detail) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 13,502 | $ 15,286 |
Work-in-progress | 7,272 | 4,748 |
Finished goods | 6,434 | 4,873 |
Inventories | $ 27,208 | $ 24,907 |
Purchased Intangible Assets - A
Purchased Intangible Assets - Additional Information (Detail) | 3 Months Ended |
Mar. 28, 2020USD ($) | |
Business Combination Segment Allocation [Line Items] | |
Total amortization expense of finite-lived intangibles | $ 154,000 |
Purchased Intangible Assets - D
Purchased Intangible Assets - Details of Finite-lived Intangible Assets by Segment (Detail) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived, Gross Carrying Amount | $ 8,387 | |
Accumulated Amortization | (8,267) | $ (8,113) |
Finite Lived, Net Carrying Amount | 120 | $ 274 |
TFE | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived, Gross Carrying Amount | 7,172 | |
Accumulated Amortization | (7,077) | |
Finite Lived, Net Carrying Amount | 95 | |
Photonics | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived, Gross Carrying Amount | 1,215 | |
Accumulated Amortization | (1,190) | |
Finite Lived, Net Carrying Amount | $ 25 |
Purchased Intangible Assets - F
Purchased Intangible Assets - Future Amortization Expense (Detail) $ in Thousands | Mar. 28, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 120 |
Acquisition-Related Contingen_3
Acquisition-Related Contingent Consideration - Additional Information (Detail) $ in Millions | Nov. 19, 2010USD ($) |
Solar Implant Technologies | Revenue Earnout | |
Business Acquisition [Line Items] | |
Maximum amount of cash potentially earned in contingent compensation arrangements | $ 9 |
Acquisition-Related Contingen_4
Acquisition-Related Contingent Consideration - Reconciliation of Change in Fair Value Measurement of Contingent Consideration Liability (Detail) $ in Thousands | 3 Months Ended |
Mar. 28, 2020USD ($) | |
Business Combinations [Abstract] | |
Beginning balance | $ 223 |
Changes in fair value | 7 |
Cash payments made | (98) |
Ending balance | $ 132 |
Warranty - Additional Informati
Warranty - Additional Information (Detail) | 3 Months Ended |
Mar. 28, 2020 | |
Guarantees [Abstract] | |
Minimum product warranty range | 12 months |
Maximum product warranty range | 24 months |
Warranty - Balance Sheet Classi
Warranty - Balance Sheet Classification of Warranty Provision Account (Detail) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 | Mar. 30, 2019 | Dec. 29, 2018 |
Guarantees [Abstract] | ||||
Other accrued liabilities | $ 582 | $ 846 | ||
Other long-term liabilities | 143 | 176 | ||
Total warranty provision | $ 725 | $ 1,022 | $ 1,297 | $ 997 |
Guarantees - Additional Informa
Guarantees - Additional Information (Detail) | Mar. 28, 2020USD ($) |
Guarantees [Abstract] | |
Letters of credit and bank guarantees outstanding, amount | $ 787,000 |
Letters of credit and bank guarantees collateralized by restricted cash | $ 787,000 |
Cash, Cash Equivalents and In_3
Cash, Cash Equivalents and Investments - Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments (Detail) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 42,395 | $ 41,981 |
Unrealized Holding Gains | 77 | 43 |
Unrealized Holding Losses | 32 | 0 |
Fair Value | 42,440 | 42,024 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 21,450 | 19,767 |
Fair Value | 21,450 | 19,767 |
Cash and Cash Equivalents | Cash | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 17,782 | 16,512 |
Fair Value | 17,782 | 16,512 |
Cash and Cash Equivalents | Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,168 | 3,255 |
Fair Value | 3,168 | 3,255 |
Cash and Cash Equivalents | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | |
Fair Value | 500 | |
Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 16,436 | 16,691 |
Unrealized Holding Gains | 23 | 29 |
Unrealized Holding Losses | 18 | 0 |
Fair Value | 16,441 | 16,720 |
Short-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,309 | 6,383 |
Unrealized Holding Gains | 5 | 25 |
Unrealized Holding Losses | 8 | 0 |
Fair Value | 7,306 | 6,408 |
Short-term Investments | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,433 | 5,417 |
Unrealized Holding Gains | 12 | 1 |
Fair Value | 3,445 | 5,418 |
Short-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,800 | 3,000 |
Unrealized Holding Gains | 5 | 1 |
Unrealized Holding Losses | 9 | 0 |
Fair Value | 3,796 | 3,001 |
Short-term Investments | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,894 | 1,891 |
Unrealized Holding Gains | 1 | 2 |
Unrealized Holding Losses | 1 | 0 |
Fair Value | 1,894 | 1,893 |
Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,509 | 5,523 |
Unrealized Holding Gains | 54 | 14 |
Unrealized Holding Losses | 14 | 0 |
Fair Value | 4,549 | 5,537 |
Long-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,015 | 2,530 |
Unrealized Holding Gains | 3 | 12 |
Unrealized Holding Losses | 0 | |
Fair Value | 1,018 | 2,542 |
Long-term Investments | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,495 | 2,494 |
Unrealized Holding Gains | 49 | 1 |
Unrealized Holding Losses | 0 | 0 |
Fair Value | 2,544 | 2,495 |
Long-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 999 | 499 |
Unrealized Holding Gains | 2 | 1 |
Unrealized Holding Losses | 14 | |
Fair Value | $ 987 | $ 500 |
Cash, Cash Equivalents and In_4
Cash, Cash Equivalents and Investments - Contractual Maturities of Available-For-Sale Securities (Detail) $ in Thousands | Mar. 28, 2020USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 20,104 |
Amortized Cost, Due after one through five years | 4,509 |
Amortized Cost | 24,613 |
Fair Value, Due in one year or less | 20,109 |
Fair Value, Due after one through five years | 4,549 |
Fair Value | $ 24,658 |
Cash, Cash Equivalents and In_5
Cash, Cash Equivalents and Investments - Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired (Detail) $ in Thousands | Mar. 28, 2020USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | $ 6,987 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 32 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 0 |
Certificates of deposit | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 2,176 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 23 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 0 |
Commercial paper | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 896 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 1 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 0 |
Corporate bonds and medium-term notes | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 3,915 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 8 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | $ 0 |
Cash, Cash Equivalents and In_6
Cash, Cash Equivalents and Investments - Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis (Detail) $ in Thousands | Mar. 28, 2020USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 24,658 |
Fair Value, Measurements, Recurring | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 24,658 |
Fair Value, Measurements, Recurring | Money market funds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 3,168 |
Fair Value, Measurements, Recurring | Certificates of deposit | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 5,283 |
Fair Value, Measurements, Recurring | Commercial paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 1,894 |
Fair Value, Measurements, Recurring | U.S. treasury and agency securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 5,989 |
Fair Value, Measurements, Recurring | Corporate bonds and medium-term notes | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 8,324 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 9,157 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Money market funds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 3,168 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. treasury and agency securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 5,989 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 15,501 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Certificates of deposit | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 5,283 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 1,894 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Corporate bonds and medium-term notes | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 8,324 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 3 Months Ended |
Mar. 28, 2020 | |
Derivative Instrument Detail [Abstract] | |
Maturity of foreign currency derivative | 30 days |
Derivative Instruments - Summar
Derivative Instruments - Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets (Detail) - Undesignated Hedges - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | $ 911 | $ 1,035 |
Derivative Liabilities | 0 | 4 |
Forward Foreign Currency Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | 911 | 1,035 |
Derivative Liabilities | $ 0 | $ 4 |
Equity - Schedule of Changes in
Equity - Schedule of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Class of Stock [Line Items] | ||
Beginning balance | $ 95,793 | $ 89,624 |
Common stock issued under employee plans | 914 | 993 |
Equity-based compensation expense | 672 | 756 |
Net loss | (1,224) | (2,392) |
Other comprehensive loss | (93) | 106 |
Common stock repurchases | (393) | |
Ending balance | 95,669 | 89,087 |
Common Stock and Additional Paid-in Capital | ||
Class of Stock [Line Items] | ||
Beginning balance | 188,313 | 183,227 |
Common stock issued under employee plans | 914 | 993 |
Equity-based compensation expense | 672 | 756 |
Ending balance | 189,899 | 184,976 |
Treasury Stock | ||
Class of Stock [Line Items] | ||
Beginning balance | (29,158) | (29,047) |
Common stock repurchases | (393) | |
Ending balance | (29,551) | (29,047) |
Accumulated Other Comprehensive Income | ||
Class of Stock [Line Items] | ||
Beginning balance | 424 | 378 |
Other comprehensive loss | (93) | 106 |
Ending balance | 331 | 484 |
Accumulated Deficit | ||
Class of Stock [Line Items] | ||
Beginning balance | (63,786) | (64,934) |
Net loss | (1,224) | (2,392) |
Ending balance | $ (65,010) | $ (67,326) |
Equity - Changes in Accumulated
Equity - Changes in Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 95,793 | $ 89,624 |
Other comprehensive income (loss), net of tax | (93) | 106 |
Ending balance | 95,669 | 89,087 |
Foreign currency | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 381 | 405 |
Other comprehensive income (loss) before reclassification | (95) | 61 |
Other comprehensive income (loss), net of tax | (95) | 61 |
Ending balance | 286 | 466 |
Unrealized holding gains (losses) on available- for-sale investments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 43 | (27) |
Other comprehensive income (loss) before reclassification | 2 | 45 |
Other comprehensive income (loss), net of tax | 2 | 45 |
Ending balance | 45 | 18 |
Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 424 | 378 |
Other comprehensive income (loss) before reclassification | (93) | 106 |
Other comprehensive income (loss), net of tax | (93) | 106 |
Ending balance | $ 331 | $ 484 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ in Millions | Aug. 15, 2018 | Mar. 28, 2020 | Nov. 21, 2013 |
Equity [Abstract] | |||
Stock repurchase authorized amount | $ 40 | $ 30 | |
Increase in stock repurchase program | $ 10 | ||
Stock repurchase remained available for future stock repurchase | $ 10.4 |
Equity - Schedule of Stock Repu
Equity - Schedule of Stock Repurchases (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 28, 2020USD ($)$ / sharesshares | |
Equity [Abstract] | |
Shares of common stock repurchased | shares | 98 |
Cost of stock repurchased | $ | $ 393 |
Average price paid per share | $ / shares | $ 3.97 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (1,224) | $ (2,392) |
Weighted-average shares – basic | 23,483 | 22,855 |
Weighted-average shares – diluted | 23,483 | 22,855 |
Net loss per share - basic and diluted | $ (0.05) | $ (0.10) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Income Taxes [Line Items] | ||
Provision for income taxes | $ 266 | $ 553 |
Income tax provision on earnings of subsidiaries | 165 | 362 |
Foreign Tax Authority | Singapore | ||
Income Taxes [Line Items] | ||
Income tax charge (benefit) | $ 101 | $ 191 |
Warranty - Activity in Warranty
Warranty - Activity in Warranty Provision Account (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Guarantees [Abstract] | ||
Opening balance | $ 1,022 | $ 997 |
Expenditures incurred under warranties | (120) | (167) |
Accruals for product warranties issued during the reporting period | 25 | 324 |
Adjustments to previously existing warranty accruals | (202) | 143 |
Closing balance | $ 725 | $ 1,297 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 28, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Allocation of corporate expenses to the segments | 3.00% |
Segment Reporting - Information
Segment Reporting - Information for Each Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Segment Reporting Information [Line Items] | ||
Total segment net revenues | $ 18,840 | $ 24,827 |
Operating income (loss) | (1,100) | (1,999) |
Interest income | 142 | 160 |
Income (loss) before income taxes | (958) | (1,839) |
TFE | ||
Segment Reporting Information [Line Items] | ||
Total segment net revenues | 7,962 | 18,945 |
Photonics | ||
Segment Reporting Information [Line Items] | ||
Total segment net revenues | 10,878 | 5,882 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | 381 | (1,243) |
Operating Segments | TFE | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | (2,531) | (603) |
Operating Segments | Photonics | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | 2,912 | (640) |
Unallocated Amount to Segment | ||
Segment Reporting Information [Line Items] | ||
Unallocated costs | $ (1,481) | $ (756) |
Segment Reporting - Assets for
Segment Reporting - Assets for Each Reportable Segment (Detail) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | $ 123,379 | $ 126,322 |
Cash and investments | 42,440 | 42,024 |
Restricted cash | 787 | 787 |
Deferred income taxes | 6,138 | 6,252 |
Other current assets | 1,195 | 752 |
Common property, plant and equipment | 1,531 | 1,307 |
Common operating lease right-of-use assets | 1,794 | 1,898 |
Other assets | 0 | 78 |
Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 69,494 | 73,244 |
Operating Segments | TFE | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 46,007 | 51,153 |
Operating Segments | Photonics | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | $ 23,487 | $ 22,071 |