Docoh
Loading...

IVAC Intevac

Cover Page

Cover Page - shares3 Months Ended
Apr. 03, 2021Apr. 30, 2021
Cover [Abstract]
Document Type10-Q
Amendment Flagfalse
Entity Interactive Data CurrentYes
Document Period End DateApr. 3,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity Registrant NameINTEVAC, INC.
Entity Central Index Key0001001902
Current Fiscal Year End Date--01-01
Entity Current Reporting StatusYes
Entity Filer CategoryAccelerated Filer
Trading SymbolIVAC
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity File Number0-26946
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number94-3125814
Entity Address, Address Line One3560 Bassett Street
Entity Address, City or TownSanta Clara
Entity Address, State or ProvinceCA
Entity Address, Postal Zip Code95054
City Area Code408
Local Phone Number986-9888
Entity Small Businesstrue
Title of 12(b) SecurityCommon Stock
Entity Common Stock, Shares Outstanding24,122,215
Security Exchange NameNASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsApr. 03, 2021Jan. 02, 2021
Current assets:
Cash and cash equivalents $ 32,816 $ 29,341
Short-term investments16,077 14,839
Trade and other accounts receivable, net of allowances of $0 at both April 3, 2021 and January 2, 202118,229 28,646
Inventories20,501 21,689
Prepaid expenses and other current assets1,789 1,893
Total current assets89,412 96,408
Long-term investments3,919 5,388
Restricted cash787 787
Property, plant and equipment, net10,456 11,004
Operating lease right-of-use-assets7,582 8,165
Deferred income taxes and other long-term assets5,485 5,486
Total assets117,641 127,238
Current liabilities:
Current operating lease liabilities2,913 2,853
Accounts payable2,765 4,259
Accrued payroll and related liabilities5,150 7,679
Other accrued liabilities3,136 3,598
Customer advances42 33
Total current liabilities14,006 18,422
Noncurrent liabilities:
Noncurrent operating lease liabilities6,045 6,803
Other long-term liabilities435 457
Total noncurrent liabilities6,480 7,260
Stockholders' equity:
Common stock, $0.001 par value24 24
Additional paid-in capital195,364 193,173
Treasury stock, 5,087 shares at both April 3, 2021 and at January 2, 2021(29,551)(29,551)
Accumulated other comprehensive income552 640
Accumulated deficit(69,234)(62,730)
Total stockholders' equity97,155 101,556
Total liabilities and stockholders' equity $ 117,641 $ 127,238

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in ThousandsApr. 03, 2021Jan. 02, 2021
Statement of Financial Position [Abstract]
Net of allowances of trade, note and other accounts receivable $ 0 $ 0
Common stock, par value $ 0.001 $ 0.001
Treasury stock, shares5,087 5,087

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Net revenues:
Total net revenues $ 16,241,000 $ 18,840,000
Cost of net revenues:
Total cost of net revenues13,187,000 10,684,000
Gross profit3,054,000 8,156,000
Operating expenses:
Research and development3,625,000 3,284,000
Selling, general and administrative5,930,000 5,972,000
Total operating expenses9,555,000 9,256,000
Loss from operations(6,501,000)(1,100,000)
Interest income and other income (expense), net29,000 142,000
Loss before provision for income taxes(6,472,000)(958,000)
Provision for income taxes32,000 266,000
Net loss $ (6,504,000) $ (1,224,000)
Net loss per share:
Basic and Diluted $ (0.27) $ (0.05)
Weighted average common shares outstanding:
Basic and Diluted24,033 23,483
Systems and components
Net revenues:
Total net revenues $ 13,060,000 $ 13,836,000
Cost of net revenues:
Total cost of net revenues9,964,000 7,767,000
Technology development
Net revenues:
Total net revenues3,181,000 5,004,000
Cost of net revenues:
Total cost of net revenues $ 3,223,000 $ 2,917,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss $ (6,504) $ (1,224)
Other comprehensive loss, before tax:
Change in unrealized net gain (loss) on available-for-sale investments(20)2
Foreign currency translation losses(68)(95)
Other comprehensive loss, before tax(88)(93)
Income tax provision related to items in other comprehensive loss0 0
Other comprehensive loss, net of tax(88)(93)
Comprehensive loss $ (6,592) $ (1,317)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Operating activities
Net loss $ (6,504) $ (1,224)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization791 858
Net amortization (accretion) of investment premiums and discounts33 (19)
Equity-based compensation968 672
Straight-line rent adjustment and amortization of lease incentives(115)(74)
Deferred income taxes(40)114
Changes in operating assets and liabilities7,399 786
Total adjustments9,036 2,337
Net cash provided by operating activities2,532 1,113
Investing activities
Purchases of investments(5,962)(4,242)
Proceeds from sales and maturities of investments6,140 5,530
Purchases of leasehold improvements and equipment(243)(1,145)
Net cash provided by (used in) investing activities(65)143
Financing activities
Proceeds from issuance of common stock1,096 950
Common stock repurchases0 (393)
Taxes paid related to net share settlement(20)(36)
Net cash provided by financing activities1,076 521
Effect of exchange rate changes on cash and cash equivalents(68)(94)
Net increase in cash, cash equivalents and restricted cash3,475 1,683
Cash, cash equivalents and restricted cash at beginning of period30,128 20,554
Cash, cash equivalents and restricted cash at end of period $ 33,603 $ 22,237

Description of Business and Bas

Description of Business and Basis of Presentation3 Months Ended
Apr. 03, 2021
Accounting Policies [Abstract]
Description of Business and Basis of Presentation1. 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”), photovoltaic (“PV”) solar cell and advanced semiconductor packaging (“ASP”) 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 January 2, 2021 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 consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. The COVID-19 COVID-19, COVID-19 COVID-19 COVID-19

Revenue

Revenue3 Months Ended
Apr. 03, 2021
Revenue from Contract with Customer [Abstract]
Revenue2. Revenue The following tables represent a disaggregation of revenue from contracts with customers for the three months ended April 3, 2021 and March 28, 2020 along with the reportable segment for each category. Major Products and Service Lines
TFE Three Months Ended April 3, 2021 Three Months Ended March 28, 2020
(In thousands)
HDD DCP PV ASP Total HDD PV Total
Systems, upgrades and spare parts $ 3,585 $ — $ 111 $ 3,850 $ 7,546 $ 6,361 $ 208 $ 6,569
Field service 1,636 14 42 — 1,692 1,393 — 1,393
Total TFE net revenues $ 5,221 $ 14 $ 153 $ 3,850 $ 9,238 $ 7,754 $ 208 $ 7,962
Three Months Ended
Photonics April 3, 2021 March 28, 2020
(In thousands)
Products:
Military products $ 3,252 $ 5,365
Commercial products 128 79
Repair and other services 442 430
Total Photonics product net revenues 3,822 5,874
Three Months Ended
Photonics April 3, 2021 March 28, 2020
(In thousands)
Technology development:
Firm Fixed Price (“FFP”) 1,804 4,430
Cost Plus Fixed Fee (“CPFF”) 1,377 574
Time and materials — —
Total technology development net revenues 3,181 5,004
Total Photonics net revenues $ 7,003 $ 10,878
Primary Geographical Markets
Three Months Ended
April 3, 2021 March 28, 2020
(In thousands)
TFE Photonics Total TFE Photonics Total
United States $ 367 $ 6,960 $ 7,327 $ 519 $ 10,856 $ 11,375
Asia 5,021 — 5,021 7,443 — 7,443
Europe 3,850 43 3,893 — 22 22
Total net revenues $ 9,238 $ 7,003 $ 16,241 $ 7,962 $ 10,878 $ 18,840
Timing of Revenue Recognition
Three Months Ended
April 3, 2021 March 28, 2020
(In thousands)
TFE Photonics Total TFE Photonics Total
Products transferred at a point in time $ 9,238 $ 442 $ 9,680 $ 7,962 $ 430 $ 8,392
Products and services transferred over time — 6,561 6,561 — 10,448 10,448
$ 9,238 $ 7,003 $ 16,241 $ 7,962 $ 10,878 $ 18,840
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 April 3 2021.
April 3, 2021 January 2, 2021 Three Months Change
(In thousands)
TFE:
Contract assets:
Accounts receivable, unbilled $ — $ 369 $ (369 )
Contract liabilities:
Deferred revenue $ 276 $ 482 $ (206 )
Customer advances 42 33 9
$ 318 $ 515 $ (197 )
Photonics:
Contract assets:
Accounts receivable, unbilled $ 4,689 $ 5,439 $ (750 )
Retainage 130 126 4
$ 4,819 $ 5,565 $ (746 )
Contract liabilities:
Deferred revenue $ 1,126 $ 779 $ 347
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 April 3, 2021, contract assets in our TFE segment decreased by $369,000 primarily due to the recognition of revenue for the installation portion of revenue for one system 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 April 3, 2021, we recognized revenue in our TFE segment of $33,000 and $206,000 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 April 3, 2021, contract assets in our Photonics segment decreased by $746,000 primarily due to the billing for achievement of contractual milestones, offset in part by the accrual of revenue for incurred costs under FFP and CPFF contracts. Deferred revenue in our Photonics segment generally represents a contract liability for amounts billed to the customer upon achievement of contractual milestones. These amounts are liquidated when revenue is recognized. During the three months ended April 3, 2021, we recognized revenue in our Photonics segment of $779,000 that was included in deferred revenue at the beginning of the period. On April 3, 2021, we had $43.1 million of remaining performance obligations, which we also refer to as total backlog. Backlog at April 3, 2021 consisted of $4.2 million of TFE backlog and $38.9 million of Photonics backlog. We expect to recognize approximately 56% of our remaining performance obligations as revenue in 2021, 42% in 2022 and 2% in 2023.

Inventories

Inventories3 Months Ended
Apr. 03, 2021
Inventory Disclosure [Abstract]
Inventories3. Inventories Inventories are stated at the lower of average cost or net realizable value and consist of the following:
April 3, January 2,
(In thousands)
Raw materials $ 10,422 $ 9,999
Work-in-progress 5,885 4,832
Finished goods 4,194 6,858
$ 20,501 $ 21,689
Finished goods inventory at April 3, 2021 included one VERTEX SPECTRA system for DCP under evaluation at a customer’s factory. Finished goods inventory at January 2, 2021 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 Compensation3 Months Ended
Apr. 03, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation4. Equity-Based Compensation At April 3, 2021, Intevac had equity-based awards outstanding under the 2020 Equity Incentive Plan and the 2012 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 April 3, 2021 and March 28, 2020 was as follows:
Three Months Ended
April 3, 2021 March 28, 2020
(In thousands)
Equity-based compensation by type of award:
Stock options $ 75 $ 215
RSUs 543 366
Employee stock purchase plan 350 91
Total equity-based compensation $ 968 $ 672
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 the 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 April 3, 2021 and changes during the three months ended April 3, 2021 were as follows:
Shares Weighted-Average Exercise Price
Options outstanding at January 2, 2021 1,814,467 $ 6.66
Options granted — $ —
Options cancelled and forfeited (50,250 ) $ 8.32
Options exercised (28,399 ) $ 6.78
Options outstanding at April 3, 2021 1,735,818 $ 6.60
Options exercisable at April 3, 2021 1,317,348 $ 6.71 Intevac issued 208,516 shares of common stock under the ESPP during the three months ended April 3, 2021. Intevac estimated the weighted-average fair value of stock options and ESPP purchase rights using the following weighted-average assumptions:

Warranty

Warranty3 Months Ended
Apr. 03, 2021
Guarantees [Abstract]
Warranty5. 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 April 3, 2021 and March 28, 2020.
Three Months
April 3, 2021 March 28, 2020
(In thousands)
Opening balance $ 480 $ 1,022
Expenditures incurred under warranties (199 ) (120 )
Accruals for product warranties issued during the reporting period 275 25
Adjustments to previously existing warranty accruals 34 (202 )
Closing balance $ 590 $ 725
The following table displays the balance sheet classification of the warranty provision account at April 3, 2021 and at January 2, 2021.
April 3 January 2,
2021 2021
(In thousands)
Other accrued liabilities $ 537 $ 405
Other long-term liabilities 53 75
Total warranty provision $ 590 $ 480

Guarantees

Guarantees3 Months Ended
Apr. 03, 2021
Guarantees [Abstract]
Guarantees6. 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 April 3, 2021, 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 Investments3 Months Ended
Apr. 03, 2021
Investments Debt And Equity Securities [Abstract]
Cash, Cash Equivalents and Investments7. Cash, Cash Equivalents and Investments Cash and cash equivalents, short-term investments and long-term investments consist of:
April 3, 2021
Amortized Cost Unrealized Holding Gains Unrealized Fair Value
(In thousands)
Cash and cash equivalents:
Cash $ 27,929 $ — $ — $ 27,929
Money market funds 4,387 — — 4,387
Certificates of deposit 500 — — 500
Total cash and cash equivalents $ 32,816 $ — $ — $ 32,816
Short-term investments:
Certificates of deposit $ 6,750 $ 1 $ — $ 6,751
Corporate bonds and medium-term notes 4,714 3 — 4,717
Municipal bonds 595 — — 595
U.S. treasury and agency securities 3,998 16 — 4,014
Total short-term investments $ 16,057 $ 20 $ — $ 16,077
Long-term investments:
Certificates of deposit $ 500 $ — $ 2 $ 498
Corporate bonds and medium-term notes 2,012 — 1 2,011
U.S. treasury and agency securities 1,409 1 — 1,410
Total long-term investments $ 3,921 $ 1 $ 3 $ 3,919
Total cash, cash equivalents, and investments $ 52,794 $ 21 $ 3 $ 52,812
January 2, 2021
Amortized Cost Unrealized Holding Gains Unrealized Holding Losses Fair Value
(In thousands)
Cash and cash equivalents:
Cash $ 24,729 $ — $ — $ 24,729
Money market funds 3,612 — — 3,612
Certificates of deposit 1,000 — — 1,000
Total cash and cash equivalents $ 29,341 $ — $ — $ 29,341
Short-term investments:
Certificates of deposit $ 6,450 $ 2 $ — $ 6,452
Commercial paper 500 — — 500
Corporate bonds and medium-term notes 2,929 6 — 2,935
Municipal bonds 400 — — 400
U.S. treasury and agency securities 4,527 25 — 4,552
Total short-term investments $ 14,806 $ 33 $ — $ 14,839
Long-term investments:
Certificates of deposit $ 500 $ — $ — $ 500
Corporate bonds and medium-term notes 3,474 4 — 3,478
U.S. treasury and agency securities 1,409 1 — 1,410
Total long-term investments $ 5,383 $ 5 $ — $ 5,388
Total cash, cash equivalents, and investments $ 49,530 $ 38 $ — $ 49,568
The contractual maturities of available-for-sale
Amortized Cost Fair Value
(In thousands)
Due in one year or less $ 20,944 $ 20,964
Due after one through five years 3,921 3,919
$ 24,865 $ 24,883
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 April 3, 2021.
April 3, 2021
In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months
Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
(In thousands)
Certificates of deposit $ 1,498 $ 2 $ — $ —
Corporate bonds and medium-term notes 2,686 1 — —
$ 4,184 $ 3 $ — $ —
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 April 3, 2021
Total Level 1 Level 2
(In thousands)
Recurring fair value measurements:
Available-for-sale
Money market funds $ 4,387 $ 4,387 $ —
U.S. treasury and agency securities 5,424 5,424 —
Certificates of deposit 7,749 — 7,749
Corporate bonds and medium-term notes 6,728 — 6,728
Municipal bonds 595 — 595
Total recurring fair value measurements $ 24,883 $ 9,811 $ 15,072

Derivative Instruments

Derivative Instruments3 Months Ended
Apr. 03, 2021
Derivative Instrument Detail [Abstract]
Derivative Instruments8. 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 April 3, 2021 and January 2, 2021.
Notional Amounts Derivative Liabilities
Derivative Instrument April 3, 2021 January 2, 2021 April 3, 2021 January 2, 2021
Balance Sheet Line Fair Value Balance Sheet Line Fair Value
(In thousands)
Undesignated Hedges:
Forward Foreign Currency Contracts $ 594 983 * $ 1 * $ 3
Total Hedges $ 594 983 $ 1 $ 3
* Other accrued liabilities

Equity

Equity3 Months Ended
Apr. 03, 2021
Equity [Abstract]
Equity9. Equity Condensed Consolidated Statements of Changes in Equity The changes in stockholders’ equity by component for the three months ended April 3, 2021 and March 28, 2020, are as follows (in thousands):
Three Months Ended April 3, 2021
Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity
Balance at January 2, 2021 $ 193,197 $ (29,551 ) $ 640 $ (62,730 ) $ 101,556
Common stock issued under employee plans 1,223 — — — 1,223
Equity-based compensation expense 968 — — — 968
Net loss — — — (6,504 ) (6,504 )
Other comprehensive loss — — (88 ) — (88 )
Balance at April 3, 2021 $ 195,388 $ (29,551 ) $ 552 $ (69,234 ) $ 97,155
Three Months Ended March 28, 2020
Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity
Balance at December 29, 2018 $ 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
Accumulated Other Comprehensive Income The changes in accumulated other comprehensive income by component for the three months ended April 3, 2021 and March 28, 2020, are as follows:
Three Months Ended
April 3, 2021 March 28, 2020
Foreign Unrealized holding gains (losses) on available- for-sale investments Total Foreign currency Unrealized holding gains (losses) on available- for-sale investments Total
(In thousands)
Beginning balance $ 602 $ 38 $ 640 $ 381 $ 43 $ 424
Other comprehensive income (loss) before reclassification (68 ) (20 ) (88 ) (95 ) 2 (93 )
Amounts reclassified from other comprehensive income (loss) — — — — — —
Net current-period other comprehensive income (loss) (68 ) (20 ) (88 ) (95 ) 2 (93 )
Ending balance $ 534 $ 18 $ 552 $ 286 $ 45 $ 331
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, 2019, Intevac’s Board of Directors approved a $10.0 million increase to the original stock repurchase program for an aggregate authorized amount of up to $40.0 million. At April 3, 2021, $10.4 million remains available for future stock repurchases under the repurchase program. The following table summarizes Intevac’s stock repurchases:
Three Months Ended
April 3, 2021 March 28, 2020
(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 Share3 Months Ended
Apr. 03, 2021
Earnings Per Share [Abstract]
Net Loss Per Share10. Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share.
Three Months Ended
April 3, 2021 March 28, 2020
(In thousands)
Net loss $ (6,504 ) $ (1,224 )
Weighted-average shares – basic 24,033 23,483
Effect of dilutive potential common shares — —
Weighted-average shares – diluted 24,033 23,483
Net loss per share – basic and diluted $ (0.27 ) $ (0.05 )
As the Company is in a net loss position, all of the Company’s equity instruments are considered antidilutive.

Segment Reporting

Segment Reporting3 Months Ended
Apr. 03, 2021
Segment Reporting [Abstract]
Segment Reporting11. Segment Reporting Intevac’s two reportable segments are: TFE and Photonics. Intevac’s chief operating decision-maker has been identified as the President and CEO, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Segment information is presented based upon Intevac’s management organization structure as of April 3, 2021 and the distinctive nature of each segment. Future changes to this internal financial structure may result in changes to the reportable segments disclosed. 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% of net revenues. Segment operating income excludes interest income/expense and other financial charges and income taxes according to how a particular reportable segment’s management is measured. Management does not consider impairment charges, gains and losses on divestitures and sales of intellectual property, and unallocated costs in measuring the performance of the reportable segments. 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, DCP and advanced semiconductor packaging 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 April 3, 2021 and March 28, 2020 is as follows: Net Revenues
Three Months Ended
April 3, 2021 March 28, 2020
(In thousands)
TFE $ 9,238 $ 7,962
Photonics 7,003 10,878
Total segment net revenues $ 16,241 $ 18,840
Operating Income (Loss)
Three Months Ended
April 3, 2021 March 28, 2020
(In thousands)
TFE $ (4,002 ) $ (2,531 )
Photonics (1,146 ) 2,912
Total segment operating income (loss) (5,148 ) 381
Unallocated costs (1,353 ) (1,481 )
Loss from operations (6,501 ) (1,100 )
Interest income and other income (expense), net 29 142
Loss before provision for income taxes $ (6,472 ) $ (958 )
Total assets for each reportable segment as of April 3, 2021 and January 2, 2021 are as follows: Assets
April 3, 2021 January 2, 2021
(In thousands)
TFE $ 33,042 $ 44,335
Photonics 21,474 22,923
Total segment assets 54,516 67,258
Cash, cash equivalents and investments 52,812 49,568
Restricted cash 787 787
Deferred income taxes 5,375 5,335
Other current assets 1,194 1,093
Common property, plant and equipment 1,355 1,443
Common operating lease right-of-use 1,493 1,603
Other assets 109 151
Consolidated total assets $ 117,641 $ 127,238

Income Taxes

Income Taxes3 Months Ended
Apr. 03, 2021
Income Tax Disclosure [Abstract]
Income Taxes12. Income Taxes Intevac recorded income tax provisions of $32,000 for the three months ended April 3, 2021 and $266,000 for the three months ended March 28, 2020. 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 April 3, 2021 Intevac recorded a $19,000 income tax benefit on losses of its international subsidiaries and recorded $48,000 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 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 all periods presented Intevac utilized net operating loss carry-forwards to offset the impact of 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. Under the CARES Act, we elected to defer payment, on an interest-free basis, of the employer portion of social security payroll taxes incurred from March 27, 2020 to December 31, 2020. One-half In Singapore, Intevac receives government assistance under the Job Support Scheme (“JSS”). The purpose of the JSS is to provide wage support to employers to help them retain their local employees. During the first quarter of fiscal 2021, the Company received $66,000 in JSS grants, of which $39,000 is reported as a reduction of cost of net revenues, $10,000 is reported as a reduction of research and development expenses and $17,000 is reported as a reduction of selling, general and administrative expenses on the condensed consolidated statement of operations.

Restructuring Charges

Restructuring Charges3 Months Ended
Apr. 03, 2021
Restructuring and Related Activities [Abstract]
Restructuring Charges13. Restructuring Charges During the first quarter of fiscal 2021, Intevac substantially completed implementation of the 2021 cost reduction plan (the “Cost Reduction Plan”), which was intended to reduce expenses and reduce its workforce by 1.4 percent. The cost of implementing the Cost Reduction Plan was reported under cost of net revenues and operating expenses in the condensed consolidated statements of operations. Substantially all cash outlays in connection with the Cost Reduction Plan occurred in the first quarter of fiscal 2021. Implementation of the Cost Reduction Plan is expected to reduce salary, wages and other employee-related expenses by approximately $576,000 on an annual basis. The changes in restructuring reserves, which resulted from cash-based severance payments and other employee-related costs, associated with the Cost Reduction Plan for the three months ended April 3, 2021 were as follows.
Three Months
April 3,
2021
(In thousands)
Beginning balance $ —
Provision for restructuring reserves 43
Cash payments made (43 )
Ending balance $ —

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Apr. 03, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies14. 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.

Revenue (Tables)

Revenue (Tables)3 Months Ended
Apr. 03, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue from Contracts with CustomersThe following tables represent a disaggregation of revenue from contracts with customers for the three months ended April 3, 2021 and March 28, 2020 along with the reportable segment for each category. Major Products and Service Lines
TFE Three Months Ended April 3, 2021 Three Months Ended March 28, 2020
(In thousands)
HDD DCP PV ASP Total HDD PV Total
Systems, upgrades and spare parts $ 3,585 $ — $ 111 $ 3,850 $ 7,546 $ 6,361 $ 208 $ 6,569
Field service 1,636 14 42 — 1,692 1,393 — 1,393
Total TFE net revenues $ 5,221 $ 14 $ 153 $ 3,850 $ 9,238 $ 7,754 $ 208 $ 7,962
Three Months Ended
Photonics April 3, 2021 March 28, 2020
(In thousands)
Products:
Military products $ 3,252 $ 5,365
Commercial products 128 79
Repair and other services 442 430
Total Photonics product net revenues 3,822 5,874
Three Months Ended
Photonics April 3, 2021 March 28, 2020
(In thousands)
Technology development:
Firm Fixed Price (“FFP”) 1,804 4,430
Cost Plus Fixed Fee (“CPFF”) 1,377 574
Time and materials — —
Total technology development net revenues 3,181 5,004
Total Photonics net revenues $ 7,003 $ 10,878
Primary Geographical Markets
Three Months Ended
April 3, 2021 March 28, 2020
(In thousands)
TFE Photonics Total TFE Photonics Total
United States $ 367 $ 6,960 $ 7,327 $ 519 $ 10,856 $ 11,375
Asia 5,021 — 5,021 7,443 — 7,443
Europe 3,850 43 3,893 — 22 22
Total net revenues $ 9,238 $ 7,003 $ 16,241 $ 7,962 $ 10,878 $ 18,840
Timing of Revenue Recognition
Three Months Ended
April 3, 2021 March 28, 2020
(In thousands)
TFE Photonics Total TFE Photonics Total
Products transferred at a point in time $ 9,238 $ 442 $ 9,680 $ 7,962 $ 430 $ 8,392
Products and services transferred over time — 6,561 6,561 — 10,448 10,448
$ 9,238 $ 7,003 $ 16,241 $ 7,962 $ 10,878 $ 18,840
Changes in Contract Assets and Contract LiabilitiesThe 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 April 3 2021.
April 3, 2021 January 2, 2021 Three Months Change
(In thousands)
TFE:
Contract assets:
Accounts receivable, unbilled $ — $ 369 $ (369 )
Contract liabilities:
Deferred revenue $ 276 $ 482 $ (206 )
Customer advances 42 33 9
$ 318 $ 515 $ (197 )
Photonics:
Contract assets:
Accounts receivable, unbilled $ 4,689 $ 5,439 $ (750 )
Retainage 130 126 4
$ 4,819 $ 5,565 $ (746 )
Contract liabilities:
Deferred revenue $ 1,126 $ 779 $ 347

Inventories (Tables)

Inventories (Tables)3 Months Ended
Apr. 03, 2021
Inventory Disclosure [Abstract]
Summary of InventoriesInventories are stated at the lower of average cost or net realizable value and consist of the following:
April 3, January 2,
(In thousands)
Raw materials $ 10,422 $ 9,999
Work-in-progress 5,885 4,832
Finished goods 4,194 6,858
$ 20,501 $ 21,689

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)3 Months Ended
Apr. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Effect of Recording Equity-Based CompensationThe effect of recording equity-based compensation for the three-month periods ended April 3, 2021 and March 28, 2020 was as follows:
Three Months Ended
April 3, 2021 March 28, 2020
(In thousands)
Equity-based compensation by type of award:
Stock options $ 75 $ 215
RSUs 543 366
Employee stock purchase plan 350 91
Total equity-based compensation $ 968 $ 672
Summary of Stock Option ActivityOption activity as of April 3, 2021 and changes during the three months ended April 3, 2021 were as follows:
Shares Weighted-Average Exercise Price
Options outstanding at January 2, 2021 1,814,467 $ 6.66
Options granted — $ —
Options cancelled and forfeited (50,250 ) $ 8.32
Options exercised (28,399 ) $ 6.78
Options outstanding at April 3, 2021 1,735,818 $ 6.60
Options exercisable at April 3, 2021 1,317,348 $ 6.71
Employee Stock Options Weighted-Average AssumptionsIntevac estimated the weighted-average fair value of stock options and ESPP purchase rights using the following weighted-average assumptions: (Unaudited)
Three Months Ended
April 3, 2021 March 28, 2020
Stock Options:
Weighted-average fair value of grants per share — $ 1.82
Expected volatility — 46.06 %
Risk-free interest rate — 0.44 %
Expected term of options (in years) — 4.39
Dividend yield — None
ESPP Purchase Rights:
Weighted-average fair value of grants per share $ 2.69 $ 1.66
Expected volatility 58.56 % 36.69 %
Risk-free interest rate 0.08 % 1.56 %
Expected term of purchase rights (in years) 1.0 0.5
Dividend yield None None
Summary of Restricted Stock Units ActivityA summary of the RSU activity is as follows:
Shares Weighted-Average Grant Date Fair Value
Non-vested 901,634 $ 5.30
Granted 9,603 $ 6.45
Vested (9,320 ) $ 6.72
Cancelled and forfeited (11,051 ) $ 5.36
Non-vested 890,866 $ 5.29

Warranty (Tables)

Warranty (Tables)3 Months Ended
Apr. 03, 2021
Guarantees [Abstract]
Schedule of Product Warranty LiabilityThe following table displays the activity in the warranty provision account for the three-month periods ended April 3, 2021 and March 28, 2020.
Three Months
April 3, 2021 March 28, 2020
(In thousands)
Opening balance $ 480 $ 1,022
Expenditures incurred under warranties (199 ) (120 )
Accruals for product warranties issued during the reporting period 275 25
Adjustments to previously existing warranty accruals 34 (202 )
Closing balance $ 590 $ 725
The following table displays the balance sheet classification of the warranty provision account at April 3, 2021 and at January 2, 2021.
April 3 January 2,
2021 2021
(In thousands)
Other accrued liabilities $ 537 $ 405
Other long-term liabilities 53 75
Total warranty provision $ 590 $ 480

Cash, Cash Equivalents and In_2

Cash, Cash Equivalents and Investments (Tables)3 Months Ended
Apr. 03, 2021
Investments, All Other Investments [Abstract]
Cash, Cash Equivalents and Short-Term Investments and Long-Term InvestmentsCash and cash equivalents, short-term investments and long-term investments consist of:
April 3, 2021
Amortized Cost Unrealized Holding Gains Unrealized Fair Value
(In thousands)
Cash and cash equivalents:
Cash $ 27,929 $ — $ — $ 27,929
Money market funds 4,387 — — 4,387
Certificates of deposit 500 — — 500
Total cash and cash equivalents $ 32,816 $ — $ — $ 32,816
Short-term investments:
Certificates of deposit $ 6,750 $ 1 $ — $ 6,751
Corporate bonds and medium-term notes 4,714 3 — 4,717
Municipal bonds 595 — — 595
U.S. treasury and agency securities 3,998 16 — 4,014
Total short-term investments $ 16,057 $ 20 $ — $ 16,077
Long-term investments:
Certificates of deposit $ 500 $ — $ 2 $ 498
Corporate bonds and medium-term notes 2,012 — 1 2,011
U.S. treasury and agency securities 1,409 1 — 1,410
Total long-term investments $ 3,921 $ 1 $ 3 $ 3,919
Total cash, cash equivalents, and investments $ 52,794 $ 21 $ 3 $ 52,812
January 2, 2021
Amortized Cost Unrealized Holding Gains Unrealized Holding Losses Fair Value
(In thousands)
Cash and cash equivalents:
Cash $ 24,729 $ — $ — $ 24,729
Money market funds 3,612 — — 3,612
Certificates of deposit 1,000 — — 1,000
Total cash and cash equivalents $ 29,341 $ — $ — $ 29,341
Short-term investments:
Certificates of deposit $ 6,450 $ 2 $ — $ 6,452
Commercial paper 500 — — 500
Corporate bonds and medium-term notes 2,929 6 — 2,935
Municipal bonds 400 — — 400
U.S. treasury and agency securities 4,527 25 — 4,552
Total short-term investments $ 14,806 $ 33 $ — $ 14,839
Long-term investments:
Certificates of deposit $ 500 $ — $ — $ 500
Corporate bonds and medium-term notes 3,474 4 — 3,478
U.S. treasury and agency securities 1,409 1 — 1,410
Total long-term investments $ 5,383 $ 5 $ — $ 5,388
Total cash, cash equivalents, and investments $ 49,530 $ 38 $ — $ 49,568
Contractual Maturities of Available-for-Sale SecuritiesThe contractual maturities of available-for-sale
Amortized Cost Fair Value
(In thousands)
Due in one year or less $ 20,944 $ 20,964
Due after one through five years 3,921 3,919
$ 24,865 $ 24,883
Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily ImpairedThe 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 April 3, 2021.
April 3, 2021
In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months
Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
(In thousands)
Certificates of deposit $ 1,498 $ 2 $ — $ —
Corporate bonds and medium-term notes 2,686 1 — —
$ 4,184 $ 3 $ — $ —
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 April 3, 2021
Total Level 1 Level 2
(In thousands)
Recurring fair value measurements:
Available-for-sale
Money market funds $ 4,387 $ 4,387 $ —
U.S. treasury and agency securities 5,424 5,424 —
Certificates of deposit 7,749 — 7,749
Corporate bonds and medium-term notes 6,728 — 6,728
Municipal bonds 595 — 595
Total recurring fair value measurements $ 24,883 $ 9,811 $ 15,072

Derivative Instruments (Tables)

Derivative Instruments (Tables)3 Months Ended
Apr. 03, 2021
Derivative Instrument Detail [Abstract]
Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance SheetsThe following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its condensed consolidated balance sheets as of April 3, 2021 and January 2, 2021.
Notional Amounts Derivative Liabilities
Derivative Instrument April 3, 2021 January 2, 2021 April 3, 2021 January 2, 2021
Balance Sheet Line Fair Value Balance Sheet Line Fair Value
(In thousands)
Undesignated Hedges:
Forward Foreign Currency Contracts $ 594 983 * $ 1 * $ 3
Total Hedges $ 594 983 $ 1 $ 3
* Other accrued liabilities

Equity (Tables)

Equity (Tables)3 Months Ended
Apr. 03, 2021
Equity [Abstract]
Schedule of Changes in Stockholders' EquityThe changes in stockholders’ equity by component for the three months ended April 3, 2021 and March 28, 2020, are as follows (in thousands):
Three Months Ended April 3, 2021
Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity
Balance at January 2, 2021 $ 193,197 $ (29,551 ) $ 640 $ (62,730 ) $ 101,556
Common stock issued under employee plans 1,223 — — — 1,223
Equity-based compensation expense 968 — — — 968
Net loss — — — (6,504 ) (6,504 )
Other comprehensive loss — — (88 ) — (88 )
Balance at April 3, 2021 $ 195,388 $ (29,551 ) $ 552 $ (69,234 ) $ 97,155
Three Months Ended March 28, 2020
Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity
Balance at December 29, 2018 $ 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
Changes in Accumulated Other Comprehensive Income by ComponentThe changes in accumulated other comprehensive income by component for the three months ended April 3, 2021 and March 28, 2020, are as follows:
Three Months Ended
April 3, 2021 March 28, 2020
Foreign Unrealized holding gains (losses) on available- for-sale investments Total Foreign currency Unrealized holding gains (losses) on available- for-sale investments Total
(In thousands)
Beginning balance $ 602 $ 38 $ 640 $ 381 $ 43 $ 424
Other comprehensive income (loss) before reclassification (68 ) (20 ) (88 ) (95 ) 2 (93 )
Amounts reclassified from other comprehensive income (loss) — — — — — —
Net current-period other comprehensive income (loss) (68 ) (20 ) (88 ) (95 ) 2 (93 )
Ending balance $ 534 $ 18 $ 552 $ 286 $ 45 $ 331
Schedule of Stock RepurchasesThe following table summarizes Intevac’s stock repurchases:
Three Months Ended
April 3, 2021 March 28, 2020
(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
Apr. 03, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per ShareThe following table sets forth the computation of basic and diluted net loss per share.
Three Months Ended
April 3, 2021 March 28, 2020
(In thousands)
Net loss $ (6,504 ) $ (1,224 )
Weighted-average shares – basic 24,033 23,483
Effect of dilutive potential common shares — —
Weighted-average shares – diluted 24,033 23,483
Net loss per share – basic and diluted $ (0.27 ) $ (0.05 )

Segment Reporting (Tables)

Segment Reporting (Tables)3 Months Ended
Apr. 03, 2021
Segment Reporting [Abstract]
Information for Each Reportable SegmentInformation for each reportable segment for the three months ended April 3, 2021 and March 28, 2020 is as follows: Net Revenues
Three Months Ended
April 3, 2021 March 28, 2020
(In thousands)
TFE $ 9,238 $ 7,962
Photonics 7,003 10,878
Total segment net revenues $ 16,241 $ 18,840
Operating Income (Loss)
Three Months Ended
April 3, 2021 March 28, 2020
(In thousands)
TFE $ (4,002 ) $ (2,531 )
Photonics (1,146 ) 2,912
Total segment operating income (loss) (5,148 ) 381
Unallocated costs (1,353 ) (1,481 )
Loss from operations (6,501 ) (1,100 )
Interest income and other income (expense), net 29 142
Loss before provision for income taxes $ (6,472 ) $ (958 )
Segment AssetsTotal assets for each reportable segment as of April 3, 2021 and January 2, 2021 are as follows: Assets
April 3, 2021 January 2, 2021
(In thousands)
TFE $ 33,042 $ 44,335
Photonics 21,474 22,923
Total segment assets 54,516 67,258
Cash, cash equivalents and investments 52,812 49,568
Restricted cash 787 787
Deferred income taxes 5,375 5,335
Other current assets 1,194 1,093
Common property, plant and equipment 1,355 1,443
Common operating lease right-of-use 1,493 1,603
Other assets 109 151
Consolidated total assets $ 117,641 $ 127,238

Restructuring Charges (Tables)

Restructuring Charges (Tables)3 Months Ended
Apr. 03, 2021
Restructuring and Related Activities [Abstract]
Changes in Restructuring ReservesThe changes in restructuring reserves, which resulted from cash-based severance payments and other employee-related costs, associated with the Cost Reduction Plan for the three months ended April 3, 2021 were as follows.
Three Months
April 3,
2021
(In thousands)
Beginning balance $ —
Provision for restructuring reserves 43
Cash payments made (43 )
Ending balance $ —

Revenue -Disaggregation of Reve

Revenue -Disaggregation of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Disaggregation of Revenue [Line Items]
Total net revenues $ 16,241 $ 18,840
TFE
Disaggregation of Revenue [Line Items]
Total net revenues9,238 7,962
TFE | Systems, Upgrades and Spare Parts
Disaggregation of Revenue [Line Items]
Total net revenues7,546 6,569
TFE | Field Service
Disaggregation of Revenue [Line Items]
Total net revenues1,692 1,393
Photonics
Disaggregation of Revenue [Line Items]
Total net revenues7,003 10,878
HDD | TFE
Disaggregation of Revenue [Line Items]
Total net revenues5,221 7,754
HDD | TFE | Systems, Upgrades and Spare Parts
Disaggregation of Revenue [Line Items]
Total net revenues3,585 6,361
HDD | TFE | Field Service
Disaggregation of Revenue [Line Items]
Total net revenues1,636 1,393
DCP | TFE
Disaggregation of Revenue [Line Items]
Total net revenues14
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 revenues14
PV | TFE
Disaggregation of Revenue [Line Items]
Total net revenues153 208
PV | TFE | Systems, Upgrades and Spare Parts
Disaggregation of Revenue [Line Items]
Total net revenues111 208
PV | TFE | Field Service
Disaggregation of Revenue [Line Items]
Total net revenues42
ASP | TFE
Disaggregation of Revenue [Line Items]
Total net revenues3,850
ASP | TFE | Systems, Upgrades and Spare Parts
Disaggregation of Revenue [Line Items]
Total net revenues3,850
ASP | TFE | Field Service
Disaggregation of Revenue [Line Items]
Total net revenues
Military Products | Photonics
Disaggregation of Revenue [Line Items]
Total net revenues3,252 5,365
Commercial Products | Photonics
Disaggregation of Revenue [Line Items]
Total net revenues128 79
Repair and Other Services | Photonics
Disaggregation of Revenue [Line Items]
Total net revenues442 430
Product | Photonics
Disaggregation of Revenue [Line Items]
Total net revenues3,822 5,874
Firm Fixed Price [Member] | Photonics
Disaggregation of Revenue [Line Items]
Total net revenues1,804 4,430
Cost Plus Fixed Fee [Member] | Photonics
Disaggregation of Revenue [Line Items]
Total net revenues1,377 574
Times and Materials | Photonics
Disaggregation of Revenue [Line Items]
Total net revenues
Technology Development | Photonics
Disaggregation of Revenue [Line Items]
Total net revenues $ 3,181 $ 5,004

Revenue - Primary Geography Mar

Revenue - Primary Geography Markets (Detail) - USD ($) $ in Thousands3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Disaggregation of Revenue [Line Items]
Total net revenues $ 16,241 $ 18,840
Products Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Total net revenues9,680 8,392
Products and Services Transferred Over Time
Disaggregation of Revenue [Line Items]
Total net revenues6,561 10,448
United States
Disaggregation of Revenue [Line Items]
Total net revenues7,327 11,375
Asia
Disaggregation of Revenue [Line Items]
Total net revenues5,021 7,443
Europe
Disaggregation of Revenue [Line Items]
Total net revenues3,893 22
TFE
Disaggregation of Revenue [Line Items]
Total net revenues9,238 7,962
TFE | Products Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Total net revenues9,238 7,962
TFE | United States
Disaggregation of Revenue [Line Items]
Total net revenues367 519
TFE | Asia
Disaggregation of Revenue [Line Items]
Total net revenues5,021 7,443
TFE | Europe
Disaggregation of Revenue [Line Items]
Total net revenues3,850
Photonics
Disaggregation of Revenue [Line Items]
Total net revenues7,003 10,878
Photonics | Products Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Total net revenues442 430
Photonics | Products and Services Transferred Over Time
Disaggregation of Revenue [Line Items]
Total net revenues6,561 10,448
Photonics | United States
Disaggregation of Revenue [Line Items]
Total net revenues6,960 10,856
Photonics | Asia
Disaggregation of Revenue [Line Items]
Total net revenues
Photonics | Europe
Disaggregation of Revenue [Line Items]
Total net revenues $ 43 $ 22

Revenue - Changes in Contract A

Revenue - Changes in Contract Assets and Contract Liabilities (Detail) - USD ($) $ in Thousands3 Months Ended
Apr. 03, 2021Jan. 02, 2021
TFE
Contract liabilities:
Contract liabilities $ 318 $ 515
Contract liabilities:
Change in contract liabilities(197)
TFE | Accounts Receivable, Unbilled
Contract assets:
Contract assets 369
Contract assets:
Change in contract assets(369)
TFE | Deferred Revenue
Contract liabilities:
Contract liabilities276 482
Contract liabilities:
Change in contract liabilities(206)
TFE | Customer Advances
Contract liabilities:
Contract liabilities42 33
Contract liabilities:
Change in contract liabilities9
Photonics
Contract assets:
Contract assets4,819 5,565
Contract assets:
Change in contract assets(746)
Photonics | Accounts Receivable, Unbilled
Contract assets:
Contract assets4,689 5,439
Contract assets:
Change in contract assets(750)
Photonics | Deferred Revenue
Contract liabilities:
Contract liabilities1,126 779
Contract liabilities:
Change in contract liabilities347
Photonics | Retainage
Contract assets:
Contract assets130 $ 126
Contract assets:
Change in contract assets $ 4

Revenue - Additional Informatio

Revenue - Additional Information (Detail) $ in Thousands3 Months Ended
Apr. 03, 2021USD ($)Installment
Revenue From Contract With Customers [Line Items]
Revenue remaining performance obligation $ 43,100
TFE
Revenue From Contract With Customers [Line Items]
Revenue remaining performance obligation $ 4,200
TFE | Accounts Receivable, Unbilled
Revenue From Contract With Customers [Line Items]
Number of installments | Installment3
Change in contract assets $ (369)
TFE | Customer Advances
Revenue From Contract With Customers [Line Items]
Contract with customer liability revenue recognized33
TFE | Deferred Revenue
Revenue From Contract With Customers [Line Items]
Contract with customer liability revenue recognized206
Photonics
Revenue From Contract With Customers [Line Items]
Change in contract assets(746)
Revenue remaining performance obligation38,900
Photonics | Accounts Receivable, Unbilled
Revenue From Contract With Customers [Line Items]
Change in contract assets $ (750)

Revenue - Additional Informat_2

Revenue - Additional Information (Detail 1)Apr. 03, 2023Apr. 03, 2022Apr. 03, 2021
Revenue From Contract With Customers [Line Items]
Revenue, remaining performance obligation, percentage56.00%
Scenario Forecast
Revenue From Contract With Customers [Line Items]
Revenue, remaining performance obligation, percentage2.00%42.00%

Inventories - Inventories State

Inventories - Inventories Stated at Lower of Average Cost or Net Realizable Value (Detail) - USD ($) $ in ThousandsApr. 03, 2021Jan. 02, 2021
Inventory Disclosure [Abstract]
Raw materials $ 10,422 $ 9,999
Work-in-progress5,885 4,832
Finished goods4,194 6,858
Inventories $ 20,501 $ 21,689

Equity-Based Compensation - Add

Equity-Based Compensation - Additional information (Detail)3 Months Ended
Apr. 03, 2021USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of common stock through payroll deductions85.00%
Offering periods2 years
Maximum employee salary withholdings for purchase of common stock under the terms of the ESPP50.00%
Stock issued under Employee Stock Purchase Plans | shares208,516
Employee stock obligation amount | $ $ 25,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award, vesting period4 years

Equity-Based Compensation - Eff

Equity-Based Compensation - Effect of Recording Equity-Based Compensation (Detail) - USD ($) $ in Thousands3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation $ 968 $ 672
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation75 215
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation543 366
ESPP awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation $ 350 $ 91

Equity-Based Compensation - Wei

Equity-Based Compensation - Weighted-Average Fair Value of Stock Options and Employee Stock Purchase Rights using Weighted-Average Assumptions (Detail) - $ / shares3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value of grants per share $ 0 $ 1.82
Expected volatility0.00%46.06%
Risk free interest rate0.00%0.44%
Expected term of options (in years)4 years 4 months 20 days
Dividend yield0.00%0.00%
ESPP Purchase Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value of grants per share $ 2.69 $ 1.66
Expected volatility58.56%36.69%
Risk free interest rate0.08%1.56%
Expected term of options (in years)1 year6 months
Dividend yield0.00%0.00%

Equity-Based Compensation - Opt

Equity-Based Compensation - Option Activity and Changes (Detail)3 Months Ended
Apr. 03, 2021$ / sharesshares
Shares
Options outstanding at December 28, 2019 | shares1,814,467
Options granted | shares
Options cancelled and forfeited | shares(50,250)
Options exercised | shares(28,399)
Options outstanding at September 26, 2020 | shares1,735,818
Options exercisable at September 26, 2020 | shares1,317,348
Weighted-Average Exercise Price
Options outstanding at December 28, 2019 | $ / shares $ 6.66
Options granted | $ / shares
Options cancelled and forfeited | $ / shares8.32
Options exercised | $ / shares6.78
Options outstanding at September 26, 2020 | $ / shares6.60
Options exercisable at September 26, 2020 | $ / shares $ 6.71

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs)3 Months Ended
Apr. 03, 2021$ / sharesshares
Shares
Non-vested RSUs at December 28, 2019 | shares901,634
Granted | shares9,603
Vested | shares(9,320)
Cancelled | shares(11,051)
Non-vested RSUs at September 26, 2020 | shares890,866
Weighted Average Grant Date Fair Value
Non-vested RSUs at December 28, 2019 | $ / shares $ 5.30
Granted | $ / shares6.45
Vested | $ / shares6.72
Cancelled | $ / shares5.36
Non-vested RSUs at September 26, 2020 | $ / shares $ 5.29

Warranty - Additional Informati

Warranty - Additional Information (Detail)3 Months Ended
Apr. 03, 2021
Guarantees [Abstract]
Minimum product warranty range12 months
Maximum product warranty range24 months

Warranty - Activity in Warranty

Warranty - Activity in Warranty Provision Account (Detail) - USD ($) $ in Thousands3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Guarantees [Abstract]
Opening balance $ 480 $ 1,022
Expenditures incurred under warranties(199)(120)
Accruals for product warranties issued during the reporting period275 25
Adjustments to previously existing warranty accruals34 (202)
Closing balance $ 590 $ 725

Warranty - Balance Sheet Classi

Warranty - Balance Sheet Classification of Warranty Provision Account (Detail) - USD ($) $ in ThousandsApr. 03, 2021Jan. 02, 2021Mar. 28, 2020Dec. 28, 2019
Guarantees [Abstract]
Other accrued liabilities $ 537 $ 405
Other long-term liabilities53 75
Total warranty provision $ 590 $ 480 $ 725 $ 1,022

Guarantees - Additional Informa

Guarantees - Additional Information (Detail)Apr. 03, 2021USD ($)
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 ThousandsApr. 03, 2021Jan. 02, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost $ 52,794 $ 49,530
Unrealized Holding Gains21 38
Unrealized Holding Losses3 0
Fair Value52,812 49,568
Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Amortized Cost32,816 29,341
Fair Value32,816 29,341
Cash and Cash Equivalents | Cash
Debt Securities, Available-for-sale [Line Items]
Amortized Cost27,929 24,729
Fair Value27,929 24,729
Cash and Cash Equivalents | Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost4,387 3,612
Fair Value4,387 3,612
Cash and Cash Equivalents | Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost500 1,000
Fair Value500 1,000
Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost16,057 14,806
Unrealized Holding Gains20 33
Unrealized Holding Losses0
Fair Value16,077 14,839
Short-term Investments | Corporate bonds and medium-term notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost4,714 2,929
Unrealized Holding Gains3 6
Unrealized Holding Losses0
Fair Value4,717 2,935
Short-term Investments | Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost595 400
Fair Value595 400
Short-term Investments | U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost3,998 4,527
Unrealized Holding Gains16 25
Fair Value4,014 4,552
Short-term Investments | Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost6,750 6,450
Unrealized Holding Gains1 2
Unrealized Holding Losses0
Fair Value6,751 6,452
Short-term Investments | Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost500
Unrealized Holding Gains0
Unrealized Holding Losses0
Fair Value500
Long-term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost3,921 5,383
Unrealized Holding Gains1 5
Unrealized Holding Losses3 0
Fair Value3,919 5,388
Long-term Investments | Corporate bonds and medium-term notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost2,012 3,474
Unrealized Holding Gains4
Unrealized Holding Losses1 0
Fair Value2,011 3,478
Long-term Investments | U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost1,409 1,409
Unrealized Holding Gains1 1
Unrealized Holding Losses0
Fair Value1,410 1,410
Long-term Investments | Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost500 500
Unrealized Holding Gains0
Unrealized Holding Losses2
Fair Value $ 498 $ 500

Cash, Cash Equivalents and In_4

Cash, Cash Equivalents and Investments - Contractual Maturities of Available-For-Sale Securities (Detail) $ in ThousandsApr. 03, 2021USD ($)
Investments Debt And Equity Securities [Abstract]
Amortized Cost, Due in one year or less $ 20,944
Amortized Cost, Due after one through five years3,921
Amortized Cost24,865
Fair Value, Due in one year or less20,964
Fair Value, Due after one through five years3,919
Fair Value $ 24,883

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 ThousandsApr. 03, 2021USD ($)
Debt Securities, Available-for-sale [Line Items]
Unrealized Loss Position, Less than 12 Months, Fair Value $ 4,184
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses3
Unrealized Loss Position, Greater than 12 Months, Fair Value0
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses0
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Unrealized Loss Position, Less than 12 Months, Fair Value1,498
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses2
Unrealized Loss Position, Greater than 12 Months, Fair Value0
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses0
Corporate bonds and medium-term notes
Debt Securities, Available-for-sale [Line Items]
Unrealized Loss Position, Less than 12 Months, Fair Value2,686
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses1
Unrealized Loss Position, Greater than 12 Months, Fair Value0
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 ThousandsApr. 03, 2021USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements $ 24,883
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements24,883
Fair Value, Measurements, Recurring | Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements4,387
Fair Value, Measurements, Recurring | Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements7,749
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 measurements5,424
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 measurements6,728
Fair Value, Measurements, Recurring | Municipal bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements595
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 measurements9,811
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 measurements4,387
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 measurements5,424
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 measurements15,072
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 measurements7,749
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 measurements6,728
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Municipal bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements $ 595

Derivative Instruments - Summar

Derivative Instruments - Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets (Detail) - Undesignated Hedges - USD ($) $ in ThousandsApr. 03, 2021Jan. 02, 2021
Derivatives, Fair Value [Line Items]
Notional Amounts $ 594 $ 983
Derivative Liabilities1 3
Forward Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Notional Amounts594 983
Derivative Liabilities $ 1 $ 3

Equity - Schedule of Changes in

Equity - Schedule of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Class of Stock [Line Items]
Beginning balance $ 101,556 $ 95,793
Common stock issued under employee plans1,223 914
Equity-based compensation expense968 672
Net loss(6,504)(1,224)
Other comprehensive loss(88)(93)
Common stock repurchases(393)(393)
Ending balance97,155 95,669
Common Stock and Additional Paid-in Capital
Class of Stock [Line Items]
Beginning balance193,197 188,313
Common stock issued under employee plans1,223 914
Equity-based compensation expense968 672
Ending balance195,388 189,899
Treasury Stock
Class of Stock [Line Items]
Beginning balance(29,551)(29,158)
Common stock repurchases(393)
Ending balance(29,551)(29,551)
Accumulated Other Comprehensive Income
Class of Stock [Line Items]
Beginning balance640 424
Other comprehensive loss(88)(93)
Ending balance552 331
Accumulated Deficit
Class of Stock [Line Items]
Beginning balance(62,730)(63,786)
Net loss(6,504)(1,224)
Ending balance $ (69,234) $ (65,010)

Equity - Changes in Accumulated

Equity - Changes in Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Thousands3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance $ 101,556 $ 95,793
Net current-period other comprehensive income (loss)(88)(93)
Ending balance97,155 95,669
Foreign currency
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance602 381
Other comprehensive income (loss) before reclassification(68)(95)
Net current-period other comprehensive income (loss)(68)(95)
Ending balance534 286
Unrealized holding gains (losses) on available- for-sale investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance38 43
Other comprehensive income (loss) before reclassification(20)2
Net current-period other comprehensive income (loss)(20)2
Ending balance18 45
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance640 424
Other comprehensive income (loss) before reclassification(88)(93)
Net current-period other comprehensive income (loss)(88)(93)
Ending balance $ 552 $ 331

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ in MillionsAug. 15, 2019Apr. 03, 2021Nov. 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) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Equity [Abstract]
Shares of common stock repurchased0 98
Cost of stock repurchased $ 393 $ 393
Average price paid per share $ 0 $ 3.97

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Earnings Per Share [Abstract]
Net loss $ (6,504) $ (1,224)
Weighted-average shares – basic24,033 23,483
Effect of dilutive potential common shares0 0
Weighted-average shares – diluted24,033 23,483
Net loss per share – basic and diluted $ (0.27) $ (0.05)

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)3 Months Ended
Apr. 03, 2021Segment
Segment Reporting [Abstract]
Number of reportable segments2
Allocation of corporate expenses to the segments3.00%

Segment Reporting - Information

Segment Reporting - Information for Each Reportable Segment (Detail) - USD ($) $ in Thousands3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Segment Reporting Information [Line Items]
Total segment net revenues $ 16,241 $ 18,840
Operating income (loss)(6,501)(1,100)
Interest income and other income (expense), net29 142
Loss before provision for income taxes(6,472)(958)
TFE
Segment Reporting Information [Line Items]
Total segment net revenues9,238 7,962
Photonics
Segment Reporting Information [Line Items]
Total segment net revenues7,003 10,878
Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)(5,148)381
Operating Segments | TFE
Segment Reporting Information [Line Items]
Operating income (loss)(4,002)(2,531)
Operating Segments | Photonics
Segment Reporting Information [Line Items]
Operating income (loss)(1,146)2,912
Unallocated Amount to Segment
Segment Reporting Information [Line Items]
Unallocated costs $ (1,353) $ (1,481)

Segment Reporting - Assets for

Segment Reporting - Assets for Each Reportable Segment (Detail) - USD ($) $ in ThousandsApr. 03, 2021Jan. 02, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated total assets $ 117,641 $ 127,238
Cash, cash equivalents and investments52,812 49,568
Restricted cash787 787
Deferred income taxes5,375 5,335
Other current assets1,194 1,093
Common property, plant and equipment1,355 1,443
Common operating lease right-of-use assets1,493 1,603
Other assets109 151
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated total assets54,516 67,258
Operating Segments | TFE
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated total assets33,042 44,335
Operating Segments | Photonics
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated total assets $ 21,474 $ 22,923

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)3 Months Ended
Apr. 03, 2021Mar. 28, 2020Dec. 31, 2020
Government Grants [Line Items]
Provision for income taxes $ 32,000 $ 266,000
Income tax provision on earnings of subsidiaries19,000 165,000
Deferred payroll tax liability $ 764,000
Proceeds From Government Grants66,000
Grant [Member] | Cost of Sales [Member]
Government Grants [Line Items]
Proceeds From Government Grants39,000
Grant [Member] | Research and Development Expense [Member]
Government Grants [Line Items]
Proceeds From Government Grants10,000
Grant [Member] | Selling, General and Administrative Expenses [Member]
Government Grants [Line Items]
Proceeds From Government Grants17,000
Foreign Tax Authority | Singapore
Government Grants [Line Items]
Income tax charge (benefit) $ 48,000 $ 101,000

Restructuring Charges - Additio

Restructuring Charges - Additional Information (Detail) $ in Thousands3 Months Ended
Apr. 03, 2021USD ($)
Restructuring and Related Activities [Abstract]
Percentage of reduction of global workforce1.40%
Reduction in salary, wages and other employee-related expenses due to implementation of plan $ 576

Restructuring Charges - Changes

Restructuring Charges - Changes in Restructuring Reserves (Detail) - Severance and Other Employee Related Costs $ in Thousands3 Months Ended
Apr. 03, 2021USD ($)
Restructuring Cost and Reserve [Line Items]
Provision for restructuring reserves $ 43
Cash payments made $ (43)