Cover Page
Cover Page - shares | 6 Months Ended | |
Jul. 03, 2021 | Aug. 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Interactive Data Current | Yes | |
Document Period End Date | Jul. 3, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | INTEVAC, INC. | |
Entity Central Index Key | 0001001902 | |
Current Fiscal Year End Date | --01-01 | |
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 Incorporation, State or Country Code | DE | |
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 | 24,585,984 | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 03, 2021 | Jan. 02, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 32,856 | $ 29,341 |
Short-term investments | 15,805 | 14,839 |
Trade and other accounts receivable, net of allowances of $0 at both July 3, 2021 and January 2, 2021 | 14,356 | 28,646 |
Inventories | 20,524 | 21,689 |
Prepaid expenses and other current assets | 1,691 | 1,893 |
Total current assets | 85,232 | 96,408 |
Long-term investments | 4,679 | 5,388 |
Restricted cash | 787 | 787 |
Property, plant and equipment, net | 9,683 | 11,004 |
Operating lease right-of-use-assets | 6,988 | 8,165 |
Deferred income taxes and other long-term assets | 5,700 | 5,486 |
Total assets | 113,069 | 127,238 |
Current liabilities: | ||
Current operating lease liabilities | 2,981 | 2,853 |
Accounts payable | 3,890 | 4,259 |
Accrued payroll and related liabilities | 6,334 | 7,679 |
Other accrued liabilities | 2,421 | 3,631 |
Total current liabilities | 15,626 | 18,422 |
Noncurrent liabilities: | ||
Noncurrent operating lease liabilities | 5,267 | 6,803 |
Other long-term liabilities | 428 | 457 |
Total noncurrent liabilities | 5,695 | 7,260 |
Stockholders' equity: | ||
Common stock, $0.001 par value | 24 | 24 |
Additional paid-in capital | 196,064 | 193,173 |
Treasury stock, 5,087 shares at both July 3, 2021 and at January 2, 2021 | (29,551) | (29,551) |
Accumulated other comprehensive income | 571 | 640 |
Accumulated deficit | (75,360) | (62,730) |
Total stockholders' equity | 91,748 | 101,556 |
Total liabilities and stockholders' equity | $ 113,069 | $ 127,238 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jul. 03, 2021 | Jan. 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, shares | 5,087 | 5,087 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Net revenues: | ||||
Total net revenues | $ 13,813 | $ 28,842 | $ 30,054 | $ 47,682 |
Cost of net revenues: | ||||
Total cost of net revenues | 10,705 | 17,422 | 23,892 | 28,105 |
Gross profit | 3,108 | 11,420 | 6,162 | 19,577 |
Operating expenses: | ||||
Research and development | 3,894 | 3,707 | 7,519 | 6,991 |
Selling, general and administrative | 5,525 | 5,609 | 11,455 | 11,581 |
Total operating expenses | 9,419 | 9,316 | 18,974 | 18,572 |
Income (loss) from operations | (6,311) | 2,104 | (12,812) | 1,005 |
Interest income and other income (expense), net | 20 | 62 | 50 | 204 |
Income (loss) before provision for (benefit from) income taxes | (6,291) | 2,166 | (12,762) | 1,209 |
Provision for (benefit from) income taxes | (165) | 642 | (132) | 909 |
Net income (loss) | $ (6,126) | $ 1,524 | $ (12,630) | $ 300 |
Net income (loss) per share: | ||||
Basic | $ (0.25) | $ 0.06 | $ (0.52) | $ 0.01 |
Diluted | $ (0.25) | $ 0.06 | $ (0.52) | $ 0.01 |
Weighted average common shares outstanding: | ||||
Basic | 24,241 | 23,561 | 24,137 | 23,522 |
Diluted | 24,241 | 23,906 | 24,137 | 23,953 |
Systems and components | ||||
Net revenues: | ||||
Total net revenues | $ 10,651 | $ 22,725 | $ 23,710 | $ 36,561 |
Cost of net revenues: | ||||
Total cost of net revenues | 8,624 | 13,812 | 18,588 | 21,579 |
Technology development | ||||
Net revenues: | ||||
Total net revenues | 3,162 | 6,117 | 6,344 | 11,121 |
Cost of net revenues: | ||||
Total cost of net revenues | $ 2,081 | $ 3,610 | $ 5,304 | $ 6,526 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (6,126) | $ 1,524 | $ (12,630) | $ 300 |
Other comprehensive income (loss), before tax: | ||||
Change in unrealized net gain on available-for-sale investments | (9) | 51 | (29) | 53 |
Foreign currency translation gains (losses) | 28 | 20 | (40) | (75) |
Other comprehensive income (loss), before tax | 19 | 71 | (69) | (22) |
Income taxes related to items in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 19 | 71 | (69) | (22) |
Comprehensive income(loss) | $ (6,107) | $ 1,595 | $ (12,699) | $ 278 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Operating activities | ||
Net income (loss) | $ (12,630) | $ 300 |
Adjustments to reconcile net income (loss) to net cash and cash equivalents provided by operating activities: | ||
Depreciation and amortization | 1,686 | 1,797 |
Net amortization (accretion) of investment premiums and discounts | 62 | (26) |
Equity-based compensation | 1,987 | 1,328 |
Straight-line rent adjustment and amortization of lease incentives | (231) | (142) |
Deferred income taxes | (202) | 426 |
Changes in operating assets and liabilities | 12,692 | (148) |
Total adjustments | 15,994 | 3,235 |
Net cash and cash equivalents provided by operating activities | 3,364 | 3,535 |
Investing activities | ||
Purchases of investments | (10,163) | (12,213) |
Proceeds from sales and maturities of investments | 9,815 | 14,510 |
Purchases of leasehold improvements and equipment | (365) | (1,837) |
Net cash and cash equivalents provided by (used in) investing activities | (713) | 460 |
Financing activities | ||
Net proceeds from issuance of common stock | 1,436 | 994 |
Common stock repurchases | 0 | (393) |
Taxes paid related to net share settlement | (532) | (345) |
Net cash and cash equivalents provided by financing activities | 904 | 256 |
Effect of exchange rate changes on cash and cash equivalents | (40) | (74) |
Net increase in cash, cash equivalents and restricted cash | 3,515 | 4,177 |
Cash, cash equivalents and restricted cash at beginning of period | 30,128 | 20,554 |
Cash, cash equivalents and restricted cash at end of period | 33,643 | 24,731 |
Non-cash investing and financing activity | ||
Additions to right-of-use-assets obtained from new operating lease liabilities | $ 0 | $ 128 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jul. 03, 2021 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Description of Business 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. Basis of Presentation 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. COVID-19 The COVID-19 COVID-19, COVID-19 COVID-19 COVID-19 |
Revenue
Revenue | 6 Months Ended |
Jul. 03, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 2. Revenue The following tables represent a disaggregation of revenue from contracts with customers for the three and six months ended July 3, 2021 and June 27, 2020 along with the reportable segment for each category. Major Products and Service Lines TFE Three Months Ended July 3, 2021 Three Months Ended June 27, 2020 (In thousands) HDD DCP PV ASP Total HDD PV Total Systems, upgrades and spare parts $ 3,955 $ 3 $ 47 $ — $ 4,005 $ 15,226 $ 61 $ 15,287 Field service 1,364 — — — 1,364 1,306 2 1,308 Total TFE net revenues $ 5,319 $ 3 $ 47 $ — $ 5,369 $ 16,532 $ 63 $ 16,595 Six Months Ended July 3, 2021 Six Months Ended June 27, 2020 (In thousands) HDD DCP PV ASP Total HDD PV Total Systems, upgrades and spare parts $ 7,539 $ 3 $ 158 $ 3,850 $ 11,550 $ 21,587 $ 269 $ 21,856 Field service 3,001 14 42 — 3,057 2,699 2 2,701 Total TFE net revenues $ 10,540 $ 17 $ 200 $ 3,850 $ 14,607 $ 24,286 $ 271 $ 24,557 Three Months Six Months Ended Photonics July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands) Products: Military products $ 4,958 $ 5,446 $ 8,209 $ 10,811 Commercial products 50 39 178 118 Repair and other services 274 645 716 1,075 Total Photonics product net revenues 5,282 6,130 9,103 12,004 Technology development: Firm Fixed Price (“FFP”) 1,543 5,462 3,348 9,892 Cost Plus Fixed Fee (“CPFF”) 1,619 655 2,996 1,229 Time and materials — — — — Total technology development net revenues 3,162 6,117 6,344 11,121 Total Photonics net revenues $ 8,444 $ 12,247 $ 15,447 $ 23,125 Primary Geographical Markets Three Months Ended Three Months Ended July 3, 2021 June 27, 2020 (In thousands) TFE Photonics Total TFE Photonics Total United States $ 2,121 $ 8,371 $ 10,492 $ 313 $ 12,125 $ 12,438 Asia 3,248 — 3,248 16,282 — 16,282 Europe — 73 73 — 122 122 Total net revenues $ 5,369 $ 8,444 $ 13,813 $ 16,595 $ 12,247 $ 28,842 Six Months Ended Six Months Ended July 3, 2021 June 27, 2020 (In thousands) TFE Photonics Total TFE Photonics Total United States $ 2,488 $ 15,331 $ 17,819 $ 832 $ 22,981 $ 23,813 Asia 8,269 — 8,269 23,725 — 23,725 Europe 3,850 116 3,966 — 144 144 Total net revenues $ 14,607 $ 15,447 $ 30,054 $ 24,557 $ 23,125 $ 47,682 Timing of Revenue Recognition Three Months Ended Three Months Ended July 3, 2021 June 27, 2020 (In thousands) TFE Photonics Total TFE Photonics Total Products transferred at a point in time $ 5,369 $ 274 $ 5,643 $ 16,595 $ 645 $ 17,240 Products and services transferred over time — 8,170 8,170 — 11,602 11,602 $ 5,369 $ 8,444 $ 13,813 $ 16,595 $ 12,247 $ 28,842 Six Months Ended Six Months Ended July 3, 2021 June 27, 2020 (In thousands) TFE Photonics Total TFE Photonics Total Products transferred at a point in time $ 14,607 $ 645 $ 15,252 $ 24,557 $ 1,075 $ 25,632 Products and services transferred over time — 14,802 14,802 — 22,050 22,050 $ 14,607 $ 15,447 $ 30,054 $ 24,557 $ 23,125 $ 47,682 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 six months ended July 3, 2021: July 3, 2021 January 2, 2021 Six Months Change (In thousands) TFE: Contract assets: Accounts receivable, unbilled $ — $ 369 $ (369 ) Contract liabilities: Deferred revenue $ 195 $ 482 $ (287 ) Customer advances 1 33 (32 ) $ 196 $ 515 $ (319 ) Photonics: Contract assets: Accounts receivable, unbilled $ 1,410 $ 5,439 $ (4,029 ) Retainage 127 126 1 $ 1,537 $ 5,565 $ (4,028 ) Contract liabilities: Deferred revenue $ 275 $ 779 $ (504 ) 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 six months ended July 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. 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 six months ended July 3, 2021, we recognized revenue in our TFE segment of $33,000 and $296,000 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 six months ended July 3, 2021, contract assets in our Photonics segment decreased by $4.0 million primarily due to the billing 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 six months ended July 3, 2021, we recognized revenue in our Photonics segment of $ 779 On July 3, 2021, we had $51.7 million of remaining performance obligations, which we also refer to as backlog. Backlog at July 3, 2021 consisted of $18.9 million of TFE backlog and $32.7 million of Photonics backlog. We expect to recognize approximately 52% of our remaining performance obligations as revenue in 2021, 29% in 2022, and 19% in 2023. |
Inventories
Inventories | 6 Months Ended |
Jul. 03, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories Inventories are stated at the lower of average cost or net realizable value and consist of the following: July 3, January 2, (In thousands) Raw materials $ 11,007 $ 9,999 Work-in-progress 5,046 4,832 Finished goods 4,471 6,858 $ 20,524 $ 21,689 Finished goods inventory at July 3, 2021 included one VERTEX SPECTRA system for DCP at a customer’s factory previously under evaluation for which the evaluation period has ended but the tool is being considered for another application at that site. 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 Compensation | 6 Months Ended |
Jul. 03, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 4. Equity-Based Compensation At July 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 and six months ended July 3, 2021 and June 27, 2020 was as follows: Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands) Equity-based compensation by type of award: Stock options $ 57 $ 149 $ 132 $ 364 RSUs 656 450 1,200 816 Employee stock purchase plan 306 57 655 148 Total equity-based compensation $ 1,019 $ 656 $ 1,987 $ 1,328 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. Intevac accounts for forfeitures as they occur, rather than estimating expected forfeitures. Option activity as of July 3, 2021 and changes during the six months ended July 3, 2021 were as follows: Shares Weighted-Average Options outstanding at January 2, 2021 1,814,467 $ 6.66 Options granted — $ — Options cancelled and forfeited (205,324 ) $ 6.72 Options exercised (65,462 ) $ 5.89 Options outstanding at July 3, 2021 1,543,681 $ 6.57 Options exercisable at July 3, 2021 1,317,356 $ 6.78 Intevac issued 208,516 shares of common stock under the ESPP during the six months ended July 3, 2021. Intevac estimated the weighted-average fair value of stock options and ESPP purchase rights using the following weighted-average assumptions: Six Months Ended June 27, 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 Six Months Ended July 3, 2021 June 27, 2020 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 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. RSUs RSU activity as of July 3, 2021 and changes during the six months ended July 3, 2021 were as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 901,634 $ 5.30 Granted 538,022 $ 6.29 Vested (293,824 ) $ 6.08 Cancelled and forfeited (44,775 ) $ 3.96 Non-vested 1,101,057 $ 5.63 Time-based RSUs are converted into shares of Intevac common stock upon vesting on a one-for-one In May 2021, we granted 126,320 performance-based restricted stock units (“PRSUs”) to members of our senior management. The number of PRSUs that will vest is determined by our common stock achieving a certain Total Shareholder Return (“TSR”) for the Company, relative to the TSR of a specified peer group over a measurement period of two years from the time of grant. The fair value of each PRSU award was estimated on the date of grant using a Monte Carlo simulation. PRSU activity is included in the above RSU tables. At the end of the performance measurement period, the Compensation Committee of the Board of Directors (the “Compensation Committee”) will determine the achievement against the performance objectives. Depending on the Company’s TSR relative to the peer group TSR, the actual number of shares that will be vested for each PRSU grant can range from zero to 200% of the initial grant. Intevac estimated the weighted-average fair value of PRSUs using the following weighted-average assumptions: Three Months Ended July 3, 2021 Weighted-average fair value of grants per share $7.65 Expected volatility 56.26% Risk-free interest rate 0.15% Dividend yield None In May 2020, we granted 109,465 PRSUs to members of our senior management. The PRSUs were issued collectively in four separate tranches with individual one-year Intevac estimated the weighted-average fair value of PRSUs using the following weighted-average assumptions: Three Months Ended June 27, 2020 Weighted-average fair value of grants per share $ 3.16 Expected volatility 46.7 % Risk-free interest rate 0.25 % Dividend yield None |
Warranty
Warranty | 6 Months Ended |
Jul. 03, 2021 | |
Guarantees [Abstract] | |
Warranty | 5. 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, solar cell manufacturing and advanced semiconductor packaging 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 and six months ended July 3, 2021 and June 27, 2020: Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands) Opening balance $ 590 $ 725 $ 480 $ 1,022 Expenditures incurred under warranties (217 ) (189 ) (415 ) (308 ) Accruals for product warranties issued during the reporting period 198 135 473 159 Adjustments to previously existing warranty accruals 1 (9 ) 34 (211 ) Closing balance $ 572 $ 662 $ 572 $ 662 The following table displays the balance sheet classification of the warranty provision account at July 3, 2021 and at January 2, 2021. July 3, January 2, (In thousands) Other accrued liabilities $ 527 $ 405 Other long-term liabilities 45 75 Total warranty provision $ 572 $ 480 |
Guarantees
Guarantees | 6 Months Ended |
Jul. 03, 2021 | |
Guarantees [Abstract] | |
Guarantees | 6. 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 July 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 Investments | 6 Months Ended |
Jul. 03, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Cash, Cash Equivalents and Investments | 7. Cash, Cash Equivalents and Investments Cash and cash equivalents, short-term investments and long-term investments consist of: July 3, 2021 Amortized Cost Unrealized Unrealized Fair Value (In thousands) Cash and cash equivalents: Cash $ 28,477 $ — $ — $ 28,477 Money market funds 4,379 — — 4,379 Total cash and cash equivalents $ 32,856 $ — $ — $ 32,856 Short-term investments: Certificates of deposit $ 7,550 $ 3 $ — $ 7,553 Corporate bonds and medium-term notes 4,505 2 — 4,507 Municipal bonds 740 — — 740 U.S. treasury and agency securities 2,999 6 — 3,005 Total short-term investments $ 15,794 $ 11 $ — $ 15,805 Long-term investments: Certificates of deposit $ 500 $ — $ 1 $ 499 Corporate bonds and medium-term notes 2,020 — 1 2,019 U.S. treasury and agency securities 2,161 1 1 2,161 Total long-term investments $ 4,681 $ 1 $ 3 $ 4,679 Total cash, cash equivalents, and investments $ 53,331 $ 12 $ 3 $ 53,340 January 2, 2021 Amortized Cost Unrealized Unrealized 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 Fair (In thousands) Due in one year or less $ 20,173 $ 20,184 Due after one through five years 4,681 4,679 $ 24,854 $ 24,863 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 July 3, 2021. July 3, 2021 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 $ 999 $ 1 $ — $ — Corporate bonds and medium-term notes 3,085 1 — — U.S. treasury and agency securities 751 1 — — $ 4,835 $ 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 to be 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 July 3, 2021 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Available-for-sale Money market funds $ 4,379 $ 4,379 $ — U.S. treasury and agency securities 5,166 5,166 — Certificates of deposit 8,052 — 8,052 Corporate bonds and medium-term notes 6,526 — 6,526 Municipal bonds 740 — 740 Total recurring fair value measurements $ 24,863 $ 9,545 $ 15,318 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jul. 03, 2021 | |
Derivative Instrument Detail [Abstract] | |
Derivative Instruments | 8. Derivative Instruments The Company uses foreign currency forward contracts to mitigate variability in gains and losses generated from the re-measurement re-measurement 30 The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its condensed consolidated balance sheets as of July 3, 2021 and January 2, 2021. Notional Amounts Derivative Liabilities Derivative Instrument July 3, 2021 January 2, 2021 July 3, 2021 January 2, 2021 Balance Sheet Line Fair Value Balance Sheet Line Fair Value (In thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 520 $ 983 * $ 3 * $ 3 Total Hedges $ 520 $ 983 $ 3 $ 3 * Other accrued liabilities |
Equity
Equity | 6 Months Ended |
Jul. 03, 2021 | |
Equity [Abstract] | |
Equity | 9. Equity 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, 2018, 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 July 3, 2021, $10.4 million remains available for future stock repurchases under the repurchase program. Intevac records treasury stock purchases under the cost method using the first-in, first-out paid-in paid-in The following table summarizes Intevac’s stock repurchases: Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands, except per share amounts) Shares of common stock repurchased — — — 98 Cost of stock repurchased $ — $ — $ — $ 393 Average price paid per share $ — $ — $ — $ 3.97 Condensed Consolidated Statement of Changes in Equity The changes in stockholders’ equity by component for the three and six months ended July 3, 2021 and June 27, 2020, are as follows (in thousands): Three months ended July 3, 2021 Common Paid-in Treasury Accumulated Accumulated Total Balance at April 3, 2021 $ 195,388 $ (29,551 ) $ 552 $ (69,234 ) $ 97,155 Common stock issued under employee plans 193 — — — 193 Shares withheld for net share settlement of RSUs (512 ) — — — (512 ) Equity-based compensation expense 1,019 — — — 1,019 Net loss — — — (6,126 ) (6,126 ) Other comprehensive income — — 19 — 19 Balance at July 3, 2021 $ 196,088 $ (29,551 ) $ 571 $ (75,360 ) $ 91,748 Six months ended July 3, 2021 Common Paid-in Treasury Accumulated Accumulated Total Balance at January 2, 2021 $ 193,197 $ ( 29, 551 ) $ 640 $ (62,730 ) $ 101,556 Common stock issued under employee plans 1,436 — — — 1,436 Shares withheld for net share settlement of RSUs (532 ) — — — (532 ) Equity-based compensation expense 1,987 — — — 1,987 Net loss — — — (12,630 ) (12,630 ) Other comprehensive loss — — (69 ) — (69 ) Balance at July 3, 2021 $ 196,088 $ (29,551 ) $ 571 $ (75,360 ) $ 91,748 Three months ended June 27, 2020 Common Paid-in Treasury Accumulated Accumulated Total Balance at March 28, 2020 $ 189,899 $ (29,551 ) $ 331 $ (65,010 ) $ 95,669 Common stock issued under employee plans 44 — — — 44 Shares withheld for net share settlement of RSUs (309 ) — — — (309 ) Equity-based compensation expense 656 — — — 656 Net income — — — 1,524 1,524 Other comprehensive income — — 71 — 71 Balance at June 27, 2020 $ 190,290 $ (29,551 ) $ 402 $ (63,486 ) $ 97,655 Six months ended June 27, 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 994 — — — 994 Shares withheld for net share settlement of RSUs (345 ) — — — (345 ) Equity-based compensation expense 1,328 — — — 1,328 Net income — — — 300 300 Other comprehensive loss — — (22 ) — (22 ) Common stock repurchases — (393 ) — — (393 ) Balance at June 27, 2020 $ 190,290 $ (29,551 ) $ 402 $ (63,486 ) $ 97,655 Accumulated Other Comprehensive Income The changes in accumulated other comprehensive income by component for the three and six months ended July 3, 2021 and June 27, 2020, are as follows. Three Months Ended Six Months Ended July 3, 2021 Foreign currency Unrealized available-for-sale Total Foreign Unrealized available-for-sale Total (In thousands) Beginning balance $ 534 $ 18 $ 552 $ 602 $ 38 $ 640 Other comprehensive income (loss) before reclassification 28 (9 ) 19 (40 ) (29 ) (69 ) Amounts reclassified from other comprehensive income — — — — — — Net current-period other comprehensive income (loss) 28 (9 ) 19 (40 ) (29 ) (69 ) Ending balance $ 562 $ 9 $ 571 $ 562 $ 9 $ 571 Three Months Ended Six Months Ended June 27, 2020 Foreign currency Unrealized available-for-sale Total Foreign Unrealized available-for-sale Total (In thousands) Beginning balance $ 286 $ 45 $ 331 $ 381 $ 43 $ 424 Other comprehensive income (loss) before reclassification 20 51 71 (75 ) 53 (22 ) Amounts reclassified from other comprehensive income — — — — — — Net current-period other comprehensive income (loss) 20 51 71 (75 ) 53 (22 ) Ending balance $ 306 $ 96 $ 402 $ 306 $ 96 $ 402 |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jul. 03, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 10. Net Income (Loss) Per Share The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands, except per share amounts) Net income (loss) $ (6,126 ) $ 1,524 $ (12,630 ) $ 300 Weighted-average shares – basic 24,241 23,561 24,137 23,522 Effect of dilutive potential common shares — 345 — 431 Weighted-average shares – diluted 24,241 23,906 24,137 23,953 Net income (loss) per share – basic $ (0.25 ) $ 0.06 $ (0.52 ) $ 0.01 Net income (loss) per share – diluted $ (0.25 ) $ 0.06 $ (0.52 ) $ 0.01 The following potentially dilutive securities were excluded (as common stock equivalents) from the computation of diluted net income (loss) per share for the periods presented as their effect would have been antidilutive: Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands) Stock options to purchase common stock 1,544 1,596 1,544 1,596 RSUs 1,101 19 1,101 19 Employee stock purchase plan 8 2 8 2 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jul. 03, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 11. 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 July 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, or 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 and six months ended July 3, 2021 and June 27, 2020 is as follows: Net Revenues Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands) TFE $ 5,369 $ 16,595 $ 14,607 $ 24,557 Photonics 8,444 12,247 15,447 23,125 Total segment net revenues $ 13,813 $ 28,842 $ 30,054 $ 47,682 Operating Income (Loss) Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands) TFE $ (4,305 ) $ (174 ) $ (8,306 ) $ (2,705 ) Photonics (255 ) 3,536 (1,401 ) 6,448 Total income (loss) from segment operations (4,560 ) 3,362 (9,707 ) 3,743 Unallocated costs (1,751 ) (1,258 ) (3,105 ) (2,738 ) Income (loss) from operations (6,311 ) 2,104 (12,812 ) 1,005 Interest income and other income (expense), net 20 62 50 204 Income (loss) before provision for (benefit from) income taxes $ (6,291 ) $ 2,166 $ (12,762 ) $ 1,209 Total assets for each reportable segment as of July 3, 2021 and January 2, 2021 are as follows: Assets July 3, 2021 January 2, 2021 (In thousands) TFE $ 31,734 $ 44,335 Photonics 17,837 22,923 Total segment assets 49,571 67,258 Cash, cash equivalents and investments 53,340 49,568 Restricted cash 787 787 Deferred income taxes 5,537 5,335 Other current assets 1,083 1,093 Common property, plant and equipment 1,206 1,443 Common operating lease right-of-use 1,381 1,603 Other assets 164 151 Consolidated total assets $ 113,069 $ 127,238 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 03, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Intevac recorded income tax benefits of $165 ,000 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 six months ended July 3, 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 (“R&D”) expenses and $17,000 is reported as a reduction of selling, general and administrative expenses on the condensed consolidated statements of operations. During the three and six months ended June 27, 2020, the Company received $310,000 in JSS grants, of which $180,000 is reported as a reduction of cost of net revenues, $49,000 is reported as a reduction of R&D expenses, and $81,000 is reported as a reduction of selling, general and administrative expenses on the condensed consolidated statements of operations. |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jul. 03, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 13. 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 six months ended July 3, 2021 were as follows. Six Months Ended July 3, 2021 (In thousands) Beginning balance $ — Provision for restructuring reserves 43 Cash payments made (43 ) Ending balance $ — |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 03, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. 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) | 6 Months Ended |
Jul. 03, 2021 | |
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 and six months ended July 3, 2021 and June 27, 2020 along with the reportable segment for each category. Major Products and Service Lines TFE Three Months Ended July 3, 2021 Three Months Ended June 27, 2020 (In thousands) HDD DCP PV ASP Total HDD PV Total Systems, upgrades and spare parts $ 3,955 $ 3 $ 47 $ — $ 4,005 $ 15,226 $ 61 $ 15,287 Field service 1,364 — — — 1,364 1,306 2 1,308 Total TFE net revenues $ 5,319 $ 3 $ 47 $ — $ 5,369 $ 16,532 $ 63 $ 16,595 Six Months Ended July 3, 2021 Six Months Ended June 27, 2020 (In thousands) HDD DCP PV ASP Total HDD PV Total Systems, upgrades and spare parts $ 7,539 $ 3 $ 158 $ 3,850 $ 11,550 $ 21,587 $ 269 $ 21,856 Field service 3,001 14 42 — 3,057 2,699 2 2,701 Total TFE net revenues $ 10,540 $ 17 $ 200 $ 3,850 $ 14,607 $ 24,286 $ 271 $ 24,557 Three Months Six Months Ended Photonics July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands) Products: Military products $ 4,958 $ 5,446 $ 8,209 $ 10,811 Commercial products 50 39 178 118 Repair and other services 274 645 716 1,075 Total Photonics product net revenues 5,282 6,130 9,103 12,004 Technology development: Firm Fixed Price (“FFP”) 1,543 5,462 3,348 9,892 Cost Plus Fixed Fee (“CPFF”) 1,619 655 2,996 1,229 Time and materials — — — — Total technology development net revenues 3,162 6,117 6,344 11,121 Total Photonics net revenues $ 8,444 $ 12,247 $ 15,447 $ 23,125 Primary Geographical Markets Three Months Ended Three Months Ended July 3, 2021 June 27, 2020 (In thousands) TFE Photonics Total TFE Photonics Total United States $ 2,121 $ 8,371 $ 10,492 $ 313 $ 12,125 $ 12,438 Asia 3,248 — 3,248 16,282 — 16,282 Europe — 73 73 — 122 122 Total net revenues $ 5,369 $ 8,444 $ 13,813 $ 16,595 $ 12,247 $ 28,842 Six Months Ended Six Months Ended July 3, 2021 June 27, 2020 (In thousands) TFE Photonics Total TFE Photonics Total United States $ 2,488 $ 15,331 $ 17,819 $ 832 $ 22,981 $ 23,813 Asia 8,269 — 8,269 23,725 — 23,725 Europe 3,850 116 3,966 — 144 144 Total net revenues $ 14,607 $ 15,447 $ 30,054 $ 24,557 $ 23,125 $ 47,682 Timing of Revenue Recognition Three Months Ended Three Months Ended July 3, 2021 June 27, 2020 (In thousands) TFE Photonics Total TFE Photonics Total Products transferred at a point in time $ 5,369 $ 274 $ 5,643 $ 16,595 $ 645 $ 17,240 Products and services transferred over time — 8,170 8,170 — 11,602 11,602 $ 5,369 $ 8,444 $ 13,813 $ 16,595 $ 12,247 $ 28,842 Six Months Ended Six Months Ended July 3, 2021 June 27, 2020 (In thousands) TFE Photonics Total TFE Photonics Total Products transferred at a point in time $ 14,607 $ 645 $ 15,252 $ 24,557 $ 1,075 $ 25,632 Products and services transferred over time — 14,802 14,802 — 22,050 22,050 $ 14,607 $ 15,447 $ 30,054 $ 24,557 $ 23,125 $ 47,682 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 six months ended July 3, 2021: |
Changes in Contract Assets and Contract Liabilities | July 3, 2021 January 2, 2021 Six Months Change (In thousands) TFE: Contract assets: Accounts receivable, unbilled $ — $ 369 $ (369 ) Contract liabilities: Deferred revenue $ 195 $ 482 $ (287 ) Customer advances 1 33 (32 ) $ 196 $ 515 $ (319 ) Photonics: Contract assets: Accounts receivable, unbilled $ 1,410 $ 5,439 $ (4,029 ) Retainage 127 126 1 $ 1,537 $ 5,565 $ (4,028 ) Contract liabilities: Deferred revenue $ 275 $ 779 $ (504 ) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories are stated at the lower of average cost or net realizable value and consist of the following: July 3, January 2, (In thousands) Raw materials $ 11,007 $ 9,999 Work-in-progress 5,046 4,832 Finished goods 4,471 6,858 $ 20,524 $ 21,689 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
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 and six months ended July 3, 2021 and June 27, 2020 was as follows: Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands) Equity-based compensation by type of award: Stock options $ 57 $ 149 $ 132 $ 364 RSUs 656 450 1,200 816 Employee stock purchase plan 306 57 655 148 Total equity-based compensation $ 1,019 $ 656 $ 1,987 $ 1,328 |
Summary of Stock Option Activity | Option activity as of July 3, 2021 and changes during the six months ended July 3, 2021 were as follows: Shares Weighted-Average Options outstanding at January 2, 2021 1,814,467 $ 6.66 Options granted — $ — Options cancelled and forfeited (205,324 ) $ 6.72 Options exercised (65,462 ) $ 5.89 Options outstanding at July 3, 2021 1,543,681 $ 6.57 Options exercisable at July 3, 2021 1,317,356 $ 6.78 |
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: Six Months Ended June 27, 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 Six Months Ended July 3, 2021 June 27, 2020 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 Activity | RSU activity as of July 3, 2021 and changes during the six months ended July 3, 2021 were as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 901,634 $ 5.30 Granted 538,022 $ 6.29 Vested (293,824 ) $ 6.08 Cancelled and forfeited (44,775 ) $ 3.96 Non-vested 1,101,057 $ 5.63 |
Employee Stock Purchase Rights Weighted-Average Assumptions | Intevac estimated the weighted-average fair value of PRSUs using the following weighted-average assumptions: Three Months Ended July 3, 2021 Weighted-average fair value of grants per share $7.65 Expected volatility 56.26% Risk-free interest rate 0.15% Dividend yield None Intevac estimated the weighted-average fair value of PRSUs using the following weighted-average assumptions: Three Months Ended June 27, 2020 Weighted-average fair value of grants per share $ 3.16 Expected volatility 46.7 % Risk-free interest rate 0.25 % Dividend yield None |
Warranty (Tables)
Warranty (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Guarantees [Abstract] | |
Schedule of Product Warranty Liability | The following table displays the activity in the warranty provision account for the three and six months ended July 3, 2021 and June 27, 2020: Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands) Opening balance $ 590 $ 725 $ 480 $ 1,022 Expenditures incurred under warranties (217 ) (189 ) (415 ) (308 ) Accruals for product warranties issued during the reporting period 198 135 473 159 Adjustments to previously existing warranty accruals 1 (9 ) 34 (211 ) Closing balance $ 572 $ 662 $ 572 $ 662 The following table displays the balance sheet classification of the warranty provision account at July 3, 2021 and at January 2, 2021. July 3, January 2, (In thousands) Other accrued liabilities $ 527 $ 405 Other long-term liabilities 45 75 Total warranty provision $ 572 $ 480 |
Cash, Cash Equivalents and In_2
Cash, Cash Equivalents and Investments (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
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: July 3, 2021 Amortized Cost Unrealized Unrealized Fair Value (In thousands) Cash and cash equivalents: Cash $ 28,477 $ — $ — $ 28,477 Money market funds 4,379 — — 4,379 Total cash and cash equivalents $ 32,856 $ — $ — $ 32,856 Short-term investments: Certificates of deposit $ 7,550 $ 3 $ — $ 7,553 Corporate bonds and medium-term notes 4,505 2 — 4,507 Municipal bonds 740 — — 740 U.S. treasury and agency securities 2,999 6 — 3,005 Total short-term investments $ 15,794 $ 11 $ — $ 15,805 Long-term investments: Certificates of deposit $ 500 $ — $ 1 $ 499 Corporate bonds and medium-term notes 2,020 — 1 2,019 U.S. treasury and agency securities 2,161 1 1 2,161 Total long-term investments $ 4,681 $ 1 $ 3 $ 4,679 Total cash, cash equivalents, and investments $ 53,331 $ 12 $ 3 $ 53,340 January 2, 2021 Amortized Cost Unrealized Unrealized 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 Securities | The contractual maturities of available-for-sale Amortized Fair (In thousands) Due in one year or less $ 20,173 $ 20,184 Due after one through five years 4,681 4,679 $ 24,854 $ 24,863 |
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 July 3, 2021. July 3, 2021 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 $ 999 $ 1 $ — $ — Corporate bonds and medium-term notes 3,085 1 — — U.S. treasury and agency securities 751 1 — — $ 4,835 $ 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 July 3, 2021 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Available-for-sale Money market funds $ 4,379 $ 4,379 $ — U.S. treasury and agency securities 5,166 5,166 — Certificates of deposit 8,052 — 8,052 Corporate bonds and medium-term notes 6,526 — 6,526 Municipal bonds 740 — 740 Total recurring fair value measurements $ 24,863 $ 9,545 $ 15,318 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
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 July 3, 2021 and January 2, 2021. Notional Amounts Derivative Liabilities Derivative Instrument July 3, 2021 January 2, 2021 July 3, 2021 January 2, 2021 Balance Sheet Line Fair Value Balance Sheet Line Fair Value (In thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 520 $ 983 * $ 3 * $ 3 Total Hedges $ 520 $ 983 $ 3 $ 3 * Other accrued liabilities |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Equity [Abstract] | |
Schedule of Stock Repurchases | The following table summarizes Intevac’s stock repurchases: Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands, except per share amounts) Shares of common stock repurchased — — — 98 Cost of stock repurchased $ — $ — $ — $ 393 Average price paid per share $ — $ — $ — $ 3.97 |
Schedule of Changes in Stockholders' Equity | The changes in stockholders’ equity by component for the three and six months ended July 3, 2021 and June 27, 2020, are as follows (in thousands): Three months ended July 3, 2021 Common Paid-in Treasury Accumulated Accumulated Total Balance at April 3, 2021 $ 195,388 $ (29,551 ) $ 552 $ (69,234 ) $ 97,155 Common stock issued under employee plans 193 — — — 193 Shares withheld for net share settlement of RSUs (512 ) — — — (512 ) Equity-based compensation expense 1,019 — — — 1,019 Net loss — — — (6,126 ) (6,126 ) Other comprehensive income — — 19 — 19 Balance at July 3, 2021 $ 196,088 $ (29,551 ) $ 571 $ (75,360 ) $ 91,748 Six months ended July 3, 2021 Common Paid-in Treasury Accumulated Accumulated Total Balance at January 2, 2021 $ 193,197 $ ( 29, 551 ) $ 640 $ (62,730 ) $ 101,556 Common stock issued under employee plans 1,436 — — — 1,436 Shares withheld for net share settlement of RSUs (532 ) — — — (532 ) Equity-based compensation expense 1,987 — — — 1,987 Net loss — — — (12,630 ) (12,630 ) Other comprehensive loss — — (69 ) — (69 ) Balance at July 3, 2021 $ 196,088 $ (29,551 ) $ 571 $ (75,360 ) $ 91,748 Three months ended June 27, 2020 Common Paid-in Treasury Accumulated Accumulated Total Balance at March 28, 2020 $ 189,899 $ (29,551 ) $ 331 $ (65,010 ) $ 95,669 Common stock issued under employee plans 44 — — — 44 Shares withheld for net share settlement of RSUs (309 ) — — — (309 ) Equity-based compensation expense 656 — — — 656 Net income — — — 1,524 1,524 Other comprehensive income — — 71 — 71 Balance at June 27, 2020 $ 190,290 $ (29,551 ) $ 402 $ (63,486 ) $ 97,655 Six months ended June 27, 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 994 — — — 994 Shares withheld for net share settlement of RSUs (345 ) — — — (345 ) Equity-based compensation expense 1,328 — — — 1,328 Net income — — — 300 300 Other comprehensive loss — — (22 ) — (22 ) Common stock repurchases — (393 ) — — (393 ) Balance at June 27, 2020 $ 190,290 $ (29,551 ) $ 402 $ (63,486 ) $ 97,655 |
Changes in Accumulated Other Comprehensive Income by Component | The changes in accumulated other comprehensive income by component for the three and six months ended July 3, 2021 and June 27, 2020, are as follows. Three Months Ended Six Months Ended July 3, 2021 Foreign currency Unrealized available-for-sale Total Foreign Unrealized available-for-sale Total (In thousands) Beginning balance $ 534 $ 18 $ 552 $ 602 $ 38 $ 640 Other comprehensive income (loss) before reclassification 28 (9 ) 19 (40 ) (29 ) (69 ) Amounts reclassified from other comprehensive income — — — — — — Net current-period other comprehensive income (loss) 28 (9 ) 19 (40 ) (29 ) (69 ) Ending balance $ 562 $ 9 $ 571 $ 562 $ 9 $ 571 Three Months Ended Six Months Ended June 27, 2020 Foreign currency Unrealized available-for-sale Total Foreign Unrealized available-for-sale Total (In thousands) Beginning balance $ 286 $ 45 $ 331 $ 381 $ 43 $ 424 Other comprehensive income (loss) before reclassification 20 51 71 (75 ) 53 (22 ) Amounts reclassified from other comprehensive income — — — — — — Net current-period other comprehensive income (loss) 20 51 71 (75 ) 53 (22 ) Ending balance $ 306 $ 96 $ 402 $ 306 $ 96 $ 402 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands, except per share amounts) Net income (loss) $ (6,126 ) $ 1,524 $ (12,630 ) $ 300 Weighted-average shares – basic 24,241 23,561 24,137 23,522 Effect of dilutive potential common shares — 345 — 431 Weighted-average shares – diluted 24,241 23,906 24,137 23,953 Net income (loss) per share – basic $ (0.25 ) $ 0.06 $ (0.52 ) $ 0.01 Net income (loss) per share – diluted $ (0.25 ) $ 0.06 $ (0.52 ) $ 0.01 |
Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share | The following potentially dilutive securities were excluded (as common stock equivalents) from the computation of diluted net income (loss) per share for the periods presented as their effect would have been antidilutive: Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands) Stock options to purchase common stock 1,544 1,596 1,544 1,596 RSUs 1,101 19 1,101 19 Employee stock purchase plan 8 2 8 2 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Segment Reporting [Abstract] | |
Information for Each Reportable Segment | Information for each reportable segment for the three and six months ended July 3, 2021 and June 27, 2020 is as follows: Net Revenues Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands) TFE $ 5,369 $ 16,595 $ 14,607 $ 24,557 Photonics 8,444 12,247 15,447 23,125 Total segment net revenues $ 13,813 $ 28,842 $ 30,054 $ 47,682 Operating Income (Loss) Three Months Ended Six Months Ended July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020 (In thousands) TFE $ (4,305 ) $ (174 ) $ (8,306 ) $ (2,705 ) Photonics (255 ) 3,536 (1,401 ) 6,448 Total income (loss) from segment operations (4,560 ) 3,362 (9,707 ) 3,743 Unallocated costs (1,751 ) (1,258 ) (3,105 ) (2,738 ) Income (loss) from operations (6,311 ) 2,104 (12,812 ) 1,005 Interest income and other income (expense), net 20 62 50 204 Income (loss) before provision for (benefit from) income taxes $ (6,291 ) $ 2,166 $ (12,762 ) $ 1,209 |
Segment Assets | Total assets for each reportable segment as of July 3, 2021 and January 2, 2021 are as follows: Assets July 3, 2021 January 2, 2021 (In thousands) TFE $ 31,734 $ 44,335 Photonics 17,837 22,923 Total segment assets 49,571 67,258 Cash, cash equivalents and investments 53,340 49,568 Restricted cash 787 787 Deferred income taxes 5,537 5,335 Other current assets 1,083 1,093 Common property, plant and equipment 1,206 1,443 Common operating lease right-of-use 1,381 1,603 Other assets 164 151 Consolidated total assets $ 113,069 $ 127,238 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Jul. 03, 2021 | |
Restructuring and Related Activities [Abstract] | |
Changes in Restructuring Reserves | 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 six months ended July 3, 2021 were as follows. Six Months Ended July 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 Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 13,813 | $ 28,842 | $ 30,054 | $ 47,682 |
TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 5,369 | 16,595 | 14,607 | 24,557 |
TFE | Systems, Upgrades and Spare Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 4,005 | 15,287 | 11,550 | 21,856 |
TFE | Field Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 1,364 | 1,308 | 3,057 | 2,701 |
Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 8,444 | 12,247 | 15,447 | 23,125 |
HDD | TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 5,319 | 16,532 | 10,540 | 24,286 |
HDD | TFE | Systems, Upgrades and Spare Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 3,955 | 15,226 | 7,539 | 21,587 |
HDD | TFE | Field Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 1,364 | 1,306 | 3,001 | 2,699 |
DCP | TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 3 | 17 | ||
DCP | TFE | Systems, Upgrades and Spare Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 3 | 3 | ||
DCP | TFE | Field Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 0 | 14 | ||
PV | TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 47 | 63 | 200 | 271 |
PV | TFE | Systems, Upgrades and Spare Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 47 | 61 | 158 | 269 |
PV | TFE | Field Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 0 | 2 | 42 | 2 |
ASP | TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 0 | 3,850 | ||
ASP | TFE | Systems, Upgrades and Spare Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 0 | 3,850 | ||
ASP | TFE | Field Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 0 | 0 | ||
Military Products | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 4,958 | 5,446 | 8,209 | 10,811 |
Commercial Products | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 50 | 39 | 178 | 118 |
Repair and Other Services | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 274 | 645 | 716 | 1,075 |
Product | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 5,282 | 6,130 | 9,103 | 12,004 |
Firm Fixed Price [Member] | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 1,543 | 5,462 | 3,348 | 9,892 |
Cost Plus Fixed Fee [Member] | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 1,619 | 655 | 2,996 | 1,229 |
Times and Materials | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Technology Development | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 3,162 | $ 6,117 | $ 6,344 | $ 11,121 |
Revenue - Primary Geography Mar
Revenue - Primary Geography Markets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 13,813 | $ 28,842 | $ 30,054 | $ 47,682 |
Products Transferred at a Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 5,643 | 17,240 | 15,252 | 25,632 |
Products and Services Transferred Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 8,170 | 11,602 | 14,802 | 22,050 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 10,492 | 12,438 | 17,819 | 23,813 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 3,248 | 16,282 | 8,269 | 23,725 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 73 | 122 | 3,966 | 144 |
TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 5,369 | 16,595 | 14,607 | 24,557 |
TFE | Products Transferred at a Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 5,369 | 16,595 | 14,607 | 24,557 |
TFE | Products and Services Transferred Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
TFE | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 2,121 | 313 | 2,488 | 832 |
TFE | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 3,248 | 16,282 | 8,269 | 23,725 |
TFE | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 0 | 0 | 3,850 | 0 |
Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 8,444 | 12,247 | 15,447 | 23,125 |
Photonics | Products Transferred at a Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 274 | 645 | 645 | 1,075 |
Photonics | Products and Services Transferred Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 8,170 | 11,602 | 14,802 | 22,050 |
Photonics | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 8,371 | 12,125 | 15,331 | 22,981 |
Photonics | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 0 | 0 | 0 | 0 |
Photonics | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 73 | $ 122 | $ 116 | $ 144 |
Revenue - Changes in Contract A
Revenue - Changes in Contract Assets and Contract Liabilities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 03, 2021 | Jan. 02, 2021 | |
TFE | ||
Contract liabilities: | ||
Contract liabilities | $ 196 | $ 515 |
Contract liabilities: | ||
Change in contract liabilities | (319) | |
TFE | Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 0 | 369 |
Contract assets: | ||
Change in contract assets | (369) | |
TFE | Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 195 | 482 |
Contract liabilities: | ||
Change in contract liabilities | (287) | |
TFE | Customer Advances | ||
Contract liabilities: | ||
Contract liabilities | 1 | 33 |
Contract liabilities: | ||
Change in contract liabilities | (32) | |
Photonics | ||
Contract assets: | ||
Contract assets | 1,537 | 5,565 |
Contract assets: | ||
Change in contract assets | (4,028) | |
Photonics | Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 1,410 | 5,439 |
Contract assets: | ||
Change in contract assets | (4,029) | |
Photonics | Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 275 | 779 |
Contract liabilities: | ||
Change in contract liabilities | (504) | |
Photonics | Retainage | ||
Contract assets: | ||
Contract assets | 127 | $ 126 |
Contract assets: | ||
Change in contract assets | $ 1 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jul. 03, 2021USD ($)Installment | |
Revenue From Contract With Customers [Line Items] | |
Revenue remaining performance obligation | $ 51,700 |
TFE | |
Revenue From Contract With Customers [Line Items] | |
Revenue remaining performance obligation | $ 18,900 |
TFE | Accounts Receivable, Unbilled | |
Revenue From Contract With Customers [Line Items] | |
Number of installments | Installment | 3 |
Change in contract assets | $ (369) |
TFE | Customer Advances | |
Revenue From Contract With Customers [Line Items] | |
Contract with customer liability revenue recognized | 33 |
TFE | Deferred Revenue | |
Revenue From Contract With Customers [Line Items] | |
Contract with customer liability revenue recognized | 296 |
Photonics | |
Revenue From Contract With Customers [Line Items] | |
Change in contract assets | (4,028) |
Revenue remaining performance obligation | 32,700 |
Photonics | Accounts Receivable, Unbilled | |
Revenue From Contract With Customers [Line Items] | |
Change in contract assets | $ (4,029) |
Revenue - Additional Informat_2
Revenue - Additional Information (Detail 1) | Jul. 03, 2023 | Jul. 03, 2022 | Jul. 03, 2021 |
Revenue From Contract With Customers [Line Items] | |||
Revenue, remaining performance obligation, percentage | 52.00% | ||
Scenario Forecast | |||
Revenue From Contract With Customers [Line Items] | |||
Revenue, remaining performance obligation, percentage | 19.00% | 29.00% |
Inventories - Inventories State
Inventories - Inventories Stated at Lower of Average Cost or Net Realizable Value (Detail) - USD ($) $ in Thousands | Jul. 03, 2021 | Jan. 02, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 11,007 | $ 9,999 |
Work-in-progress | 5,046 | 4,832 |
Finished goods | 4,471 | 6,858 |
Inventories | $ 20,524 | $ 21,689 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | |
May 31, 2021 | May 31, 2020 | Jul. 03, 2021 | |
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 | 50.00% | ||
Stock issued under Employee Stock Purchase Plans | 208,516 | ||
Employee stock obligation amount | $ 25,000 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award, vesting period | 4 years | ||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 200.00% | 100.00% | |
Granted | 126,320 | 109,465 | 538,022 |
Cancelled | 27,366 | 44,775 |
Equity-Based Compensation - Eff
Equity-Based Compensation - Effect of Recording Equity-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | $ 1,019 | $ 656 | $ 1,987 | $ 1,328 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | 57 | 149 | 132 | 364 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | 656 | 450 | 1,200 | 816 |
ESPP awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | $ 306 | $ 57 | $ 655 | $ 148 |
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 | 6 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
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 years 4 months 20 days | |
Dividend yield | 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 volatility | 58.56% | 36.69% |
Risk free interest rate | 0.08% | 1.56% |
Expected term of options (in years) | 1 year | 6 months |
Dividend yield | 0.00% | 0.00% |
Equity-Based Compensation - W_2
Equity-Based Compensation - Weighted-Average Fair Value of Performance Stock Options Using Weighted-Average Assumptions (Detail) - Performance Based Restricted Stock Units (PRSU's) - $ / shares | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of grants per share | $ 7.65 | $ 3.16 |
Expected volatility | 56.26% | 46.70% |
Risk free interest rate | 0.15% | 0.25% |
Dividend yield | 0.00% | 0.00% |
Equity-Based Compensation - Opt
Equity-Based Compensation - Option Activity and Changes (Detail) | 6 Months Ended |
Jul. 03, 2021$ / sharesshares | |
Shares | |
Options outstanding at January 2, 2021 | shares | 1,814,467 |
Options granted | shares | |
Options cancelled and forfeited | shares | (205,324) |
Options exercised | shares | (65,462) |
Options outstanding at July 3, 2021 | shares | 1,543,681 |
Options exercisable at July 3, 2021 | shares | 1,317,356 |
Weighted-Average Exercise Price | |
Options outstanding at January 2, 2021 | $ / shares | $ 6.66 |
Options granted | $ / shares | |
Options cancelled and forfeited | $ / shares | 6.72 |
Options exercised | $ / shares | 5.89 |
Options outstanding at July 3, 2021 | $ / shares | 6.57 |
Options exercisable at July 3, 2021 | $ / shares | $ 6.78 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) - $ / shares | 1 Months Ended | 6 Months Ended | |
May 31, 2021 | May 31, 2020 | Jul. 03, 2021 | |
Shares | |||
Non-vested RSUs at january 2, 2021 | 901,634 | ||
Granted | 126,320 | 109,465 | 538,022 |
Vested | (293,824) | ||
Cancelled | (27,366) | (44,775) | |
Non-vested RS0Us at july 3,2021 | 1,101,057 | ||
Weighted Average Grant Date Fair Value | |||
Non-vested RSUs at january 2, 2021 | $ 5.30 | ||
Granted | 6.29 | ||
Vested | 6.08 | ||
Cancelled | 3.96 | ||
Non-vested RSUs at july 3,2021 | $ 5.63 |
Warranty - Additional Informati
Warranty - Additional Information (Detail) | 6 Months Ended |
Jul. 03, 2021 | |
Guarantees [Abstract] | |
Minimum product warranty range | 12 months |
Maximum product warranty range | 24 months |
Warranty - Activity in Warranty
Warranty - Activity in Warranty Provision Account (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Guarantees [Abstract] | ||||
Opening balance | $ 590 | $ 725 | $ 480 | $ 1,022 |
Expenditures incurred under warranties | (217) | (189) | (415) | (308) |
Accruals for product warranties issued during the reporting period | 198 | 135 | 473 | 159 |
Adjustments to previously existing warranty accruals | 1 | (9) | 34 | (211) |
Closing balance | $ 572 | $ 662 | $ 572 | $ 662 |
Warranty - Balance Sheet Classi
Warranty - Balance Sheet Classification of Warranty Provision Account (Detail) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 | Jan. 02, 2021 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 |
Guarantees [Abstract] | ||||||
Other accrued liabilities | $ 527 | $ 405 | ||||
Other long-term liabilities | 45 | 75 | ||||
Total warranty provision | $ 572 | $ 590 | $ 480 | $ 662 | $ 725 | $ 1,022 |
Guarantees - Additional Informa
Guarantees - Additional Information (Detail) | Jul. 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 Thousands | Jul. 03, 2021 | Jan. 02, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 53,331 | $ 49,530 |
Unrealized Holding Gains | 12 | 38 |
Unrealized Holding Losses | 3 | 0 |
Fair Value | 53,340 | 49,568 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 32,856 | 29,341 |
Fair Value | 32,856 | 29,341 |
Cash and Cash Equivalents | Cash | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 28,477 | 24,729 |
Fair Value | 28,477 | 24,729 |
Cash and Cash Equivalents | Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,379 | 3,612 |
Fair Value | 4,379 | 3,612 |
Cash and Cash Equivalents | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,000 | |
Fair Value | 1,000 | |
Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 15,794 | 14,806 |
Unrealized Holding Gains | 11 | 33 |
Unrealized Holding Losses | 0 | |
Fair Value | 15,805 | 14,839 |
Short-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,505 | 2,929 |
Unrealized Holding Gains | 2 | 6 |
Unrealized Holding Losses | 0 | |
Fair Value | 4,507 | 2,935 |
Short-term Investments | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 740 | 400 |
Fair Value | 740 | 400 |
Short-term Investments | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,999 | 4,527 |
Unrealized Holding Gains | 6 | 25 |
Unrealized Holding Losses | 0 | |
Fair Value | 3,005 | 4,552 |
Short-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,550 | 6,450 |
Unrealized Holding Gains | 3 | 2 |
Unrealized Holding Losses | 0 | |
Fair Value | 7,553 | 6,452 |
Short-term Investments | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 0 | |
Fair Value | 500 | |
Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,681 | 5,383 |
Unrealized Holding Gains | 1 | 5 |
Unrealized Holding Losses | 3 | 0 |
Fair Value | 4,679 | 5,388 |
Long-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,020 | 3,474 |
Unrealized Holding Gains | 4 | |
Unrealized Holding Losses | 1 | 0 |
Fair Value | 2,019 | 3,478 |
Long-term Investments | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,161 | 1,409 |
Unrealized Holding Gains | 1 | 1 |
Unrealized Holding Losses | 1 | 0 |
Fair Value | 2,161 | 1,410 |
Long-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | 500 |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 1 | |
Fair Value | $ 499 | $ 500 |
Cash, Cash Equivalents and In_4
Cash, Cash Equivalents and Investments - Contractual Maturities of Available-For-Sale Securities (Detail) $ in Thousands | Jul. 03, 2021USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 20,173 |
Amortized Cost, Due after one through five years | 4,681 |
Amortized Cost | 24,854 |
Fair Value, Due in one year or less | 20,184 |
Fair Value, Due after one through five years | 4,679 |
Fair Value | $ 24,863 |
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 | Jul. 03, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | $ 4,835 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 3 |
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 | 999 |
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 | 3,085 |
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 |
U.S. treasury and agency securities | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 751 |
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 |
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 | Jul. 03, 2021USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 24,863 |
Fair Value, Measurements, Recurring | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 24,863 |
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 | 4,379 |
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 | 8,052 |
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 | 5,166 |
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 | 6,526 |
Fair Value, Measurements, Recurring | Municipal bonds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 740 |
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 | 9,545 |
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 | 4,379 |
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 | 5,166 |
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 | 15,318 |
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 | 8,052 |
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 | 6,526 |
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 | $ 740 |
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 | Jul. 03, 2021 | Jan. 02, 2021 |
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | $ 520 | $ 983 |
Derivative Liabilities | 3 | 3 |
Forward Foreign Currency Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | 520 | 983 |
Derivative Liabilities | $ 3 | $ 3 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ in Millions | Aug. 15, 2018 | Jul. 03, 2021 | 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) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Equity [Abstract] | ||||
Shares of common stock repurchased | 0 | 0 | 0 | 98 |
Cost of stock repurchased | $ 0 | $ 0 | $ 0 | $ 393 |
Average price paid per share | $ 0 | $ 0 | $ 0 | $ 3.97 |
Equity - Schedule of Changes in
Equity - Schedule of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Class of Stock [Line Items] | ||||
Beginning balance | $ 97,155 | $ 95,669 | $ 101,556 | $ 95,793 |
Common stock issued under employee plans | 193 | 44 | 1,436 | 994 |
Shares withheld for net share settlement of RSUs | (512) | (309) | (532) | (345) |
Equity-based compensation expense | 1,019 | 656 | 1,987 | 1,328 |
Net income (loss) | (6,126) | 1,524 | (12,630) | 300 |
Other comprehensive income (loss) | 19 | 71 | (69) | (22) |
Common stock repurchases | 0 | 0 | 0 | (393) |
Ending balance | 91,748 | 97,655 | 91,748 | 97,655 |
Common Stock and Additional Paid-in Capital | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 195,388 | 189,899 | 193,197 | 188,313 |
Common stock issued under employee plans | 193 | 44 | 1,436 | 994 |
Shares withheld for net share settlement of RSUs | (512) | (309) | (532) | (345) |
Equity-based compensation expense | 1,019 | 656 | 1,987 | 1,328 |
Ending balance | 196,088 | 190,290 | 196,088 | 190,290 |
Treasury Stock | ||||
Class of Stock [Line Items] | ||||
Beginning balance | (29,551) | (29,551) | 29,551 | (29,158) |
Common stock repurchases | (393) | |||
Ending balance | (29,551) | (29,551) | (29,551) | (29,551) |
Accumulated Other Comprehensive Income | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 552 | 331 | 640 | 424 |
Other comprehensive income (loss) | 19 | 71 | (69) | (22) |
Ending balance | 571 | 402 | 571 | 402 |
Accumulated Deficit | ||||
Class of Stock [Line Items] | ||||
Beginning balance | (69,234) | (65,010) | (62,730) | (63,786) |
Net income (loss) | (6,126) | 1,524 | (12,630) | 300 |
Ending balance | $ (75,360) | $ (63,486) | $ (75,360) | $ (63,486) |
Equity - Changes in Accumulated
Equity - Changes in Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 97,155 | $ 95,669 | $ 101,556 | $ 95,793 |
Net current-period other comprehensive income (loss) | 19 | 71 | (69) | (22) |
Ending balance | 91,748 | 97,655 | 91,748 | 97,655 |
Foreign currency | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 534 | 286 | 602 | 381 |
Other comprehensive income (loss) before reclassification | 28 | 20 | (40) | (75) |
Net current-period other comprehensive income (loss) | 28 | 20 | (40) | (75) |
Ending balance | 562 | 306 | 562 | 306 |
Unrealized holding gains (losses) on available- for-sale investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 18 | 45 | 38 | 43 |
Other comprehensive income (loss) before reclassification | (9) | 51 | (29) | 53 |
Net current-period other comprehensive income (loss) | (9) | 51 | (29) | 53 |
Ending balance | 9 | 96 | 9 | 96 |
Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 552 | 331 | 640 | 424 |
Other comprehensive income (loss) before reclassification | 19 | 71 | (69) | (22) |
Net current-period other comprehensive income (loss) | 19 | 71 | (69) | (22) |
Ending balance | $ 571 | $ 402 | $ 571 | $ 402 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ (6,126) | $ 1,524 | $ (12,630) | $ 300 |
Weighted-average shares – basic | 24,241 | 23,561 | 24,137 | 23,522 |
Effect of dilutive potential common shares | 0 | 345 | 0 | 431 |
Weighted-average shares – diluted | 24,241 | 23,906 | 24,137 | 23,953 |
Net income (loss) per share – basic | $ (0.25) | $ 0.06 | $ (0.52) | $ 0.01 |
Net income (loss) per share – diluted | $ (0.25) | $ 0.06 | $ (0.52) | $ 0.01 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net income per share | 1,544 | 1,596 | 1,544 | 1,596 |
Restricted Stock Units (RSUs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net income per share | 1,101 | 19 | 1,101 | 19 |
Employee Stock Purchase Plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net income per share | 8 | 2 | 8 | 2 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Jul. 03, 2021Segment | |
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 | 6 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total segment net revenues | $ 13,813 | $ 28,842 | $ 30,054 | $ 47,682 |
Income (loss) from operations | (6,311) | 2,104 | (12,812) | 1,005 |
Interest income and other income (expense), net | 20 | 62 | 50 | 204 |
Income (loss) before provision for (benefit from) income taxes | (6,291) | 2,166 | (12,762) | 1,209 |
TFE | ||||
Segment Reporting Information [Line Items] | ||||
Total segment net revenues | 5,369 | 16,595 | 14,607 | 24,557 |
Photonics | ||||
Segment Reporting Information [Line Items] | ||||
Total segment net revenues | 8,444 | 12,247 | 15,447 | 23,125 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | (4,560) | 3,362 | (9,707) | 3,743 |
Operating Segments | TFE | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | (4,305) | (174) | (8,306) | (2,705) |
Operating Segments | Photonics | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | (255) | 3,536 | (1,401) | 6,448 |
Unallocated Amount to Segment | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated costs | $ (1,751) | $ (1,258) | $ (3,105) | $ (2,738) |
Segment Reporting - Assets for
Segment Reporting - Assets for Each Reportable Segment (Detail) - USD ($) $ in Thousands | Jul. 03, 2021 | Jan. 02, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | $ 113,069 | $ 127,238 |
Cash, cash equivalents and investments | 53,340 | 49,568 |
Restricted cash | 787 | 787 |
Deferred income taxes | 5,537 | 5,335 |
Other current assets | 1,083 | 1,093 |
Common property, plant and equipment | 1,206 | 1,443 |
Common operating lease right-of-use assets | 1,381 | 1,603 |
Other assets | 164 | 151 |
Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 49,571 | 67,258 |
Operating Segments | TFE | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 31,734 | 44,335 |
Operating Segments | Photonics | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | $ 17,837 | $ 22,923 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Jun. 27, 2020 | Dec. 31, 2020 | |
Government Grants [Line Items] | |||||
Provision for income taxes | $ (165,000) | $ 642,000 | $ (132,000) | $ 909,000 | |
Income tax provision on earnings of subsidiaries | 189,000 | 369,000 | 208,000 | 548,000 | |
Deferred payroll tax liability | $ 764,000 | ||||
Proceeds From Government Grants | 310,000 | 66,000 | 310,000 | ||
Grant [Member] | Cost of Sales [Member] | |||||
Government Grants [Line Items] | |||||
Proceeds From Government Grants | 180,000 | 39,000 | 180,000 | ||
Grant [Member] | Research and Development Expense [Member] | |||||
Government Grants [Line Items] | |||||
Proceeds From Government Grants | 49,000 | 10,000 | 49,000 | ||
Grant [Member] | Selling, General and Administrative Expenses [Member] | |||||
Government Grants [Line Items] | |||||
Proceeds From Government Grants | 81,000 | 17,000 | 81,000 | ||
Foreign Tax Authority | Singapore | |||||
Government Grants [Line Items] | |||||
Income tax charge (benefit) | $ 24,000 | $ 272,000 | $ 72,000 | $ 373,000 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Apr. 03, 2021USD ($) | |
Restructuring and Related Activities [Abstract] | |
Percentage of reduction of global workforce | 1.40% |
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 Thousands | 6 Months Ended |
Jul. 03, 2021USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Provision for restructuring reserves | $ 43 |
Cash payments made | $ (43) |