Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 13, 2023 | Jul. 02, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Interactive Data Current | Yes | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Registrant Name | INTEVAC, INC. | ||
Entity Central Index Key | 0001001902 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-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 | 25,798,071 | ||
Security Exchange Name | NASDAQ | ||
Entity Public Float | $ 120,272,558 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | San Jose | ||
Auditor Firm ID | 207 | ||
Auditor Location | California |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 68,904 | $ 102,728 |
Short-term investments | 25,541 | 10,221 |
Trade and other accounts receivable, net of allowances of $0 at both December 31, 2022 and January 1, 2022 | 15,823 | 14,261 |
Inventories | 30,003 | 5,791 |
Prepaid expenses and other current assets | 1,898 | 1,827 |
Total current assets | 142,169 | 134,828 |
Property, plant and equipment, net | 3,658 | 4,759 |
Operating lease right-of-use assets | 3,390 | 4,520 |
Long-term investments | 17,585 | 7,427 |
Restricted cash | 786 | 786 |
Intangible assets, net of amortization of $42,000 at December 31, 2022 | 1,090 | 0 |
Deferred income taxes and other long-term assets | 4,381 | 5,449 |
Total assets | 173,059 | 157,769 |
Current liabilities: | ||
Current operating lease liabilities | 3,404 | 3,119 |
Accounts payable | 11,610 | 5,320 |
Accrued payroll and related liabilities | 3,087 | 5,505 |
Other accrued liabilities | 5,430 | 3,665 |
Customer advances | 2,444 | 2,107 |
Total current liabilities | 25,975 | 19,716 |
Noncurrent liabilities: | ||
Noncurrent operating lease liabilities | 1,417 | 3,675 |
Customer advances | 22,215 | 0 |
Other long-term liabilities | 0 | 363 |
Total noncurrent liabilities | 23,632 | 4,038 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Undesignated preferred stock, $0.001 par value, 10,000 shares authorized, no shares issued and outstanding | 0 | |
Common stock, $0.001 par value: Authorized shares — 50,000 issued and outstanding shares — 25,548 and 24,636 at December 31, 2022 and January 1, 2022, respectively | 26 | 25 |
Additional paid-in capital | 206,355 | 199,073 |
Treasury stock, 5,087 shares at both December 31, 2022 and January 1, 2022 | (29,551) | (29,551) |
Accumulated other comprehensive income (loss) | (193) | 578 |
Accumulated deficit | (53,185) | (36,110) |
Total stockholders' equity | 123,452 | 134,015 |
Total liabilities and stockholders' equity | $ 173,059 | $ 157,769 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Statement of Financial Position [Abstract] | ||
Net of allowances of trade, note and other accounts receivable | $ 0 | $ 0 |
Net of amortization of intangible assets | $ 42 | |
Undesignated preferred stock, par value | $ 0.001 | $ 0.001 |
Undesignated preferred stock, shares authorized | 10,000 | 10,000 |
Undesignated preferred stock, shares issued | 0 | 0 |
Undesignated preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares issued | 25,548 | 24,636 |
Common stock, shares outstanding | 25,548 | 24,636 |
Treasury stock, shares | 5,087 | 5,087 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Net revenues: | ||
Total net revenues | $ 35,761 | $ 38,524 |
Cost of net revenues: | ||
Total cost of net revenues | 20,675 | 31,457 |
Gross profit | 15,086 | 7,067 |
Operating expenses: | ||
Research and development | 13,722 | 12,176 |
Selling, general and administrative | 17,876 | 17,367 |
Total operating expenses | 31,598 | 29,543 |
Operating loss | (16,512) | (22,476) |
Interest income | 1,240 | 29 |
Other income (expense), net | (155) | (35) |
Loss from continuing operations before provision for income taxes | (15,427) | (22,482) |
Provision for income taxes | 1,327 | 575 |
Net loss from continuing operations | (16,754) | (23,057) |
Income (loss) from discontinued operations: | ||
Loss from Photonics division, net of tax | (321) | (4,664) |
Gain on sale of Photonics division, net of tax | 0 | 54,341 |
Total income (loss) from discontinued operations, net of tax | (321) | 49,677 |
Net income (loss) | $ (17,075) | $ 26,620 |
Net income (loss) per share: | ||
Basic – continuing operations | $ (0.67) | $ (0.95) |
Diluted – continuing operations | (0.67) | (0.95) |
Basic – discontinued operations | (0.01) | 2.04 |
Diluted – discontinued operations | (0.01) | 2.04 |
Basic – net income (loss) | (0.68) | 1.09 |
Diluted – net income (loss) | $ (0.68) | $ 1.09 |
Weighted average shares outstanding: | ||
Basic | 25,192 | 24,348 |
Diluted | 25,192 | 24,348 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | $ (17,075) | $ 26,620 |
Other comprehensive income (loss), before tax | ||
Change in unrealized net loss on available-for-sale investments | (454) | (68) |
Foreign currency translation gains (losses) | (317) | 6 |
Other comprehensive loss, before tax | (771) | (62) |
Income tax expense related to items in other comprehensive loss | 0 | 0 |
Other comprehensive loss, net of tax | (771) | (62) |
Comprehensive income (loss) | $ (17,846) | $ 26,558 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance at Jan. 02, 2021 | $ 101,556 | $ 24 | $ 193,173 | $ (29,551) | $ 640 | $ (62,730) |
Beginning Balance (in shares) at Jan. 02, 2021 | 23,874,000 | 5,087,000 | ||||
Shares issued in connection with: | ||||||
Exercise of stock options (in shares) | 76,000 | |||||
Exercise of stock options | $ 440 | 440 | ||||
Settlement of RSUs (in shares) | 383,000 | |||||
Employee stock purchase plan (in shares) | 435,000 | 435,000 | ||||
Employee stock purchase plan | $ 2,192 | $ 1 | 2,191 | |||
Shares withheld in connection with net share settlement of RSUs (in shares) | (132,000) | |||||
Shares withheld in connection with net share settlement of RSUs | (734) | (734) | ||||
Equity-based compensation expense | 4,003 | 4,003 | ||||
Net income (loss) | 26,620 | 26,620 | ||||
Other comprehensive loss | (62) | (62) | ||||
Ending balance at Jan. 01, 2022 | $ 134,015 | $ 25 | 199,073 | $ (29,551) | 578 | (36,110) |
Ending Balance (in shares) at Jan. 01, 2022 | 24,636,000 | 5,087,000 | ||||
Shares issued in connection with: | ||||||
Exercise of stock options (in shares) | 388,344 | 388,000 | ||||
Exercise of stock options | $ 1,873 | $ 1 | 1,872 | |||
Settlement of RSUs (in shares) | 371,000 | |||||
Employee stock purchase plan (in shares) | 279,000 | 279,000 | ||||
Employee stock purchase plan | $ 1,244 | 1,244 | ||||
Shares withheld in connection with net share settlement of RSUs (in shares) | (126,000) | |||||
Shares withheld in connection with net share settlement of RSUs | (724) | (724) | ||||
Equity-based compensation expense | 4,890 | 4,890 | ||||
Net income (loss) | (17,075) | (17,075) | ||||
Other comprehensive loss | (771) | (771) | ||||
Ending balance at Dec. 31, 2022 | $ 123,452 | $ 26 | $ 206,355 | $ (29,551) | $ (193) | $ (53,185) |
Ending Balance (in shares) at Dec. 31, 2022 | 25,548,000 | 5,087,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Operating activities | ||
Net income (loss) | $ (17,075,000) | $ 26,620,000 |
Adjustments to reconcile net income (loss) to net cash and cash equivalents provided by (used in) operating activities: | ||
Depreciation and amortization | 1,446,000 | 3,456,000 |
Net amortization (accretion) of investment premiums and discounts | (196,000) | 109,000 |
Amortization of intangible assets | 42,000 | 0 |
Gain on sale of Photonics division | 0 | (54,341,000) |
Asset impairment charges | 0 | 1,246,000 |
Equity-based compensation | 4,890,000 | 4,003,000 |
Straight-line rent adjustment and amortization of lease incentives | (843,000) | (463,000) |
Foreign currency loss on liquidation of entity | 14,000 | 0 |
Loss on disposal of fixed assets | 1,467,000 | 0 |
Deferred income taxes | 836,000 | 25,000 |
Changes in assets and liabilities: | ||
Accounts receivable | (1,528,000) | 10,850,000 |
Inventories | (24,105,000) | 9,597,000 |
Prepaid expenses and other assets | 42,000 | 6,000 |
Accounts payable | 6,290,000 | (932,000) |
Accrued payroll and other accrued liabilities | (1,266,000) | (1,972,000) |
Customer advances | 22,552,000 | 2,074,000 |
Total adjustments | 9,641,000 | (26,342,000) |
Net cash and cash equivalents provided by (used in) operating activities | (7,434,000) | 278,000 |
Investing activities | ||
Purchase of investments | (52,385,000) | (17,148,000) |
Proceeds from sales and maturities of investments | 26,649,000 | 19,550,000 |
Purchase of Hia, Inc., net of cash acquired | (763,000) | 0 |
Proceeds from sale of Photonics division | 0 | 70,000,000 |
Purchase of leasehold improvements and equipment | (1,919,000) | (1,198,000) |
Net cash and cash equivalents provided by (used in) investing activities | (28,418,000) | 71,204,000 |
Financing activities | ||
Proceeds from issuance of common stock | 3,083,000 | 2,632,000 |
Taxes paid related to net share settlement | (724,000) | (734,000) |
Net cash and cash equivalents provided by financing activities | 2,359,000 | 1,898,000 |
Effect of exchange rate changes on cash | (331,000) | 6,000 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (33,824,000) | 73,386,000 |
Cash, cash equivalents and restricted cash at beginning of period | 103,514,000 | 30,128,000 |
Cash, cash equivalents and restricted cash at end of period | 69,690,000 | 103,514,000 |
Cash paid (received) for: | ||
Income taxes | 569,000 | 559,000 |
Income tax refund | $ 0 | $ (18,000) |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
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 leader in the design and development of high-productivity, thin-film processing systems. Intevac’s production-proven platforms are designed for high-volume manufacturing of substrates with precise thin-film properties, such as for the hard disk drive (“HDD”) and display cover panel (“DCP”) markets. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Intevac, Inc. and its subsidiaries after elimination of inter-company balances and transactions. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Fiscal Year End Date Intevac operates under a 52-53 Reportable Segment During fiscal 2021, we sold the business of one of our reporting segments, Photonics. Therefore, we have one reportable segment remaining. See Note 2 for additional disclosure related to discontinued operations. The remaining segment, Thin Film Equipment (“TFE”), designs, develops and markets vacuum process equipment solutions for high-volume manufacturing of small substrates with precise thin-film properties, such as for the HDD, and DCP markets, as well as other adjacent thin-film markets. The TFE segment also previously designed, developed and marketed manufacturing equipment for the photovoltaic (“PV”) solar cell and advanced semiconductor packaging industries. In March 2022, the Company approved and implemented a restructuring program to realign the Company’s operational focus, scale the business and improve costs. The restructuring program includes (i) reducing the Company’s headcount and (ii) eliminating several research and development (“R&D”) programs and product offerings. As part of this realignment effort, the Company ceased its efforts to develop and market several of its manufacturing platforms for the DCP, PV and ASP industries and ceased offering certain legacy products in these industries. Reclassification of Prior Periods On December 30, 2021, the Company completed the sale of its Photonics business to EOTECH, LLC, a Michigan limited liability company (“EOTECH”), in exchange for (i) $70.0 million in cash consideration (as may be increased or decreased by certain closing net working capital adjustments), (ii) up to $30.0 million in earnout payments and (iii) the assumption by EOTECH of certain liabilities of the Photonics business. Due to the sale of the Photonics business during the fourth quarter of 2021, we have classified the results of the Photonics business as discontinued operations in our consolidated statements of operations for all periods presented. All amounts included in the Notes to Consolidated Financial Statements relate to continuing operations unless otherwise noted. Cash, Cash Equivalents and Investments Intevac considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Available-for-sale available-for-sale Restricted Cash Restricted cash of $600,000 as of December 31, 2022 secures a standby letter of credit obligation associated with a lease obligation and the restriction on the cash will be removed when the letter of credit expires. In addition, Intevac pledged $186,000 as collateral for various guarantees with its bank. Derivative Instruments and Hedging Arrangements Foreign Exchange Exposure Management re-measurement non-functional Fair Value Measurement—Definition and Hierarchy Intevac reports certain financial assets and liabilities at fair value. Intevac defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following three categories: Level 1 Level 2 Level 3 Trade Accounts Receivables and Doubtful Accounts Intevac evaluates the collectibility of trade accounts receivable on an ongoing basis and provides reserves against potential losses when appropriate. Management analyzes historical bad debts, customer concentrations, customer creditworthiness, changes in customer payment tendencies and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Customer accounts are written off against the allowance when the amount is deemed uncollectible. Inventories Inventories are generally stated at the lower of cost or net realizable value, with cost determined on an average cost basis. Property, Plant and Equipment Equipment and leasehold improvements are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: computers and software, 3 years; machinery and equipment, 5 years; furniture, 7 years; vehicles, 4 years; and leasehold improvements, remaining lease term. Impairment of Long-Lived Assets Long-lived assets and certain identifiable finite-lived intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability of long-lived assets is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets and certain identifiable intangible assets that management expects to hold and use is based on the fair value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value. Acquisitions Acquisition Method. Acquisitions that meet the definition of a business under Accounting Standards Codification (“ASC”) 805, Business Combinations 805” Cost Accumulation Model. Acquisitions that do not meet the definition of a business under ASC 805 are accounted for as an asset acquisition, utilizing a cost accumulation model. Assets acquired and liabilities assumed are recognized at cost, which is the consideration the acquirer transfers to the seller, including direct transaction costs, on the acquisition date. The cost of the acquisition is then allocated to the assets acquired based on their relative fair values. Goodwill is not recognized in an asset acquisition. Direct transaction costs include those third-party costs that can be directly attributable to the asset acquisition and would not have been incurred absent the acquisition transaction. Contingent consideration, representing an obligation of the acquirer to transfer additional assets or equity interests to the seller if future events occur or conditions are met, is recognized when probable and reasonably estimable. Contingent consideration recognized is included in the initial cost of the assets acquired, with subsequent changes in the recorded amount of contingent consideration recognized as an adjustment to the cost basis of the acquired assets. Subsequent changes are allocated to the acquired assets based on their relative fair value. Income Taxes Intevac accounts for income taxes by recognizing deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between book and tax bases of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion of the deferred tax asset will not be realized. In determining whether to establish or maintain a valuation allowance against a deferred tax asset, the Company reviews available evidence to determine whether it is more likely than not that all or a portion of the Company’s net deferred tax assets will be realized in future periods. Consideration is given to various positive and negative factors that could affect the realization of the net deferred tax assets. In making such a determination, the Company considers, among other things, future reversals of existing taxable temporary differences, projected future taxable income, tax-planning The effective tax rate is highly dependent upon the level of Intevac’s projected earnings, the geographic composition of worldwide earnings, tax regulations governing each region, net operating loss carryforwards, availability of tax credits and the effectiveness of Intevac’s tax planning strategies. Intevac carefully monitors the changes in many factors and adjust its effective income tax rate on a timely basis. If actual results differ from the estimates, this could have a material effect on Intevac’s business, financial condition and results of operations. The calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with Intevac’s expectations could have a material effect on Intevac’s business, financial condition and results of operations. Intevac recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. Sales and Value Added Taxes Taxes collected from customers and remitted to governmental authorities are presented on a net basis in the accompanying consolidated statements of operations. Revenue Recognition A majority of our equipment sales revenue, which includes systems, technology upgrades, service and spare parts is recognized when products are shipped from our manufacturing facilities. We recognize revenue for equipment sales at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. Intevac recognizes revenue in certain circumstances before delivery has occurred (commonly referred to as bill and hold transactions). In such circumstances, among other things, risk of ownership has passed to the customer, the customer has made a written fixed commitment to purchase the finished goods, the customer has requested the finished goods be held for future delivery as scheduled and designated by them, and no additional performance obligations exist by Intevac. For these transactions, the finished goods are segregated from inventory and normal billing and credit terms granted. Our contracts with customers may include multiple performance obligations. For such arrangements, under the revenue standard we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers or by using expected cost plus margin. Under the revenue standard, the expected costs associated with our base warranties are recognized as expense when the equipment is sold. Government Grants and Credits The Company generally records grants from governmental agencies related to income as a reduction in operating expense. Grants are recognized when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. Reimbursements of eligible expenditures pursuant to government assistance programs are recorded as reductions of operating costs when the related costs have been incurred and there is reasonable assurance regarding collection of the claim. Grant claims not settled by the balance sheet date are recorded as receivables, provided their receipt is reasonably assured. The determination of the amount of the claim, and accordingly the receivable amount, requires management to make calculations based on its interpretation of eligible expenditures in accordance with the terms of the programs. The reimbursement claims submitted by the Company are subject to review by the relevant government agencies. In Singapore, Intevac receives government assistance under the Job Support Scheme (“JSS”). During fiscal 2021, the Company received $83,000 in JSS grants, of which $56,000 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 consolidated statements of operations. Advertising Costs Advertising costs are expensed as incurred. Advertising costs were not material for all periods presented. Foreign Currency Translation The functional currency of Intevac’s foreign subsidiaries in Singapore and Hong Kong and the Taiwan branch is the U.S. dollar. The functional currency of Intevac’s foreign subsidiaries in China and Malaysia is the local currency of the country in which the respective subsidiary operates. Assets and liabilities recorded in foreign currencies are translated at year-end Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component, were as follows for the years ended December 31, 2022 and January 1, 2022: Foreign Unrealized holding available-for-sale Total (in thousands) Balance at January 2, 2021 $ 602 $ 38 $ 640 Other comprehensive income (loss) before reclassification 6 (68 ) (62 ) Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 6 (68 ) (62 ) Balance at January 1, 2022 608 (30 ) 578 Other comprehensive loss before reclassification (331 ) (454 ) (785 ) Amounts reclassified from other comprehensive income (loss) 14 — 14 Net current-period other comprehensive loss (317 ) (454 ) (771 ) Balance at December 31, 2022 $ 291 $ (484 ) $ (193 ) Employee Stock Plans Intevac has equity-based compensation plans that provide for the grant to employees of equity-based awards, including incentive or non-statutory non-statutory non-employee Recent Accounting Pronouncements Not Yet Adopted In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-10, Disclosures by Business Entities about Government Assistance In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) 2021-01, Reference Rate Reform (Topic 848): Scope 2020-04 2020-04. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326). |
Divestiture and Discontinued Op
Divestiture and Discontinued Operations | 12 Months Ended |
Dec. 31, 2022 | |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |
Divestiture and Discontinued Operations | 2. Divestiture and Discontinued Operations Sale of Photonics On December 30, 2021, the Company entered into an asset purchase agreement (the “Purchase Agreement”) with EOTECH, governing the sale of the Company’s Photonics business to EOTECH in exchange for (i) $70.0 million in cash consideration, (ii) up to $30.0 million in earnout payments and (iii) the assumption by EOTECH of certain liabilities of the Photonics business as specified in the Purchase Agreement. The transaction closed on December 30, 2021. Under the Purchase Agreement, EOTECH has also agreed to pay to the Company, if earned, earnout payments of up to an aggregate of $30.0 million based on achievement of fiscal year 2023, 2024 and 2025 Photonics segment revenue targets for the Integrated Visual Augmentation System (“IVAS”) program as specified in the Purchase Agreement. At any time prior to December 31, 2024, EOTECH may elect to pay to the Company $14.0 million, which would terminate EOTECH’s obligations with respect to any remaining earnout payments. The cash proceeds do not include any estimated future payments from the revenue earnout as the Company has elected to record the proceeds when the consideration is deemed realizable. The Company believes this disposition will allow it to benefit from a streamlined business model, simplified operating structure, and enhanced management focus. In connection with the Photonics sale, the Company and EOTECH have entered into a Transition Service Agreement (“TSA”) and a Lease Assignment Agreement. The TSA, which expired on June 30, 2022, outlined the information technology, people, and facility support the parties provided to each other for a period after the closing of the sale. The Lease Assignment Agreement assigns the lease obligation for two buildings in the company’s California campus to EOTECH. As part of the assignment, the Company has agreed to subsidize a portion of the EOTECH’s lease payments through the remainder of the lease term which expires in March 2024. In August 2022, Intevac and EOTECH entered into a Shared Services Agreement to share certain building maintenance costs. TSA and shared service fees earned since the divestiture were $989,000 in fiscal 2022. The agreed-upon charges for such services were generally intended to allow the service provider to recover all costs and expenses of providing such services. The TSA and shared service fees were included in selling, general and administrative expenses and cost of sales, respectively, in the Company’s consolidated statement of operations. Additionally, during fiscal 2022, the Company sold inventory in the amount of $148,000 to EOTECH. As of December 31, 2022, accounts receivable from EOTECH of $49,000 were included in trade and other accounts receivable in the Company’s consolidated balance sheets. The following table summarizes the components of the gain on sale of the Photonics segment (in thousands): Cash proceeds $ 70,000 Working capital adjustment (74 ) 69,926 Assets sold: Accounts receivable 3,535 Inventories 6,301 Other current assets 72 Property, plant and equipment 3,987 Total assets sold 13,895 Liabilities divested: Accounts payable 888 Other accrued expenses 594 Total liabilities divested 1,482 Transaction and other costs (3,172 ) Gain on sale $ 54,341 Discontinued operations Based on its magnitude and because the Company exited certain markets, the sale of the Photonics segment represents a significant strategic shift that has a material effect on the Company’s operations and financial results, and the Company has separately reported the results of its Photonics segment as discontinued operations in the consolidated statements of operations for the years ended December 31, 2022 and January 1, 2022. The operating results of the discontinued operations only reflect revenues and expenses that are directly attributable to the Photonics segment that have been eliminated from continuing operations. Previously reported expenses for the Photonics segment have been recast to exclude certain allocated expenses that are not directly attributable to the Photonics segment. The key components from discontinued operations related to the Photonics segment are as follows (in thousands): Year Ended, December 31, January 1, (In thousands, except per share amounts) Net revenues: Systems and components $ — $ 15,932 Technology development — 11,735 Total net revenues — 27,667 Cost of net revenues: Systems and components — 12,252 Technology development — 8,885 Total cost of net revenues — 21,137 Gross profit — 6,530 Operating expenses: Research and development — 2,653 Selling, general and administrative 321 5,937 Asset impairment and restructuring charges — 2,604 Total operating expenses 321 11,194 Year Ended, December 31, January 1, (In thousands, except per share amounts) Operating income (loss)—discontinued operations (321 ) (4,664 ) Other income (expense)—discontinued operations — — Income (loss) discontinued operations before provision for (benefit from) income taxes (321 ) (4,664 ) Gain on disposal of discontinued operations before income taxes — 54,341 Total income (loss) from discontinued operations, before tax (321 ) 49,677 Provision for (benefit from) income taxes — — Net income (loss) discontinued operations net of tax $ (321 ) $ 49,677 The cash flows related to discontinued operations have not been segregated and are included in the consolidated statements of cash flows. The following table presents cash flow and non-cash 2022 2021 (in thousands) Depreciation and amortization $ — $ 1,366 Asset impairment charges $ — $ 1,246 Equity-based compensation $ (229 ) $ 1,167 Purchase of leasehold improvements and equipment $ — $ 429 Revenue recognition The Photonics segment recognized revenues for cost plus fixed fee (“CPFF”) and firm fixed price (“FFP”) government contracts over time under the cost-to-cost non-U.S. cost-to-cost The majority of the contracts in the Photonics segment had a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. Some of the contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the product lifecycle (development and production). For contracts with multiple performance obligations, the contract’s transaction price was allocated to each performance obligation using the best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which the expected costs of satisfying a performance obligation is forecasted and then an appropriate margin is added for that distinct good or service. In the Photonics segment, revenue for homogenous manufactured military products sold to the U.S. government and its contractors was recognized over time under the units-of-delivery units-of-delivery The nature of the contracts in the Photonics segment gave rise to several types of variable consideration including tiered pricing. Allocation of contract revenues among Photonics military products, and the timing of the recognition of those revenues, was impacted by agreements with tiered pricing or variable rate structures. Variable consideration was included in the estimated transaction price when there was a basis to reasonably estimate the amount of the consideration. These estimates were based on historical experience, anticipated performance and our best judgment at the time. Because of the certainty in estimating these amounts, they were included in the transaction price of our contracts and the associated remaining performance obligations. Accounting for CPFF and FFP contracts and programs involves the use of various techniques to estimate total contract revenue and costs. For these contracts, the profit on a contract was estimated as the difference between the total estimated revenue and expected costs to complete a contract and recognize that profit over the life of the contract. Contract estimates were based on various assumptions to project the outcome of future events. These assumptions included the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer. As a significant change in one or more of these estimates could affect the profitability of the contracts, the contract-related estimates were reviewed and updated regularly. Adjustments in estimated profit on contracts were recognized under the cumulative catch-up Accounts receivable, unbilled in our Photonics segment represented a contract asset for revenue that had been recognized in advance of billing the customer, which is common for contracts in the defense industry. In the Photonics segment, amounts were billed as work progressed in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly) or upon achievement of contractual milestones. Generally, billing occurred subsequent to revenue recognition, resulting in contract assets. These contracts with the U.S. government also contained retainage provisions. Retainage represents a contract asset for the portion of the contract price earned 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 was billable upon completion of the contract performance and approval of final indirect expense rates by the government. Deferred revenue in the Photonics segment generally represented a contract liability for amounts billed to the customer upon achievement of contractual milestones. These amounts are liquidated when revenue was recognized. Impairment of Long-Lived Assets In the fourth fiscal quarter of 2021, as a result of and in consideration of the Photonics sale, the assignment of leased space to EOTECH and the agreement to subsidize EOTECH for spaces that will no longer be utilized, the Company evaluated its lease right-of-use |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 3. Revenue The following tables represent a disaggregation of revenue from contracts with customers for fiscal 2022 and 2021. Major Products and Service Lines 2022 2021 (in thousands) HDD DCP PV ASP Total HDD DCP PV ASP Total Systems, upgrades and spare parts $ 29,507 $ 1 $ 273 $ 100 $ 29,881 $ 28,300 $ 3 $ 258 $ 3,850 $ 32,411 Field service 5,647 43 190 — 5,880 6,031 14 68 — 6,113 Total net revenues $ 35,154 $ 44 $ 463 $ 100 $ 35,761 $ 34,331 $ 17 $ 326 $ 3,850 $ 38,524 Primary Geography Markets 2022 2021 (in thousands) United States $ 4,558 $ 3,670 Asia 31,103 31,004 Europe 100 3,850 Total net revenues $ 35,761 $ 38,524 Timing of Revenue Recognition 2022 2021 (in thousands) Products transferred at a point in time $ 35,761 $ 38,524 Products and services transferred over time — — Total net revenues $ 35,761 $ 38,524 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 fiscal 2022: December 31, January 1, Change (In thousands) Contract assets: Accounts receivable, unbilled $ 424 $ 99 $ 325 Contract liabilities: Deferred revenue $ 2,446 $ 65 $ 2,381 Customer advances 24,659 2,107 22,552 $ 27,105 $ 2,172 $ 24,933 Accounts receivable, unbilled represents a contract asset for revenue that has been recognized in advance of billing the customer. For our system and certain upgrade sales, our customers generally pay in three Customer advances generally represent amounts billed to the customer prior to transferring goods which represents a contract liability. 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. Customer advances with deliveries beyond one year are included in long term liabilities. Deferred revenue generally represents 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 and represents a contract liability. During fiscal 2022, we recognized revenue of $386,000 and $39,000 that was included in customer advances and deferred revenue, respectively, at the beginning of the period. Customer advances included in accounts receivable were $2.2 million at December 31, 2022. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 4. Equity-Based Compensation Intevac accounts for share-based awards in accordance with the provisions of the accounting guidance which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, consultants and directors based upon the grant-date fair value of those awards. The estimated fair value of Intevac’s equity-based awards is amortized over the awards’ service periods using the graded vesting attribution method. Descriptions of Plans Equity Incentive Plans At December 31, 2022, Intevac had equity-based awards outstanding under the 2020 Equity Incentive Plan and the 2012 Equity Incentive Plan (the “Plans”) and the 2003 Employee Stock Purchase Plan (the “ESPP”). Intevac’s stockholders approved all of these plans. The Plans are a broad-based, long-term retention program intended to attract and retain qualified management and employees, and align stockholder and employee interests. The Plans permit the grant of incentive or non-statutory On January 19, 2022, the Board of Directors adopted the 2022 Inducement Equity Incentive Plan (the “Inducement Plan”) and, subject to the adjustment provisions of the Inducement Plan, reserved 1,200,000 shares of the Company’s common stock for issuance pursuant to equity awards granted under the Inducement Plan. The Inducement Plan provides for the grant of equity-based awards, including nonstatutory stock options, restricted stock units, restricted stock, stock appreciation rights, performance shares and performance units, and its terms are substantially similar to the Company’s 2020 Equity Incentive Plan. The Inducement Plan was adopted without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. In accordance with that rule, awards under the Inducement Plan may only be made to individuals not previously employees or non-employee directors of non-employment with 2003 Employee Stock Purchase Plan 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 The effect of recording equity-based compensation for fiscal 2022 and 2021 was as follows (in thousands): 2022 2021 Equity-based compensation by type of award: Stock options $(156) $198 RSUs 2,184 2,341 PRSUs 2,379 478 Employee stock purchase plan 483 986 Total equity-based compensation $ 4,890 $ 4,003 Included in the table above: (a) A reversal of $1.3 million in equity-based compensation expense related to forfeitures of awards due to our reduction in workforce and a $37,000 benefit related to the modification of certain stock-based awards for fiscal year 2022. (See Note 13. Restructuring and Other Costs, Net); and (b) Equity based compensation reported in discontinued operations of $ (229,000) and $1.2 million for fiscal years 2022 and 2021, respectively. Equity-based compensation expense allocated to discontinued operations for fiscal year 2022 includes $75,000 related to the modification of certain stock-based awards and is net of a divestiture-related forfeiture benefit of $446,000 that was recognized when employees were conveyed to EOTECH upon closing. (See Note 2. Divestiture and Discontinued Operations.) Equity-based compensation expense is based on awards which vest. Intevac accounts for forfeitures as they occur, rather than estimating expected forfeitures. Stock Options The exercise price of each stock option equals the market price of Intevac’s stock on the date of grant. Most options are scheduled to vest over three The computation of the expected volatility assumption used in the Black-Scholes calculations for new grants is based on historical volatility of Intevac’s stock price. The risk-free interest rate is based on the yield available on U.S. Treasury Strips with an equivalent remaining term. The expected life 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 stock-based awards and vesting schedules. The dividend yield assumption is based on Intevac’s history of not paying dividends and the assumption of not paying dividends in the future. The Company did not grant any stock options in fiscal 2022 and fiscal 2021. A summary of the stock option activity is as follows: Shares Weighted Exercise Weighted Average Aggregate Intrinsic Value Options exercisable at January 1, 2022 1,457,587 $ 6.55 2.31 $ 7,622 Options cancelled and forfeited (686,144 ) $ 7.24 Options exercised (388,344 ) $ 4.82 Options outstanding at December 31, 2022 383,099 $ 7.07 2.40 $ 327,711 Options exercisable at December 31, 2022 357,915 $ 7.17 2.33 $ 306,868 The total intrinsic value of options exercised during fiscal years 2022 and 2021 was $206,000 and $101,000, respectively. At December 31, 2022, Intevac had $6,000 of total unrecognized compensation expense related to stock options that will be recognized over the weighted-average period of 0.41 years. RSUs A summary of the RSU activity is as follows: Shares Weighted Grant Date Fair Value Weighted Average Aggregate Value Non-vested 843,578 $ 5.51 1.39 $ 3,973,252 Granted 1,128,649 $ 5.06 Vested (248,355 ) $ 5.55 Cancelled (414,080 ) $ 5.46 Non-vested 1,309,792 $ 5.14 1.21 $ 8,474,354 Time-based RSUs are converted into shares of Intevac common stock upon vesting on a one-for-one three A summary of the PRSU activity is as follows: Shares Weighted Grant Date Fair Value Weighted Average Aggregate Value Non-vested 189,858 $ 5.95 1.38 $ 894,231 Granted 1,183,400 $ 3.58 Vested (122,655 ) $ 4.44 Cancelled (161,264 ) $ 6.01 Non-vested 1,089,339 $ 3.54 0.49 $ 7,048,023 At December 31, 2022, Intevac had $1.6 million of total unrecognized compensation expense related to PRSUs that will be recognized over the weighted-average period of 0.49 years. In fiscal 2022, we granted to members of our senior management awards of PRSUs covering an aggregate of 1.2 million shares, respectively, of Intevac common stock (at maximum performance). The PRSUs are eligible to be earned based on achievement of certain stock prices based on the average closing price of the Company’s stock over a 30-day Intevac estimated the weighted-average fair value of PRSUs using the following weighted-average assumptions: 2022 Weighted-average fair value of grants per share $ 3.58 Expected volatility 56.70 % Risk-free interest rate 3.11 % Dividend yield None In fiscal 2021, we granted 126,320 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 table. 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: 2021 Weighted-average fair value of grants per share $ 7.65 Expected volatility 56.26 % Risk-free interest rate 0.15 % Dividend yield None ESPP The fair value of the employee stock purchase right is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: 2022 2021 Stock Purchase Rights: Weighted-average fair value of grants per share $ 1.26 $ 2.59 Expected volatility 52.57 % 60.88 % Risk free interest rate 1.94 % 0.08 % Expected term of purchase rights (in years) 1.24 0.91 Dividend yield None None The expected life of purchase rights is the period of time remaining in the current offering period. The ESPP activity during fiscal 2022 and 2021 is as follows: 2022 2021 (in thousands, except per share amounts) Shares purchased 279 435 Weighted-average purchase price per share $ 4.46 $ 5.05 Aggregate intrinsic value of purchase rights exercised $ 220 $ 671 As of December 31, 2022, Intevac had $582,000 of total unrecognized compensation expense related to purchase rights that will be recognized over the weighted-average period of 1.11 years. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 5. Earnings Per Share Intevac calculates basic earnings per share (“EPS”) using net income (loss) and the weighted-average number of shares outstanding during the reporting period. Diluted EPS includes the effect from potential issuance of common stock pursuant to the exercise of employee stock options and vesting of RSUs. The following table sets forth the computation of basic and diluted net income (loss) per share: 2022 2021 (in thousands, except per share amounts) Net loss from continuing operations $ (16,754 ) $ (23,057 ) Net income (loss) from discontinued operations, net of tax (321 ) 49,677 Net income (loss) $ (17,075 ) $ 26,620 Weighted-average shares – basic 25,192 24,348 Effect of dilutive potential common shares — — Weighted-average shares – diluted 25,192 24,348 Basic and diluted net income (loss) per share: Continuing operations $ (0.67 ) $ (0.95 ) Discontinued operations $ (0.01 ) $ 2.04 Net income (loss) per share $ (0.68 ) $ 1.09 As the Company is in a net loss position from continuing operations, all of the Company’s equity instruments are considered antidilutive. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 6. Concentrations Credit Risk and Significant Customers Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash equivalents, short- and long-term investments, restricted cash, and accounts receivable. Intevac generally invests its excess cash in money market funds, certificates of deposit, commercial paper, obligations of the U.S. government and its agencies, corporate debt securities, asset backed securities and municipal bonds. The Company has adopted an investment policy and established guidelines relating to credit quality, diversification and maturities of its investments in order to preserve principal and maintain liquidity. All investment securities in Intevac’s portfolio have an investment grade credit rating. Intevac’s accounts receivable tend to be concentrated in a limited number of customers. The following customers accounted for at least 10 percent of Intevac’s accounts receivable at December 31, 2022 and January 1, 2022. 2022 2021 Seagate Technology 88 % 47 % Western Digital Corporation * 30 % Amkor Technology, Inc. * 22 % * Less than 10% Intevac’s largest customers tend to change from period to period. Historically, a significant portion of Intevac’s revenues in any particular period have been attributable to sales to a limited number of customers. Intevac performs credit evaluations of its customers’ financial condition and generally requires deposits on system orders but does not generally require collateral or other security to support customer receivables. The following customers accounted for at least 10 percent of Intevac’s consolidated net revenues in fiscal 2022 and/or 2021. 2022 2021 Seagate Technology 80 % 60 % Western Digital Corporation 18 % 25 % Amkor Technology, Inc. * 10 % * Less than 10% Products Disk manufacturing products contributed a significant portion of Intevac’s revenues in fiscal 2022 and 2021. Intevac expects that the ability to maintain or expand its current levels of revenues in the future will depend upon continuing market demand for its products; its success in enhancing its existing systems and developing and manufacturing competitive disk manufacturing equipment, such as the 200 Lean; its success in utilizing Intevac’s expertise in complex manufacturing equipment to develop and sell new manufacturing equipment products for DCP. |
Balance Sheet Details
Balance Sheet Details | 12 Months Ended |
Dec. 31, 2022 | |
Balance Sheet Details | 7. Balance Sheet Details Balance sheet details were as follows as of December 31, 2022 and January 1, 2022: Trade and Other Accounts Receivable, Net December 31, January 1, (in thousands) Trade receivables and other $ 15,399 $ 14,162 Unbilled costs and accrued profits 424 99 Less: allowance for doubtful accounts — — $ 15,823 $ 14,261 Inventories Inventories are stated at the lower of average cost or net realizable value and consist of the following: December 31, January 1, (in thousands) Raw materials $ 19,116 $ 5,323 Work-in-progress 9,499 468 Finished goods 1,388 — $ 30,003 $ 5,791 Finished goods inventory at December 31, 2022 is comprised of a refurbished system at a customer location where the sales transaction did not meet our revenue recognition criteria as set forth in Note 1. Property, Plant and Equipment, Net December 31, January 1, (in thousands) Leasehold improvements $ 9,567 $ 9,847 Machinery and equipment 19,016 23,818 28,583 33,665 Less accumulated depreciation and amortization 24,925 28,906 Total property, plant and equipment, net $ 3,658 $ 4,759 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract] | |
Financial Instruments | 8. Financial Instruments Cash, Cash Equivalents and Investments Cash and cash equivalents, short-term investments and long-term investments consist of: December 31, 2022 Amortized Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 26,465 $ — $ — $ 26,465 Money market funds 9,589 — — 9,589 Commercial paper 32,856 — 6 32,850 Total cash and cash equivalents $ 68,910 $ — $ 6 $ 68,904 Short-term investments: Asset backed securities $ 2,012 $ — $ 13 $ 1,999 Certificates of deposit 3,850 — 10 3,840 Commercial paper 9,443 — 28 9,415 Corporate bonds and medium-term notes 4,210 — 32 4,178 Municipal bonds 1,486 — 25 1,461 U.S. treasury securities 4,771 — 123 4,648 Total short-term investments $ 25,772 $ — $ 231 $ 25,541 Long-term investments: Asset backed securities $ 6,749 $ — $ 85 $ 6,664 Corporate bonds and medium-term notes 5,366 — 102 5,264 Municipal bonds 224 — 6 218 U.S. treasury and agency securities 5,493 — 54 5,439 Total long-term investments $ 17,832 $ — $ 247 $ 17,585 Total cash, cash equivalents, and investments $ 112,514 $ — $ 484 $ 112,030 January 1, 2022 Amortized Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 102,494 $ — $ — $ 102,494 Money market funds 234 — — 234 Total cash and cash equivalents $ 102,728 $ — $ — $ 102,728 Short-term investments: Certificates of deposit $ 4,300 $ — $ — $ 4,300 Commercial paper 400 — — 400 Corporate bonds and medium-term notes 2,916 — 3 2,913 Municipal bonds 700 — — 700 U.S. treasury securities 1,910 — 2 1,908 Total short-term investments $ 10,226 $ — $ 5 $ 10,221 Long-term investments: Asset backed securities $ 2,040 $ — $ 3 $ 2,037 Certificates of deposit 500 — 3 497 Corporate bonds and medium-term notes 1,521 — 6 1,515 Municipal bonds 145 — 1 144 U.S. treasury securities 3,246 — 12 3,234 Total long-term investments $ 7,452 $ — $ 25 $ 7,427 Total cash, cash equivalents, and investments $ 120,406 $ — $ 30 $ 120,376 The contractual maturities of investment securities at December 31, 2022 are presented in the following table. Amortized Cost Fair Value (in thousands) Due in one year or less $ 68,217 $ 67,981 Due after one through five years 17,832 17,584 $ 86,049 $ 85,565 Our investment portfolio includes both corporate and government securities that have a maximum maturity of three years. The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As yields increase, those securities with a lower yield-at-cost mark-to-market December 31, 2022 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Gross Unrealized Losses Fair Value Gross Unrealized (In thousands) Asset backed securities $ 7,917 $ 90 $ 746 $ 8 Certificates of deposit 1,992 8 498 2 Commercial paper 37,887 34 — — Corporate bonds and medium-term notes 7,955 124 1,486 10 Municipal bond 1,535 30 144 1 U.S. treasury and agency securities 6,917 97 3,170 80 $ 64,203 $ 383 $ 6,044 $ 101 All prices for the fixed maturity securities including U.S. treasury and agency securities, asset backed securities, certificates of deposit, commercial paper, corporate bonds, 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 to sell a security 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 investment securities measured at fair value on a recurring basis as of December 31, 2022. Fair Value Measurements at December 31, 2022 Total Level 1 Level 2 (in thousands) Recurring fair value measurements: Money market funds $ 9,589 $ 9,589 $ — U.S. treasury and agency securities 10,087 6,592 3,495 Asset backed securities 8,663 — 8,663 Certificates of deposit 3,840 — 3,840 Commercial paper 42,265 — 42,265 Corporate bonds and medium-term notes 9,442 — 9,442 Municipal bonds 1,679 — 1,679 Total recurring fair value measurements $ 85,565 $ 16,181 $ 69,384 Derivatives The Company uses foreign currency forward contracts to mitigate variability in gains and losses generated from the re-measurement re-measurement The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its consolidated balance sheets as of December 31, 2022 and January 1, 2022: Notional Amounts Derivative Derivative Assets Derivative Instrument December 31, 2022 January 1, 2022 December 31, 2022 January 1, 2022 Balance Sheet Line Fair Value Balance Sheet Line Fair Value (in thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 2,240 815 (a ) $ 4 (a ) $ 14 Total Hedges $ 2,240 815 $ 4 $ 14 (a) Other current assets |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
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 authorizing up to $40.0 million. Under this authorization, Intevac purchases shares of its common stock under a systematic stock repurchase program and may also make supplemental stock repurchases from time to time, depending on market conditions, stock price and other factors. At December 31, 2022, $10.4 million remains available for future stock repurchases under the repurchase program. The Company did not make any stock repurchases in fiscal 2022 and 2021. Intevac records treasury stock purchases under the cost method using the first-in, first-out paid-in paid-in |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The provision for income taxes on income from operations for fiscal 2022 and 2021 consists of the following (in thousands): 2022 2021 Federal: Current $ — $ — Deferred (121 ) — (121 ) — State: Current 4 4 Deferred — — 4 4 Foreign: Current 490 546 Deferred 954 25 1,444 571 Total $ 1,327 $ 575 Income taxes on discontinued operations $ — $ — Income taxes on continuing operations $ 1,327 $ 575 Income (loss) before income taxes for fiscal 2022 and 2021 consisted of the following (in thousands): 2022 2021 U.S $ (20,570 ) $ (22,694 ) Foreign 5,143 212 $ (15,427 ) $ (22,482 ) Effective tax rate (8.6 %) (2.6 %) As a result of the adoption of ASU 2019-12 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of deferred tax assets are as follows (in thousands): December 31, January 1, Deferred tax assets: Vacation, warranty and other accruals $ 525 $ 627 Intangible amortization — 282 Depreciation and amortization 229 — Purchased technology 14 17 Inventory valuation 1,116 1,653 Equity-based compensation 841 1,343 Lease liability 898 1,659 Section 174 R&D adjustment 2,440 — Net operating loss, research and other tax credit carryforwards 56,310 53,684 Other 7 22 62,380 59,287 Valuation allowance for deferred tax assets (57,310 ) (52,703 ) Total deferred tax assets 5,070 6,584 Deferred tax liabilities: Intangible amortization (160 ) — Depreciation and amortization — (201 ) ROU asset (554 ) (1,073 ) Total deferred tax liabilities (714 ) (1,274 ) Net deferred tax assets $ 4,356 $ 5,310 As reported on the consolidated balance sheets: Non-current $ 4,356 $ 5,310 Intevac accounts for income taxes in accordance with ASC 740, Income Taxes Accounting standards also require that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion of or all of the deferred tax assets will not be realized. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. In fiscal 2014, a valuation allowance of $9.4 million was established to record the portion of the Singapore deferred tax assets that more likely than not will not be realized. The Company concluded that, as of December 29, 2018, it is more likely than not that the Company will generate sufficient taxable income in Singapore to realize its deferred tax assets and reversed the valuation allowance during the fourth quarter of 2018. This reversal resulted in the recognition of a non-cash In fiscal 2012, a valuation allowance of $23.4 million was established to record the portion of the U.S. federal deferred tax asset that more likely than not will not be realized. For fiscal 2022 a valuation allowance increase of $3.1 million and for fiscal 2021 a valuation allowance increase of $1.1 million were recorded for the U.S. federal deferred tax assets. A valuation allowance is recorded against the entire state deferred tax assets, which consists of state income tax temporary differences and deferred research and other tax credits that are not realizable in the foreseeable future. As of December 31, 2022, our federal, foreign and state net operating loss carryforwards for income tax purposes were approximately $35.7 million, $24.6 million and $80.8 million, respectively. The federal and state net operating loss carryforwards are subject to various limitations under Section 382 of the Internal Revenue Code and applicable state tax laws. If not utilized, the federal net operating loss carryforwards and the state net operating loss carryforwards will begin to expire in 2034 and 2028, respectively. The foreign net operating loss carryforwards do not expire. As of December 31, 2022, our federal and state tax credit carryforwards for income tax purposes were approximately $20.9 million and $16.9 million, respectively. If not utilized, the federal tax credit carryforwards will begin to expire in 2023 and the state tax credits carry forward indefinitely. We account for Global Intangible Low-Taxed On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into U.S. law. The IRA includes implementation of a new alternative minimum tax, an excise tax on stock buybacks, and significant tax incentives for energy and climate initiatives, among other provisions. The Company is evaluating the provisions included under the IRA and does not expect the provisions to have a material impact to the Company’s consolidated financial statements. A provision of the Tax Cuts and Jobs Act (“TCJA”) took effect on January 1, 2022 that amended Section 174 to require capitalization and amortization of research and experimental (“R&E”) expenditures and software development costs. The capitalized R&E and software development costs associated with research conducted in the United States is amortized ratably over a 5-year (15-year 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 fiscal 2021, the Company received $83,000 in JSS grants, of which $56,000 is reported as a reduction of cost of net revenues, $10,000 is reported as a reduction of R&D expenses and $17,000 is reported as a reduction of selling, general and administrative expenses on the consolidated statements of operations. The difference between the tax provision at the statutory federal income tax rate and the tax provision for fiscal 2022 and 2021 on continuing operations was as follows (in thousands): 2022 2021 Income tax at the federal statutory rate $ (3,240 ) $ (4,721 ) State income taxes, net of federal benefit 4 4 Change in valuation allowance: U.S 3,129 94 Foreign — — Effect of foreign operations taxed at various rates (219 ) 48 Research tax credits (788 ) (1,135 ) Effect of tax rate changes, permanent differences and adjustments of prior deferrals 2,441 6,285 Unrecognized tax benefits — — Total provision for income taxes on continuing operations $ 1,327 $ 575 Intevac has not provided for foreign withholding taxes on approximately $1.7 million of undistributed earnings from non-U.S. The total amount of gross unrecognized tax benefits was $730,000 as of December 31, 2022, none of which would affect Intevac’s effective tax rate if realized. The aggregate changes in the balance of gross unrecognized tax benefits were as follows for fiscal 2022 and 2021: 2022 2021 Beginning balance $ 718 $ 7,327 Additions based on tax positions related to the current year 12 24 Decreases for tax positions of prior years — (6,622 ) Lapse of statute of limitations — (11 ) Ending balance $ 730 $ 718 The Company does not anticipate any changes in the amount of unrecognized tax benefits in the next twelve months. It is Intevac’s policy to include interest and penalties related to unrecognized tax benefits in the provision for income taxes on the consolidated statements of operations. During fiscal 2022 and 2021, Intevac recognized a net tax expense (benefit) of $0. As of December 31, 2022, Intevac did not have any accrued interest related to unrecognized tax benefits. Intevac did not accrue any penalties related to these unrecognized tax benefits because Intevac has other tax attributes which would offset any potential taxes due. Intevac is subject to income taxes in the U.S. federal jurisdiction, and various state and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. As of December 31, 2022, all of the tax years remained open to examination by the federal and state taxing authorities, for three four The Inland Revenue Authority of Singapore (“IRAS”) is currently conducting a review of the fiscal 2017 through 2019 tax returns of the Company’s wholly-owned subsidiary, Intevac Asia Pte. Ltd. IRAS has challenged the Company’s tax position with respect to certain aspects of the Company’s transfer pricing. The ultimate outcome of this examination is subject to uncertainty. The Company’s management and its advisors believe that the Company is “more likely than not” to successfully defend that the tax treatment was proper and in accordance with Singapore tax regulations. Presently, there are no other active income tax examinations in the jurisdictions where Intevac operates. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefit Plans | 11. Employee Benefit Plans Employee Savings and Retirement Plan In 1991, Intevac established a defined contribution retirement plan with 401(k) plan features. The plan covers all United States employees eighteen years and older. Employees may make contributions by a percentage reduction in their salaries, not to exceed the statutorily prescribed annual limit. Intevac made cash contributions of $151,000 for fiscal 2022 and $188,000 for fiscal 2021. Employees may choose among several investment options for their contributions and their share of Intevac’s contributions, and they are able to move funds between investment options at any time. Intevac’s common stock is not one of the investment options. Administrative expenses relating to the plan are insignificant. Employee Bonus Plans Intevac has various employee bonus plans. A profit-sharing plan provides for the distribution of a percentage of pre-tax |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Leases Intevac leases certain manufacturing facilities, warehouses, office space, and equipment under non-cancelable The Company and EOTECH have entered into a Lease Assignment Agreement that assigns a portion of the Company’s lease obligation In consideration of EOTECH’s assumption of the above-mentioned lease obligations, which assumed lease obligations pertain in part to excess space beyond that required for EOTECH’s currently anticipated operation of the Photonics business, the Company agreed to pay to EOTECH the amount of $2.1 million (the “Unused Space Amount”), which Unused Space Amount is payable in (i) one initial installment of $308,000 on January 10, 2022 and (ii) seven (7) equal quarterly installments of $259,000. The following table reflects our lease assets and our lease liabilities at December 31, 2022 and January 1, 2022. December 31, 2022 January 1, 2022 (in thousands) Assets: Operating lease ROU assets $ 3,390 $ 4,520 Liabilities: Current operating lease liabilities $ 3,404 $ 3,119 Noncurrent operating lease liabilities 1,417 3,675 $ 4,821 $ 6,794 Lease Costs: The components of lease costs were as follows: 2022 2021 (in thousands) Operating lease cost $ 1,624 $ 2,944 Operating lease cost subleased / assigned property 974 — Short-term lease cost 43 98 Less: sublease income (974 ) — Total lease cost, net $ 1,667 $ 3,042 As of December 31, 2022 the maturity of operating lease liabilities was as follows: Continuing Discontinued Total (in thousands) 2023 $ 1,819 1,769 $ 3,588 2024 655 296 951 2025 408 — 408 2026 100 — 100 Total lease payments $ 2,982 $ 2,065 5,047 Less: Interest (143 ) (83 ) (226 ) Present value of lease liabilities $ 2,839 $ 1,982 4,821 The operating lease liabilities in discontinued operations represent the lease obligations that were assigned to EOTECH but which are being accounted for as a sublease as the Company has not been relieved of its primary obligations with the landlord. Lease Term and Discount Rate: December 31, 2022 January 1, 2022 Weighted-average remaining lease term (in years) 1.69 2.11 Weighted-average discount rate 5.81 % 6.40 % Other information: Supplemental cash flow information related to leases was as follows (in thousands): 2022 2021 (in thousands) Operating cash outflows from operating leases $ 1,757 $ 3,382 ROU asset impairment expense (reported in discontinued operations) $ — $ 1,246 ROU assets obtained in exchange for new operating lease liabilities $ 1,122 $ — 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 December 31, 2022, we had letters of credit and bank guarantees outstanding totaling $786,000, including the standby letter of credit outstanding under the Santa Clara, California facility lease and various other guarantees with its bank. These letters of credit and bank guarantees are collateralized by $786,000 of restricted cash. 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 ASP manufacturing systems, the warranty typically ranges between 12 and 24 months from customer acceptance. During this warranty period any defective non-consumable On the 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 consolidated statements of operations. The following table displays the activity in the warranty provision account for fiscal 2022 and 2021: 2022 2021 (in thousands) Beginning balance $ 346 $ 480 Expenditures incurred under warranties (312 ) (622 ) Expenditures incurred under warranties included in discontinued operations — (89 ) Accruals for product warranties 147 502 Accruals for product warranties included in discontinued operations — 122 Adjustments to previously existing warranty accruals (18 ) 31 Adjustments to previously existing warranty accruals included in discontinued operations — (31 ) Sale of Photonics division — (47 ) Ending balance $ 163 $ 346 Legal Matters From time to time, Intevac receives notification from third parties, including customers and suppliers, seek ing ind addition, from time to time, Intevac receives notification from third parties claiming that Intevac may be or is infringing their intellectual property or other rights. Intevac also is subject to various other legal proceedings and claims, both asserted and unasserted, that arise in the ordinary course of business. Although the outcome of these claims and proceedings cannot be predicted with certainty, Intevac does not believe that any of these other existing proceedings or claims will have a material adverse effect on its consolidated financial condition or results of operations. In July 2020, Robin Quiusky, a former contract employee who worked for us via a staffing agency, filed an action against us under the Private Attorneys General Act (“PAGA”) in California state court (Quiusky v. Intevac, Inc., et al) alleging that the Company failed to provide rest and meal breaks, pay overtime and reimburse business expenses for non-exempt |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 13. Restructuring Charges During the first quarter of fiscal 2022, Intevac substantially completed implementation of the 2022 cost reduction plan (the “2022 Cost Reduction Plan”), which was intended to reduce our overall cost structure and optimize our operational design, inclusive of the stranded overhead associated with the divestiture of the Photonics business. The restructuring program includes management reorganization and the right sizing of certain technology development, marketing and administrative functions. We incurred restructuring costs of $1.2 million in estimated severance and the related modification of certain stock-based awards. Other costs incurred as part of the 2022 Cost Reduction Plan include: (i) a benefit of $1.3 million related to the stock-based compensation forfeitures related to the employees affected by the reduction in workforce, (ii) $1.5 million for fixed asset disposals and (iii) $755,000 for write-offs of excess inventory. The 2022 Cost Reduction Plan reduced the workforce by 6 percent. The cost of implementing the 2022 Cost Reduction Plan was reported under cost of net revenues and operating expenses in the condensed consolidated statements of operations. Implementation of the 2022 Cost Reduction Plan is expected to reduce salary, wages and other employee-related expenses by approximately $2.1 million on an annual basis. During the fourth quarter of fiscal 2021, the Company recorded asset impairment and restructuring charges associated with the sale of the Photonics division including (i) $693,000 in severance and other employee-related costs related to the termination of the Photonics general manager; (ii) $1.2 million in asset impairment charges on the Company’s ROU asset and (iii) $665,000 in accruals for common area charges associated with an unused space commitment to EOTECH. In consideration of EOTECH’s assumption of certain lease obligations related to the Company’s Santa Clara, California campus, which assumed lease obligations pertain in part to excess space beyond that required EOTECH’s currently anticipated operation of the Photonics division, the Company agreed to pay EOTECH the amount of $2.1 million, which is payable in (i) one initial installment of $308,000 on January 10, 2022 and (ii) seven equal quarterly installments of $259,000. The Company recorded an asset impairment charge against its ROU asset in the amount of $1.2 million associated with the excess space noted above. The Company recorded a liability to EOTECH in the amount of $665,000, the amount related to common area charges which are not included in the base rental payments or the lease liability on the Company’s consolidated balance sheets. During the third quarter of fiscal 2021, Intevac substantially completed implementation of the 2021 cost reduction plan (the “2021 Cost Reduction Plan”), which was intended to reduce expenses and reduce its workforce by 5.2 percent. The cost of implementing the 2021 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 nine months of fiscal 2021. Implementation of the 2021 Cost Reduction Plan is expected to reduce salary, wages and other employee-related expenses by approximately $2.0 million on an annual basis. The following table summarizes the significant activities within, and components of, the restructuring liabilities. Employee Other Total (in thousands) Balance at January 2, 2021 $ — $ — $ — Provision for restructuring charges under the 2021 Cost Reduction Plan 319 — 319 Cash payments made (319 ) — (319 ) Provision for restructuring charges associated with Photonics sale (a) 693 1,911 2,604 Cash payments made (96 ) — (96 ) Non-cash (239 )(b) (1,246 )(c) (1,485 ) Balance at January 1, 2022 $ 358 (d) $ 665 $ 1,023 Provision for restructuring charges under the 2022 Cost Reduction Plan 1,232 — 1,232 Cash payments made (1,269 ) — (1,269 ) Non-cash 37 (b) — 37 Provision for restructuring charges associated with Photonics sale (a) 112 15 127 Cash payments made (395 ) (362 ) (757 ) Non-cash (75 )(b) — (75 ) Balance at December 31, 2022 $ — $ 318 $ 318 (a) Included in income from discontinued operations (See note 2). (b) Acceleration of equity awards. (c) Impairment of ROU asset. (d) Liability for employee termination costs is included in accrued payroll and related liabilities. |
Related Party Transaction
Related Party Transaction | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | 14. Related Party Transaction A member of the Company’s Board of Directors through November 2022, Mark Popovich, rendered professional services to the Company, at a rate of $3,125 per week plus expenses commencing May 23, 2022 through October 7, 2022. The Company incurred charges of approximately $62,500 associated with the professional services arrangement with Mr. Popovich in fiscal 2022. |
Acquisition of Hia, Inc.
Acquisition of Hia, Inc. | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Contingent Consideration | 15. Acquisition of Hia, Inc. On August 26, 2022 (the “Closing Date”), the Company completed the acquisition of Hia, Inc., a supplier of magnetic bars, to bring the manufacturing of these magnetic bars in-house The Company determined this transaction represented an asset acquisition as substantially all of the value was in the technology intangible assets of Hia. Contingent consideration is not recorded in an asset acquisition until the contingency is resolved (when the contingent consideration is paid or becomes payable) or when probable and reasonably estimable. The first milestone was achieved and contingent consideration in the amount of $250,000 was paid on January 17, 2023 and was accrued in the fourth quarter of 2022. Upon recognition, the amount, including the tax effect of $67,000, is included in the measurement of the acquired asset. The technology intangible assets are being amortized on a straight-line basis over a period of 8.3 years. Total amortization expense during fiscal 2022 was $42,000. Annual amortization expense related to the acquired technology intangible assets in each of the succeeding years is estimated to be approximately $136,000 per year from fiscal 2023 through fiscal 2030. The Hia acquisition was treated for tax purposes as a nontaxable transaction and, as such, the historical tax bases of the acquired assets and assumed liabilities, net operating losses, and other tax attributes of Hia will carryover. As a result, there is no step-up The purchase price was allocated to the technology intangible assets and the deferred tax asset and liability as follows: (In thousands) Consideration: Cash payment $ 702 Transaction costs 63 Less cash acquired (2 ) Total consideration $ 763 Assets acquired: Technology intangible assets $ 815 Deferred tax asset 119 Total assets acquired $ 934 Liability assumed: Deferred tax liability $ (171 ) $ 763 The following table represents a rollforward of the carrying amount of the technology intangible assets in fiscal 2022: (In thousands) Initial cost of technology intangible assets recognized on the acquisition date $ 815 Achievement of the first milestone and recognition of contingent consideration payable 250 Deferred tax liability associated with the recognition of the first milestone 67 Gross carrying amount at December 31, 2022 1,132 Accumulated amortization (42 ) Net carrying amount at December 31, 2022 $ 1,090 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Intevac, Inc. and its subsidiaries after elimination of inter-company balances and transactions. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. |
Fiscal Year End Date | Fiscal Year End Date Intevac operates under a 52-53 |
Reportable Segment | Reportable Segment During fiscal 2021, we sold the business of one of our reporting segments, Photonics. Therefore, we have one reportable segment remaining. See Note 2 for additional disclosure related to discontinued operations. The remaining segment, Thin Film Equipment (“TFE”), designs, develops and markets vacuum process equipment solutions for high-volume manufacturing of small substrates with precise thin-film properties, such as for the HDD, and DCP markets, as well as other adjacent thin-film markets. The TFE segment also previously designed, developed and marketed manufacturing equipment for the photovoltaic (“PV”) solar cell and advanced semiconductor packaging industries. In March 2022, the Company approved and implemented a restructuring program to realign the Company’s operational focus, scale the business and improve costs. The restructuring program includes (i) reducing the Company’s headcount and (ii) eliminating several research and development (“R&D”) programs and product offerings. As part of this realignment effort, the Company ceased its efforts to develop and market several of its manufacturing platforms for the DCP, PV and ASP industries and ceased offering certain legacy products in these industries. |
Reclassification of Prior Periods | Reclassification of Prior Periods On December 30, 2021, the Company completed the sale of its Photonics business to EOTECH, LLC, a Michigan limited liability company (“EOTECH”), in exchange for (i) $70.0 million in cash consideration (as may be increased or decreased by certain closing net working capital adjustments), (ii) up to $30.0 million in earnout payments and (iii) the assumption by EOTECH of certain liabilities of the Photonics business. Due to the sale of the Photonics business during the fourth quarter of 2021, we have classified the results of the Photonics business as discontinued operations in our consolidated statements of operations for all periods presented. All amounts included in the Notes to Consolidated Financial Statements relate to continuing operations unless otherwise noted. |
Cash, Cash Equivalents and Investments | Cash, Cash Equivalents and Investments Intevac considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Available-for-sale available-for-sale |
Restricted Cash | Restricted Cash Restricted cash of $600,000 as of December 31, 2022 secures a standby letter of credit obligation associated with a lease obligation and the restriction on the cash will be removed when the letter of credit expires. In addition, Intevac pledged $186,000 as collateral for various guarantees with its bank. |
Derivative Instruments and Hedging Arrangements | Derivative Instruments and Hedging Arrangements Foreign Exchange Exposure Management re-measurement non-functional |
Fair Value Measurement—Definition and Hierarchy | Fair Value Measurement—Definition and Hierarchy Intevac reports certain financial assets and liabilities at fair value. Intevac defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following three categories: Level 1 Level 2 Level 3 |
Trade Accounts Receivables and Doubtful Accounts | Trade Accounts Receivables and Doubtful Accounts Intevac evaluates the collectibility of trade accounts receivable on an ongoing basis and provides reserves against potential losses when appropriate. Management analyzes historical bad debts, customer concentrations, customer creditworthiness, changes in customer payment tendencies and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Customer accounts are written off against the allowance when the amount is deemed uncollectible. |
Inventories | Inventories Inventories are generally stated at the lower of cost or net realizable value, with cost determined on an average cost basis. |
Property, Plant and Equipment | Property, Plant and Equipment Equipment and leasehold improvements are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: computers and software, 3 years; machinery and equipment, 5 years; furniture, 7 years; vehicles, 4 years; and leasehold improvements, remaining lease term. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets and certain identifiable finite-lived intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability of long-lived assets is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets and certain identifiable intangible assets that management expects to hold and use is based on the fair value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value. |
Acquisitions | Acquisitions Acquisition Method. Acquisitions that meet the definition of a business under Accounting Standards Codification (“ASC”) 805, Business Combinations 805” Cost Accumulation Model. Acquisitions that do not meet the definition of a business under ASC 805 are accounted for as an asset acquisition, utilizing a cost accumulation model. Assets acquired and liabilities assumed are recognized at cost, which is the consideration the acquirer transfers to the seller, including direct transaction costs, on the acquisition date. The cost of the acquisition is then allocated to the assets acquired based on their relative fair values. Goodwill is not recognized in an asset acquisition. Direct transaction costs include those third-party costs that can be directly attributable to the asset acquisition and would not have been incurred absent the acquisition transaction. Contingent consideration, representing an obligation of the acquirer to transfer additional assets or equity interests to the seller if future events occur or conditions are met, is recognized when probable and reasonably estimable. Contingent consideration recognized is included in the initial cost of the assets acquired, with subsequent changes in the recorded amount of contingent consideration recognized as an adjustment to the cost basis of the acquired assets. Subsequent changes are allocated to the acquired assets based on their relative fair value. |
Income Taxes | Income Taxes Intevac accounts for income taxes by recognizing deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between book and tax bases of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion of the deferred tax asset will not be realized. In determining whether to establish or maintain a valuation allowance against a deferred tax asset, the Company reviews available evidence to determine whether it is more likely than not that all or a portion of the Company’s net deferred tax assets will be realized in future periods. Consideration is given to various positive and negative factors that could affect the realization of the net deferred tax assets. In making such a determination, the Company considers, among other things, future reversals of existing taxable temporary differences, projected future taxable income, tax-planning The effective tax rate is highly dependent upon the level of Intevac’s projected earnings, the geographic composition of worldwide earnings, tax regulations governing each region, net operating loss carryforwards, availability of tax credits and the effectiveness of Intevac’s tax planning strategies. Intevac carefully monitors the changes in many factors and adjust its effective income tax rate on a timely basis. If actual results differ from the estimates, this could have a material effect on Intevac’s business, financial condition and results of operations. The calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with Intevac’s expectations could have a material effect on Intevac’s business, financial condition and results of operations. Intevac recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. |
Sales and Value Added Taxes | Sales and Value Added Taxes Taxes collected from customers and remitted to governmental authorities are presented on a net basis in the accompanying consolidated statements of operations. |
Revenue Recognition | Revenue Recognition A majority of our equipment sales revenue, which includes systems, technology upgrades, service and spare parts is recognized when products are shipped from our manufacturing facilities. We recognize revenue for equipment sales at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. Intevac recognizes revenue in certain circumstances before delivery has occurred (commonly referred to as bill and hold transactions). In such circumstances, among other things, risk of ownership has passed to the customer, the customer has made a written fixed commitment to purchase the finished goods, the customer has requested the finished goods be held for future delivery as scheduled and designated by them, and no additional performance obligations exist by Intevac. For these transactions, the finished goods are segregated from inventory and normal billing and credit terms granted. Our contracts with customers may include multiple performance obligations. For such arrangements, under the revenue standard we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers or by using expected cost plus margin. Under the revenue standard, the expected costs associated with our base warranties are recognized as expense when the equipment is sold. |
Government Grants And Credits | Government Grants and Credits The Company generally records grants from governmental agencies related to income as a reduction in operating expense. Grants are recognized when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. Reimbursements of eligible expenditures pursuant to government assistance programs are recorded as reductions of operating costs when the related costs have been incurred and there is reasonable assurance regarding collection of the claim. Grant claims not settled by the balance sheet date are recorded as receivables, provided their receipt is reasonably assured. The determination of the amount of the claim, and accordingly the receivable amount, requires management to make calculations based on its interpretation of eligible expenditures in accordance with the terms of the programs. The reimbursement claims submitted by the Company are subject to review by the relevant government agencies. In Singapore, Intevac receives government assistance under the Job Support Scheme (“JSS”). During fiscal 2021, the Company received $83,000 in JSS grants, of which $56,000 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 consolidated statements of operations. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising costs were not material for all periods presented. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of Intevac’s foreign subsidiaries in Singapore and Hong Kong and the Taiwan branch is the U.S. dollar. The functional currency of Intevac’s foreign subsidiaries in China and Malaysia is the local currency of the country in which the respective subsidiary operates. Assets and liabilities recorded in foreign currencies are translated at year-end |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component, were as follows for the years ended December 31, 2022 and January 1, 2022: Foreign Unrealized holding available-for-sale Total (in thousands) Balance at January 2, 2021 $ 602 $ 38 $ 640 Other comprehensive income (loss) before reclassification 6 (68 ) (62 ) Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 6 (68 ) (62 ) Balance at January 1, 2022 608 (30 ) 578 Other comprehensive loss before reclassification (331 ) (454 ) (785 ) Amounts reclassified from other comprehensive income (loss) 14 — 14 Net current-period other comprehensive loss (317 ) (454 ) (771 ) Balance at December 31, 2022 $ 291 $ (484 ) $ (193 ) |
Employee Stock Plans | Employee Stock Plans Intevac has equity-based compensation plans that provide for the grant to employees of equity-based awards, including incentive or non-statutory non-statutory non-employee |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-10, Disclosures by Business Entities about Government Assistance In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) 2021-01, Reference Rate Reform (Topic 848): Scope 2020-04 2020-04. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326). |
Description of Business and B_3
Description of Business and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Changes in Accumulated Other Comprehensive Income by Component | The changes in accumulated other comprehensive income (loss) by component, were as follows for the years ended December 31, 2022 and January 1, 2022: Foreign Unrealized holding available-for-sale Total (in thousands) Balance at January 2, 2021 $ 602 $ 38 $ 640 Other comprehensive income (loss) before reclassification 6 (68 ) (62 ) Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 6 (68 ) (62 ) Balance at January 1, 2022 608 (30 ) 578 Other comprehensive loss before reclassification (331 ) (454 ) (785 ) Amounts reclassified from other comprehensive income (loss) 14 — 14 Net current-period other comprehensive loss (317 ) (454 ) (771 ) Balance at December 31, 2022 $ 291 $ (484 ) $ (193 ) |
Divestiture and Discontinued _2
Divestiture and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |
Summary of gain on sale of photonics segment | The following table summarizes the components of the gain on sale of the Photonics segment (in thousands): Cash proceeds $ 70,000 Working capital adjustment (74 ) 69,926 Assets sold: Accounts receivable 3,535 Inventories 6,301 Other current assets 72 Property, plant and equipment 3,987 Total assets sold 13,895 Liabilities divested: Accounts payable 888 Other accrued expenses 594 Total liabilities divested 1,482 Transaction and other costs (3,172 ) Gain on sale $ 54,341 |
Summary of components discontinued operations related photonics segment | The key components from discontinued operations related to the Photonics segment are as follows (in thousands): Year Ended, December 31, January 1, (In thousands, except per share amounts) Net revenues: Systems and components $ — $ 15,932 Technology development — 11,735 Total net revenues — 27,667 Cost of net revenues: Systems and components — 12,252 Technology development — 8,885 Total cost of net revenues — 21,137 Gross profit — 6,530 Operating expenses: Research and development — 2,653 Selling, general and administrative 321 5,937 Asset impairment and restructuring charges — 2,604 Total operating expenses 321 11,194 Year Ended, December 31, January 1, (In thousands, except per share amounts) Operating income (loss)—discontinued operations (321 ) (4,664 ) Other income (expense)—discontinued operations — — Income (loss) discontinued operations before provision for (benefit from) income taxes (321 ) (4,664 ) Gain on disposal of discontinued operations before income taxes — 54,341 Total income (loss) from discontinued operations, before tax (321 ) 49,677 Provision for (benefit from) income taxes — — Net income (loss) discontinued operations net of tax $ (321 ) $ 49,677 |
Summary of cash flow and noncash information related to discontinued operations | The following table presents cash flow and non-cash 2022 2021 (in thousands) Depreciation and amortization $ — $ 1,366 Asset impairment charges $ — $ 1,246 Equity-based compensation $ (229 ) $ 1,167 Purchase of leasehold improvements and equipment $ — $ 429 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 fiscal 2022 and 2021. Major Products and Service Lines 2022 2021 (in thousands) HDD DCP PV ASP Total HDD DCP PV ASP Total Systems, upgrades and spare parts $ 29,507 $ 1 $ 273 $ 100 $ 29,881 $ 28,300 $ 3 $ 258 $ 3,850 $ 32,411 Field service 5,647 43 190 — 5,880 6,031 14 68 — 6,113 Total net revenues $ 35,154 $ 44 $ 463 $ 100 $ 35,761 $ 34,331 $ 17 $ 326 $ 3,850 $ 38,524 Primary Geography Markets 2022 2021 (in thousands) United States $ 4,558 $ 3,670 Asia 31,103 31,004 Europe 100 3,850 Total net revenues $ 35,761 $ 38,524 Timing of Revenue Recognition 2022 2021 (in thousands) Products transferred at a point in time $ 35,761 $ 38,524 Products and services transferred over time — — Total net revenues $ 35,761 $ 38,524 |
Changes in Contract Assets and Contract Liabilities | The following table reflects the changes in our contract assets, which we classify as accounts receivable, unbilled or retainage and our contract liabilities which we classify as deferred revenue and customer advances for fiscal 2022: December 31, January 1, Change (In thousands) Contract assets: Accounts receivable, unbilled $ 424 $ 99 $ 325 Contract liabilities: Deferred revenue $ 2,446 $ 65 $ 2,381 Customer advances 24,659 2,107 22,552 $ 27,105 $ 2,172 $ 24,933 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 fiscal 2022 and 2021 was as follows (in thousands): 2022 2021 Equity-based compensation by type of award: Stock options $(156) $198 RSUs 2,184 2,341 PRSUs 2,379 478 Employee stock purchase plan 483 986 Total equity-based compensation $ 4,890 $ 4,003 |
Summary of Stock Option Activity | A summary of the stock option activity is as follows: Shares Weighted Exercise Weighted Average Aggregate Intrinsic Value Options exercisable at January 1, 2022 1,457,587 $ 6.55 2.31 $ 7,622 Options cancelled and forfeited (686,144 ) $ 7.24 Options exercised (388,344 ) $ 4.82 Options outstanding at December 31, 2022 383,099 $ 7.07 2.40 $ 327,711 Options exercisable at December 31, 2022 357,915 $ 7.17 2.33 $ 306,868 |
Summary of Restricted Stock Units Activity | A summary of the RSU activity is as follows: Shares Weighted Grant Date Fair Value Weighted Average Aggregate Value Non-vested 843,578 $ 5.51 1.39 $ 3,973,252 Granted 1,128,649 $ 5.06 Vested (248,355 ) $ 5.55 Cancelled (414,080 ) $ 5.46 Non-vested 1,309,792 $ 5.14 1.21 $ 8,474,354 |
Employee Stock Purchase Rights Weighted-Average Assumptions | The fair value of the employee stock purchase right is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: 2022 2021 Stock Purchase Rights: Weighted-average fair value of grants per share $ 1.26 $ 2.59 Expected volatility 52.57 % 60.88 % Risk free interest rate 1.94 % 0.08 % Expected term of purchase rights (in years) 1.24 0.91 Dividend yield None None |
Employee Stock Purchase Plan Activity | The ESPP activity during fiscal 2022 and 2021 is as follows: 2022 2021 (in thousands, except per share amounts) Shares purchased 279 435 Weighted-average purchase price per share $ 4.46 $ 5.05 Aggregate intrinsic value of purchase rights exercised $ 220 $ 671 |
Performance Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Restricted Stock Units Activity | A summary of the PRSU activity is as follows: Shares Weighted Grant Date Fair Value Weighted Average Aggregate Value Non-vested 189,858 $ 5.95 1.38 $ 894,231 Granted 1,183,400 $ 3.58 Vested (122,655 ) $ 4.44 Cancelled (161,264 ) $ 6.01 Non-vested 1,089,339 $ 3.54 0.49 $ 7,048,023 |
Employee Stock Purchase Rights Weighted-Average Assumptions | Intevac estimated the weighted-average fair value of PRSUs using the following weighted-average assumptions: 2022 Weighted-average fair value of grants per share $ 3.58 Expected volatility 56.70 % Risk-free interest rate 3.11 % Dividend yield None Intevac estimated the weighted-average fair value of PRSUs using the following weighted-average assumptions: 2021 Weighted-average fair value of grants per share $ 7.65 Expected volatility 56.26 % Risk-free interest rate 0.15 % Dividend yield None |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The following table sets forth the computation of basic and diluted net income (loss) per share: 2022 2021 (in thousands, except per share amounts) Net loss from continuing operations $ (16,754 ) $ (23,057 ) Net income (loss) from discontinued operations, net of tax (321 ) 49,677 Net income (loss) $ (17,075 ) $ 26,620 Weighted-average shares – basic 25,192 24,348 Effect of dilutive potential common shares — — Weighted-average shares – diluted 25,192 24,348 Basic and diluted net income (loss) per share: Continuing operations $ (0.67 ) $ (0.95 ) Discontinued operations $ (0.01 ) $ 2.04 Net income (loss) per share $ (0.68 ) $ 1.09 |
Concentrations (Tables)
Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Receivable | |
Customers that Accounted for at Least Ten percent of Accounts Receivable/Consolidated Net Revenues | Intevac’s accounts receivable tend to be concentrated in a limited number of customers. The following customers accounted for at least 10 percent of Intevac’s accounts receivable at December 31, 2022 and January 1, 2022. 2022 2021 Seagate Technology 88 % 47 % Western Digital Corporation * 30 % Amkor Technology, Inc. * 22 % |
Sales Revenue Net | |
Customers that Accounted for at Least Ten percent of Accounts Receivable/Consolidated Net Revenues | The following customers accounted for at least 10 percent of Intevac’s consolidated net revenues in fiscal 2022 and/or 2021. 2022 2021 Seagate Technology 80 % 60 % Western Digital Corporation 18 % 25 % Amkor Technology, Inc. * 10 % |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and Other Accounts Receivable, Net | Trade and Other Accounts Receivable, Net December 31, January 1, (in thousands) Trade receivables and other $ 15,399 $ 14,162 Unbilled costs and accrued profits 424 99 Less: allowance for doubtful accounts — — $ 15,823 $ 14,261 |
Summary of Inventories | Inventories are stated at the lower of average cost or net realizable value and consist of the following: December 31, January 1, (in thousands) Raw materials $ 19,116 $ 5,323 Work-in-progress 9,499 468 Finished goods 1,388 — $ 30,003 $ 5,791 |
Property, Plant and Equipment | Property, Plant and Equipment, Net December 31, January 1, (in thousands) Leasehold improvements $ 9,567 $ 9,847 Machinery and equipment 19,016 23,818 28,583 33,665 Less accumulated depreciation and amortization 24,925 28,906 Total property, plant and equipment, net $ 3,658 $ 4,759 |
Net Property, Plant And Equipment By Geographic Region | Net property, plant and equipment by geographic region at December 31, 2022 and January 1, 2022 was as follows: December 31, January 1, (in thousands) United States $ 3,143 $ 4,385 Asia 515 374 Net property, plant & equipment $ 3,658 $ 4,759 |
Deferred Income Taxes and Other Long-Term Assets | Deferred Income Taxes and Other Long-Term Assets December 31, January 1, (in thousands) Deferred income taxes $ 4,356 $ 5,310 Prepaid expenses 25 139 $ 4,381 $ 5,449 |
Other Accrued Liabilities | Other Accrued Liabilities December 31, January 1, (in thousands) Deferred revenue $ 2,446 $ 65 Litigation settlement 1,012 1,000 Other taxes payable 838 1,318 Restructuring 318 347 Acquisition–related contingent consideration payable (See Note 15. Acquisition of Hia, Inc.) 250 — Income taxes payable 187 370 Accrued product warranties 163 301 Other 216 264 Total other accrued liabilities $ 5,430 $ 3,665 |
Other Long-Term Liabilities | Other Long-Term Liabilities December 31, January 1, (in thousands) Restructuring $ — $ 318 Accrued product warranties — 45 Total other long-term liabilities $ — $ 363 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flow Hedges Derivative Instruments at Fair Value, Net [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: December 31, 2022 Amortized Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 26,465 $ — $ — $ 26,465 Money market funds 9,589 — — 9,589 Commercial paper 32,856 — 6 32,850 Total cash and cash equivalents $ 68,910 $ — $ 6 $ 68,904 Short-term investments: Asset backed securities $ 2,012 $ — $ 13 $ 1,999 Certificates of deposit 3,850 — 10 3,840 Commercial paper 9,443 — 28 9,415 Corporate bonds and medium-term notes 4,210 — 32 4,178 Municipal bonds 1,486 — 25 1,461 U.S. treasury securities 4,771 — 123 4,648 Total short-term investments $ 25,772 $ — $ 231 $ 25,541 Long-term investments: Asset backed securities $ 6,749 $ — $ 85 $ 6,664 Corporate bonds and medium-term notes 5,366 — 102 5,264 Municipal bonds 224 — 6 218 U.S. treasury and agency securities 5,493 — 54 5,439 Total long-term investments $ 17,832 $ — $ 247 $ 17,585 Total cash, cash equivalents, and investments $ 112,514 $ — $ 484 $ 112,030 January 1, 2022 Amortized Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 102,494 $ — $ — $ 102,494 Money market funds 234 — — 234 Total cash and cash equivalents $ 102,728 $ — $ — $ 102,728 Short-term investments: Certificates of deposit $ 4,300 $ — $ — $ 4,300 Commercial paper 400 — — 400 Corporate bonds and medium-term notes 2,916 — 3 2,913 Municipal bonds 700 — — 700 U.S. treasury securities 1,910 — 2 1,908 Total short-term investments $ 10,226 $ — $ 5 $ 10,221 Long-term investments: Asset backed securities $ 2,040 $ — $ 3 $ 2,037 Certificates of deposit 500 — 3 497 Corporate bonds and medium-term notes 1,521 — 6 1,515 Municipal bonds 145 — 1 144 U.S. treasury securities 3,246 — 12 3,234 Total long-term investments $ 7,452 $ — $ 25 $ 7,427 Total cash, cash equivalents, and investments $ 120,406 $ — $ 30 $ 120,376 |
Contractual Maturities of Available-for-Sale Securities | The contractual maturities of investment securities at December 31, 2022 are presented in the following table. Amortized Cost Fair Value (in thousands) Due in one year or less $ 68,217 $ 67,981 Due after one through five years 17,832 17,584 $ 86,049 $ 85,565 |
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 December 31, 2022. December 31, 2022 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Gross Unrealized Losses Fair Value Gross Unrealized (In thousands) Asset backed securities $ 7,917 $ 90 $ 746 $ 8 Certificates of deposit 1,992 8 498 2 Commercial paper 37,887 34 — — Corporate bonds and medium-term notes 7,955 124 1,486 10 Municipal bond 1,535 30 144 1 U.S. treasury and agency securities 6,917 97 3,170 80 $ 64,203 $ 383 $ 6,044 $ 101 |
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 investment securities measured at fair value on a recurring basis as of December 31, 2022. Fair Value Measurements at December 31, 2022 Total Level 1 Level 2 (in thousands) Recurring fair value measurements: Money market funds $ 9,589 $ 9,589 $ — U.S. treasury and agency securities 10,087 6,592 3,495 Asset backed securities 8,663 — 8,663 Certificates of deposit 3,840 — 3,840 Commercial paper 42,265 — 42,265 Corporate bonds and medium-term notes 9,442 — 9,442 Municipal bonds 1,679 — 1,679 Total recurring fair value measurements $ 85,565 $ 16,181 $ 69,384 |
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 consolidated balance sheets as of December 31, 2022 and January 1, 2022: Notional Amounts Derivative Derivative Assets Derivative Instrument December 31, 2022 January 1, 2022 December 31, 2022 January 1, 2022 Balance Sheet Line Fair Value Balance Sheet Line Fair Value (in thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 2,240 815 (a ) $ 4 (a ) $ 14 Total Hedges $ 2,240 815 $ 4 $ 14 (a) Other current assets |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provision for Income Taxes | The provision for income taxes on income from operations for fiscal 2022 and 2021 consists of the following (in thousands): 2022 2021 Federal: Current $ — $ — Deferred (121 ) — (121 ) — State: Current 4 4 Deferred — — 4 4 Foreign: Current 490 546 Deferred 954 25 1,444 571 Total $ 1,327 $ 575 Income taxes on discontinued operations $ — $ — Income taxes on continuing operations $ 1,327 $ 575 |
Income (Loss) Before Income Taxes | Income (loss) before income taxes for fiscal 2022 and 2021 consisted of the following (in thousands): 2022 2021 U.S $ (20,570 ) $ (22,694 ) Foreign 5,143 212 $ (15,427 ) $ (22,482 ) Effective tax rate (8.6 %) (2.6 %) |
Significant Components of Deferred Tax Assets | Significant components of deferred tax assets are as follows (in thousands): December 31, January 1, Deferred tax assets: Vacation, warranty and other accruals $ 525 $ 627 Intangible amortization — 282 Depreciation and amortization 229 — Purchased technology 14 17 Inventory valuation 1,116 1,653 Equity-based compensation 841 1,343 Lease liability 898 1,659 Section 174 R&D adjustment 2,440 — Net operating loss, research and other tax credit carryforwards 56,310 53,684 Other 7 22 62,380 59,287 Valuation allowance for deferred tax assets (57,310 ) (52,703 ) Total deferred tax assets 5,070 6,584 Deferred tax liabilities: Intangible amortization (160 ) — Depreciation and amortization — (201 ) ROU asset (554 ) (1,073 ) Total deferred tax liabilities (714 ) (1,274 ) Net deferred tax assets $ 4,356 $ 5,310 As reported on the consolidated balance sheets: Non-current $ 4,356 $ 5,310 |
Difference Between Tax Provision at Statutory Federal Income Tax Rate and Tax Provision | The difference between the tax provision at the statutory federal income tax rate and the tax provision for fiscal 2022 and 2021 on continuing operations was as follows (in thousands): 2022 2021 Income tax at the federal statutory rate $ (3,240 ) $ (4,721 ) State income taxes, net of federal benefit 4 4 Change in valuation allowance: U.S 3,129 94 Foreign — — Effect of foreign operations taxed at various rates (219 ) 48 Research tax credits (788 ) (1,135 ) Effect of tax rate changes, permanent differences and adjustments of prior deferrals 2,441 6,285 Unrecognized tax benefits — — Total provision for income taxes on continuing operations $ 1,327 $ 575 |
Aggregate Changes in Balance of Gross Unrecognized Tax Benefits | The aggregate changes in the balance of gross unrecognized tax benefits were as follows for fiscal 2022 and 2021 2022 2021 Beginning balance $ 718 $ 7,327 Additions based on tax positions related to the current year 12 24 Decreases for tax positions of prior years — (6,622 ) Lapse of statute of limitations — (11 ) Ending balance $ 730 $ 718 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Lease Assets and Lease Liabilities | The following table reflects our lease assets and our lease liabilities at December 31, 2022 and January 1, 2022. December 31, 2022 January 1, 2022 (in thousands) Assets: Operating lease ROU assets $ 3,390 $ 4,520 Liabilities: Current operating lease liabilities $ 3,404 $ 3,119 Noncurrent operating lease liabilities 1,417 3,675 $ 4,821 $ 6,794 |
Lease Costs | The components of lease costs were as follows: 2022 2021 (in thousands) Operating lease cost $ 1,624 $ 2,944 Operating lease cost subleased / assigned property 974 — Short-term lease cost 43 98 Less: sublease income (974 ) — Total lease cost, net $ 1,667 $ 3,042 |
Schedule of Maturity of Operating Lease Liabilities | As of December 31, 2022 the maturity of operating lease liabilities was as follows: Continuing Discontinued Total (in thousands) 2023 $ 1,819 1,769 $ 3,588 2024 655 296 951 2025 408 — 408 2026 100 — 100 Total lease payments $ 2,982 $ 2,065 5,047 Less: Interest (143 ) (83 ) (226 ) Present value of lease liabilities $ 2,839 $ 1,982 4,821 |
Schedule of Lease Term and Discount Rate | December 31, 2022 January 1, 2022 Weighted-average remaining lease term (in years) 1.69 2.11 Weighted-average discount rate 5.81 % 6.40 % |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows (in thousands): 2022 2021 (in thousands) Operating cash outflows from operating leases $ 1,757 $ 3,382 ROU asset impairment expense (reported in discontinued operations) $ — $ 1,246 ROU assets obtained in exchange for new operating lease liabilities $ 1,122 $ — |
Schedule of Product Warranty Liability | The following table displays the activity in the warranty provision account for fiscal 2022 and 2021: 2022 2021 (in thousands) Beginning balance $ 346 $ 480 Expenditures incurred under warranties (312 ) (622 ) Expenditures incurred under warranties included in discontinued operations — (89 ) Accruals for product warranties 147 502 Accruals for product warranties included in discontinued operations — 122 Adjustments to previously existing warranty accruals (18 ) 31 Adjustments to previously existing warranty accruals included in discontinued operations — (31 ) Sale of Photonics division — (47 ) Ending balance $ 163 $ 346 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Changes in Restructuring Reserves | The following table summarizes the significant activities within, and components of, the restructuring liabilities. Employee Other Total (in thousands) Balance at January 2, 2021 $ — $ — $ — Provision for restructuring charges under the 2021 Cost Reduction Plan 319 — 319 Cash payments made (319 ) — (319 ) Provision for restructuring charges associated with Photonics sale (a) 693 1,911 2,604 Cash payments made (96 ) — (96 ) Non-cash (239 )(b) (1,246 )(c) (1,485 ) Balance at January 1, 2022 $ 358 (d) $ 665 $ 1,023 Provision for restructuring charges under the 2022 Cost Reduction Plan 1,232 — 1,232 Cash payments made (1,269 ) — (1,269 ) Non-cash 37 (b) — 37 Provision for restructuring charges associated with Photonics sale (a) 112 15 127 Cash payments made (395 ) (362 ) (757 ) Non-cash (75 )(b) — (75 ) Balance at December 31, 2022 $ — $ 318 $ 318 (a) Included in income from discontinued operations (See note 2). (b) Acceleration of equity awards. (c) Impairment of ROU asset. (d) Liability for employee termination costs is included in accrued payroll and related liabilities. |
Acquisition of Hia, Inc (Tables
Acquisition of Hia, Inc (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The purchase price was allocated to the technology intangible assets and the deferred tax asset and liability as follows: (In thousands) Consideration: Cash payment $ 702 Transaction costs 63 Less cash acquired (2 ) Total consideration $ 763 Assets acquired: Technology intangible assets $ 815 Deferred tax asset 119 Total assets acquired $ 934 Liability assumed: Deferred tax liability $ (171 ) $ 763 |
Schedule of Finite Lived Intangible Assets Acquired as Part of Business Combination | The following table represents a rollforward of the carrying amount of the technology intangible assets in fiscal 2022: (In thousands) Initial cost of technology intangible assets recognized on the acquisition date $ 815 Achievement of the first milestone and recognition of contingent consideration payable 250 Deferred tax liability associated with the recognition of the first milestone 67 Gross carrying amount at December 31, 2022 1,132 Accumulated amortization (42 ) Net carrying amount at December 31, 2022 $ 1,090 |
Description of Business and B_4
Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Dec. 30, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 786,000 | $ 786,000 | |
Net income (losses) from foreign currency transactions | (186,000) | (65,000) | |
Proceeds From Government Grants | 83,000 | 83,000 | |
Cost of Sales [Member] | Grant [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Proceeds From Government Grants | 56,000 | 56,000 | |
Research and Development Expense [Member] | Grant [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Proceeds From Government Grants | 10,000 | 10,000 | |
Selling, General and Administrative Expenses [Member] | Grant [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Proceeds From Government Grants | $ 17,000 | $ 17,000 | |
Computers and Software | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of asset | 3 years | ||
Machinery and Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of asset | 5 years | ||
Furniture and Fixtures | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of asset | 7 years | ||
Vehicles | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of asset | 4 years | ||
Leasehold Improvements | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Lease and leasehold improvements estimated useful lives | remaining lease term | ||
Pledged as Collateral for Standby Letter of Credit | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 600,000 | ||
Collateral for Various Guarantees | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | 186,000 | ||
EOTECH LLC [Member] | Photonics [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cash consideration | $ 70,000,000 | ||
Earnout payment | $ 30,000,000 | $ 30,000,000 |
Description of Business and B_5
Description of Business and Basis of Presentation - Changes in Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 134,015 | $ 101,556 |
Other comprehensive loss, net of tax | (771) | (62) |
Ending balance | 123,452 | 134,015 |
Foreign currency | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 608 | 602 |
Other comprehensive loss before reclassification | (331) | 6 |
Amounts reclassified from other comprehensive income (loss) | 14 | 0 |
Other comprehensive loss, net of tax | (317) | 6 |
Ending balance | 291 | 608 |
Unrealized holding gains (losses) on available- for-sale investments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (30) | 38 |
Other comprehensive loss before reclassification | (454) | (68) |
Amounts reclassified from other comprehensive income (loss) | 0 | 0 |
Other comprehensive loss, net of tax | (454) | (68) |
Ending balance | (484) | (30) |
Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 578 | 640 |
Other comprehensive loss before reclassification | (785) | (62) |
Amounts reclassified from other comprehensive income (loss) | 14 | 0 |
Other comprehensive loss, net of tax | (771) | (62) |
Ending balance | $ (193) | $ 578 |
Divestiture and Discontinued _3
Divestiture and Discontinued Operations - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2024 | Dec. 30, 2021 | |
Impairment loss | $ 1,122,000 | ||
EOTECH LLC [Member] | |||
Impairment loss | 1,200,000 | ||
Proceeds from Fees Received | 989,000 | ||
Sale Of Inventory | 148,000 | ||
Accounts Receivable, after Allowance for Credit Loss, Current | 49,000 | ||
EOTECH LLC [Member] | Photonics | |||
Cash | $ 70,000,000 | ||
Earnout payment | $ 30,000,000 | $ 30,000,000 | |
EOTECH LLC [Member] | Photonics | Subsequent Event [Member] | |||
Earnout payment | $ 14,000,000 |
Divestiture and Discontinued _4
Divestiture and Discontinued Operations - Summary of Photonics Segment (Detail) - Photonics $ in Thousands | Dec. 31, 2022 USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash proceeds | $ 70,000 |
Working capital adjustment | (74) |
Disposal Group Including Discontinued Operations Net Cash Proceeds | 69,926 |
Assets sold: | |
Accounts receivable | 3,535 |
Inventories | 6,301 |
Other current assets | 72 |
Property, plant and equipment | 3,987 |
Total assets sold | 13,895 |
Liabilities divested: | |
Accounts payable | 888 |
Other accrued expenses | 594 |
Total liabilities divested | 1,482 |
Transaction and other costs | (3,172) |
Gain on sale | $ 54,341 |
Divestiture and Discontinued _5
Divestiture and Discontinued Operations - Summary of Components Discontinued Operations Related to Photonics Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Operating expenses: | ||
Income (loss) discontinued operations before provision for (benefit from) income taxes | $ (15,427) | $ (22,482) |
Provision for (benefit from) income taxes | 1,327 | 575 |
Net income (loss) discontinued operations net of tax | (321) | 49,677 |
Photonics | ||
Net revenues: | ||
Revenue | 0 | 27,667 |
Cost of net revenues: | ||
Costs of Goods Sold | 0 | 21,137 |
Gross profit | 0 | 6,530 |
Operating expenses: | ||
Operating Expenses | 321 | 11,194 |
Operating income (loss)—discontinued operations | (321) | (4,664) |
Other income (expense)—discontinued operations | 0 | 0 |
Income (loss) discontinued operations before provision for (benefit from) income taxes | (321) | (4,664) |
Gain on disposal of discontinued operations before income taxes | 0 | 54,341 |
Total income (loss) from discontinued operations, before tax | (321) | 49,677 |
Provision for (benefit from) income taxes | 0 | 0 |
Net income (loss) discontinued operations net of tax | (321) | 49,677 |
Photonics | Systems and components | ||
Net revenues: | ||
Revenue | 0 | 15,932 |
Cost of net revenues: | ||
Costs of Goods Sold | 0 | 12,252 |
Photonics | Technology development | ||
Net revenues: | ||
Revenue | 0 | 11,735 |
Cost of net revenues: | ||
Costs of Goods Sold | 0 | 8,885 |
Photonics | Research and development | ||
Operating expenses: | ||
Operating Expenses | 0 | 2,653 |
Photonics | Selling, general and administrative | ||
Operating expenses: | ||
Operating Expenses | 321 | 5,937 |
Photonics | Asset impairment and restructuring charges | ||
Operating expenses: | ||
Operating Expenses | $ 0 | $ 2,604 |
Divestiture and Discontinued _6
Divestiture and Discontinued Operations - Summary of Cash Flow and Non-cash Information Related to Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation and amortization | $ 0 | $ 1,366 |
Asset impairment charges | 0 | 1,246 |
Equity-based compensation | (229) | 1,167 |
Purchase of leasehold improvements and equipment | $ 0 | $ 429 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 35,761 | $ 38,524 |
TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 35,761 | 38,524 |
TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 29,881 | 32,411 |
TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 5,880 | 6,113 |
HDD | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 35,154 | 34,331 |
HDD | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 29,507 | 28,300 |
HDD | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 5,647 | 6,031 |
DCP | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 44 | 17 |
DCP | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1 | 3 |
DCP | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 43 | 14 |
PV | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 463 | 326 |
PV | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 273 | 258 |
PV | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 190 | 68 |
ASP | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 100 | 3,850 |
ASP | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 100 | 3,850 |
ASP | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 0 | $ 0 |
Revenue - Primary Geography Mar
Revenue - Primary Geography Markets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 35,761 | $ 38,524 |
Products Transferred at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 35,761 | 38,524 |
Products and Services Transferred Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 0 | 0 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 4,558 | 3,670 |
Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 31,103 | 31,004 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 100 | $ 3,850 |
Revenue - Changes in Contract A
Revenue - Changes in Contract Assets and Contract Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Contract liabilities: | ||
Contract liabilities | $ 27,105 | $ 2,172 |
Contract liabilities: | ||
Change in contract liabilities | 24,933 | |
Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 424 | 99 |
Contract assets: | ||
Change in contract assets | 325 | |
Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 2,446 | 65 |
Contract liabilities: | ||
Change in contract liabilities | 2,381 | |
Customer Advances | ||
Contract liabilities: | ||
Contract liabilities | 24,659 | $ 2,107 |
Contract liabilities: | ||
Change in contract liabilities | $ 22,552 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 USD ($) Installment | |
Revenue From Contract With Customers [Line Items] | |
Number of installments | Installment | 3 |
Revenue remaining performance obligation | $ 121,700,000 |
Revenue performance obligation, description of timing | we also refer to as backlog and expect to recognize as revenue: 38% in 2023, 21% in 2024, 0% in 2025 and 41% in 2026. |
Accounts Receivable, Unbilled | |
Revenue From Contract With Customers [Line Items] | |
Change in contract assets | $ 325,000 |
TFE | Accounts Receivable | |
Revenue From Contract With Customers [Line Items] | |
Customer Advances and Deposits | 2,200,000 |
TFE | Accounts Receivable, Unbilled | |
Revenue From Contract With Customers [Line Items] | |
Change in contract assets | (325,000) |
TFE | Customer Advances | |
Revenue From Contract With Customers [Line Items] | |
Contract with customer liability revenue recognized | 386,000 |
TFE | Deferred Revenue | |
Revenue From Contract With Customers [Line Items] | |
Contract with customer liability revenue recognized | $ 39,000 |
Revenue - Additional Informat_2
Revenue - Additional Information (Detail 1) | Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 |
Scenario Forecast | ||||
Revenue From Contract With Customers [Line Items] | ||||
Revenue, remaining performance obligation, percentage | 41% | 0% | 21% | 38% |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 19, 2022 | Dec. 31, 2022 | Jan. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of option price related to fair market value | 100% | ||
Common stock shares authorized for further issuance | 3,800,000 | ||
2012 plan options expiration date | May 13, 2030 | ||
Purchase of common stock through payroll deductions | 85% | ||
Offering periods | 2 years | ||
Maximum employee salary withholdings for purchase of common stock under the terms of the ESPP | 50% | ||
Purchase intervals of a series | 6 months | ||
Total intrinsic value of options exercised | $ 206,000 | $ 101,000 | |
Total unrecognized compensation expense | $ 6,000 | ||
RSU conversion ratio | 100% | ||
Employee stock obligation amount | $ 25,000 | ||
Equity-based compensation | 4,890,000 | 4,003,000 | |
Discontinued Operations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | (229,000) | 1.2 | |
Segment Continuing Operations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 75,000 | 446,000 | |
Inducement Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common stock pursuant to awards granted | 1,200,000 | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, expiration period | 10 years | ||
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available under issuance of ESPP | 450,000 | ||
Total unrecognized compensation expense | $ 582,000,000 | ||
Unrecognized compensation expenses recognition period | 1 year 1 month 9 days | ||
Equity-based compensation | $ 483,000 | 986,000 | |
Employee Stock Purchase Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award, vesting period | 4 years | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expenses recognition period | 4 months 28 days | ||
Equity-based compensation | $ (156,000) | $ 198,000 | |
Stock Options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award, vesting period | 3 years | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expenses recognition period | 1 year 2 months 15 days | ||
Unrecognized compensation expense | $ 3,600,000 | ||
Granted | 1,128,649 | 126,320 | |
Equity-based compensation | $ 2,184,000 | $ 2,341,000 | |
Restricted Stock Units (RSUs) | Inducement Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 1,200,000 | ||
Restricted Stock Units (RSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award, vesting period | 3 years | ||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 0% | ||
Restricted Stock Units (RSUs) | Maximum | |||
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% | ||
Performance Based Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expenses recognition period | 5 months 26 days | ||
Unrecognized compensation expense | $ 1,600,000 | ||
Granted | 1,183,400 | ||
Equity-based compensation | $ 2,379,000 | $ 478,000 | |
Forfeiture Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 1,300,000 | ||
Stock Based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 37,000 |
Equity-Based Compensation - Eff
Equity-Based Compensation - Effect of Recording Equity-Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 4,890 | $ 4,003 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | (156) | 198 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 2,184 | 2,341 |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 483 | 986 |
Performance Based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 2,379 | $ 478 |
Equity-Based Compensation - Wei
Equity-Based Compensation - Weighted-Average Fair Value of Stock Options and Employee Stock Purchase Rights using Weighted-Average Assumptions (Detail) - Stock Purchase Rights - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of grants per share | $ 1.26 | $ 2.59 |
Expected volatility | 52.57% | 60.88% |
Risk free interest rate | 1.94% | 0.08% |
Expected term of options (in years) | 1 year 2 months 26 days | 10 months 28 days |
Dividend yield | 0% | 0% |
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 [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of grants per share | $ 3.58 | $ 7.65 |
Expected volatility | 56.70% | 56.26% |
Risk free interest rate | 3.11% | 0.15% |
Dividend yield | 0% | 0% |
Equity-Based Compensation - Opt
Equity-Based Compensation - Option Activity and Changes (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Shares | ||
Options exercisable at January 1, 2022 | 1,457,587 | |
Options cancelled and forfeited | (686,144) | |
Options exercised | (388,344) | |
Options outstanding at December 31, 2022 | 383,099 | 1,457,587 |
Options exercisable at December 31, 2022 | 357,915 | |
Weighted-Average Exercise Price | ||
Options outstanding at January 2, 2022 | $ 6.55 | |
Options cancelled and forfeited | 7.24 | |
Options exercised | 4.82 | |
Options outstanding at December 31,2022 | 7.07 | $ 6.55 |
Options exercisable at December 31, 2022 | $ 7.17 | |
Weighted Average Remaining Contractual Term | ||
Options outstanding at January 2, 2021 | 2 years 4 months 24 days | 2 years 3 months 21 days |
Options exercisable at December 31, 2022 | 2 years 3 months 29 days | |
Aggregate Intrinsic Value | ||
Options outstanding at January 2, 2021 | $ 327,711 | $ 7,622 |
Options exercisable at December 31, 2022 | $ 306,868 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Restricted Stock Units (RSUs) | ||
Shares | ||
Non-vested RSUs at January 1, 2022 | 843,578 | |
Granted | 1,128,649 | 126,320 |
Vested | (248,355) | |
Cancelled | (414,080) | |
Non-vested RSUs at December 31, 2022 | 1,309,792 | 843,578 |
Weighted Average Grant Date Fair Value | ||
Non-vested RSUs at January 1, 2022 | $ 5.51 | |
Granted | 5.06 | |
Vested | 5.55 | |
Cancelled | 5.46 | |
Non-vested RSUs at December 31, 2022 | $ 5.14 | $ 5.51 |
Weighted Average Remaining Contractual Term | ||
Non-vested RSUs at January 1, 2022 | 1 year 4 months 20 days | |
Non-vested RSUs at December 31, 2022 | 1 year 2 months 15 days | |
Aggregate Intrinsic Value | ||
Non-vested RSUs at January 1, 2022 | $ 3,973,252 | |
Non-vested RSUs at December 31, 2022 | $ 8,474,354 | $ 3,973,252 |
Performance Based Restricted Stock Units [Member] | ||
Shares | ||
Non-vested RSUs at January 1, 2022 | 189,858 | |
Granted | 1,183,400 | |
Vested | (122,655) | |
Cancelled | (161,264) | |
Non-vested RSUs at December 31, 2022 | 1,089,339 | 189,858 |
Weighted Average Grant Date Fair Value | ||
Non-vested RSUs at January 1, 2022 | $ 5.95 | |
Granted | 3.58 | |
Vested | 4.44 | |
Cancelled | 6.01 | |
Non-vested RSUs at December 31, 2022 | $ 3.54 | $ 5.95 |
Weighted Average Remaining Contractual Term | ||
Non-vested RSUs at January 1, 2022 | 1 year 4 months 17 days | |
Non-vested RSUs at December 31, 2022 | 5 months 26 days | |
Aggregate Intrinsic Value | ||
Non-vested RSUs at January 1, 2022 | $ 894,231,000 | |
Non-vested RSUs at December 31, 2022 | $ 7,048,023 | $ 894,231,000 |
Equity-Based Compensation - Emp
Equity-Based Compensation - Employee Stock Purchase Plan Activities (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Employee Stock Purchase Plan [Line Items] | ||
Shares purchased | 279 | 435 |
Weighted-average purchase price per share | $ 4.46 | $ 5.05 |
Aggregate intrinsic value of purchase rights exercised | $ 220 | $ 671 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Net loss from continuing operations | $ (16,754) | $ (23,057) |
Net income (loss) from discontinued operations, net of tax | (321) | 49,677 |
Net income (loss) | $ (17,075) | $ 26,620 |
Weighted-average shares – basic | 25,192 | 24,348 |
Effect of dilutive potential common shares | 0 | 0 |
Weighted-average shares – diluted | 25,192 | 24,348 |
Basic and diluted net income (loss) per share: | ||
Continuing operations, Basic | $ (0.67) | $ (0.95) |
Continuing operations, Diluted | (0.67) | (0.95) |
Discontinued operations, Basic | (0.01) | 2.04 |
Discontinued operations, Diluted | (0.01) | 2.04 |
Net loss per share – basic | (0.68) | 1.09 |
Net loss per share – diluted | $ (0.68) | $ 1.09 |
Concentrations - Customers That
Concentrations - Customers That Accounted for at Least ten percent of Consolidated Net Revenue (Detail) - Sales Revenue Net - Customer Concentration Risk | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Seagate Technology | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 80% | 60% |
Western Digital Corporation [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 18% | 25% |
Amkor Technology Inc. [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10% |
Concentrations - Customers Th_2
Concentrations - Customers That Accounted for at Least Ten percent of Accounts Receivable (Detail) - Accounts Receivable - Credit Concentration Risk | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Seagate Technology | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 88% | 47% |
Western Digital Corporation [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 30% | |
Amkor Technology Inc. [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 22% |
Balance Sheet Details - Trade a
Balance Sheet Details - Trade and Other Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade receivables and other | $ 15,399 | $ 14,162 |
Unbilled costs and accrued profits | 424 | 99 |
Less: allowance for doubtful accounts | 0 | 0 |
Trade and other accounts receivable, net of allowances of $0 at both January 2, 2021 and December 28, 2019 | $ 15,823 | $ 14,261 |
Balance Sheet Details - Invent
Balance Sheet Details - Inventories Stated at Lower of Average Cost or Net Realizable Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 19,116 | $ 5,323 |
Work-in-progress | 9,499 | 468 |
Finished goods | 1,388 | 0 |
Inventories | $ 30,003 | $ 5,791 |
Balance Sheet Details - Propert
Balance Sheet Details - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment | $ 28,583 | $ 33,665 |
Less accumulated depreciation and amortization | 24,925 | 28,906 |
Total property, plant and equipment, net | 3,658 | 4,759 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment | 9,567 | 9,847 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment | $ 19,016 | $ 23,818 |
Balance Sheet Details - Summary
Balance Sheet Details - Summary Of the Net Property, Plant And Equipment By Geographic Region (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Property, Plant and Equipment [Line Items] | ||
Net property, plant & equipment | $ 3,658 | $ 4,759 |
United States | ||
Property, Plant and Equipment [Line Items] | ||
Net property, plant & equipment | 3,143 | 4,385 |
Asia | ||
Property, Plant and Equipment [Line Items] | ||
Net property, plant & equipment | $ 515 | $ 374 |
Balance Sheet Details - Deferre
Balance Sheet Details - Deferred Income Taxes and Other Long-Term Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Deferred income taxes | $ 4,356 | $ 5,310 |
Prepaid expenses | 25 | 139 |
Deferred income taxes and other long-term assets | $ 4,381 | $ 5,449 |
Balance Sheet Details - Additio
Balance Sheet Details - Additional Information (Detail) - USD ($) | Dec. 31, 2022 | Jan. 01, 2022 |
Balance Sheet Details [Line Items] | ||
Accounts payable, book overdraft | $ 99,000 | $ 109,000 |
Balance Sheet Details - Other A
Balance Sheet Details - Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Accrued Liabilities [Line Items] | ||
Deferred revenue | $ 2,446 | $ 65 |
Litigation settlement | 1,012 | 1,000 |
Other taxes payable | 838 | 1,318 |
Restructuring | 318 | 347 |
Acquisition–related contingent consideration payable | 250 | 0 |
Income taxes payable | 187 | 370 |
Accrued product warranties | 163 | 301 |
Other | 216 | 264 |
Total other accrued liabilities | $ 5,430 | $ 3,665 |
Balance Sheet Details - Other L
Balance Sheet Details - Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Other Long Term Liabilities [Line Items] | ||
Restructuring | $ 0 | $ 318 |
Accrued product warranties | 0 | 45 |
Total other long-term liabilities | $ 0 | $ 363 |
Financial Instruments - Cash, C
Financial Instruments - Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 112,514 | $ 120,406 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 484 | 30 |
Fair Value | 112,030 | 120,376 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 68,910 | 102,728 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 6 | 0 |
Fair Value | 68,904 | 102,728 |
Cash and Cash Equivalents | Cash | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 26,465 | 102,494 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 0 | 0 |
Fair Value | 26,465 | 102,494 |
Cash and Cash Equivalents | Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,589 | 234 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 0 | 0 |
Fair Value | 9,589 | 234 |
Cash and Cash Equivalents | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 32,856 | |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 6 | |
Fair Value | 32,850 | |
Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 25,772 | 10,226 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 231 | 5 |
Fair Value | 25,541 | 10,221 |
Short-term Investments | Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,012 | |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 13 | |
Fair Value | 1,999 | |
Short-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,210 | 2,916 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 32 | 3 |
Fair Value | 4,178 | 2,913 |
Short-term Investments | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,486 | 700 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 25 | 0 |
Fair Value | 1,461 | 700 |
Short-term Investments | U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,771 | 1,910 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 123 | 2 |
Fair Value | 4,648 | 1,908 |
Short-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,850 | 4,300 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 10 | 0 |
Fair Value | 3,840 | 4,300 |
Short-term Investments | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,443 | 400 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 28 | 0 |
Fair Value | 9,415 | 400 |
Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 17,832 | 7,452 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 247 | 25 |
Fair Value | 17,585 | 7,427 |
Long-term Investments | Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,749 | 2,040 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 85 | 3 |
Fair Value | 6,664 | 2,037 |
Long-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,366 | 1,521 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 102 | 6 |
Fair Value | 5,264 | 1,515 |
Long-term Investments | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 224 | 145 |
Unrealized Holding Gains | 0 | 0 |
Unrealized Holding Losses | 6 | 1 |
Fair Value | 218 | 144 |
Long-term Investments | U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,246 | |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 12 | |
Fair Value | 3,234 | |
Long-term Investments | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,493 | |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 54 | |
Fair Value | $ 5,439 | |
Long-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | |
Unrealized Holding Gains | 0 | |
Unrealized Holding Losses | 3 | |
Fair Value | $ 497 |
Financial Instruments - Contrac
Financial Instruments - Contractual Maturities of Available-For-Sale Securities (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 68,217 |
Amortized Cost, Due after one through five years | 17,832 |
Amortized Cost | 86,049 |
Fair Value, Due in one year or less | 67,981 |
Fair Value, Due after one through five years | 17,584 |
Fair Value | $ 85,565 |
Financial Instruments - Fair Ma
Financial Instruments - Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | $ 64,203 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 383 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 6,044 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 101 |
Certificates of deposit | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 1,992 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 8 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 498 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 2 |
Commercial paper | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 37,887 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 34 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 0 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 0 |
Asset backed securities | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 7,917 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 90 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 746 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 8 |
Corporate bonds and medium-term notes | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 7,955 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 124 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 1,486 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 10 |
Municipal bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 1,535 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 30 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 144 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 1 |
U.S. treasury and agency securities | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 6,917 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 97 |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 3,170 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | $ 80 |
Financial Instruments - Fair Va
Financial Instruments - Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 85,565 |
Fair Value, Measurements, Recurring | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 85,565 |
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 | 9,589 |
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 | 3,840 |
Fair Value, Measurements, Recurring | Commercial paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 42,265 |
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 | 9,442 |
Fair Value, Measurements, Recurring | Municipal bonds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 1,679 |
Fair Value, Measurements, Recurring | Asset backed securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 8,663 |
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 | 10,087 |
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 | 16,181 |
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 | 9,589 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Certificates of deposit | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Commercial paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Corporate bonds and medium-term notes | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Municipal bonds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Asset backed securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 0 |
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 | 6,592 |
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 | 69,384 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Money market funds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 0 |
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 | 3,840 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 42,265 |
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 | 9,442 |
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 | 1,679 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Asset backed securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 8,663 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. treasury and agency securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 3,495 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 investments | |
Derivative Instrument Detail [Abstract] | |
Maturity of foreign currency derivative | 30 days |
Debt securities available-for-sale term | 3 years |
Debt securities available-for-sale unrealized loss position number of positions | 114 |
Financial Instruments - Summary
Financial Instruments - Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets (Detail) - Undesignated Hedges - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | $ 2,240 | $ 815 |
Derivative Asset | 4 | 14 |
Forward Foreign Currency Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | 2,240 | 815 |
Derivative Asset | $ 4 | $ 14 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ in Millions | Aug. 15, 2018 | Dec. 31, 2022 | 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 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Federal: | ||
Current | $ 0 | $ 0 |
Deferred | (121) | 0 |
Federal Income Tax Expense (Benefit), Operations, Total | (121) | 0 |
State: | ||
Current | 4 | 4 |
Deferred | 0 | 0 |
State and Local Income Tax Expense (Benefit), Operations, Total | 4 | 4 |
Foreign: | ||
Current | 490 | 546 |
Deferred | 954 | 25 |
Foreign Income Tax Expense (Benefit), Operations, Total | 1,444 | 571 |
Total | 1,327 | 575 |
Income taxes on discontinued operations | 0 | 0 |
Income taxes on continuing operations | $ 1,327 | $ 575 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | ||
U.S | $ (20,570) | $ (22,694) |
Foreign | 5,143 | 212 |
Loss from continuing operations before provision for income taxes | $ (15,427) | $ (22,482) |
Effective tax rate | (8.60%) | (2.60%) |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Deferred tax assets: | ||
Vacation, warranty and other accruals | $ 525 | $ 627 |
Intangible amortization | 0 | 282 |
Depreciation and amortization | 229 | 0 |
Purchased technology | 14 | 17 |
Inventory valuation | 1,116 | 1,653 |
Equity-based compensation | 841 | 1,343 |
Lease liability | 898 | 1,659 |
Section 174 R&D adjustment | 2,440 | 0 |
Net operating loss, research and other tax credit carryforwards | 56,310 | 53,684 |
Other | 7 | 22 |
Deferred tax assets, gross, total | 62,380 | 59,287 |
Valuation allowance for deferred tax assets | (57,310) | (52,703) |
Total deferred tax assets | 5,070 | 6,584 |
Deferred tax liabilities: | ||
Intangible amortization | (160) | 0 |
Depreciation and amortization | 0 | (201) |
ROU asset | (554) | (1,073) |
Total deferred tax liabilities | (714) | (1,274) |
Net deferred tax assets | 4,356 | 5,310 |
As reported on the balance sheet: | ||
Non-current deferred tax assets | $ 4,356 | $ 5,310 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended | ||||||
Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Dec. 29, 2018 USD ($) Subsidiary | Jan. 03, 2015 USD ($) | Dec. 31, 2012 USD ($) | Jan. 02, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Income Taxes [Line Items] | |||||||
Non-cash income tax benefit | $ 1,327,000 | $ 575,000 | |||||
Number of subsidiaries | Subsidiary | 7 | ||||||
Undistributed earnings from non-U.S. operations | 1,700,000 | ||||||
Unrecognized tax benefits | 730,000 | 718,000 | $ 7,327,000 | ||||
Unrecognized net tax expense (benefit) for interest | 0 | 0 | |||||
Accrued interest related to unrealized tax benefits | 0 | ||||||
Deferred payroll tax liability | $ 764,000 | ||||||
Proceeds From Government Grants | 83,000 | 83,000 | |||||
Grant [Member] | Cost of Sales [Member] | |||||||
Income Taxes [Line Items] | |||||||
Proceeds From Government Grants | 56,000 | 56,000 | |||||
Grant [Member] | Research and Development Expense [Member] | |||||||
Income Taxes [Line Items] | |||||||
Proceeds From Government Grants | 10,000 | 10,000 | |||||
Grant [Member] | Selling, General and Administrative Expenses [Member] | |||||||
Income Taxes [Line Items] | |||||||
Proceeds From Government Grants | $ 17,000 | 17,000 | |||||
Singapore | |||||||
Income Taxes [Line Items] | |||||||
Income tax benefit from valuation allowance | $ 9,400,000 | ||||||
Non-cash income tax benefit | $ 7,900,000 | ||||||
Maximum [Member] | Tax Year 2017 [Member] | |||||||
Income Taxes [Line Items] | |||||||
Tax years open for examination after credit losses utilized | 4 years | ||||||
Minimum [Member] | Tax Year 2017 [Member] | |||||||
Income Taxes [Line Items] | |||||||
Tax years open for examination after credit losses utilized | 3 years | ||||||
Internal Revenue Service (IRS) | |||||||
Income Taxes [Line Items] | |||||||
Net operating loss carryforwards | $ 35,700,000 | ||||||
Net operating loss carryforwards, expiration year | 2034 | ||||||
Tax credit carryforwards | $ 20,900,000 | ||||||
Tax credit carryforwards, expiration year | 2023 | ||||||
United States | |||||||
Income Taxes [Line Items] | |||||||
Income tax benefit from valuation allowance | $ 3,100,000 | $ 1,100,000 | $ 23,400,000 | ||||
Foreign Tax Authority | |||||||
Income Taxes [Line Items] | |||||||
Net operating loss carryforwards | 24,600,000 | ||||||
State and Local Jurisdiction | |||||||
Income Taxes [Line Items] | |||||||
Net operating loss carryforwards | $ 80,800,000 | ||||||
Net operating loss carryforwards, expiration year | 2028 | ||||||
Tax credit carryforwards | $ 16,900,000 |
Income Taxes - Difference Betwe
Income Taxes - Difference Between Tax Provision at Statutory Federal Income Tax Rate and Tax Provision (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Oct. 02, 2022 | Dec. 31, 2022 | Jan. 01, 2022 | |
Reconciliation Of Income Taxes [Line Items] | |||
Income tax at the federal statutory rate | $ (3,240) | $ (4,721) | |
State income taxes, net of federal benefit | 4 | 4 | |
Effect of foreign operations taxed at various rates | (219) | 48 | |
Research tax credits | (788) | (1,135) | |
Effect of tax rate changes, permanent differences and adjustments of prior deferrals | 2,441 | 6,285 | |
Unrecognized tax benefits | 0 | 0 | |
Total | 1,327 | 575 | |
United States | |||
Reconciliation Of Income Taxes [Line Items] | |||
Change in valuation allowance | $ 3,129 | $ 94 | |
Foreign Tax Authority | |||
Reconciliation Of Income Taxes [Line Items] | |||
Change in valuation allowance | $ 0 |
Income Taxes - Aggregate Change
Income Taxes - Aggregate Changes in Balance of Gross Unrecognized Tax benefits (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Income Tax Contingency [Line Items] | ||
Beginning balance | $ 718,000 | $ 7,327,000 |
Additions based on tax positions related to the current year | 12,000 | 24,000 |
Decreases for tax positions of prior years | 0 | (6,622,000) |
Lapse of statute of limitations | 0 | (11,000) |
Ending balance | $ 730,000 | $ 718,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined contribution retirement plan, employee eligibility age | 18 years | |
Cash contributions | $ 151,000 | $ 188,000 |
Defined bonus plan, charges to expenses | $ 1,200,000 | $ 901,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Jan. 10, 2022 USD ($) Installment | Jan. 01, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | |
Commitments and Contingencies [Line Items] | ||||
Letters of credit and bank guarantees outstanding, amount | $ 786,000 | |||
Letters of credit and bank guarantees collateralized by restricted cash | $ 786,000 | |||
Minimum product warranty range | 12 months | |||
Maximum product warranty range | 24 months | |||
Future lease obligations | $ 2,000,000 | |||
Operating Lease, Payments | $ 2,100,000 | $ 1,757,000 | $ 3,382,000 | |
Operating lease, quarterly instalment payments | $ 259,000 | |||
Number of operating lease payments | Installment | 7 | |||
Operating lease, first instalment payments | $ 308,000 | |||
Claims By The Former Employee Employed Through Contract Agencies [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Litigation Settlement, Expense | $ 1,000,000 | |||
Maximum | ||||
Commitments and Contingencies [Line Items] | ||||
Operating lease expiration date | 2024-03 | |||
EOTECH [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Operating Lease, Payments | $ 2,100,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Lease Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Assets: | ||
Operating lease ROU assets | $ 3,390 | $ 4,520 |
Liabilities: | ||
Current operating lease liabilities | 3,404 | 3,119 |
Noncurrent operating lease liabilities | 1,417 | 3,675 |
Operating Lease, Liability | $ 4,821 | $ 6,794 |
Commitments and Contingencies_3
Commitments and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 1,624 | $ 2,944 |
Operating lease cost subleased / assigned property | 974 | |
Short-term lease cost | 43 | 98 |
Less: sublease income | (974) | |
Total lease cost | $ 1,667 | $ 3,042 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Maturity of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 |
Loss Contingencies [Line Items] | ||
2023 | $ 3,588 | |
2024 | 951 | |
2025 | 408 | |
2026 | 100 | |
Total lease payments | 5,047 | |
Less: Interest | (226) | |
Present value of lease liabilities | 4,821 | $ 6,794 |
Discontinued Operations [Member] | ||
Loss Contingencies [Line Items] | ||
2023 | 1,769 | |
2024 | 296 | |
Total lease payments | 2,065 | |
Less: Interest | (83) | |
Present value of lease liabilities | 1,982 | |
Continuing Operations [Member] | ||
Loss Contingencies [Line Items] | ||
2023 | 1,819 | |
2024 | 655 | |
2025 | 408 | |
2026 | 100 | |
Total lease payments | 2,982 | |
Less: Interest | (143) | |
Present value of lease liabilities | $ 2,839 |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Lease Term and Discount Rate (Detail) | Dec. 31, 2022 | Jan. 01, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Weighted-average remaining lease term (in years) | 1 year 8 months 8 days | 2 years 1 month 9 days |
Weighted-average discount rate | 5.81% | 6.40% |
Commitments and Contingencies_6
Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 10, 2022 | Dec. 31, 2022 | Jan. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating cash outflows from operating leases | $ 2,100 | $ 1,757 | $ 3,382 |
ROU asset impairment expense (reported in discontinued operations) | $ 1,246 | ||
ROU assets obtained in exchange for new operating lease liabilities | $ 1,122 |
Commitments and Contingencies_7
Commitments and Contingencies - Activity in Warranty Provisions Account (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Beginning balance | $ 346 | $ 480 |
Expenditures incurred under warranties | (312) | (622) |
Expenditures incurred under warranties included in discontinued operations | (89) | |
Accruals for product warranties | 147 | 502 |
Accruals for product warranties included in discontinued operations | 122 | |
Adjustments to previously existing warranty accruals | (18) | 31 |
Adjustments to previously existing warranty accruals included in discontinued operations | (31) | |
Sale of Photonics division | (47) | |
Ending balance | $ 163 | $ 346 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
Jan. 10, 2022 USD ($) Installment | Oct. 02, 2021 USD ($) | Sep. 26, 2020 | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Percentage of reduction of global workforce | 5.20% | 6% | |||
Reduction in salary, wages and other employee-related expenses due to implementation of plan | $ 2,000,000 | $ 2,100,000 | |||
Other Employee benefits expense | $ 693,000 | ||||
Asset impairment charges | $ 1,200,000 | 0 | 1,246,000 | ||
Other Commitment | 665,000 | 665,000 | |||
Operating cash outflows from operating leases | 2,100,000 | 1,757,000 | $ 3,382,000 | ||
Operating lease, first instalment payments | 308,000 | ||||
Operating lease, quarterly instalment payments | $ 259,000 | ||||
Number of operating lease payments | Installment | 7 | ||||
Restructuring Costs | 1,200,000 | ||||
Savings in stock based compensation pursuant to restructuring | 1,300,000 | ||||
Inventory Writeoff | 755,000 | ||||
Disposal of Fixed assets | $ 1,500,000 |
Restructuring Charges - Changes
Restructuring Charges - Changes in Restructuring Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | $ 1,023 | $ 0 |
Provision for restructuring charges under the Cost Reduction Plan | 1,232 | 319 |
Cash payments made | (1,269) | (319) |
Provision for restructuring charges associated with Photonics sale | 127 | 2,604 |
Cash payments made | (757) | (96) |
Non-cash utilization | 37 | (1,485) |
Non-cash utilization | (75) | |
Ending balance | 318 | 1,023 |
Severance And Other Employee Related Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 358 | 0 |
Provision for restructuring charges under the Cost Reduction Plan | 1,232 | 319 |
Cash payments made | (1,269) | (319) |
Provision for restructuring charges associated with Photonics sale | 112 | 693 |
Cash payments made | (395) | (96) |
Non-cash utilization | 37 | (239) |
Non-cash utilization | (75) | |
Ending balance | 0 | 358 |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 665 | 0 |
Provision for restructuring charges under the Cost Reduction Plan | 0 | 0 |
Cash payments made | 0 | 0 |
Provision for restructuring charges associated with Photonics sale | 15 | 1,911 |
Cash payments made | (362) | 0 |
Non-cash utilization | 0 | (1,246) |
Non-cash utilization | 0 | |
Ending balance | $ 318 | $ 665 |
Related Party Transaction - Add
Related Party Transaction - Additional Information (Detail) - Mark Popovich [Member] | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Related Party Transaction [Line Items] | |
Related party transaction per week rate and expenses amount for professional services | $ 3,125 |
Professional Service Arrangement [Member] | |
Related Party Transaction [Line Items] | |
Amount of charges incurred during period | $ 62,500 |
Acquisition of Hia, Inc.- Addit
Acquisition of Hia, Inc.- Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 17, 2023 | Aug. 26, 2022 | Dec. 31, 2022 | Jan. 01, 2022 | |
Business Combinations [Line Items] | ||||
Estimated contingent consideration amounts | $ 250,000 | $ 0 | ||
Intangible assets amortized on a straight line basis over a period | 8 years 3 months 18 days | |||
Amortization of intangible assets | 42,000 | $ 0 | ||
Deferred tax liabilities intangible assets | 67,000 | |||
Hia Inc | ||||
Business Combinations [Line Items] | ||||
Aggregate purchase price | 763,000 | |||
Estimated contingent consideration amounts | $ 500,000 | 250,000 | ||
Royalty amount obligated to pay for each magnetic bar sold | 1,500 | |||
Royalty payment become due and payable immediately if there is effects a change of control or sale,transfer or disposition to other third party net of previously paid amounts | 1,700 | |||
Transaction costs | 63,000 | 63,000 | ||
Deferred tax liabilities intangible assets | 67,000 | |||
Hia Inc | Technology-Based Intangible Assets | ||||
Business Combinations [Line Items] | ||||
Amortization of intangible assets | $ 136,000 | |||
Subsequent Event [Member] | ||||
Business Combinations [Line Items] | ||||
Contingent consideration amount | $ 250,000 | |||
Stock Purchase Agreement | Hia Inc | ||||
Business Combinations [Line Items] | ||||
Aggregate purchase price | $ 700,000 |
Acquisition of Hia, Inc.-Schedu
Acquisition of Hia, Inc.-Schedule Of Business Acquisitions By Acquisition (Detail) - Hia Inc - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Aug. 26, 2022 | |
Consideration: | ||
Cash payment | $ 702,000 | |
Transaction costs | 63,000 | $ 63,000 |
Less cash acquired | (2,000) | |
Total consideration | 763,000 | |
Assets acquired: | ||
Technology intangible assets | 815,000 | |
Deferred tax asset | 119,000 | |
Total assets acquired | 934,000 | |
Liability assumed: | ||
Deferred tax liability | (171,000) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 763,000 |
Acquisition of Hia, Inc.- Sched
Acquisition of Hia, Inc.- Schedule of Finite Lived Intangible Assets Acquired as Part of Business Combination (Detail) - USD ($) | Dec. 31, 2022 | Aug. 26, 2022 | Jan. 01, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Achievement of the first milestone and recognition of contingent consideration payable | $ 250,000 | $ 0 | |
Deferred tax liabilities intangible assets | 67,000 | ||
Accumulated Amortization | (42,000) | ||
Net carrying amount | 1,090,000 | $ 0 | |
Hia Inc | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Initial cost of technology intangible assets recognized on the acquisition date | 815,000 | ||
Achievement of the first milestone and recognition of contingent consideration payable | 250,000 | $ 500,000 | |
Deferred tax liabilities intangible assets | 67,000 | ||
Gross carrying amount at December 31, 2022 | 1,132,000 | ||
Accumulated Amortization | (42,000) | ||
Net carrying amount | $ 1,090,000 |