Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 12, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PCTI | ||
Entity Registrant Name | PCTEL, Inc. | ||
Entity Central Index Key | 0001057083 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Stock, $.001 Par Value Per Share | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 000-27115 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 77-0364943 | ||
Entity Common Stock Shares Outstanding | 18,530,687 | ||
Entity Public Float | $ 125,517,171 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Address, Address Line One | 471 Brighton Drive | ||
Entity Address, City or Town | Bloomingdale | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60108 | ||
City Area Code | 630 | ||
Local Phone Number | 372-6800 | ||
Documents Incorporated by Reference | Certain sections of the registrant's definitive proxy statement relating to its 2021 Annual Stockholders' Meeting to be held on May 26, 2021 are incorporated by reference into Part III of this Annual Report on Form 10-K. The Company intends to file its proxy statement within 120 days after the end of its fiscal year end to which this report relates. | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 5,761 | $ 7,094 |
Short-term investment securities | 30,582 | 32,556 |
Accounts receivable, net of allowances of $113 and $104 at December 31, 2020 and December 31, 2019, respectively | 16,601 | 17,380 |
Inventories, net | 9,984 | 11,935 |
Prepaid expenses and other assets | 1,685 | 1,842 |
Total current assets | 64,613 | 70,807 |
Property and equipment, net | 12,505 | 11,985 |
Long-term investment securities | 4,640 | 0 |
Goodwill | 3,332 | 3,332 |
Intangible assets, net | 0 | 144 |
Other noncurrent assets | 2,441 | 2,969 |
TOTAL ASSETS | 87,531 | 89,237 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 4,430 | 3,190 |
Accrued liabilities | 7,316 | 9,382 |
Total current liabilities | 11,746 | 12,572 |
Long-term liabilities | 4,387 | 3,315 |
Total liabilities | 16,133 | 15,887 |
Stockholders’ equity: | ||
Common stock, $0.001 par value, 50,000,000 and 100,000,000 shares authorized at December 31, 2020 and December 31, 2019, respectively, and 18,429,350 and 18,611,289 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 18 | 19 |
Additional paid-in capital | 128,250 | 133,954 |
Accumulated deficit | (56,888) | (60,305) |
Accumulated other comprehensive income (loss) | 18 | (318) |
Total stockholders’ equity | 71,398 | 73,350 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 87,531 | $ 89,237 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 113 | $ 104 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 100,000,000 |
Common stock, shares issued | 18,429,350 | 18,611,289 |
Common stock, shares outstanding | 18,429,350 | 18,611,289 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
REVENUES | $ 77,456 | $ 90,617 |
COST OF REVENUES | 39,529 | 49,105 |
GROSS PROFIT | 37,927 | 41,512 |
OPERATING EXPENSES: | ||
Research and development | 12,519 | 12,272 |
Sales and marketing | 11,104 | 12,254 |
General and administrative | 10,808 | 13,452 |
Amortization of intangible assets | 32 | 219 |
Restructuring expenses | 124 | 507 |
Total operating expenses | 34,587 | 38,704 |
OPERATING INOME | 3,340 | 2,808 |
Other income, net | 106 | 982 |
INCOME BEFORE INCOME TAXES | 3,446 | 3,790 |
Expense for income taxes | 29 | 40 |
NET INCOME | $ 3,417 | $ 3,750 |
Net Income per Share: | ||
Basic | $ 0.19 | $ 0.21 |
Diluted | $ 0.19 | $ 0.21 |
Weighted Average Shares: | ||
Basic | 18,207,396 | 17,852,968 |
Diluted | 18,398,788 | 18,158,659 |
Cash dividend per share | $ 0.22 | $ 0.22 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
NET INCOME | $ 3,417 | $ 3,750 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Foreign currency translation adjustments | 336 | (102) |
COMPREHENSIVE INCOME | $ 3,753 | $ 3,648 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid - In Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
BALANCE at beginning of year at Dec. 31, 2018 | $ 69,606 | $ 18 | $ 133,859 | $ (64,055) | $ (216) |
Stock-based compensation expense | 4,133 | 0 | 4,133 | 0 | 0 |
Issuance of shares for stock purchase and option plans | 1,183 | 1 | 1,182 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (1,152) | 0 | (1,152) | 0 | 0 |
Dividends paid | (4,068) | 0 | (4,068) | 0 | 0 |
Net income (loss) | 3,750 | 0 | 0 | 3,750 | 0 |
Change in cumulative translation adjustment, net | (102) | 0 | 0 | 0 | (102) |
BALANCE at end of year at Dec. 31, 2019 | 73,350 | 19 | 133,954 | (60,305) | (318) |
Stock-based compensation expense | 2,479 | 0 | 2,479 | 0 | 0 |
Issuance of shares for stock purchase and option plans | 869 | 0 | 869 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (1,137) | 0 | (1,137) | 0 | 0 |
Repurchase of common stock | (3,808) | (1) | (3,807) | 0 | 0 |
Dividends paid | (4,108) | 0 | (4,108) | 0 | 0 |
Net income (loss) | 3,417 | 0 | 0 | 3,417 | 0 |
Change in cumulative translation adjustment, net | 336 | 0 | 0 | 0 | 336 |
BALANCE at end of year at Dec. 31, 2020 | $ 71,398 | $ 18 | $ 128,250 | $ (56,888) | $ 18 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities: | ||
Net income | $ 3,417 | $ 3,750 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 3,019 | 2,870 |
Intangible asset amortization | 144 | 885 |
Stock-based compensation | 2,479 | 4,133 |
Loss on disposal of property and equipment | 21 | 97 |
Restructuring costs | (29) | (33) |
Bad debt recovery | (151) | (2) |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 960 | (1,532) |
Inventories | 2,076 | 873 |
Prepaid expenses and other assets | 638 | 385 |
Accounts payable | 1,086 | (2,841) |
Income taxes payable | (10) | (22) |
Other accrued liabilities | (231) | 2,263 |
Deferred revenue | 1 | 92 |
Net cash provided by operating activities | 13,420 | 10,918 |
Investing Activities: | ||
Capital expenditures | (4,093) | (2,263) |
Purchase of investments | (49,701) | (48,245) |
Redemptions/maturities of short-term investments | 47,035 | 46,559 |
Net cash used in investing activities | (6,759) | (3,949) |
Financing Activities: | ||
Proceeds from issuance of common stock | 869 | 1,183 |
Proceeds from Paycheck Protection Program Loan | 3,500 | 0 |
Repayment of Paycheck Protection Program Loan | (3,500) | 0 |
Payment of withholding tax on stock-based compensation | (1,137) | (1,152) |
Principle payments on finance leases | (78) | (99) |
Purchase of common stock from repurchase program | (3,808) | 0 |
Cash dividends | (4,108) | (4,068) |
Net cash used in financing activities | (8,262) | (4,136) |
Net (decrease) increase in cash and cash equivalents | (1,601) | 2,833 |
Effect of exchange rate changes on cash | 268 | (68) |
Cash and cash equivalents, beginning of year | 7,094 | 4,329 |
Cash and Cash Equivalents, End of Year | 5,761 | 7,094 |
Other information: | ||
Cash paid for income taxes | 29 | 34 |
Cash paid for interest | 8 | 9 |
Non-cash investing and financing information: | ||
Decreases to additional paid-in capital related to restricted stock | (188) | (1,037) |
Issuance of restricted common stock, net of cancellations | 28 | 226 |
Recognition of ROU assets under operating leases | 2 | 2,116 |
Recognition of ROU assets under finance leases | $ 0 | $ 118 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Nature of Operations PCTEL, Inc. (the “Company”) was incorporated in California in 1994 and reincorporated in Delaware in 1998. The Company is a leading global provider of wireless technology, including purpose-built Industrial Internet of Thing (“IoT”) devices, antenna systems, and test and measurement solutions. We solve complex wireless challenges to help organizations stay connected, transform, and grow and we have expertise in RF, digital and mechanical engineering. We have two businesses (antennas & Industrial IoT devices and test & measurement products) that address three market segments: Enterprise Wireless, Intelligent Transportation, and Industrial IoT. Our principal executive offices are located at 471 Brighton Drive, Bloomingdale, Illinois 60108. Our telephone number at that address is (630) 372-6800 and our website is www.pctel.com Basis of Consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). All intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. Foreign Operations The Company is exposed to foreign currency fluctuations due to its foreign operations and because products are sold internationally. The functional currency for the Company’s foreign operations is predominantly the applicable local currency. Accounts of foreign operations are translated into U.S. dollars using the year-end exchange rate for assets and liabilities and average monthly rates for revenue and expense accounts. Adjustments resulting from translation are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Gains and losses resulting from other transactions originally in foreign currencies and then translated into U.S. dollars are included in the consolidated statements of income. For the year ended December 31, 2020, approximately 3% of revenue and 17% of expenses were transacted in foreign currencies as compared to 5% and 25% for the year ended December 31, 2019. For the year ended December 31, 2020, foreign currency transactions resulted in foreign exchange losses of $0.3 million and for the year ended December 31, 2019, foreign currency transactions resulted in foreign exchange gains of $0.1 million. Foreign exchange gains and losses are recorded in other income in the consolidated statement of income. Fair Value of Financial Instruments The Company follows accounting pronouncements for Fair Value Measurements and Disclosures, which establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash equivalents are measured at fair value and investments are recognized at amortized cost in the Company’s financial statements. Accounts receivable and other investments are financial assets with carrying values that approximate fair value due to the short-term nature of these assets. Accounts payable is a financial liability with a carrying value that approximates fair value due to the short-term nature of these liabilities. Cash and Cash Equivalents and Investments The Company’s cash and cash equivalents and investments consist of the following: December 31, December 31, 2020 2019 Cash $ 4,740 $ 5,604 Cash equivalents 1,021 1,490 Short-term investments 30,582 32,556 Long-term investments 4,640 0 $ 40,983 $ 39,650 Cash and Cash Equivalents On December 31, 2020 and 2019, cash and cash equivalents included bank balances and investments with original maturities less than 90 days On December 31, 2020, the Company had $2.9 million of cash in bank accounts in China. The Company’s cash in these foreign bank accounts is not insured. As of December 31, 2020, the Company has no intentions of repatriating the cash in its foreign bank accounts in China. If the Company decides to repatriate the cash in the foreign bank accounts, it may have trouble in doing so in a timely manner. The Company may also be exposed to foreign currency fluctuations and taxes if it repatriates these funds. On December 31, 2019, the Company had $2.1 million of cash in bank accounts in China. Investments On December 31, 2020 and 2019, the Company’s short-term investments consisted of A or higher rated corporate bonds and certificates of deposit. All the investments on December 31, 2020 and 2019 were classified as held-to-maturity. The bonds and certificates of deposit classified as short-term investments have original maturities greater than 90 days and mature within one year and the bonds and certificates of deposit classified as long-term investments have maturities greater than one year but less than two years. The Company’s bond investments are recorded at the purchase price and carried at amortized cost. Cash equivalents and Level 1 and Level 2 investments measured at fair value were as follows: December 31, 2020 December 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Corporate bonds $ 0 $ 0 $ 0 $ 0 $ 708 $ 708 Certificates of deposit 300 0 300 0 0 0 Money market funds 721 0 721 782 0 782 Total Cash Equivalents $ 1,021 $ 0 $ 1,021 $ 782 $ 708 $ 1,490 Short-Term Investments: Corporate bonds $ 0 $ 26,318 $ 26,318 $ 0 $ 28,710 $ 28,710 Certificates of deposit 4,264 0 4,264 3,846 0 3,846 Total Short-Term Investments $ 4,264 $ 26,318 $ 30,582 $ 3,846 $ 28,710 $ 32,556 Long-Term Investments: Corporate bonds $ 0 $ 4,382 $ 4,382 $ 0 $ 0 $ 0 Certificates of deposit 258 0 258 0 0 0 Total Long-Term Investments $ 258 $ 4,382 $ 4,640 $ 0 $ 0 $ 0 Cash equivalents and Investments - book value $ 5,543 $ 30,700 $ 36,243 $ 4,628 $ 29,418 $ 34,046 Unrealized gains (losses) $ (1 ) $ (7 ) $ (8 ) $ 1 $ (11 ) $ (10 ) Cash equivalents and Investments - fair value $ 5,542 $ 30,693 $ 36,235 $ 4,629 $ 29,407 $ 34,036 The Company categorizes its financial instruments within a fair value hierarchy according to accounting guidance for fair value. The fair value hierarchy is described under the Fair Value of Financial Instruments in Note 1. For the Level 2 investments, the Company uses quoted prices of similar assets in active markets. There were no Level 3 investments on December 31, 2020 or 2019. The fair values in the table above reflect net unrealized losses of $8 and $10 on December 31, 2020 and December 31, 2019, respectively. Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at invoiced amount with standard net terms for most customers that range between 30 and 90 days. The Company extends credit to its customers based on an evaluation of a company’s financial condition and collateral is generally not required. The Company records allowances for credit losses and credit allowances that reduce the value of accounts receivable to fair value. The allowances for accounts receivable consisted of the following: December 31, 2020 December 31, 2019 Credit losses provision $ 66 $ 56 Credit allowances 47 48 Total allowances $ 113 $ 104 Effective January 1, 2020, the Company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU replaces the incurred loss impairment model with an expected loss impairment model for financial instruments, including accounts receivable. The amendment requires entities to consider forward-looking information to estimate expected credit losses. The Company did not record an adjustment upon adoption of ASU 2016-13. The Company is exposed to credit losses primarily through the sale of products. The Company’s expected loss methodology for accounts receivable is developed using historical collection experience, current and future economic market conditions, and a review of the current status of customers’ trade accounts receivable. Due to the short-term nature of accounts receivable, the estimate of amount of accounts receivable that may not be collected is based on aging of the account receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted. However, the Company has adjusted the applicable payment terms for a few of its customers due to the COVID-19 pandemic. The Company’s allowance for credit losses was $0.1 million at December 31, 2020 and at December 31, 2019. During the year ended December 31, 2020, the Company received $0.2 million pursuant to a customer settlement for an accounts receivable balance that was written off in 2018. The following table summarizes the allowance for credit losses activity during the year ended December 31, 2020: Balance at December 31, 2019 $ 56 Current period benefit for credit losses (167 ) Recovery of amounts previously written off 177 Balance at December 31, 2020 $ 66 Inventories Inventories are stated at the lower of cost or net realizable value and include material, labor and overhead costs using the first-in, first-out method of costing. Inventories as of December 31, 2020 and 2019 were composed of raw materials, work-in-process, and finished goods. The Company had consigned inventory of $0.3 million at December 31, 2020 and 2019. The Company records allowances to reduce the value of inventory to the lower of cost or market, including allowances for excess and obsolete inventory. Reserves for excess inventory are calculated based on the Company’s estimate of inventory more than normal and planned usage. Obsolete reserves are based on the Company’s identification of inventory where carrying value is above net realizable value. The allowance for inventory losses was $3.7 million and $3.4 million as of December 31, 2020 and 2019, respectively. Inventories consisted of the following: December 31, 2020 December 31, 2019 Raw materials $ 5,315 $ 6,502 Work in process 883 913 Finished goods 3,786 4,520 Inventories, net $ 9,984 $ 11,935 Prepaid and Other Current Assets Prepaid assets are stated at cost and are amortized over the useful lives (up to one year) of the assets. Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets. The Company depreciates computer equipment and software license over three to five years, office equipment, manufacturing and test equipment and motor vehicles over five years, furniture and fixtures over seven years, and buildings over 30 years. Leasehold improvements are amortized over the shorter of the corresponding lease term or useful life. Depreciation expense and gains and losses on the disposal of property and equipment are included in cost of sales and operating expenses in the consolidated statements of income. Maintenance and repairs are expensed as incurred. Property and equipment consisted of the following: December 31, 2020 December 31, 2019 Building $ 6,868 $ 6,389 Computers and office equipment 10,039 9,847 Manufacturing and test equipment 15,394 14,192 Furniture and fixtures 1,437 1,314 Leasehold improvements 2,973 2,850 Motor vehicles 20 20 Total property and equipment 36,731 34,612 Less: Accumulated depreciation and amortization (25,996 ) (24,397 ) Land 1,770 1,770 Property and equipment, net $ 12,505 $ 11,985 Depreciation and amortization expense were approximately $3.0 million and $2.9 million for the years ended December 31, 2020 and 2019, respectively. Amortization for capital leases is included in depreciation and amortization expense. See Note 7 for information related to finance leases. Liabilities Accrued liabilities consisted of the following: December 31, 2020 December 31, 2019 Inventory receipts $ 3,049 $ 1,431 Payroll and other employee benefits 1,083 1,654 Paid time off 1,028 855 Professional fees and contractors 316 246 Warranties 285 444 Operating leases 269 282 Deferred revenues 242 241 Employee stock purchase plan 224 228 Income and sales taxes 185 133 Real estate taxes 155 152 Customer refunds for estimated returns 146 147 Finance leases 68 77 Restructuring 15 45 Short-term incentive plan 0 2,504 Leasehold improvements 0 702 Other 251 241 Total $ 7,316 $ 9,382 Long-term liabilities consisted of the following: December 31, 2020 December 31, 2019 Operating leases $ 3,949 $ 3,021 Deferred payroll taxes 243 0 Finance leases 96 164 Deferred revenue 76 119 Other 23 11 Total $ 4,387 $ 3,315 Revenue Recognition The Company sells antennas & Industrial IoT devices and test & measurement products. All of the Company’s revenue relates to contracts with customers. The Company’s accounting contracts are from purchase orders or purchase orders combined with purchase agreements. The majority of the Company’s revenue is recognized on a “point-in-time” basis and a nominal amount of revenue is recognized “over time.” The Company satisfies its performance obligations related to the sale of its products generally at the time of shipment, or upon delivery based on the contractual terms with its customers. For products shipped on consignment, the Company recognizes revenue upon customer delivery from the consignment location. For its test & measurement software tools, the Company has a performance obligation to provide software maintenance and support for one year. The Company recognizes revenues for the maintenance and support over this period. The Company recognizes revenue for sales of its products when control transfers, which is predominantly upon shipment from its factory. For products shipped on consignment, the Company recognizes revenue upon delivery from the consignment location. The Company allows its major antenna product distributors to return product under specified terms and conditions and accrues for product returns. See Note 14 for additional information related to revenue policies. Research and Development Costs The Company expenses research and development costs as incurred. To date, the Company has expensed all software development costs related to research and development because the costs incurred subsequent to the products reaching technological feasibility were not significant. Advertising Costs Advertising costs are expensed in the period in which they are incurred. Advertising expense was $0.2 million during the years ended December 31, 2020, and 2019. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and deferred tax assets are recognized for net operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided against deferred tax assets, which are not likely to be realized. On a regular basis, management evaluates the recoverability of deferred tax assets and the need for a valuation allowance. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Deferred tax assets arise when the Company recognizes charges or expenses in the financial statements that will not be allowed as income tax deductions until future periods. The deferred tax assets also include unused tax net operating losses and tax credits that the Company is allowed to carryforward to future years. Accounting rules permit the Company to carry the deferred tax assets on the balance sheet at full value as long as it is more likely than not the deductions, losses, or credits will be used in the future. A valuation allowance must be recorded against a deferred tax asset if this test cannot be met. The Company had a full valuation allowance of $12.9 million on December 31, 2020 and of $13.5 million at December 31, 2019. See Note 5 for more information on the deferred tax valuation allowance. On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security Act” (CARES Act) was signed into law. The CARES Act includes provisions relating to refundable payroll tax credits, deferment of the employer portion of certain payroll taxes, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. Under the CARES Act, the Company is deferring the employer portion of social security taxes and will apply for a refund of its Alternative Minimum Tax credit. For the year ended December 31, 2020, the Company has deferred $0.5 million of payroll taxes. The payroll taxes will be deferred until the due dates of December 31, 2021 and December 31, 2022. The Company records a deferred tax asset for the payroll tax liability that is not deductible in 2020 for income tax purposes. Sales and Value Added Taxes Taxes collected from customers and remitted to governmental authorities are presented on a net basis in cost of sales in the accompanying consolidated statements of income. Shipping and Handling Costs Shipping and handling costs are included on a gross basis in cost of sales in the accompanying consolidated statements of income. Goodwill The Company performs an annual impairment test of goodwill as of the end of the first month of the fourth fiscal quarter (October 31st), or at an interim date if an event occurs or if circumstances change that would indicate that an impairment loss may have been incurred. In performing the annual impairment tests, the Company may consider qualitative factors that would indicate possible impairment. A quantitative fair value assessment is also performed at the reporting unit level. If the fair value exceeds the carrying value, then goodwill is not impaired, and no further testing is performed. If the carrying value exceeds the fair value, the implied fair value of goodwill is then compared against the carrying value of goodwill to determine the amount of impairment. The process of evaluating the potential impairment of goodwill is subjective because it requires the use of estimates and assumptions in determining a reporting unit’s fair value. The Company calculates the fair value of each reporting unit by using the income approach based on the present value of future discounted cash flows. The discounted cash flow method requires the Company to use estimates and judgments about the future cash flows of the reporting units. Although the Company bases cash flow forecasts on assumptions that are consistent with plans and estimates the Company uses to manage the underlying reporting units, there is significant judgment in determining the cash flows attributable to these reporting units, including markets and market share, sales volumes and mix, research and development expenses, tax rates, capital spending, discount rate and working capital changes. Cash flow forecasts are based on reporting unit operating plans for the early years and business projections in later years. The Company believes the accounting estimate related to the valuation of goodwill is a critical accounting estimate because it requires the Company to make assumptions that are highly uncertain about the future cash flows of the reporting units. Changes in these estimates can have a material impact on the Company’s financial statements. The Company performed its annual goodwill test at October 31, 2020 and at October 31, 2019 for the goodwill of $ 3.3 million Long-Lived and Definite-Lived Intangible assets The Company reviews definite-lived intangible assets, investments, and other long-lived assets for impairment when events or changes in circumstances indicate that their carrying values may not be fully recoverable. This analysis differs from the Company’s goodwill analysis in that definite-lived intangible asset impairment is only deemed to have occurred if the sum of the forecasted undiscounted future cash flows related to the assets being evaluated is less than the carrying value of the assets. The estimate of long-term undiscounted cash flows includes long-term forecasts of revenue growth, gross margins, and operating expenses. All these items require significant judgment and assumptions. There were no impairments related to long-lived assets used for operations during the years ended December 31, 2020, and 2019. Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”), which modifies the measurement of expected credit losses of certain financial instruments. The Company adopted ASU 2016-13 on January 1, 2020 using a modified retrospective approach. Adoption of ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements but required changes to its process of estimating expected credit losses. See Note 4 and Note 6 for further information on the Company’s allowance for credit losses. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this update. The Company adopted ASU 2018-15 on January 1, 2020, and it did not have an impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies the disclosure requirements on fair value measurements. The Company adopted ASU 2018-13 on January 1, 2020, and it did not have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies income tax accounting in various areas including, but not limited to, the accounting for hybrid tax regimes, tax implications related to business combinations, and interim period accounting for enacted changes in tax law, along with some codification improvements. The changes related to this update are effective for fiscal years beginning after December 15, 2020, with early adoption permitted. Certain changes in the standard require retrospective or modified retrospective adoption, while other changes must be adopted prospectively. The Company is currently evaluating ASU 2019-12 and its impact on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-14). This new guidance eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The changes are effective for smaller reporting companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This update provides optional expedients and exceptions for applying generally accepted accounting principles to certain contract modifications and hedging relationships that reference London Inter-bank Offered Rate (LIBOR) or another reference rate expected to be discontinued. Topic 848 is effective upon issuance and generally can be applied through December 31, 2022. The Company is currently evaluating the impact of Topic 848 on the consolidated financial statements. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 2. Earnings per Share The Company computes earnings per share data under two different disclosures, basic and diluted, for all periods in which consolidated statements of income are presented. Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding, less shares subject to repurchase. Diluted earnings per share are computed by dividing net income by the weighted average number of common stock and common stock equivalents outstanding. Common stock equivalents consist of stock options using the treasury stock method. Common stock options are excluded from the computation of diluted earnings per share if their effect is anti-dilutive. The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share: Years Ended December 31, 2020 2019 Basic Income Per Share computation: Numerator: Net income $ 3,417 $ 3,750 Denominator: Common shares outstanding 18,207,396 17,852,968 Net Income per common share - basic Net income $ 0.19 $ 0.21 Diluted Income Per Share computation: Denominator: Common shares outstanding 18,207,396 17,852,968 Restricted shares subject to vesting 191,392 113,188 Performance related awards 0 191,247 Common stock option grants 0 1,256 Total shares 18,398,788 18,158,659 Income per common share - diluted Net income $ 0.19 $ 0.21 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 3. Goodwill and Other Intangible Assets Goodwill There were no changes to the goodwill of $3.3 million during 2020 or 2019. See the goodwill section of Note 1 for more information on the evaluation of goodwill. Intangible Assets The summary of other intangible assets, net is as follows: December 31, 2020 December 31, 2019 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Customer contracts and relationships $ 16,880 $ 16,880 $ 0 $ 16,880 $ 16,880 $ 0 Patents and technology 9,644 9,644 0 10,114 10,003 111 Trademarks and trade names 972 972 0 4,834 4,801 33 Other 0 0 0 2,506 2,506 0 $ 27,496 $ 27,496 $ 0 $ 34,334 $ 34,190 $ 144 The Company amortizes intangible assets with finite lives on a straight-line basis over the estimated useful lives, which range from one to six years. In the Consolidated Statement of Income, amortization expense was approximately $0.1 million for the year ended December 31, 2020, and $0.9 million for the year ended December 31, 2019. Amortization for technology assets is included in cost of revenues and amortization for all other intangible assets is included in operating expenses. For the year ended December 31, 2020, $0.1 million the intangible asset amortization was included in cost of revenues. For the year ended December 31, 2019, $0.2 million of the intangible asset amortization was included in operating expenses and $0.7 million was included in cost of goods revenues. The assigned lives and weighted average amortization periods by intangible asset category are summarized below: Intangible Assets Assigned Life Weighted Average Amortization Period Customer contracts and relationships 5 years 5.0 Patents and technology 5 to 6 years 5.1 Trademarks and trade names 5 to 6 years 5.6 Other 1 to 6 years 3.0 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 4. Restructuring The following table summarizes the Company’s restructuring accrual activity for the years ended December 31, 2020, and 2019: China Restructuring Severance Lease Termination Total Balance at January 1, 2019 $ 0 $ 77 $ 77 Restructuring expense 507 0 507 Payments made (495 ) (143 ) (638 ) Payments received 0 99 99 Balance at December 31, 2019 $ 12 $ 33 $ 45 Restructuring expense 124 0 124 Payments made (136 ) (106 ) (242 ) Payments received 0 88 88 Balance at December 31, 2020 $ 0 $ 15 $ 15 The restructuring liability is recorded on the balance sheet in accrued liabilities at December 31, 2020 and 2019. China Restructuring On August 7, 2019 the Company’s Board of Directors approved a transition plan for the Company’s China manufacturing operations. As part of the plan, the Company is transitioning high-volume manufacturing from its Tianjin, China facility to contract manufacturers in China and elsewhere in order to reduce fixed costs in China, optimize the cost structure of the antenna product line, and create flexibility in antenna manufacturing due to the uncertainty of the lease of the current manufacturing premises, as described below. For the year ended December 31, 2020, the Company incurred restructuring expenses of $0.1 million for employee severance related to the separation of 12 employees and for the year ended December 31, 2019, the Company incurred restructuring expenses of $0.5 million for employee severance and related benefits related to the separation of 84 employees. Severance costs were paid from the Company’s cash in its China bank accounts. On October 8, 2020, the lease of the premises on which the Company’s China manufacturing operations are conducted expired and the renewal is pending and uncertain. The Company has been notified that the Chinese Party Central Committee and the State Council are accelerating the layout optimization and transformation of the industrial park in which the Company’s leased premises is located and, accordingly, leases and lease extensions for all premises in the industrial park have been suspended and rent collection has been postponed. The Company has not received an indication of the likelihood of approval of its lease extension. As a result of the uncertainty regarding the Tianjin Lease (as defined in Note 7) renewal, the Company is refining its transition plan for the manufacturing activities conducted on the leased premises. As part of the refined transition plan, the Company will retain a group of employees in Tianjin, China, but will reduce additional headcount in Tianjin and incur additional restructuring charges for severance and other non-cash costs. The Company expects additional severance of between $0.8 million and $1.0 million in 2021. See Note 7 and the risk factors in Part II, Item 1A for additional information. The Company expects the transition to be substantially completed by the end of the 2021 fiscal year. Lease Termination In 2016, the Company exited from its Colorado office to consolidate facility space and in the second quarter 2017 the Company signed a sublease for the office space. The lease and sublease terminated in October 2020. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes The domestic and foreign components of the income (loss) before expense for income taxes were as follows: Years Ended December 31, 2020 2019 Domestic $ 4,447 $ 4,250 Foreign (1,001 ) (460 ) Total $ 3,446 $ 3,790 The expense for income taxes consisted of the following: Years Ended December 31, 2020 2019 Current: Federal $ 0 $ 0 State 29 40 Foreign 0 0 29 40 Deferred: Federal 0 0 State 0 0 Foreign 0 0 0 0 Total $ 29 $ 40 A reconciliation of the expense for income taxes at the federal statutory rate compared to the expense at the effective tax rate is as follows: Years Ended December 31 2020 2019 Statutory federal income tax rate 21 % 21 % State income tax, net of federal benefit 7 % 7 % Tax effect of permanent differences 1 % 3 % Change in valuation allowance -19 % -25 % Effective state rate change to deferred tax assets 0 % -1 % Stock-based compensation (windfalls) shortfalls -1 % 3 % Foreign income taxed at different rates 1 % 0 % Research and development credits -9 % -8 % Other 0 % 1 % 1 % 1 % The Company recorded net income tax expense of $29 for the year ended December 31, 2020. The 2020 effective rate differed from the Federal rate of 21% primarily because the Company has a full valuation allowance on its deferred tax assets. The Company’s valuation allowance is due to the uncertainty regarding the utilization of the deferred tax assets. The Company recorded net income tax expense of $40 for the year ended December 31, 2019. The 2019 effective tax rate differed from the Federal rate of 21% primarily because the Company had a full valuation allowance on its deferred tax assets. Under the U.S. tax guidelines, a U.S. shareholder of controlled foreign corporations (“CFCs”) is required to include in gross income the amount of its global intangible low-taxed income (“GILTI”). Generally, the GILTI inclusion is the U.S. shareholder’s allocable share of certain income earned through its CFCs (“net CFC tested income”) in excess of a deemed 10% return on the shareholder’s allocable share of certain of the CFC’s depreciable, tangible assets less certain interest expense items (“net deemed tangible income return”). The Company elected to treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the period cost method). The amount included for GILTI did not have a significant impact on the Company’s tax provision for the years ended December 31, 2020 or December 31, 2019. The Company recognizes all interest and penalties as income tax expense. There was no income tax expense related to interest and penalties for the years ended December 31, 2020 or 2019. Deferred Taxes 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 used for income tax purposes. The net deferred tax accounts consist of the following: December 31, 2020 2019 Deferred Tax Assets: Net operating loss carryforwards $ 4,138 $ 4,759 Amortization 2,942 3,500 Federal, foreign, and state credits 2,399 2,086 Inventory reserves 995 1,159 Deferred gain 866 870 Deferred rent 498 159 Stock compensation 465 494 Accrued vacation 264 220 Other 401 404 Gross deferred tax assets 12,968 13,651 Valuation allowance (12,938 ) (13,490 ) Net deferred tax asset 30 161 Deferred Tax Liabilities: Depreciation (30 ) (161 ) Net Deferred Tax Assets $ 0 $ 0 At December 31, 2020, the Company had gross deferred tax assets of $13.0 million, deferred tax liabilities of $30, and a valuation allowance of $12.9 million. The deferred tax assets consisted of domestic deferred tax assets of $12.1 million and foreign deferred tax assets of $0.8 million. At December 31, 2020, $2.9 million of the deferred tax asset is intangible assets acquired under purchase accounting which are amortized for tax purposes over 15 years, but for shorter periods under generally accepted accounting principles. At December 31, 2019, the Company had gross deferred tax assets of $13.7 million, deferred tax liabilities of $0.2 million, and a valuation allowance of $13.5 million. The net deferred tax assets at December 31, 2019 consisted of domestic net deferred tax assets of $13.1 million and foreign net deferred tax assets of $0.5 million. At December 31, 2019, $3.5 million of the deferred tax asset is intangible assets acquired under purchase accounting which are amortized for tax purposes over 15 years, but for shorter periods under generally accepted accounting principles. On a regular basis, the Company evaluates the recoverability of deferred tax assets and the need for a valuation allowance. Such evaluations involve the application of significant judgment. The Company considers multiple factors in its evaluation of the need for a valuation allowance. The Company’s net deferred tax assets consist of assets related to net operating losses and credits as well as assets related to timing differences. The Company’s net operating losses and credits have a finite life primarily based on the 20-year carryforward rule for federal net operating losses (NOLs) generated through December 31, 2017. The timing differences have a ratable reversal pattern over approximately 10 years. Under the new rules enacted with the Tax Act, tax losses incurred in 2018 and future periods will not expire, thereby extending the period by which the Company’s deferred tax assets can be realized. However, these post 2017 losses are subject to a limitation of 80% of current taxable income. In accordance with ASC 740 “Accounting for Income Taxes” (“ASC 740”), the Company evaluates deferred income tax assets quarterly to determine if valuation allowances are required or should be adjusted. ASC 740 requires that companies assess whether valuation allowances should be established against their deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. At December 31, 2020 and December 31, 2019, the Company had a full valuation allowance on its deferred tax assets. The Company generated book and tax income during 2020 but its earnings were below its projections. While the Company has recorded pretax book income for the prior two years and believes its financial outlook remains positive, it did not meet expectations in 2020 and the COVID-19 pandemic has created a high level of uncertainty. Because of difficulties with forecasting financial results historically, and due to the uncertainties associated with the COVID-19 pandemic, the Company maintained a full valuation allowance on its deferred tax assets at December 31, 2020. The Company’s performance versus its projections in two of the previous three years are considered significant negative evidence that is difficult to overcome on a “more likely than not” standard through objectively verifiable data. While the Company believes its financial outlook remains positive, under the accounting standards, objective verifiable evidence will have greater weight than subjective evidence such as the Company’s projections for future growth. Based on an evaluation in accordance with the accounting standards, as of December 31, 2020, the Company has a valuation allowance of $12.1 million which was recorded against the net U.S. deferred tax assets and a valuation allowance of $0.8 million has been recorded against the net China deferred tax assets in order to measure the deferred tax assets that are more likely than not to be realized based on the weight of all the available evidence. Until an appropriate level of profitability is attained, the Company expects to maintain a full valuation allowance on its U.S. net deferred tax assets, and China net deferred tax assets. Any U.S. or China tax benefits or tax expense recorded on its consolidated statement of income will be offset with a corresponding valuation allowance until such time that the Company changes its determination related to the realization of deferred tax assets. In the event that the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such a determination is made. The analysis that the Company prepared to determine the valuation allowance required significant judgment and assumptions regarding future market conditions, as well as forecasts for profits, taxable income, and taxable income by jurisdiction. Due to the sensitivity of the analysis, changes to the assumptions in subsequent periods could have a material effect on the valuation allowance. Accounting for Uncertainty for Income Taxes A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2020 2019 Beginning of period $ 759 $ 730 Addition related to tax positions in current year 49 45 Reversals for uncertain tax positions 0 (16 ) End of period $ 808 $ 759 Because the Company has a full valuation allowance against its deferred tax assets, the reversal of these unrecognized tax benefits would have no impact on its effective tax rate. The Company does not anticipate that its unrecognized tax benefits will significantly increase or decrease within the next twelve months. Audits The Company and its subsidiaries file income tax returns in the U.S. and various foreign jurisdictions. The Company’s U.S. federal tax returns remain subject to examination for 2017 and subsequent periods, although loss carryovers generated in prior years remain subject to examination. The Company’s state tax returns remain subject to examination for 2015 and subsequent periods. The Company’s foreign tax returns in China remain subject to examination for 2011 and subsequent periods. Summary of Carryforwards At December 31, 2020, the Company has a federal net operating loss carryforward of $5.3 million that expires between 2031 and 2037 and a Federal net operating loss carryforward of $8.1 million with no expiration. The Company has state net operating loss carryforwards of $15.7 million that expire between 2021 and 2038. Additionally, the Company has $1.6 million of federal research credits that expire between 2030 and 2040 and $1.5 million of state research credits with no expiration. The Company has a China net operating loss carryforward of $1.0 million that expires between 2025 and 2026 and of China research credits of $0.3 million that expire between 2024 and 2026. Investment in Foreign Operations The Company has recorded income tax related to the deemed dividend of earnings for its subsidiary in China. The Company considers such earnings permanently reinvested. Upon repatriation of these earnings, the Company would be subject to local withholding taxes. CARES Act On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security Act” (CARES Act) was signed into law. The CARES Act includes provisions relating to refundable payroll tax credits, deferment of the employer portion of certain payroll taxes, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. Under the CARES Act, the Company is deferring the employer portion of social security taxes and will apply for a refund of its Alternative Minimum Tax credit. For the year ended December 31, 2020, the Company has deferred $0.5 million of payroll taxes. The payroll taxes will be deferred until the due dates of December 31, 2021 and December 31, 2022. The Company recorded a deferred tax asset for the payroll tax liability that is not deductible in 2020 for income tax purposes. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Warranty Reserve and Sales Returns The Company allows its major distributors and certain other customers to return unused product under specified terms and conditions. The Company accrues for product returns based on historical sales and return trends. The refund liability was $0.1 million at December 31, 2020 and 2019 and is included in other accrued liabilities in the accompanying consolidated balance sheets. The Company offers repair and replacement warranties of primarily five years for antennas & Industrial IoT devices and for scanning receivers. The Company’s warranty reserve is based on historical sales and costs of repair and replacement trends. The warranty reserve was $0.3 million at December 31, 2020 and $0.4 million at December 31, 2019 and is included in other accrued liabilities in the accompanying consolidated balance sheets. Year Ended December 31, 2020 2019 Beginning balance $ 444 $ 339 Provisions for warranties 44 435 Consumption of reserves (203 ) (330 ) Ending balance $ 285 $ 444 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 7. Leases The Company has operating leases for facilities and finance leases for office equipment. Leases with an initial term of 12 months or less are not recorded in the balance sheet. The Company determines if an arrangement is a lease at inception of a contract. Right of Use (“ROU”) assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the net present value of fixed lease payments over the lease term. The Company's lease term is deemed to include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets also include any advance lease payments made and exclude lease incentives. As most of the Company's operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments on a collateralized basis. Finance lease agreements generally include an interest rate that is used to determine the present value of future lease payments. Operating fixed lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term. The Company's lease cost for the year ended December 31, 2020 and 2019 included the following components: Years ended December 31, 2020 2019 Operating lease costs $ 642 $ 963 Short-term lease costs 114 92 Variable lease costs 2 27 Amortization of finance lease assets 77 99 Interest on finance lease liabilities 8 9 Total lease cost $ 843 $ 1,190 The table below summarizes the Company's scheduled future minimum lease payments under operating and finance leases recorded on the balance sheet as of December 31, 2020: Year Operating Leases Finance Leases 2021 $ 481 $ 73 2022 558 48 2023 569 32 2024 581 20 2025 501 0 Thereafter 2,675 0 Total minimum payments required 5,365 173 Less: amount representing interest 1,147 9 Present value of net minimum lease payments 4,218 164 Less: current maturities of lease obligations (269 ) (68 ) Long-term lease obligations $ 3,949 $ 96 The weighted average remaining lease terms and discount rates for all the Company’s operating and finance leases were as follows as of December 31, 2020 and 2019: Years ended December 31, 2020 2019 Weighted-average remaining lease term - finance leases 2.9 years 3.6 years Weighted-average remaining lease term - operating leases 9.6 years 9.7 years Weighted-average discount rate - finance leases 4% 4% Weighted-average discount rate - operating leases 5% 5% The table below presents supplemental balance sheet information related to leases during the year ended December 31, 2020 and 2019: Year ended December 31, Leases Consolidated Balance Sheet Classification 2020 2019 Assets: Operating right-of-use assets Other noncurrent assets $ 2,272 $ 2,696 Finance right-of-use assets Other noncurrent assets 157 234 Total lease assets $ 2,429 $ 2,930 Liabilities: Current Operating lease liabilities Accrued liabilities $ 269 $ 282 Finance lease liabilities Accrued liabilities 68 77 Noncurrent Operating lease liabilities Long-term liabilities 3,949 3,021 Finance lease liabilities Long-term liabilities 96 164 Total lease liabilities $ 4,382 $ 3,544 In January 2019, the Company entered into an eleven-year lease ending February 28, 2031 for 21,030 square feet of office space in Clarksburg, Maryland for the Company’s test & measurement product line. The Company moved the operations for its test & measurement product line from its Germantown, Maryland office in January 2020. The Company recognized a present value right of use asset of $2.1 million in August 2019, which was the lease commencement date for accounting purposes. The present value of the right of use asset on the commencement date reflected 14 months of rent abatement and $1.5 million in tenant improvement incentives in the form of cash reimbursements which the Company fully utilized during 2019 and 2020. In July 2020, the Company signed a one-year . On March 5, 2020, PCTEL (Tianjin) Wireless Telecommunications Products, Co. Ltd., a wholly owned subsidiary of the Company (“PCTEL Tianjin”), entered into a letter agreement with Wang Zhuang Village Committee of Tianjin, China (the “Letter Agreement”) specifying the terms for extension of the lease of the premises on which PCTEL Tianjin currently conducts its manufacturing activities in Tianjin, China (the “Tianjin Lease”) to October 2022. The Letter Agreement did not, however, effect the lease extension. The Tianjin Lease expired on October 8, 2020 without extension. On October 16, 2020, the Wang Zhuang Village Committee issued a notice informing PCTEL Tianjin that the Chinese Party Central Committee and the State Council are accelerating the layout optimization and transformation of the industrial park in which the leased premises is located, and accordingly leases and lease extensions for all premises in the industrial park have been suspended and rent collection has been postponed. The letter indicates that if the Tianjin Lease extension is subsequently approved, the rent for the period from October 9, 2020 to the date of the Tianjin Lease extension (the “Intervening Period”) will then be due and payable. If the Tianjin Lease extension is not approved, PCTEL Tianjin will need to vacate the premises and no rent will be due for the Intervening Period. PCTEL Tianjin has not received an indication of the likelihood of approval of the Tianjin Lease extension, the length of the Intervening Period or the notice period for vacating the leased premises; provided, however, based upon past practices and verbal assurances, the Company believes that PCTEL Tianjin will have not less than 30 days to vacate the leased premises if the Lease Extension is not approved. See risk factors in Section IA for additional information on the Tianjin lease. See the risk factors in Part II, Item 1A for additional information. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | 8. Shareholders’ Equity Common Stock The activity related to common shares outstanding is as follows: Years Ended December 31, 2020 2019 Beginning of year 18,611,289 18,271,249 Issuance of common stock on exercise of stock options 19,606 73,680 Restricted stock awards, net of cancellations 202,748 189,578 Director share awards 60,998 79,918 Equity awards under Short-Term Incentive Plan 189,121 0 Issuance of common stock from purchase of Employee Stock Purchase Plan shares 157,706 180,859 Cancellation of stock for withholding tax for vested shares (148,499 ) (183,995 ) Common stock Repurchases (663,619 ) 0 End of Year 18,429,350 18,611,289 . Preferred Stock The Company is authorized to issue up to 5,000,000 shares of preferred stock in one or more series, each with a par value of $0.001 per share. As of December 31, 2020, and 2019, no shares of preferred stock were issued or outstanding. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation Stock Plans Common Stock Reserved for Future Issuance A summary of the reserved shares of common stock for future issuance are as follows: December 31, Stock Plan 2020 2019 PCTEL, Inc. 2019 Stock Incentive Plan 2,109,184 2,240,669 PCTEL, Inc. 2015 Stock Incentive Plan 299,979 489,100 PCTEL, Inc. 2019 Employee Stock Purchase Plan 1,642,294 1,800,000 Total shares reserved 4,051,457 4,529,769 These shares available exclude stock options outstanding. Stock Incentive Plans On May 29, 2019, at the Annual Meeting of Shareholders, the shareholders adopted and approved the PCTEL, Inc. 2019 Stock Incentive Plan (the “2019 Stock Plan”) upon the recommendation of the Board of Directors. The purpose of the 2019 Stock Plan is to promote the interests of the Company and its stockholders by aiding the Company in attracting and retaining employees, officers, consultants, independent contractors, and non-employee directors capable of assuring the future success of the Company, to provide such persons with opportunities for stock ownership in the Company and to offer such persons incentives to put forth maximum effort for the success of the Company’s business. The 2019 Stock Plan replaced the PCTEL, Inc. Stock Incentive Plan adopted in 2015 (the “2015 Stock Plan”). The 2019 Stock Plan, which is administered by the Compensation Committee of the Company’s Board of Directors, authorizes the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards. The aggregate number of shares that may be issued under all stock-based awards made under the 2019 Stock Plan will be (i) the sum of 2,213,000 shares and (ii) any shares subject to any outstanding award under the 2015 Stock Plan that after the effective date of the 2019 Stock Plan are not purchased, are forfeited, or are reacquired by the Company or otherwise not delivered to the participant due to termination or cancellation of such award. At December 31, 2020, the number of shares available in the 2019 Stock Plan that were from the 2015 Plan was 103,865. The Board of Directors may from time to time amend, suspend, or terminate the 2019 Stock Plan, subject to its terms. Currently the 2019 Stock Plan does not allow share “recycling”, repricing of stock options or stock appreciation rights or dividend equivalents to be paid on unvested awards, and does not contain an “evergreen” provision that will automatically increase the number of shares authorized for issuance under the 2019 Stock Plan. Employee Stock Purchase Plan At the 2019 Annual Meeting of Shareholders, the shareholders adopted and approved the PCTEL, Inc. 2019 Employee Stock Purchase Plan (the “2019 ESPP”) upon recommendation of the Board of Directors. The purpose of the 2019 ESPP is to provide employees with an opportunity to purchase shares of PCTEL common stock through accumulated payroll deductions. Encouraging employees to acquire equity ownership in PCTEL assures a closer alignment of the interests of participating employees with those of the Company’s stockholders. The 2019 ESPP replaced the 2014 ESPP effective for the trading period commencing October 1, 2019. On October 1, 2019, the remaining shares from the 2014 ESPP were cancelled. The 2019 ESPP is administered by the Compensation Committee of the Company’s Board of Directors. Subject to change by the administrator, shares of PCTEL common stock may be purchased during consecutive offering periods that begin approximately every six months commencing on the first trading day on or after April 1 and terminating on the last trading day of the offering period ending on September 30 and commencing on the first trading day on or after October 1 and terminating on the last trading day of the offering period ending on March 31. The maximum number of shares of common stock which are available for sale under the 2019 ESPP is 1,800,000 shares. Unless and until the administrator determines otherwise, the purchase price will be equal to 85% of the fair market value of PCTEL common stock on the first day of an offering period or the last day of an offering period, whichever is lower. The administrator may from time to time amend, suspend, or terminate the 2019 ESPP, subject to its terms. Stock-Based Compensation Expense The consolidated statements of income include $2.5 million and $4.1 million of stock compensation expense for the years ended December 31, 2020 and 2019, respectively. The Company did not capitalize any stock compensation expense during the years ended December 31, 2020, and 2019. The stock-based compensation expense by type is as follows: Years Ended December 31, 2020 2019 Service-based awards $ 1,803 $ 1,963 Director awards 402 402 Performance-based awards (long-term incentive plan) 28 226 Performance-based awards (short-term incentive plan) 0 1,335 Employee stock purchase plan 245 205 Stock options 1 2 Total $ 2,479 $ 4,133 The stock-based compensation is reflected in the consolidated statements of income as follows: Years Ended December 31, 2020 2019 Cost of revenues $ 272 $ 408 Research and development 530 652 Sales and marketing 559 672 General and administrative 1,118 2,401 Total $ 2,479 $ 4,133 The following table presents a summary of the remaining unrecognized share-based compensation expense related to our outstanding share-based awards as of December 31, 2020: Award Type Remaining Unrecognized Compensation Expense Weighted Average Life (Years) Service-based awards $ 1,425 1.4 Performance-based awards $ 446 1.8 Service-Based Awards Restricted Stock The Company grants service-based restricted shares as employee incentives under the 2019 Stock Plan. During the years ended December 31, 2020 and 2019, the Company awarded executives and key-managers long-term incentives comprised one-third of service- based restricted stock and two-thirds of performance-based restricted stock. When service-based restricted stock is granted to employees, the Company records deferred stock compensation within additional paid-in capital, representing the fair value of the common stock on the date the restricted shares are granted. The Company records stock compensation expense on a straight-line basis over the vesting period of the applicable service-based restricted shares. These grants vest over various periods; however, the restricted stock grants in 20 20 and 201 9 vest over three years in equal increments. The following table summarizes service-based restricted stock activity: Years ended December 31, 2020 2019 Unvested Restricted Stock Awards Shares Weighted Average Fair Value Shares Weighted Average Fair Value Beginning of year 477,187 $ 6.11 838,967 $ 6.21 Shares awarded 201,233 7.91 190,159 5.25 Shares vested (239,615 ) 6.18 (538,137 ) 5.96 Shares cancelled (3,967 ) 6.19 (13,802 ) 6.27 End of year 434,838 $ 6.91 477,187 $ 6.11 In February 2020, the Company issued to employees 153,694 service-based restricted stock awards that vest in three substantially equal annual increments commencing in 2021. In April 2020, as part of our efforts to reduce expenses and conserve cash, the Company reduced the salary of each executive and key manager by 10% and in connection therewith issued restricted stock, under the LTIP, with a one-year Restricted Stock Units The Company grants service-based restricted stock units as employee incentives. Restricted stock units are primarily granted to foreign employees for long-term incentive purposes. Employee restricted stock units are service-based awards and are amortized over the vesting period. At the vesting date, these units are converted to shares of common stock. The Company records expense on a straight-line basis for restricted stock units. The following summarizes the service-based restricted stock unit activity: Years Ended December 31, 2020 2019 Unvested Restricted Stock Units Shares Weighted Average Fair Value Shares Weighted Average Fair Value Beginning of year 8,117 $ 5.83 18,638 $ 5.66 Units awarded 6,448 7.48 2,700 5.27 Units vested/Shares awarded (5,482 ) 5.80 (13,221 ) 5.35 End of year 9,083 $ 7.02 8,117 $ 5.83 The intrinsic values of service-based restricted stock units that vested were $44 and $97, during the years ended December 31, 2020, and 2019, respectively. Stock Options The Company may grant stock options to purchase common stock to new employees. The Company issues stock options with exercise prices no less than the fair value of the Company’s stock on the grant date. Employee options are subject to installment vesting and although the vesting may vary from year to year, it is typically over a period of three years. Stock options may be exercised at any time prior to their expiration date or within 180 days of termination of employment, or such shorter time as may be provided in the related stock option agreement. The Company grants stock options with a ten-year The following table summarizes the Company’s stock option activity: Years Ended December 31, 2020 2019 Options Outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Exercise Price Beginning of Year 150,246 $ 7.11 423,534 $ 7.15 Options exercised (61,767 ) 7.13 (154,409 ) 7.18 Options forfeited (188 ) 5.00 0 0.00 Options cancelled/expired (72,041 ) 7.23 (118,879 ) 7.16 End of Year 16,250 $ 6.54 150,246 $ 7.11 Exercisable 15,620 $ 6.52 147,394 $ 7.13 The Company did not grant any stock options during 2020 or 2019. During the year ended December 31, 2020, the Company received proceeds of $0.1 million from the exercise of 9,412 options and issued 10,194 shares for the exercise of 52,355 options. The intrinsic value of the options exercised was $0.1 million. During the year ended December 31, 2019, the Company received proceeds of $0.5 million from the exercise of 62,909 options and issued 10,771 shares for the exercise of 91,500 options. The intrinsic value of the options exercised was $0.2 million. The range of exercise prices for options outstanding and exercisable on December 31, 2020, was $5.06 to $8.21. The following table summarizes information about stock options outstanding under all stock option plans: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Contractual Life (Years) Weighted- Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 5.06 7,000 2.71 $ 5.06 7,000 $ 5.06 $ 6.98 — $ 7.55 4,750 2.16 $ 7.22 4,120 $ 7.26 $ 8.09 — $ 8.21 4,500 0.92 $ 8.12 4,500 $ 8.12 $ 5.06 — $ 8.21 16,250 2.05 $ 6.54 15,620 $ 6.52 The weighted average contractual life and intrinsic value on December 31, 2020, was the following: Weighted Average Contractual Life (years) Intrinsic Value Options Outstanding 2.05 $ 11 Options Exercisable 1.97 $ 11 The intrinsic value is based on the share price of $6.57 at December 31, 2020. For the outstanding stock options, the Company used the Black-Scholes option valuation model for estimating the fair value. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. Option valuation models require the input of highly subjective assumptions including the expected stock price volatility and expected option life as well a risk-free rate and the dividend yield. Because the Company’s employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the existing models may not necessarily provide a reliable single measure of the fair value of the employee stock options. The dividend yield rate was calculated by dividing the Company’s annual dividend by the closing price on the grant date. The risk-free interest rate was based on the U.S. Treasury yields with a remaining term that approximates the expected life of the options granted. The Company calculated the volatility based on a five-year Performance-Based Awards Short-Term Incentive Plan Incentive compensation earned by executives and key managers under the Company’s 2020 Short-Term Incentive Plan (“STIP”) were to be settled 50% in cash and 50% in shares of the Company’s stock and was earned based on revenues and adjusted EBITDA targets. No shares will be issued pursuant to the 2020 STIP because the performance thresholds were not met. Incentive compensation earned by executives and key managers under the Company’s 2019 STIP were settled 50% in cash and 50% in shares of the Company’s stock and was earned based on revenues and adjusted EBITDA targets. Shares valued at $1.2 million earned pursuant to the 2019 STIP were issued to executives and key managers during the first quarter 2020. For the 2019 STIP, the Company issued 129,285 shares net of shares withheld for taxes. Long-Term Incentive Plan The Company awards performance-based awards to executives and key managers to encourage sustainable growth, consistent earnings, and management retention. Based on the fair value of the shares on the grant date, the Company records stock compensation expense over the performance period based on the estimated achievement of the award. The following table summarizes the performance award activity: Years Ended December 31, 2020 2019 Unvested Performance Awards - at Target Awards Weighted Average Fair Value Awards Weighted Average Fair Value Beginning of Year 171,417 $ 5.27 0 $ 0.00 Awards granted 145,289 8.70 174,117 5.27 Awards cancelled 0 0.00 (2,700 ) 5.27 End of Year 316,706 $ 6.84 171,417 $ 5.27 The Company granted performance awards to executives and key managers in February 2020 (“2020 LTIP”) and in February 2019 (“2019 LTIP”). Under the 2020 LTIP and 2019 LTIP, shares of the Company’s stock can be earned based on achievement of a three-year The performance period for the 2020 LTIP is from January 1, 2020 through December 31, 2022. At target, the total fair market value of the award was $1.3 million based on the share price of $8.70 on the grant date. On the award date, the aggregate number of shares that could be earned at target was 145,289 and the maximum number of aggregate shares that could be earned was 254,256. The performance period for the 2019 LTIP is from January 1, 2019 through December 31, 2021. At target, the total fair market value of the award was $0.9 million based on the share price of $5.27 on the grant date. On the award date, the aggregate number of shares that could be earned at target was 174,117 and the maximum number of aggregate shares that could be earned was 299,979. During the year ended December 31, 2019, the target and maximum shares that can be earned declined by 2,700 and 4,725, respectively due to employee terminations. Employee Stock Purchase Plan The following table summarizes the ESPP activity: Years Ended December 31, 2020 2019 Shares Weighted Average Fair Value at Grant Date Shares Weighted Average Fair Value at Grant Date Outstanding, beginning of year 0 $ 0.00 0 $ 0.00 Granted 157,706 1.68 180,859 1.08 Vested (157,706 ) 1.68 (180,859 ) 1.08 Outstanding, end of year 0 $ 0.00 0 $ 0.00 Based on the 15% discount and the fair value of the option feature of this plan, the ESPP is considered compensatory. Compensation expense is calculated using the fair value of the employees’ purchase rights under the Black-Scholes model. During the years ended December 31, 2020 and 2019, the Company received proceeds of $0.9 million and $0.7 million from the ESPP, respectively. The Company calculated the fair value of each employee stock purchase grant under the ESPP on the date of grant using the Black-Scholes option-pricing model using the following assumptions: Employee Stock Purchase Plan 2020 2019 Dividend yield 4.1 % 4.1 % Risk-free interest rate 0.1 % 2.5 % Expected volatility 44 % 34 % Expected life (in years) 0.5 0.5 The dividend yield rate was calculated by dividing the Company’s annual dividend by the closing price on the grant date. The risk-free interest rate was based on the U.S. Treasury yields with remaining term that approximates the expected life of the options granted. The Company calculated the volatility based on a five-year Board of Director Awards The Company grants equity awards to members of its Board of Directors for an annual retainer and for committee service in shares of the Company’s stock. These awards vest immediately. In addition, new directors receive a one-time grant of $55 paid in service-based restricted shares which vest in equal annual increments over three years. During the year ended December 31, 2020, the Company issued 60,998 shares of the Company’s stock with a fair value of $0.4 million which vested immediately. During the year ended December 31, 2019, the Company issued 79,918 shares of the Company’s stock with a fair value of $0.4 million which vested immediately. The following table summarizes the director awards activity: Years Ended December 31, 2020 2019 Shares Weighted Average Fair Value at Grant Date Shares Weighted Average Fair Value at Grant Date Outstanding, beginning of year 4,831 $ 6.90 7,246 $ 6.90 Granted 60,998 6.59 79,918 5.03 Vested (63,413 ) (6.60 ) (82,333 ) (5.08 ) Outstanding, end of year 2,416 $ 6.90 4,831 $ 6.90 Employee Withholding Taxes on Stock Awards For ease in administering the issuance of stock awards, the Company holds back shares of vested restricted stock awards and short-term incentive plan stock awards, if paid in the Company’s stock, for the value of the statutory withholding taxes. For each individual receiving a stock award, the Company redeems the shares it computes as the value for the withholding tax and remits this amount to the appropriate tax authority. For withholding taxes related to stock awards, the Company paid $ million and $ 1.2 million during the year s ended December 31, 20 20 and December 31, 20 19 , respectively . Share Repurchases On November 6, 2019, the Board of Directors approved a share repurchase program, and on March 10, 2020 the Board of Directors reauthorized the program pursuant to which the Company was authorized to repurchase up to $7.0 million of its common stock through the end of 2020. The Company spent $2.0 million to repurchase 375,046 shares at an average price of $5.36 during the three months ended March 31, 2020. The Company cancelled the repurchased shares. Due to uncertainties related to the COVID-19 pandemic and to protect the Company’s cash position, on April 1, 2020 the Board of Directors approved the termination of the stock repurchase program. On November 4, 2020, the Board of Directors approved a new share repurchase program, pursuant to which the Company was authorized to repurchase $5.0 million of its common stock through the end of 2021. The plan became effective November 10, 2020. The Company spent $1.8 million to repurchase 288,573 shares at an average price of $6.30 during the three months ended December 31, 2020. The Company cancelled the repurchased shares. Authorized Shares On May 29, 2020, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (i) changing the Company’s name from “PC-Tel, Inc.” to “PCTEL, Inc.” and (ii) decreasing the number of authorized shares of common stock from 100,000,000 shares to 50,000,000 shares. |
Product Line, Customer and Geog
Product Line, Customer and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Product Line, Customer and Geographic Information | 10. Product Line, Customer and Geographic Information Product Line Information: The following tables are the product line revenues and gross profits for the years ended December 31, 2020, and 2019: Year Ended December 31, 2020 Antennas & Industrial IoT Devices Test & Measurement Products Corporate Total Revenues $ 50,540 $ 27,565 $ (649 ) $ 77,456 Gross Profit $ 17,665 $ 20,244 $ 18 $ 37,927 Gross Profit % 35.0 % 73.4 % NA 49.0 % Year Ended December 31, 2019 Antennas & Industrial IoT Devices Test & Measurement Products Corporate Total Revenues $ 62,708 $ 28,115 $ (206 ) $ 90,617 Gross Profit $ 21,841 $ 19,640 $ 31 $ 41,512 Gross Profit % 34.8 % 69.9 % NA 45.8 % Customer Concentration: There were no customers that accounted for 10% or more of revenues during the years ended December 31, 2020, and 2019. The following table represents the customers that accounted for 10% or more of total trade accounts receivable on December 31, 2020 and 2019. As of December 31, Trade Accounts Receivable 2020 2019 Customer A 31% 15% Customer B 10% 8% Customer C 0% 11% Geographic Information: The Company’s revenue to customers by geographic location, as a percent of total revenues, is as follows: Years Ended December 31, Region 2020 2019 Europe, Middle East, & Africa 17 % 14 % Asia Pacific 8 % 10 % Other Americas 3 % 3 % Total Foreign sales 28 % 27 % Total Domestic sales 72 % 73 % Total 100 % 100 % The long-lived assets by geographic region are as follows: December 31, 2020 2019 United States $ 22,439 $ 17,485 All Other 479 945 Total $ 22,918 $ 18,430 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 11. Benefit Plans The Company’s 401(k) plan covers all of the U.S. employees beginning the first of the month following the first month of their employment. Under this plan, employees may elect to contribute up to 15% of their current compensation to the 401(k) plan up to the statutorily prescribed annual limit. The Company matches 100% of the employee’s elective deferrals up to 4% of their compensation. The Company may make discretionary contributions to the 401(k) plan but there were no discretionary contributions during the years ended December 31, 2020 or 2019. The Company also contributes to various defined contribution retirement plans for foreign employees. The defined contribution for foreign employees is primarily related to contributions for employees of the Company’s China subsidiary. The Company’s contributions to retirement plans were as follows: Years ended December 31, 2020 2019 PCTEL, Inc. 401(k) profit sharing plan - US employees $ 729 $ 645 Defined contribution plans - foreign employees 71 444 Total $ 800 $ 1,089 Contributions for foreign employees were lower for the year ended December 31, 2020 due to fewer employees in Tianjin, China and because employer contributions to Chinese government sponsored retirement programs were not required during 2020 because of the COVID-19 pandemic. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | 12. Quarterly Data (Unaudited) Quarters Ended, March 31, June 30, September 30, December 31, 2020 2020 2020 2020 Revenues $ 17,506 $ 19,842 $ 18,923 $ 21,185 Gross profit 8,215 9,521 9,575 10,616 Operating income (loss) (878 ) 1,098 1,135 1,985 Income (loss) before income taxes (680 ) 1,200 1,051 1,875 Net income (loss) $ (688 ) $ 1,192 $ 1,042 $ 1,871 Net income (loss) per share: Basic $ (0.04 ) $ 0.07 $ 0.06 $ 0.10 Diluted $ (0.04 ) $ 0.07 $ 0.06 $ 0.10 Weighted Average Shares: Basic 18,207,165 18,159,029 18,198,567 18,149,356 Diluted 18,207,165 18,213,617 18,310,772 18,297,058 Quarters Ended, March 31, June 30, September 30, December 31, 2019 2019 2019 2019 Revenues $ 20,590 $ 23,499 $ 23,630 $ 22,898 Gross profit 8,658 10,694 10,647 11,513 Operating income (loss) (469 ) 629 941 1,707 Income (loss) before income taxes (307 ) 949 1,334 1,814 Net income (loss) $ (317 ) $ 941 $ 1,328 $ 1,798 Net income (loss) per share: Basic $ (0.02 ) $ 0.05 $ 0.07 $ 0.10 Diluted $ (0.02 ) $ 0.05 $ 0.07 $ 0.10 Weighted Average Shares: Basic 17,617,099 17,827,591 17,921,552 18,033,548 Diluted 17,617,099 17,934,141 18,181,157 18,460,503 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 13. Accumulated Other Comprehensive Income Accumulated other comprehensive income of $18 at December 31, 2020 and accumulated other comprehensive loss of $318 at December 31, 2019, consists of foreign currency translation adjustments. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | 14. Revenue from Contracts with Customers Under Topic 606, a contract with a customer is an agreement which both parties have approved, that creates enforceable rights and obligations, has commercial substance, and has identified payment terms, and for which collectability is probable. Once the Company has entered into a contract, it is evaluated to identify performance obligations. For each performance obligation, revenue is recognized as control of promised goods or services transfers to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The amount of revenue recognized takes into account variable consideration, such as returns and volume rebates. A majority of the Company’s revenue is short cycle in nature with shipments within one year from purchase order. The Company's payment terms generally range between 30 to 90 days. All of the Company’s revenue relates to contracts with customers. The Company’s accounting contracts are from purchase orders or purchase orders combined with purchase agreements. The majority of the Company’s revenue is recognized on a “point-in-time” basis and a nominal amount of revenue is recognized “over time”. For the sale of products, the Company satisfies its performance obligations generally at the time of shipment, or upon delivery based on the contractual terms with its customers. For products shipped on consignment, the Company recognizes revenue upon delivery from the consignment location. For its test & measurement software tools, the Company has a performance obligation to provide software maintenance and support for one year. The Company recognizes revenues for the maintenance and support over this period. The Company considers shipping and handling performed by the Company as fulfillment activities. Amounts billed for shipping and handling are included in revenues, while costs incurred for shipping and handling are included in cost of revenues. The Company excludes taxes from the transaction price. Cost of contracts include sales commissions. The Company expenses the cost of contracts when incurred because the amortization period is one year or less. For the test & measurement product line, performance obligations for the sale of products and software licenses are satisfied at a point in time and the performance obligations for post contract support (“PCS”), extended warranties, and data storage are satisfied over time. If there is no standalone selling price for the performance obligations satisfied over time, the Company uses a market assessment approach for the standalone selling price. This standalone selling price is consistent for all customers. Antenna product line sales have either contract pricing or negotiated prices on individual purchase orders. Variable consideration related to specific customers or orders that impacts the stand-alone selling price including right of return, rebate incentives, or quantity-based pricing. The Company allows its major distributors and certain other customers to return unused antennas under specified terms and conditions. The Company estimates product returns based on historical sales and return trends and records a corresponding refund liability. The refund liability was $0.1 million at December 31, 2020 and December 31, 2019, respectively, and is included within accrued liabilities on the accompanying consolidated balance sheets. Additionally, the Company recorded an asset based on historical experience for the amount of product expected to be returned to inventory as a result of the return, which is recorded in inventories in the condensed consolidated balance sheets. The product return asset was $0.1 million at December 31, 2020 and December 31, 2019. There were no contract assets at December 31, 2020 or December 31, 2019. The Company records contract liabilities for deferred revenue and customer prepayments. Contract liabilities are recorded in accrued liabilities and long-term liabilities in the consolidated balance sheets. The contract liability was $0.4 million at December 31, 2020 and at December 31, 2019. The Company recognized revenue of $0.8 million and $0.6 million during the years ended December 31, 2020, and December 31, 2019 respectively, related to contract liabilities at the beginning of the period. |
Paycheck Protection Program Loa
Paycheck Protection Program Loan | 12 Months Ended |
Dec. 31, 2020 | |
Paycheck Protection Program Loan [Abstract] | |
Paycheck Protection Program Loan | 15. Paycheck Protection Program Loan On April 16, 2020, the Company received a $3.5 million paycheck protection program (“PPP”) loan from the Small Business Administration. Based upon subsequent guidance regarding PPP loan eligibility, the Company returned the funds on April 30, 2020. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events The Company evaluates subsequent events occurring between the most recent balance sheet date and the date that the financial statements are available to be issued in order to determine whether the subsequent events are to be recorded and/or disclosed in the Company’s financial statements and footnotes. The financial statements are considered to be available to be issued at the time that they are filed with the SEC. There were no subsequent events or transactions that required recognition or disclosure in the consolidated financial statements |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | PCTEL, INC. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Charged to Balance at Beginning Costs and Additions End of of Year Expenses (Deductions) Year Year Ended December 31, 2019: Allowance for credit losses $ 63 63 (22 ) $ 104 Warranty reserves $ 339 213 (108 ) $ 444 Deferred tax asset valuation allowance $ 14,457 0 (967 ) $ 13,490 Year Ended December 31, 2020: Allowance for credit losses $ 104 161 (152 ) $ 113 Warranty reserves $ 444 (203 ) 44 $ 285 Deferred tax asset valuation allowance $ 13,490 0 (552 ) $ 12,938 |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations PCTEL, Inc. (the “Company”) was incorporated in California in 1994 and reincorporated in Delaware in 1998. The Company is a leading global provider of wireless technology, including purpose-built Industrial Internet of Thing (“IoT”) devices, antenna systems, and test and measurement solutions. We solve complex wireless challenges to help organizations stay connected, transform, and grow and we have expertise in RF, digital and mechanical engineering. We have two businesses (antennas & Industrial IoT devices and test & measurement products) that address three market segments: Enterprise Wireless, Intelligent Transportation, and Industrial IoT. Our principal executive offices are located at 471 Brighton Drive, Bloomingdale, Illinois 60108. Our telephone number at that address is (630) 372-6800 and our website is www.pctel.com |
Basis of Consolidation | Basis of Consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). All intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. |
Foreign Operations | Foreign Operations The Company is exposed to foreign currency fluctuations due to its foreign operations and because products are sold internationally. The functional currency for the Company’s foreign operations is predominantly the applicable local currency. Accounts of foreign operations are translated into U.S. dollars using the year-end exchange rate for assets and liabilities and average monthly rates for revenue and expense accounts. Adjustments resulting from translation are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Gains and losses resulting from other transactions originally in foreign currencies and then translated into U.S. dollars are included in the consolidated statements of income. For the year ended December 31, 2020, approximately 3% of revenue and 17% of expenses were transacted in foreign currencies as compared to 5% and 25% for the year ended December 31, 2019. For the year ended December 31, 2020, foreign currency transactions resulted in foreign exchange losses of $0.3 million and for the year ended December 31, 2019, foreign currency transactions resulted in foreign exchange gains of $0.1 million. Foreign exchange gains and losses are recorded in other income in the consolidated statement of income. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows accounting pronouncements for Fair Value Measurements and Disclosures, which establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash equivalents are measured at fair value and investments are recognized at amortized cost in the Company’s financial statements. Accounts receivable and other investments are financial assets with carrying values that approximate fair value due to the short-term nature of these assets. Accounts payable is a financial liability with a carrying value that approximates fair value due to the short-term nature of these liabilities. |
Cash and Cash Equivalents and Investments | Cash and Cash Equivalents and Investments The Company’s cash and cash equivalents and investments consist of the following: December 31, December 31, 2020 2019 Cash $ 4,740 $ 5,604 Cash equivalents 1,021 1,490 Short-term investments 30,582 32,556 Long-term investments 4,640 0 $ 40,983 $ 39,650 |
Cash and Cash Equivalents | Cash and Cash Equivalents On December 31, 2020 and 2019, cash and cash equivalents included bank balances and investments with original maturities less than 90 days On December 31, 2020, the Company had $2.9 million of cash in bank accounts in China. The Company’s cash in these foreign bank accounts is not insured. As of December 31, 2020, the Company has no intentions of repatriating the cash in its foreign bank accounts in China. If the Company decides to repatriate the cash in the foreign bank accounts, it may have trouble in doing so in a timely manner. The Company may also be exposed to foreign currency fluctuations and taxes if it repatriates these funds. On December 31, 2019, the Company had $2.1 million of cash in bank accounts in China. |
Investments | Investments On December 31, 2020 and 2019, the Company’s short-term investments consisted of A or higher rated corporate bonds and certificates of deposit. All the investments on December 31, 2020 and 2019 were classified as held-to-maturity. The bonds and certificates of deposit classified as short-term investments have original maturities greater than 90 days and mature within one year and the bonds and certificates of deposit classified as long-term investments have maturities greater than one year but less than two years. The Company’s bond investments are recorded at the purchase price and carried at amortized cost. Cash equivalents and Level 1 and Level 2 investments measured at fair value were as follows: December 31, 2020 December 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Corporate bonds $ 0 $ 0 $ 0 $ 0 $ 708 $ 708 Certificates of deposit 300 0 300 0 0 0 Money market funds 721 0 721 782 0 782 Total Cash Equivalents $ 1,021 $ 0 $ 1,021 $ 782 $ 708 $ 1,490 Short-Term Investments: Corporate bonds $ 0 $ 26,318 $ 26,318 $ 0 $ 28,710 $ 28,710 Certificates of deposit 4,264 0 4,264 3,846 0 3,846 Total Short-Term Investments $ 4,264 $ 26,318 $ 30,582 $ 3,846 $ 28,710 $ 32,556 Long-Term Investments: Corporate bonds $ 0 $ 4,382 $ 4,382 $ 0 $ 0 $ 0 Certificates of deposit 258 0 258 0 0 0 Total Long-Term Investments $ 258 $ 4,382 $ 4,640 $ 0 $ 0 $ 0 Cash equivalents and Investments - book value $ 5,543 $ 30,700 $ 36,243 $ 4,628 $ 29,418 $ 34,046 Unrealized gains (losses) $ (1 ) $ (7 ) $ (8 ) $ 1 $ (11 ) $ (10 ) Cash equivalents and Investments - fair value $ 5,542 $ 30,693 $ 36,235 $ 4,629 $ 29,407 $ 34,036 The Company categorizes its financial instruments within a fair value hierarchy according to accounting guidance for fair value. The fair value hierarchy is described under the Fair Value of Financial Instruments in Note 1. For the Level 2 investments, the Company uses quoted prices of similar assets in active markets. There were no Level 3 investments on December 31, 2020 or 2019. The fair values in the table above reflect net unrealized losses of $8 and $10 on December 31, 2020 and December 31, 2019, respectively. |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at invoiced amount with standard net terms for most customers that range between 30 and 90 days. The Company extends credit to its customers based on an evaluation of a company’s financial condition and collateral is generally not required. The Company records allowances for credit losses and credit allowances that reduce the value of accounts receivable to fair value. The allowances for accounts receivable consisted of the following: December 31, 2020 December 31, 2019 Credit losses provision $ 66 $ 56 Credit allowances 47 48 Total allowances $ 113 $ 104 Effective January 1, 2020, the Company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU replaces the incurred loss impairment model with an expected loss impairment model for financial instruments, including accounts receivable. The amendment requires entities to consider forward-looking information to estimate expected credit losses. The Company did not record an adjustment upon adoption of ASU 2016-13. The Company is exposed to credit losses primarily through the sale of products. The Company’s expected loss methodology for accounts receivable is developed using historical collection experience, current and future economic market conditions, and a review of the current status of customers’ trade accounts receivable. Due to the short-term nature of accounts receivable, the estimate of amount of accounts receivable that may not be collected is based on aging of the account receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted. However, the Company has adjusted the applicable payment terms for a few of its customers due to the COVID-19 pandemic. The Company’s allowance for credit losses was $0.1 million at December 31, 2020 and at December 31, 2019. During the year ended December 31, 2020, the Company received $0.2 million pursuant to a customer settlement for an accounts receivable balance that was written off in 2018. The following table summarizes the allowance for credit losses activity during the year ended December 31, 2020: Balance at December 31, 2019 $ 56 Current period benefit for credit losses (167 ) Recovery of amounts previously written off 177 Balance at December 31, 2020 $ 66 |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value and include material, labor and overhead costs using the first-in, first-out method of costing. Inventories as of December 31, 2020 and 2019 were composed of raw materials, work-in-process, and finished goods. The Company had consigned inventory of $0.3 million at December 31, 2020 and 2019. The Company records allowances to reduce the value of inventory to the lower of cost or market, including allowances for excess and obsolete inventory. Reserves for excess inventory are calculated based on the Company’s estimate of inventory more than normal and planned usage. Obsolete reserves are based on the Company’s identification of inventory where carrying value is above net realizable value. The allowance for inventory losses was $3.7 million and $3.4 million as of December 31, 2020 and 2019, respectively. Inventories consisted of the following: December 31, 2020 December 31, 2019 Raw materials $ 5,315 $ 6,502 Work in process 883 913 Finished goods 3,786 4,520 Inventories, net $ 9,984 $ 11,935 |
Prepaid and Other Current Assets | Prepaid and Other Current Assets Prepaid assets are stated at cost and are amortized over the useful lives (up to one year) of the assets. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets. The Company depreciates computer equipment and software license over three to five years, office equipment, manufacturing and test equipment and motor vehicles over five years, furniture and fixtures over seven years, and buildings over 30 years. Leasehold improvements are amortized over the shorter of the corresponding lease term or useful life. Depreciation expense and gains and losses on the disposal of property and equipment are included in cost of sales and operating expenses in the consolidated statements of income. Maintenance and repairs are expensed as incurred. Property and equipment consisted of the following: December 31, 2020 December 31, 2019 Building $ 6,868 $ 6,389 Computers and office equipment 10,039 9,847 Manufacturing and test equipment 15,394 14,192 Furniture and fixtures 1,437 1,314 Leasehold improvements 2,973 2,850 Motor vehicles 20 20 Total property and equipment 36,731 34,612 Less: Accumulated depreciation and amortization (25,996 ) (24,397 ) Land 1,770 1,770 Property and equipment, net $ 12,505 $ 11,985 Depreciation and amortization expense were approximately $3.0 million and $2.9 million for the years ended December 31, 2020 and 2019, respectively. Amortization for capital leases is included in depreciation and amortization expense. See Note 7 for information related to finance leases. |
Liabilities | Liabilities Accrued liabilities consisted of the following: December 31, 2020 December 31, 2019 Inventory receipts $ 3,049 $ 1,431 Payroll and other employee benefits 1,083 1,654 Paid time off 1,028 855 Professional fees and contractors 316 246 Warranties 285 444 Operating leases 269 282 Deferred revenues 242 241 Employee stock purchase plan 224 228 Income and sales taxes 185 133 Real estate taxes 155 152 Customer refunds for estimated returns 146 147 Finance leases 68 77 Restructuring 15 45 Short-term incentive plan 0 2,504 Leasehold improvements 0 702 Other 251 241 Total $ 7,316 $ 9,382 Long-term liabilities consisted of the following: December 31, 2020 December 31, 2019 Operating leases $ 3,949 $ 3,021 Deferred payroll taxes 243 0 Finance leases 96 164 Deferred revenue 76 119 Other 23 11 Total $ 4,387 $ 3,315 |
Revenue Recognition | Revenue Recognition The Company sells antennas & Industrial IoT devices and test & measurement products. All of the Company’s revenue relates to contracts with customers. The Company’s accounting contracts are from purchase orders or purchase orders combined with purchase agreements. The majority of the Company’s revenue is recognized on a “point-in-time” basis and a nominal amount of revenue is recognized “over time.” The Company satisfies its performance obligations related to the sale of its products generally at the time of shipment, or upon delivery based on the contractual terms with its customers. For products shipped on consignment, the Company recognizes revenue upon customer delivery from the consignment location. For its test & measurement software tools, the Company has a performance obligation to provide software maintenance and support for one year. The Company recognizes revenues for the maintenance and support over this period. The Company recognizes revenue for sales of its products when control transfers, which is predominantly upon shipment from its factory. For products shipped on consignment, the Company recognizes revenue upon delivery from the consignment location. The Company allows its major antenna product distributors to return product under specified terms and conditions and accrues for product returns. See Note 14 for additional information related to revenue policies. |
Research and Development Costs | Research and Development Costs The Company expenses research and development costs as incurred. To date, the Company has expensed all software development costs related to research and development because the costs incurred subsequent to the products reaching technological feasibility were not significant. |
Advertising Costs | Advertising Costs Advertising costs are expensed in the period in which they are incurred. Advertising expense was $0.2 million during the years ended December 31, 2020, and 2019. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and deferred tax assets are recognized for net operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided against deferred tax assets, which are not likely to be realized. On a regular basis, management evaluates the recoverability of deferred tax assets and the need for a valuation allowance. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Deferred tax assets arise when the Company recognizes charges or expenses in the financial statements that will not be allowed as income tax deductions until future periods. The deferred tax assets also include unused tax net operating losses and tax credits that the Company is allowed to carryforward to future years. Accounting rules permit the Company to carry the deferred tax assets on the balance sheet at full value as long as it is more likely than not the deductions, losses, or credits will be used in the future. A valuation allowance must be recorded against a deferred tax asset if this test cannot be met. The Company had a full valuation allowance of $12.9 million on December 31, 2020 and of $13.5 million at December 31, 2019. See Note 5 for more information on the deferred tax valuation allowance. On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security Act” (CARES Act) was signed into law. The CARES Act includes provisions relating to refundable payroll tax credits, deferment of the employer portion of certain payroll taxes, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. Under the CARES Act, the Company is deferring the employer portion of social security taxes and will apply for a refund of its Alternative Minimum Tax credit. For the year ended December 31, 2020, the Company has deferred $0.5 million of payroll taxes. The payroll taxes will be deferred until the due dates of December 31, 2021 and December 31, 2022. The Company records a deferred tax asset for the payroll tax liability that is not deductible in 2020 for income tax purposes. |
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 cost of sales in the accompanying consolidated statements of income. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are included on a gross basis in cost of sales in the accompanying consolidated statements of income. |
Goodwill | Goodwill The Company performs an annual impairment test of goodwill as of the end of the first month of the fourth fiscal quarter (October 31st), or at an interim date if an event occurs or if circumstances change that would indicate that an impairment loss may have been incurred. In performing the annual impairment tests, the Company may consider qualitative factors that would indicate possible impairment. A quantitative fair value assessment is also performed at the reporting unit level. If the fair value exceeds the carrying value, then goodwill is not impaired, and no further testing is performed. If the carrying value exceeds the fair value, the implied fair value of goodwill is then compared against the carrying value of goodwill to determine the amount of impairment. The process of evaluating the potential impairment of goodwill is subjective because it requires the use of estimates and assumptions in determining a reporting unit’s fair value. The Company calculates the fair value of each reporting unit by using the income approach based on the present value of future discounted cash flows. The discounted cash flow method requires the Company to use estimates and judgments about the future cash flows of the reporting units. Although the Company bases cash flow forecasts on assumptions that are consistent with plans and estimates the Company uses to manage the underlying reporting units, there is significant judgment in determining the cash flows attributable to these reporting units, including markets and market share, sales volumes and mix, research and development expenses, tax rates, capital spending, discount rate and working capital changes. Cash flow forecasts are based on reporting unit operating plans for the early years and business projections in later years. The Company believes the accounting estimate related to the valuation of goodwill is a critical accounting estimate because it requires the Company to make assumptions that are highly uncertain about the future cash flows of the reporting units. Changes in these estimates can have a material impact on the Company’s financial statements. The Company performed its annual goodwill test at October 31, 2020 and at October 31, 2019 for the goodwill of $ 3.3 million |
Long-Lived and Definite-Lived Intangible assets | Long-Lived and Definite-Lived Intangible assets The Company reviews definite-lived intangible assets, investments, and other long-lived assets for impairment when events or changes in circumstances indicate that their carrying values may not be fully recoverable. This analysis differs from the Company’s goodwill analysis in that definite-lived intangible asset impairment is only deemed to have occurred if the sum of the forecasted undiscounted future cash flows related to the assets being evaluated is less than the carrying value of the assets. The estimate of long-term undiscounted cash flows includes long-term forecasts of revenue growth, gross margins, and operating expenses. All these items require significant judgment and assumptions. There were no impairments related to long-lived assets used for operations during the years ended December 31, 2020, and 2019. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”), which modifies the measurement of expected credit losses of certain financial instruments. The Company adopted ASU 2016-13 on January 1, 2020 using a modified retrospective approach. Adoption of ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements but required changes to its process of estimating expected credit losses. See Note 4 and Note 6 for further information on the Company’s allowance for credit losses. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this update. The Company adopted ASU 2018-15 on January 1, 2020, and it did not have an impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies the disclosure requirements on fair value measurements. The Company adopted ASU 2018-13 on January 1, 2020, and it did not have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies income tax accounting in various areas including, but not limited to, the accounting for hybrid tax regimes, tax implications related to business combinations, and interim period accounting for enacted changes in tax law, along with some codification improvements. The changes related to this update are effective for fiscal years beginning after December 15, 2020, with early adoption permitted. Certain changes in the standard require retrospective or modified retrospective adoption, while other changes must be adopted prospectively. The Company is currently evaluating ASU 2019-12 and its impact on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-14). This new guidance eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The changes are effective for smaller reporting companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This update provides optional expedients and exceptions for applying generally accepted accounting principles to certain contract modifications and hedging relationships that reference London Inter-bank Offered Rate (LIBOR) or another reference rate expected to be discontinued. Topic 848 is effective upon issuance and generally can be applied through December 31, 2022. The Company is currently evaluating the impact of Topic 848 on the consolidated financial statements. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Cash and Cash Equivalents and Investments | The Company’s cash and cash equivalents and investments consist of the following: December 31, December 31, 2020 2019 Cash $ 4,740 $ 5,604 Cash equivalents 1,021 1,490 Short-term investments 30,582 32,556 Long-term investments 4,640 0 $ 40,983 $ 39,650 |
Cash Equivalents and Investments Measured at Fair Value | Cash equivalents and Level 1 and Level 2 investments measured at fair value were as follows: December 31, 2020 December 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Corporate bonds $ 0 $ 0 $ 0 $ 0 $ 708 $ 708 Certificates of deposit 300 0 300 0 0 0 Money market funds 721 0 721 782 0 782 Total Cash Equivalents $ 1,021 $ 0 $ 1,021 $ 782 $ 708 $ 1,490 Short-Term Investments: Corporate bonds $ 0 $ 26,318 $ 26,318 $ 0 $ 28,710 $ 28,710 Certificates of deposit 4,264 0 4,264 3,846 0 3,846 Total Short-Term Investments $ 4,264 $ 26,318 $ 30,582 $ 3,846 $ 28,710 $ 32,556 Long-Term Investments: Corporate bonds $ 0 $ 4,382 $ 4,382 $ 0 $ 0 $ 0 Certificates of deposit 258 0 258 0 0 0 Total Long-Term Investments $ 258 $ 4,382 $ 4,640 $ 0 $ 0 $ 0 Cash equivalents and Investments - book value $ 5,543 $ 30,700 $ 36,243 $ 4,628 $ 29,418 $ 34,046 Unrealized gains (losses) $ (1 ) $ (7 ) $ (8 ) $ 1 $ (11 ) $ (10 ) Cash equivalents and Investments - fair value $ 5,542 $ 30,693 $ 36,235 $ 4,629 $ 29,407 $ 34,036 |
Summary of Allowances for Accounts Receivable | The allowances for accounts receivable consisted of the following: December 31, 2020 December 31, 2019 Credit losses provision $ 66 $ 56 Credit allowances 47 48 Total allowances $ 113 $ 104 |
Summary of Allowance for Credit Losses | The following table summarizes the allowance for credit losses activity during the year ended December 31, 2020: Balance at December 31, 2019 $ 56 Current period benefit for credit losses (167 ) Recovery of amounts previously written off 177 Balance at December 31, 2020 $ 66 |
Summary of Inventories | Inventories consisted of the following: December 31, 2020 December 31, 2019 Raw materials $ 5,315 $ 6,502 Work in process 883 913 Finished goods 3,786 4,520 Inventories, net $ 9,984 $ 11,935 |
Summary of Property and Equipment | Property and equipment consisted of the following: December 31, 2020 December 31, 2019 Building $ 6,868 $ 6,389 Computers and office equipment 10,039 9,847 Manufacturing and test equipment 15,394 14,192 Furniture and fixtures 1,437 1,314 Leasehold improvements 2,973 2,850 Motor vehicles 20 20 Total property and equipment 36,731 34,612 Less: Accumulated depreciation and amortization (25,996 ) (24,397 ) Land 1,770 1,770 Property and equipment, net $ 12,505 $ 11,985 |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following: December 31, 2020 December 31, 2019 Inventory receipts $ 3,049 $ 1,431 Payroll and other employee benefits 1,083 1,654 Paid time off 1,028 855 Professional fees and contractors 316 246 Warranties 285 444 Operating leases 269 282 Deferred revenues 242 241 Employee stock purchase plan 224 228 Income and sales taxes 185 133 Real estate taxes 155 152 Customer refunds for estimated returns 146 147 Finance leases 68 77 Restructuring 15 45 Short-term incentive plan 0 2,504 Leasehold improvements 0 702 Other 251 241 Total $ 7,316 $ 9,382 |
Summary of Long-term Liabilities | Long-term liabilities consisted of the following: December 31, 2020 December 31, 2019 Operating leases $ 3,949 $ 3,021 Deferred payroll taxes 243 0 Finance leases 96 164 Deferred revenue 76 119 Other 23 11 Total $ 4,387 $ 3,315 |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share: Years Ended December 31, 2020 2019 Basic Income Per Share computation: Numerator: Net income $ 3,417 $ 3,750 Denominator: Common shares outstanding 18,207,396 17,852,968 Net Income per common share - basic Net income $ 0.19 $ 0.21 Diluted Income Per Share computation: Denominator: Common shares outstanding 18,207,396 17,852,968 Restricted shares subject to vesting 191,392 113,188 Performance related awards 0 191,247 Common stock option grants 0 1,256 Total shares 18,398,788 18,158,659 Income per common share - diluted Net income $ 0.19 $ 0.21 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Other Intangible Assets | The summary of other intangible assets, net is as follows: December 31, 2020 December 31, 2019 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Customer contracts and relationships $ 16,880 $ 16,880 $ 0 $ 16,880 $ 16,880 $ 0 Patents and technology 9,644 9,644 0 10,114 10,003 111 Trademarks and trade names 972 972 0 4,834 4,801 33 Other 0 0 0 2,506 2,506 0 $ 27,496 $ 27,496 $ 0 $ 34,334 $ 34,190 $ 144 |
Summary of Assigned Lives and Weighted Average Amortization Periods by Intangible Asset Category | The assigned lives and weighted average amortization periods by intangible asset category are summarized below: Intangible Assets Assigned Life Weighted Average Amortization Period Customer contracts and relationships 5 years 5.0 Patents and technology 5 to 6 years 5.1 Trademarks and trade names 5 to 6 years 5.6 Other 1 to 6 years 3.0 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Summary of Restructuring Accrual Activity | The following table summarizes the Company’s restructuring accrual activity for the years ended December 31, 2020, and 2019: China Restructuring Severance Lease Termination Total Balance at January 1, 2019 $ 0 $ 77 $ 77 Restructuring expense 507 0 507 Payments made (495 ) (143 ) (638 ) Payments received 0 99 99 Balance at December 31, 2019 $ 12 $ 33 $ 45 Restructuring expense 124 0 124 Payments made (136 ) (106 ) (242 ) Payments received 0 88 88 Balance at December 31, 2020 $ 0 $ 15 $ 15 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Expense for Income Taxes | The domestic and foreign components of the income (loss) before expense for income taxes were as follows: Years Ended December 31, 2020 2019 Domestic $ 4,447 $ 4,250 Foreign (1,001 ) (460 ) Total $ 3,446 $ 3,790 |
Summary of Expense for Income Taxes | The expense for income taxes consisted of the following: Years Ended December 31, 2020 2019 Current: Federal $ 0 $ 0 State 29 40 Foreign 0 0 29 40 Deferred: Federal 0 0 State 0 0 Foreign 0 0 0 0 Total $ 29 $ 40 |
Reconciliation of Expense for Income Taxes | A reconciliation of the expense for income taxes at the federal statutory rate compared to the expense at the effective tax rate is as follows: Years Ended December 31 2020 2019 Statutory federal income tax rate 21 % 21 % State income tax, net of federal benefit 7 % 7 % Tax effect of permanent differences 1 % 3 % Change in valuation allowance -19 % -25 % Effective state rate change to deferred tax assets 0 % -1 % Stock-based compensation (windfalls) shortfalls -1 % 3 % Foreign income taxed at different rates 1 % 0 % Research and development credits -9 % -8 % Other 0 % 1 % 1 % 1 % |
Summary of Net Deferred Tax Accounts | The net deferred tax accounts consist of the following: December 31, 2020 2019 Deferred Tax Assets: Net operating loss carryforwards $ 4,138 $ 4,759 Amortization 2,942 3,500 Federal, foreign, and state credits 2,399 2,086 Inventory reserves 995 1,159 Deferred gain 866 870 Deferred rent 498 159 Stock compensation 465 494 Accrued vacation 264 220 Other 401 404 Gross deferred tax assets 12,968 13,651 Valuation allowance (12,938 ) (13,490 ) Net deferred tax asset 30 161 Deferred Tax Liabilities: Depreciation (30 ) (161 ) Net Deferred Tax Assets $ 0 $ 0 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2020 2019 Beginning of period $ 759 $ 730 Addition related to tax positions in current year 49 45 Reversals for uncertain tax positions 0 (16 ) End of period $ 808 $ 759 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Warranty Activity | Year Ended December 31, 2020 2019 Beginning balance $ 444 $ 339 Provisions for warranties 44 435 Consumption of reserves (203 ) (330 ) Ending balance $ 285 $ 444 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Cost | The Company's lease cost for the year ended December 31, 2020 and 2019 included the following components: Years ended December 31, 2020 2019 Operating lease costs $ 642 $ 963 Short-term lease costs 114 92 Variable lease costs 2 27 Amortization of finance lease assets 77 99 Interest on finance lease liabilities 8 9 Total lease cost $ 843 $ 1,190 |
Schedule of Future Minimum Lease Payments under Operating and Finance Leases | The table below summarizes the Company's scheduled future minimum lease payments under operating and finance leases recorded on the balance sheet as of December 31, 2020: Year Operating Leases Finance Leases 2021 $ 481 $ 73 2022 558 48 2023 569 32 2024 581 20 2025 501 0 Thereafter 2,675 0 Total minimum payments required 5,365 173 Less: amount representing interest 1,147 9 Present value of net minimum lease payments 4,218 164 Less: current maturities of lease obligations (269 ) (68 ) Long-term lease obligations $ 3,949 $ 96 |
Summary of Weighted Average Remaining Lease Terms and Discount Rates | The weighted average remaining lease terms and discount rates for all the Company’s operating and finance leases were as follows as of December 31, 2020 and 2019: Years ended December 31, 2020 2019 Weighted-average remaining lease term - finance leases 2.9 years 3.6 years Weighted-average remaining lease term - operating leases 9.6 years 9.7 years Weighted-average discount rate - finance leases 4% 4% Weighted-average discount rate - operating leases 5% 5% |
Schedule of Classification of Right of Use Assets and Lease liabilities | The table below presents supplemental balance sheet information related to leases during the year ended December 31, 2020 and 2019: Year ended December 31, Leases Consolidated Balance Sheet Classification 2020 2019 Assets: Operating right-of-use assets Other noncurrent assets $ 2,272 $ 2,696 Finance right-of-use assets Other noncurrent assets 157 234 Total lease assets $ 2,429 $ 2,930 Liabilities: Current Operating lease liabilities Accrued liabilities $ 269 $ 282 Finance lease liabilities Accrued liabilities 68 77 Noncurrent Operating lease liabilities Long-term liabilities 3,949 3,021 Finance lease liabilities Long-term liabilities 96 164 Total lease liabilities $ 4,382 $ 3,544 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Summary of Activity Related to Common Shares Outstanding | The activity related to common shares outstanding is as follows: Years Ended December 31, 2020 2019 Beginning of year 18,611,289 18,271,249 Issuance of common stock on exercise of stock options 19,606 73,680 Restricted stock awards, net of cancellations 202,748 189,578 Director share awards 60,998 79,918 Equity awards under Short-Term Incentive Plan 189,121 0 Issuance of common stock from purchase of Employee Stock Purchase Plan shares 157,706 180,859 Cancellation of stock for withholding tax for vested shares (148,499 ) (183,995 ) Common stock Repurchases (663,619 ) 0 End of Year 18,429,350 18,611,289 . |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Reserved Shares of Common Stock for Future Issuance | A summary of the reserved shares of common stock for future issuance are as follows: December 31, Stock Plan 2020 2019 PCTEL, Inc. 2019 Stock Incentive Plan 2,109,184 2,240,669 PCTEL, Inc. 2015 Stock Incentive Plan 299,979 489,100 PCTEL, Inc. 2019 Employee Stock Purchase Plan 1,642,294 1,800,000 Total shares reserved 4,051,457 4,529,769 |
Summary of Stock-Based Compensation Expense by Type | The stock-based compensation expense by type is as follows: Years Ended December 31, 2020 2019 Service-based awards $ 1,803 $ 1,963 Director awards 402 402 Performance-based awards (long-term incentive plan) 28 226 Performance-based awards (short-term incentive plan) 0 1,335 Employee stock purchase plan 245 205 Stock options 1 2 Total $ 2,479 $ 4,133 |
Stock-Based Compensation | The stock-based compensation is reflected in the consolidated statements of income as follows: Years Ended December 31, 2020 2019 Cost of revenues $ 272 $ 408 Research and development 530 652 Sales and marketing 559 672 General and administrative 1,118 2,401 Total $ 2,479 $ 4,133 The following table presents a summary of the remaining unrecognized share-based compensation expense related to our outstanding share-based awards as of December 31, 2020: Award Type Remaining Unrecognized Compensation Expense Weighted Average Life (Years) Service-based awards $ 1,425 1.4 Performance-based awards $ 446 1.8 |
Summary of Service-based Restricted Stock Activity | The following table summarizes service-based restricted stock activity: Years ended December 31, 2020 2019 Unvested Restricted Stock Awards Shares Weighted Average Fair Value Shares Weighted Average Fair Value Beginning of year 477,187 $ 6.11 838,967 $ 6.21 Shares awarded 201,233 7.91 190,159 5.25 Shares vested (239,615 ) 6.18 (538,137 ) 5.96 Shares cancelled (3,967 ) 6.19 (13,802 ) 6.27 End of year 434,838 $ 6.91 477,187 $ 6.11 The following summarizes the service-based restricted stock unit activity: Years Ended December 31, 2020 2019 Unvested Restricted Stock Units Shares Weighted Average Fair Value Shares Weighted Average Fair Value Beginning of year 8,117 $ 5.83 18,638 $ 5.66 Units awarded 6,448 7.48 2,700 5.27 Units vested/Shares awarded (5,482 ) 5.80 (13,221 ) 5.35 End of year 9,083 $ 7.02 8,117 $ 5.83 |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity: Years Ended December 31, 2020 2019 Options Outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Exercise Price Beginning of Year 150,246 $ 7.11 423,534 $ 7.15 Options exercised (61,767 ) 7.13 (154,409 ) 7.18 Options forfeited (188 ) 5.00 0 0.00 Options cancelled/expired (72,041 ) 7.23 (118,879 ) 7.16 End of Year 16,250 $ 6.54 150,246 $ 7.11 Exercisable 15,620 $ 6.52 147,394 $ 7.13 |
Information about Stock Options Outstanding Under all Stock Plans | The following table summarizes information about stock options outstanding under all stock option plans: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Contractual Life (Years) Weighted- Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 5.06 7,000 2.71 $ 5.06 7,000 $ 5.06 $ 6.98 — $ 7.55 4,750 2.16 $ 7.22 4,120 $ 7.26 $ 8.09 — $ 8.21 4,500 0.92 $ 8.12 4,500 $ 8.12 $ 5.06 — $ 8.21 16,250 2.05 $ 6.54 15,620 $ 6.52 |
Weighted Average Contractual Life and Intrinsic Value of the Options Outstanding and Options Exercisable | The weighted average contractual life and intrinsic value on December 31, 2020, was the following: Weighted Average Contractual Life (years) Intrinsic Value Options Outstanding 2.05 $ 11 Options Exercisable 1.97 $ 11 |
Summary of Performance Share Activity | The following table summarizes the performance award activity: Years Ended December 31, 2020 2019 Unvested Performance Awards - at Target Awards Weighted Average Fair Value Awards Weighted Average Fair Value Beginning of Year 171,417 $ 5.27 0 $ 0.00 Awards granted 145,289 8.70 174,117 5.27 Awards cancelled 0 0.00 (2,700 ) 5.27 End of Year 316,706 $ 6.84 171,417 $ 5.27 |
Summary of ESSP Activity | The following table summarizes the ESPP activity: Years Ended December 31, 2020 2019 Shares Weighted Average Fair Value at Grant Date Shares Weighted Average Fair Value at Grant Date Outstanding, beginning of year 0 $ 0.00 0 $ 0.00 Granted 157,706 1.68 180,859 1.08 Vested (157,706 ) 1.68 (180,859 ) 1.08 Outstanding, end of year 0 $ 0.00 0 $ 0.00 |
Calculation of Fair Value of Each Employee Stock Purchase Grant Under ESPP Using Black-Scholes Option-Pricing Model | The Company calculated the fair value of each employee stock purchase grant under the ESPP on the date of grant using the Black-Scholes option-pricing model using the following assumptions: Employee Stock Purchase Plan 2020 2019 Dividend yield 4.1 % 4.1 % Risk-free interest rate 0.1 % 2.5 % Expected volatility 44 % 34 % Expected life (in years) 0.5 0.5 |
Summary of Director Awards Activity | The following table summarizes the director awards activity: Years Ended December 31, 2020 2019 Shares Weighted Average Fair Value at Grant Date Shares Weighted Average Fair Value at Grant Date Outstanding, beginning of year 4,831 $ 6.90 7,246 $ 6.90 Granted 60,998 6.59 79,918 5.03 Vested (63,413 ) (6.60 ) (82,333 ) (5.08 ) Outstanding, end of year 2,416 $ 6.90 4,831 $ 6.90 |
Product Line, Customer and Ge_2
Product Line, Customer and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Result of Product Line Revenues and Gross Profits | Product Line Information: The following tables are the product line revenues and gross profits for the years ended December 31, 2020, and 2019: Year Ended December 31, 2020 Antennas & Industrial IoT Devices Test & Measurement Products Corporate Total Revenues $ 50,540 $ 27,565 $ (649 ) $ 77,456 Gross Profit $ 17,665 $ 20,244 $ 18 $ 37,927 Gross Profit % 35.0 % 73.4 % NA 49.0 % Year Ended December 31, 2019 Antennas & Industrial IoT Devices Test & Measurement Products Corporate Total Revenues $ 62,708 $ 28,115 $ (206 ) $ 90,617 Gross Profit $ 21,841 $ 19,640 $ 31 $ 41,512 Gross Profit % 34.8 % 69.9 % NA 45.8 % |
Customers Accounted Revenues by Geographic Location | Geographic Information: The Company’s revenue to customers by geographic location, as a percent of total revenues, is as follows: Years Ended December 31, Region 2020 2019 Europe, Middle East, & Africa 17 % 14 % Asia Pacific 8 % 10 % Other Americas 3 % 3 % Total Foreign sales 28 % 27 % Total Domestic sales 72 % 73 % Total 100 % 100 % |
Long-lived Assets by Geographic Region | The long-lived assets by geographic region are as follows: December 31, 2020 2019 United States $ 22,439 $ 17,485 All Other 479 945 Total $ 22,918 $ 18,430 |
Trade Accounts Receivable [Member] | |
Schedule of Revenues and Total Trade Accounts Receivable Represents Customers Accounted for 10% or More Percentage | The following table represents the customers that accounted for 10% or more of total trade accounts receivable on December 31, 2020 and 2019. As of December 31, Trade Accounts Receivable 2020 2019 Customer A 31% 15% Customer B 10% 8% Customer C 0% 11% |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Contributions to Retirement Plans | The Company’s contributions to retirement plans were as follows: Years ended December 31, 2020 2019 PCTEL, Inc. 401(k) profit sharing plan - US employees $ 729 $ 645 Defined contribution plans - foreign employees 71 444 Total $ 800 $ 1,089 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarters Ended, March 31, June 30, September 30, December 31, 2020 2020 2020 2020 Revenues $ 17,506 $ 19,842 $ 18,923 $ 21,185 Gross profit 8,215 9,521 9,575 10,616 Operating income (loss) (878 ) 1,098 1,135 1,985 Income (loss) before income taxes (680 ) 1,200 1,051 1,875 Net income (loss) $ (688 ) $ 1,192 $ 1,042 $ 1,871 Net income (loss) per share: Basic $ (0.04 ) $ 0.07 $ 0.06 $ 0.10 Diluted $ (0.04 ) $ 0.07 $ 0.06 $ 0.10 Weighted Average Shares: Basic 18,207,165 18,159,029 18,198,567 18,149,356 Diluted 18,207,165 18,213,617 18,310,772 18,297,058 Quarters Ended, March 31, June 30, September 30, December 31, 2019 2019 2019 2019 Revenues $ 20,590 $ 23,499 $ 23,630 $ 22,898 Gross profit 8,658 10,694 10,647 11,513 Operating income (loss) (469 ) 629 941 1,707 Income (loss) before income taxes (307 ) 949 1,334 1,814 Net income (loss) $ (317 ) $ 941 $ 1,328 $ 1,798 Net income (loss) per share: Basic $ (0.02 ) $ 0.05 $ 0.07 $ 0.10 Diluted $ (0.02 ) $ 0.05 $ 0.07 $ 0.10 Weighted Average Shares: Basic 17,617,099 17,827,591 17,921,552 18,033,548 Diluted 17,617,099 17,934,141 18,181,157 18,460,503 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Nature Of Operations [Line Items] | ||||
Percentage of revenue transacted in foreign currency | 3.00% | 5.00% | ||
Percentage of expenses transacted in foreign currency | 17.00% | 25.00% | ||
Net foreign exchange gains (losses) resulting from foreign currency transactions included in other income | $ (300,000) | $ 100,000 | ||
Cash and cash equivalents maturities | 90 days | 90 days | ||
Investment of cash equivalents are redeemable upon demand using amortized cost method | $ 1 | |||
Investment in money market funds restricted by investment in short term securities, percentage | 100.00% | |||
Short-term investments, maturities, minimum | 90 days | |||
Short-term investments, maturities, maximum | 1 year | |||
Long-term investments, maturities, minimum | 1 year | |||
Long-term investments, maturities, maximum | 2 years | |||
Net unrealized losses | $ 8,000 | $ 10,000 | ||
Allowance for doubtful accounts | 113,000 | 104,000 | ||
Recovery of amounts previously written off | 177,000 | |||
Consigned inventory with customers | 300,000 | 300,000 | ||
Allowance for inventory losses | 3,700,000 | 3,400,000 | ||
Depreciation and amortization | 3,000,000 | 2,900,000 | ||
Advertising expense | $ 200,000 | 200,000 | ||
Most likely than not benefit likelihood percentage being realized upon ultimate settlement with taxing authority resulting from sustainability of tax examination | 50.00% | |||
Deferred tax asset, valuation allowance | $ 12,938,000 | 13,490,000 | ||
Deferred payroll taxes | 500,000 | |||
Impairment of long-lived assets | $ 0 | 0 | ||
Test & Measurement Product Line [Member] | ||||
Nature Of Operations [Line Items] | ||||
Goodwill impairment test | October 31, 2020 | |||
Goodwill acquired | $ 3,300,000 | |||
Test & Measurement Product Line [Member] | Product [Member] | ||||
Nature Of Operations [Line Items] | ||||
Goodwill impairment test | October 31, 2019 | |||
Goodwill acquired | $ 3,300,000 | |||
Equipment [Member] | ||||
Nature Of Operations [Line Items] | ||||
Period over which assets are depreciated | 5 years | |||
Furniture and Fixtures [Member] | ||||
Nature Of Operations [Line Items] | ||||
Period over which assets are depreciated | 7 years | |||
Building [Member] | ||||
Nature Of Operations [Line Items] | ||||
Period over which assets are depreciated | 30 years | |||
Level 3 [Member] | ||||
Nature Of Operations [Line Items] | ||||
Investments | $ 0 | 0 | ||
China [Member] | ||||
Nature Of Operations [Line Items] | ||||
Cash in foreign bank | 2,900,000 | $ 2,100,000 | ||
Maximum [Member] | ||||
Nature Of Operations [Line Items] | ||||
Federal Deposit Insurance Corporation insured limit | $ 250,000 | |||
Standard term of accounts receivable | 90 days | |||
Useful lives of the assets | 1 year | |||
Maximum [Member] | Computer Equipment [Member] | ||||
Nature Of Operations [Line Items] | ||||
Period over which assets are depreciated | 5 years | |||
Minimum [Member] | ||||
Nature Of Operations [Line Items] | ||||
Standard term of accounts receivable | 30 days | |||
Minimum [Member] | Computer Equipment [Member] | ||||
Nature Of Operations [Line Items] | ||||
Period over which assets are depreciated | 3 years |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Cash and Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash And Cash Equivalents [Abstract] | ||
Cash | $ 4,740 | $ 5,604 |
Cash equivalents | 1,021 | 1,490 |
Short-term investments | 30,582 | 32,556 |
Long-term investments | 4,640 | 0 |
Cash and investments | $ 40,983 | $ 39,650 |
Organization and Summary of S_6
Organization and Summary of Significant Accounting Policies - Cash Equivalents and Investments Measured at Fair Value (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 1,021 | $ 1,490 |
Short-term investments | 30,582 | 32,556 |
Long-term investments | 4,640 | 0 |
Cash equivalents and Investments - book value | 36,243 | 34,046 |
Unrealized gains (losses) | (8) | (10) |
Cash equivalents and Investments - fair value | 36,235 | 34,036 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,021 | 782 |
Short-term investments | 4,264 | 3,846 |
Long-term investments | 258 | 0 |
Cash equivalents and Investments - book value | 5,543 | 4,628 |
Unrealized gains (losses) | (1) | 1 |
Cash equivalents and Investments - fair value | 5,542 | 4,629 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 708 |
Short-term investments | 26,318 | 28,710 |
Long-term investments | 4,382 | 0 |
Cash equivalents and Investments - book value | 30,700 | 29,418 |
Unrealized gains (losses) | (7) | (11) |
Cash equivalents and Investments - fair value | 30,693 | 29,407 |
Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 708 |
Short-term investments | 26,318 | 28,710 |
Long-term investments | 4,382 | 0 |
Corporate Bonds [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 708 |
Short-term investments | 26,318 | 28,710 |
Long-term investments | 4,382 | 0 |
Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 300 | 0 |
Short-term investments | 4,264 | 3,846 |
Long-term investments | 258 | 0 |
Certificates of Deposit [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 300 | 0 |
Short-term investments | 4,264 | 3,846 |
Long-term investments | 258 | 0 |
Certificates of Deposit [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 721 | 782 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 721 | 782 |
Money Market Funds [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 0 | $ 0 |
Organization and Summary of S_7
Organization and Summary of Significant Accounting Policies - Summary of Allowances for Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Credit losses provision | $ 66 | $ 56 |
Credit allowances | 47 | 48 |
Total allowances | $ 113 | $ 104 |
Organization and Summary of S_8
Organization and Summary of Significant Accounting Policies - Allowance for credit losses (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance at December 31, 2019 | $ 56 |
Current period benefit for credit losses | (167) |
Recovery of amounts previously written off | 177 |
Balance at December 31, 2020 | $ 66 |
Organization and Summary of S_9
Organization and Summary of Significant Accounting Policies - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Net [Abstract] | ||
Raw materials | $ 5,315 | $ 6,502 |
Work in process | 883 | 913 |
Finished goods | 3,786 | 4,520 |
Inventories, net | $ 9,984 | $ 11,935 |
Organization and Summary of _10
Organization and Summary of Significant Accounting Policies - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 36,731 | $ 34,612 |
Less: Accumulated depreciation and amortization | (25,996) | (24,397) |
Land | 1,770 | 1,770 |
Property and equipment, net | 12,505 | 11,985 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 6,868 | 6,389 |
Computers and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 10,039 | 9,847 |
Manufacturing and Test Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 15,394 | 14,192 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,437 | 1,314 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 2,973 | 2,850 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 20 | $ 20 |
Organization and Summary of _11
Organization and Summary of Significant Accounting Policies - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Inventory receipts | $ 3,049 | $ 1,431 |
Payroll and other employee benefits | 1,083 | 1,654 |
Paid time off | 1,028 | 855 |
Professional fees and contractors | 316 | 246 |
Warranties | 285 | 444 |
Operating leases | $ 269 | $ 282 |
Operating Lease Liability Current Statement Of Financial Position Extensible List | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent |
Deferred revenues | $ 242 | $ 241 |
Employee stock purchase plan | 224 | 228 |
Income and sales taxes | 185 | 133 |
Real estate taxes | 155 | 152 |
Customer refunds for estimated returns | 146 | 147 |
Finance leases | 68 | 77 |
Restructuring | 15 | 45 |
Short-term incentive plan | 0 | 2,504 |
Leasehold improvements | 0 | 702 |
Other | 251 | 241 |
Total | $ 7,316 | $ 9,382 |
Organization and Summary of _12
Organization and Summary of Significant Accounting Policies - Summary of Long-term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Liabilities Noncurrent [Abstract] | ||
Operating leases | $ 3,949 | $ 3,021 |
Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List | us-gaap:LiabilitiesNoncurrent | us-gaap:LiabilitiesNoncurrent |
Deferred payroll taxes | $ 243 | $ 0 |
Finance leases | 96 | 164 |
Deferred revenue | 76 | 119 |
Other | 23 | 11 |
Total | $ 4,387 | $ 3,315 |
Earnings per Share - Computatio
Earnings per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | ||||||||||
NET INCOME | $ 1,871 | $ 1,042 | $ 1,192 | $ (688) | $ 1,798 | $ 1,328 | $ 941 | $ (317) | $ 3,417 | $ 3,750 |
Denominator: | ||||||||||
Common shares outstanding | 18,149,356 | 18,198,567 | 18,159,029 | 18,207,165 | 18,033,548 | 17,921,552 | 17,827,591 | 17,617,099 | 18,207,396 | 17,852,968 |
Net Income per common share - basic | ||||||||||
Net income | $ 0.10 | $ 0.06 | $ 0.07 | $ (0.04) | $ 0.10 | $ 0.07 | $ 0.05 | $ (0.02) | $ 0.19 | $ 0.21 |
Weighted Average Shares: | ||||||||||
Common shares outstanding | 18,149,356 | 18,198,567 | 18,159,029 | 18,207,165 | 18,033,548 | 17,921,552 | 17,827,591 | 17,617,099 | 18,207,396 | 17,852,968 |
Common stock option grants | 0 | 1,256,000 | ||||||||
Total shares | 18,297,058 | 18,310,772 | 18,213,617 | 18,207,165 | 18,460,503 | 18,181,157 | 17,934,141 | 17,617,099 | 18,398,788 | 18,158,659 |
Income per common share - diluted | ||||||||||
Net income | $ 0.10 | $ 0.06 | $ 0.07 | $ (0.04) | $ 0.10 | $ 0.07 | $ 0.05 | $ (0.02) | $ 0.19 | $ 0.21 |
Performance Related Awards [Member] | ||||||||||
Weighted Average Shares: | ||||||||||
Performance related awards/Restricted shares subject to vesting | 0 | 191,247,000 | ||||||||
Restricted Stock [Member] | ||||||||||
Weighted Average Shares: | ||||||||||
Performance related awards/Restricted shares subject to vesting | 191,392,000 | 113,188,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite Lived Intangible Assets [Line Items] | ||
Change in goodwill | $ 0 | $ 0 |
Goodwill | 3,332,000 | 3,332,000 |
Amortization Of Intangible Assets | 144,000 | 885,000 |
Continuing Operations [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization Of Intangible Assets | 100,000 | 900,000 |
Operating Expense [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization Of Intangible Assets | 200,000 | |
Cost of Revenues [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization Of Intangible Assets | $ 100,000 | $ 700,000 |
Minimum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets basis over estimated useful lives | 1 year | |
Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets basis over estimated useful lives | 6 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets [Line Items] | ||
Cost | $ 27,496 | $ 34,334 |
Accumulated Amortization | 27,496 | 34,190 |
Net Book Value | 0 | 144 |
Customer Contracts And Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 16,880 | 16,880 |
Accumulated Amortization | 16,880 | 16,880 |
Net Book Value | 0 | 0 |
Patents And Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 9,644 | 10,114 |
Accumulated Amortization | 9,644 | 10,003 |
Net Book Value | 0 | 111 |
Trademarks and Trade Names | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 972 | 4,834 |
Accumulated Amortization | 972 | 4,801 |
Net Book Value | 0 | 33 |
Other Intangible Assets | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 0 | 2,506 |
Accumulated Amortization | 0 | 2,506 |
Net Book Value | $ 0 | $ 0 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Assigned Lives and Weighted Average Amortization Periods by Intangible Asset Category (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 1 year |
Maximum [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 6 years |
Customer Contracts And Relationships | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 5 years |
WeightedAverageAmortizationPeriod | 5 years |
Patents And Technology | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
WeightedAverageAmortizationPeriod | 5 years 1 month 6 days |
Patents And Technology | Minimum [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 5 years |
Patents And Technology | Maximum [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 6 years |
Trademarks and Trade Names | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
WeightedAverageAmortizationPeriod | 5 years 7 months 6 days |
Trademarks and Trade Names | Minimum [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 5 years |
Trademarks and Trade Names | Maximum [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 6 years |
Other Intangible Assets | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
WeightedAverageAmortizationPeriod | 3 years |
Other Intangible Assets | Minimum [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 1 year |
Other Intangible Assets | Maximum [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 6 years |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Accrual Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | $ 45 | $ 77 |
Restructuring expenses | 124 | 507 |
Payments made | (242) | (638) |
Payments received | 88 | 99 |
Ending balance | 15 | 45 |
China Restructuring Severance [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 12 | 0 |
Restructuring expenses | 124 | 507 |
Payments made | (136) | (495) |
Payments received | 0 | 0 |
Ending balance | 0 | 12 |
Lease Terminations [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 33 | 77 |
Restructuring expenses | 0 | 0 |
Payments made | (106) | (143) |
Payments received | 88 | 99 |
Ending balance | $ 15 | $ 33 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) $ in Thousands | Aug. 07, 2019 | Dec. 31, 2020USD ($)Employee | Dec. 31, 2019USD ($) |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring expenses | $ 124 | $ 507 | |
China Restructuring [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and related activities, initiation date | Aug. 7, 2019 | ||
Restructuring expenses | $ 100 | $ 500 | |
Lease expiration month and year | 2020-10 | ||
China Restructuring [Member] | Tianjin [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Number of employees separation | Employee | 84 | ||
China Restructuring [Member] | Tianjin [Member] | Minimum [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Additional severance cost | $ 800 | ||
China Restructuring [Member] | Tianjin [Member] | Maximum [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Additional severance cost | $ 1,000 |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Expense for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments [Abstract] | ||||||||||
Domestic | $ 4,447 | $ 4,250 | ||||||||
Foreign | (1,001) | (460) | ||||||||
INCOME BEFORE INCOME TAXES | $ 1,875 | $ 1,051 | $ 1,200 | $ (680) | $ 1,814 | $ 1,334 | $ 949 | $ (307) | $ 3,446 | $ 3,790 |
Income Taxes - Summary of Expen
Income Taxes - Summary of Expense for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | ||
Federal | $ 0 | $ 0 |
State | 29 | 40 |
Foreign | 0 | 0 |
Gross | 29 | 40 |
Deferred: | ||
Federal | 0 | 0 |
State | 0 | 0 |
Foreign | 0 | 0 |
Gross | 0 | 0 |
Total | $ 29 | $ 40 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expense for Income Taxes (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | ||
Statutory federal income tax rate | 21.00% | 21.00% |
State income tax, net of federal benefit | 7.00% | 7.00% |
Tax effect of permanent differences | 1.00% | 3.00% |
Change in valuation allowance | (19.00%) | (25.00%) |
Effective state rate change to deferred tax assets | 0.00% | (1.00%) |
Stock-based compensation (windfalls) shortfalls | (1.00%) | 3.00% |
Foreign income taxed at different rates | 1.00% | 0.00% |
Research and development credits | (9.00%) | (8.00%) |
Other | 0.00% | 1.00% |
Total | 1.00% | 1.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | ||
Income tax expense (benefit) | $ 29,000 | $ 40,000 |
Statutory rate | 21.00% | 21.00% |
Designed to tax global intangible low taxed income, minimum percentage return on depreciable tangible assets. | 10.00% | 10.00% |
Recognition of interest and penalties as income tax expense | $ 0 | $ 0 |
Gross deferred tax assets | 12,968,000 | 13,651,000 |
Deferred tax asset, valuation allowance | 12,938,000 | 13,490,000 |
Deferred tax liabilities | 30,000,000 | 200,000 |
Net deferred tax assets | 0 | 0 |
Deferred tax asset | $ 2,900,000 | $ 3,500,000 |
Acquired intangible asset amortization period for tax purpose | 15 years | 15 years |
Domestic deferred tax assets ratable reversal pattern period | 10 years | |
Operating loss and credit carry forward, expiration period | The Company’s net operating losses and credits have a finite life primarily based on the 20-year carryforward rule for federal net operating losses (NOLs) generated through December 31, 2017. | |
Net operating loss carry forward period | 20 years | |
Percentage of loss carry forwards of current taxable income | 80 | |
Period of increase or decrease in unrecognized tax benefits | 12 months | |
Deferred payroll taxes | $ 500,000 | |
Domestic Tax Authority [Member] | ||
Income Tax Disclosure [Line Items] | ||
Deferred tax asset, valuation allowance | 12,100,000 | |
Net deferred tax assets | 12,100,000 | $ 13,100,000 |
Operating Loss Carry forwards | $ 8,100,000 | |
Operating loss carry forwards expiration year | 2031 | |
Operating loss carry forwards expiration year | 2037 | |
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carry forwards | $ 1,600,000 | |
Tax credit carry forwards expiration year | 2030 | |
Tax credit carry forwards expiration year | 2040 | |
Domestic Tax Authority [Member] | 2031 and 2037 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Operating Loss Carry forwards | $ 5,300,000 | |
Foreign [Member] | ||
Income Tax Disclosure [Line Items] | ||
Deferred tax asset, valuation allowance | 800,000 | |
Net deferred tax assets | 800,000 | $ 500,000 |
Operating Loss Carry forwards | $ 1,000,000 | |
Operating loss carry forwards expiration year | 2025 | |
Foreign [Member] | Research Tax Credit Carryforward [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carry forwards | $ 300,000 | |
Tax credit carry forwards expiration year | 2024 | |
Tax credit carry forwards expiration year | 2026 | |
State and Local Jurisdiction [Member] | ||
Income Tax Disclosure [Line Items] | ||
Operating Loss Carry forwards | $ 15,700,000 | |
Operating loss carry forwards expiration year | 2021 | |
Operating loss carry forwards expiration year | 2038 | |
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carry forwards | $ 1,500,000 |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Accounts (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets: | ||
Net operating loss carryforwards | $ 4,138 | $ 4,759 |
Amortization | 2,942 | 3,500 |
Federal, foreign, and state credits | 2,399 | 2,086 |
Inventory reserves | 995 | 1,159 |
Deferred gain | 866 | 870 |
Deferred rent | 498 | 159 |
Stock compensation | 465 | 494 |
Accrued vacation | 264 | 220 |
Other | 401 | 404 |
Gross deferred tax assets | 12,968 | 13,651 |
Valuation allowance | (12,938) | (13,490) |
Net deferred tax asset | 30 | 161 |
Deferred Tax Liabilities: | ||
Depreciation | (30) | (161) |
Net Deferred Tax Assets | $ 0 | $ 0 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | ||
Beginning of period | $ 759 | $ 730 |
Addition related to tax positions in current year | 49 | 45 |
Reversals for uncertain tax positions | 0 | (16) |
End of period | $ 808 | $ 759 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Line Items] | |||
Refund liability | $ 146 | $ 147 | |
Warranties | 285 | 444 | |
Warranty Reserves [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Refund liability | 100 | 100 | |
Warranties | $ 285 | $ 444 | $ 339 |
Warranty Reserves [Member] | Antenna [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Repair and replacement warranty | 5 years |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Warranty Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in warranty reserves | ||
Beginning balance | $ 444 | |
Ending balance | 285 | $ 444 |
Warranty Reserves [Member] | ||
Changes in warranty reserves | ||
Beginning balance | 444 | 339 |
Provisions for warranties | 44 | 435 |
Consumption of reserves | (203) | (330) |
Ending balance | $ 285 | $ 444 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease costs | $ 642 | $ 963 |
Short-term lease costs | 114 | 92 |
Variable lease costs | 2 | 27 |
Amortization of finance lease assets | 77 | 99 |
Interest on finance lease liabilities | 8 | 9 |
Total lease cost | $ 843 | $ 1,190 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Operating and Finance Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2021 | $ 481 | |
2022 | 558 | |
2023 | 569 | |
2024 | 581 | |
2025 | 501 | |
Thereafter | 2,675 | |
Total minimum payments required | 5,365 | |
Less: amount representing interest | 1,147 | |
Present value of net minimum lease payments | 4,218 | |
Less: current maturities of lease obligations | (269) | $ (282) |
Long-term lease obligations | 3,949 | 3,021 |
Finance Leases | ||
2021 | 73 | |
2022 | 48 | |
2023 | 32 | |
2024 | 20 | |
2025 | 0 | |
Thereafter | 0 | |
Total minimum payments required | 173 | |
Less: amount representing interest | 9 | |
Present value of net minimum lease payments | 164 | |
Less: current maturities of lease obligations | (68) | (77) |
Long-term lease obligations | $ 96 | $ 164 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Terms and Discount Rates (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Weighted-average remaining lease term - finance leases | 2 years 10 months 24 days | 3 years 7 months 6 days |
Weighted-average remaining lease term - operating leases | 9 years 7 months 6 days | 9 years 8 months 12 days |
Weighted-average discount rate - finance leases | 4.00% | 4.00% |
Weighted-average discount rate - operating leases | 5.00% | 5.00% |
Leases - Schedule of Classifica
Leases - Schedule of Classification of ROU Assets and Lease liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2019 |
ASSETS | |||
Operating right-of-use assets | $ 2,272 | $ 2,696 | $ 2,100 |
Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent | |
Finance right-of-use assets | $ 157 | $ 234 | |
Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent | |
Total lease assets | $ 2,429 | $ 2,930 | |
Current | |||
Operating leases | $ 269 | $ 282 | |
Operating Lease Liability Current Statement Of Financial Position Extensible List | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent | |
Finance leases | $ 68 | $ 77 | |
Finance Lease Liability Current Statement Of Financial Position Extensible List | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent | |
Noncurrent | |||
Operating leases | $ 3,949 | $ 3,021 | |
Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List | us-gaap:LiabilitiesNoncurrent | us-gaap:LiabilitiesNoncurrent | |
Finance leases | $ 96 | $ 164 | |
Finance Lease Liability Noncurrent Statement Of Financial Position Extensible List | us-gaap:LiabilitiesNoncurrent | us-gaap:LiabilitiesNoncurrent | |
Total lease liabilities | $ 4,382 | $ 3,544 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2020USD ($)ft² | Jan. 31, 2019ft² | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Aug. 31, 2019USD ($) | |
Leases [Line Items] | |||||
Right of Use Asset | $ | $ 2,272 | $ 2,696 | $ 2,100 | ||
Rent abatement duration | 14 months | ||||
Lease description | In July 2020, the Company signed a one-year lease renewal for its engineering design center in Beijing, China. Under the new lease, the square footage was reduced from 11,210 square feet to 5,393 square feet. The lease period ends on June 14, 2021 | In January 2019, the Company entered into an eleven-year lease ending February 28, 2031 for 21,030 square feet of office space in Clarksburg, Maryland for the Company’s test & measurement product line. The Company moved the operations for its test & measurement product line from its Germantown, Maryland office in January 2020. | On March 5, 2020, PCTEL (Tianjin) Wireless Telecommunications Products, Co. Ltd., a wholly owned subsidiary of the Company (“PCTEL Tianjin”), entered into a letter agreement with Wang Zhuang Village Committee of Tianjin, China (the “Letter Agreement”) specifying the terms for extension of the lease of the premises on which PCTEL Tianjin currently conducts its manufacturing activities in Tianjin, China (the “Tianjin Lease”) to October 2022. The Letter Agreement did not, however, effect the lease extension. The Tianjin Lease expired on October 8, 2020 without extension. On October 16, 2020, the Wang Zhuang Village Committee issued a notice informing PCTEL Tianjin that the Chinese Party Central Committee and the State Council are accelerating the layout optimization and transformation of the industrial park in which the leased premises is located, and accordingly leases and lease extensions for all premises in the industrial park have been suspended and rent collection has been postponed. The letter indicates that if the Tianjin Lease extension is subsequently approved, the rent for the period from October 9, 2020 to the date of the Tianjin Lease extension (the “Intervening Period”) will then be due and payable. If the Tianjin Lease extension is not approved, PCTEL Tianjin will need to vacate the premises and no rent will be due for the Intervening Period. PCTEL Tianjin has not received an indication of the likelihood of approval of the Tianjin Lease extension, the length of the Intervening Period or the notice period for vacating the leased premises; provided, however, based upon past practices and verbal assurances, the Company believes that PCTEL Tianjin will have not less than 30 days to vacate the leased premises if the Lease Extension is not approved. See risk factors in Section IA for additional information on the Tianjin lease. | ||
Total lease obligation | $ | $ 100 | ||||
Test & Measurement Product Line [Member] | |||||
Leases [Line Items] | |||||
Operating lease term of contract | 11 years | ||||
Area of lease | ft² | 21,030 | ||||
Tenant improvement incentives in form of cash reimbursements | $ | $ 1,500 | ||||
Lease expiration date | Feb. 28, 2031 | ||||
Beijing Design Center [Member] | |||||
Leases [Line Items] | |||||
Operating lease term of contract | 1 year | ||||
Area of lease | ft² | 11,210 | ||||
Lease expiration date | Jun. 14, 2021 | ||||
Area of land reduced by square footage under new lease | ft² | 5,393 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Activity Related to Common Shares Outstanding (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | ||
Common stock shares outstanding, Beginning balance | 18,611,289 | 18,271,249 |
Issuance of common stock on exercise of stock options | 19,606 | 73,680 |
Restricted stock awards, net of cancellations | 202,748 | 189,578 |
Director share awards | 60,998 | 79,918 |
Equity awards under Short-Term Incentive Plan | 189,121 | 0 |
Issuance of common stock from purchase of Employee Stock Purchase Plan shares | 157,706 | 180,859 |
Cancellation of stock for withholding tax for vested shares | (148,499) | (183,995) |
Common stock Repurchases | (663,619) | 0 |
Common stock shares outstanding, End of Year | 18,429,350 | 18,611,289 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of the Reserved Shares of Common Stock for Future Issuance (Detail) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 4,051,457 | 4,529,769 |
PCTEL, Inc. 2019 Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 2,109,184 | 2,240,669 |
PCTEL, Inc. 2015 Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 299,979 | 489,100 |
PCTEL, Inc. 2019 Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 1,642,294 | 1,800,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Incentive Plans - Additional Information (Detail) - 2019 Stock Plan [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate number of shares that may be issued | 2,213,000 |
Number of shares available in plan to be issued | 103,865 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of fair market value to determine purchase price | 85.00% |
Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares that may be issued | 1,800,000,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Stock compensation expense | $ 2,479,000 | $ 4,133,000 |
Capitalize stock compensation expense | $ 0 | $ 0 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Based Compensation [Line Items] | ||
Total | $ 2,479 | $ 4,133 |
Service-based Awards [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | 1,803 | 1,963 |
Director Awards [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | 402 | 402 |
Performance-based Awards - Long-term Incentive Plan [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | 28 | 226 |
Performance-based Awards - Short-term Incentive Plan [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | 0 | 1,335 |
Employee Stock Purchase Plan [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | 245 | 205 |
Stock Options [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | $ 1 | $ 2 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock compensation expense | $ 2,479 | $ 4,133 |
Cost of Revenues [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock compensation expense | 272 | 408 |
Research and Development [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock compensation expense | 530 | 652 |
Sales and Marketing [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock compensation expense | 559 | 672 |
General and Administrative [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock compensation expense | $ 1,118 | $ 2,401 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Remaining Unrecognized Share-based Compensation Expense Related to Outstanding Share-based Awards (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Service-based Awards [Member] | |
Stock Based Compensation [Line Items] | |
Remaining unrecognized share-based compensation expense | $ 1,425 |
Share based compensation arrangement by share based payment award options weighted average life in years | 1 year 4 months 24 days |
Performance-based Awards [Member] | |
Stock Based Compensation [Line Items] | |
Remaining unrecognized share-based compensation expense | $ 446 |
Share based compensation arrangement by share based payment award options weighted average life in years | 1 year 9 months 18 days |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units - Service-Based - Additional Information (Detail) shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2020shares | Feb. 29, 2020shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants vesting period | 3 years | 3 years | ||
Service Based Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants vesting period | 1 year | |||
Stock awards issued during the period | shares | 47,539 | 153,694 | ||
Stock award vesting term | 47,539 service-based restricted stock awards were issued | Company issued to employees 153,694 service-based restricted stock awards that vest in three substantially equal annual increments commencing in 2021 | ||
Employee salary reduction percentage | 0.10 | |||
Restricted stock issued against salary percentage | 0.05 | |||
Restricted shares vested grant date intrinsic value | $ 1,900 | $ 3,300 | ||
Service Based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted shares vested grant date intrinsic value | $ 44 | $ 97 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Service-based Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested Beginning balance, Shares | 477,187 | 838,967 |
Shares awarded, Shares | 201,233 | 190,159 |
Shares vested, Shares | (239,615) | (538,137) |
Shares cancelled, Shares | (3,967) | (13,802) |
Unvested Ending balance, Shares | 434,838 | 477,187 |
Unvested Beginning balance, Weighted Average Fair Value | $ 6.11 | $ 6.21 |
Shares awarded, Weighted Average Fair Value | 7.91 | 5.25 |
Shares vested, Weighted Average Fair Value | 6.18 | 5.96 |
Shares cancelled, Weighted Average Fair Value | 6.19 | 6.27 |
Unvested Ending balance, Weighted Average Fair Value | $ 6.91 | $ 6.11 |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Service-based Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested Beginning balance, Shares | 8,117 | 18,638 |
Units awarded, Shares | 6,448 | 2,700 |
Units vested/Shares awarded, Shares | (5,482) | (13,221) |
Unvested Ending balance, Shares | 9,083 | 8,117 |
Unvested Beginning balance, Weighted Average Fair Value | $ 5.83 | $ 5.66 |
Units awarded, Weighted Average Fair Value | 7.48 | 5.27 |
Units vested/Shares awarded, Weighted Average Fair Value | 5.80 | 5.35 |
Unvested Ending balance, Weighted Average Fair Value | $ 7.02 | $ 5.83 |
Stock-Based Compensation - St_3
Stock-Based Compensation - Stock Options - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercised | 19,606 | 73,680 |
Intrinsic value based on share price | $ 6.57 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee stock options vesting provisions, description | Employee options are subject to installment vesting and although the vesting may vary from year to year, it is typically over a period of three years. | |
Options vested in remaining period | 3 years | |
Period of termination of employment | 180 days | |
Stock options granted period | 10 years | |
Options Granted | 0 | 0 |
Options exercised | 61,767 | 154,409 |
Intrinsic value | $ 0.1 | $ 0.2 |
Lower range of exercise prices | $ 5.06 | |
Upper range of exercise prices | $ 8.21 | |
Period of expected life, options granted | 5 years | |
Stock Options [Member] | Stock Option Plan One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from options exercised | $ 0.1 | $ 0.5 |
Options exercised | 9,412 | 62,909 |
Stock Options [Member] | Stock Option Plan Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercised | 52,355 | 91,500 |
Shares issued | 10,194 | 10,771 |
Stock-Based Compensation - Su_6
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Summary Of Stock Option Activities [Line Items] | ||
Options Outstanding, Exercised | (19,606) | (73,680) |
Stock Options [Member] | ||
Summary Of Stock Option Activities [Line Items] | ||
Options Outstanding, Beginning balance, Shares | 150,246 | 423,534 |
Options Outstanding, Exercised | (61,767) | (154,409) |
Options Outstanding, Forfeited | (188) | 0 |
Options Outstanding, Cancelled/expired | (72,041) | (118,879) |
Options Outstanding, Ending balance, Shares | 16,250 | 150,246 |
Options Exercisable, Ending balance, Shares | 15,620 | 147,394 |
Options Outstanding, Beginning balance, Weighted Average Exercise Price | $ 7.11 | $ 7.15 |
Weighted Average Exercise Price, Exercised | 7.13 | 7.18 |
Weighted Average Exercise Price, Forfeited | 5 | 0 |
Weighted Average Exercise Price, Expired or Cancelled | 7.23 | 7.16 |
Options Outstanding, Ending balance, Weighted Average Exercise Price | 6.54 | 7.11 |
Options Outstanding, Exercisable at End of Year, Weighted Average Exercise Price | $ 6.52 | $ 7.13 |
Stock-Based Compensation - Info
Stock-Based Compensation - Information about Stock Options Outstanding Under all Stock Plans (Detail) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise prices | $ 5.06 |
Options Outstanding, Number | shares | 7,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 years 8 months 15 days |
Options Outstanding, Weighted-Average Exercise Price | $ 5.06 |
Options Exercisable, Number | shares | 7,000 |
Options Exercisable, Weighted Average Exercise Price | $ 5.06 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 6.98 |
Upper range of exercise prices | $ 7.55 |
Options Outstanding, Number | shares | 4,750 |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 years 1 month 28 days |
Options Outstanding, Weighted-Average Exercise Price | $ 7.22 |
Options Exercisable, Number | shares | 4,120 |
Options Exercisable, Weighted Average Exercise Price | $ 7.26 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 8.09 |
Upper range of exercise prices | $ 8.21 |
Options Outstanding, Number | shares | 4,500 |
Options Outstanding, Weighted Average Contractual Life (Years) | 11 months 1 day |
Options Outstanding, Weighted-Average Exercise Price | $ 8.12 |
Options Exercisable, Number | shares | 4,500 |
Options Exercisable, Weighted Average Exercise Price | $ 8.12 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 5.06 |
Upper range of exercise prices | $ 8.21 |
Options Outstanding, Number | shares | 16,250 |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 years 18 days |
Options Outstanding, Weighted-Average Exercise Price | $ 6.54 |
Options Exercisable, Number | shares | 15,620 |
Options Exercisable, Weighted Average Exercise Price | $ 6.52 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Contractual Life and Intrinsic Value of Options Outstanding (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |
Options Outstanding Weighted Average Contractual Life (years) | 2 years 18 days |
Options Exercisable Weighted Average Contractual Life (years) | 1 year 11 months 19 days |
Options Outstanding Intrinsic Value | $ 11 |
Options Exercisable Intrinsic Value | $ 11 |
Stock-Based Compensation - Shor
Stock-Based Compensation - Short-Term Incentive Plan - Additional Information (Detail) shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)shares | |
2020 STIP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Issued | 0 |
2020 STIP [Member] | Certain Executives [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of incentive awards in shares | 50.00% |
Percentage of incentive awards in cash | 50.00% |
2019 STIP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Issued | 129,285 |
2019 STIP [Member] | Certain Executives [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of incentive awards in shares | 50.00% |
Percentage of incentive awards in cash | 50.00% |
Proceeds from issuance of shares | $ | $ 1.2 |
Stock-Based Compensation - Su_7
Stock-Based Compensation - Summary of Performance Share Activity (Detail) - Performance Related Awards [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested Beginning balance, Shares | 171,417 | 0 |
Awards granted | 145,289 | 174,117 |
Shares cancelled, Shares | 0 | (2,700) |
Unvested Ending balance, Shares | 316,706 | 171,417 |
Unvested Beginning balance, Weighted Average Fair Value | $ 5.27 | $ 0 |
Shares awarded, Weighted Average Fair Value | 8.70 | 5.27 |
Shares cancelled, Weighted Average Fair Value | 0 | 5.27 |
Unvested Ending balance, Weighted Average Fair Value | $ 6.84 | $ 5.27 |
Stock-Based Compensation - Long
Stock-Based Compensation - Long-Term Incentive Plan - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | Dec. 31, 2019 | |
2019 LTIP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Revenue growth target performance period | 3 years | ||
Revenue growth target performance period start date | Jan. 1, 2019 | ||
Revenue growth target performance period end date | Dec. 31, 2021 | ||
Total fair market value of award at target | $ 0.9 | ||
Shares awarded, Weighted Average Fair Value | $ 5.27 | ||
Number of shares earned | 174,117 | 2,700 | |
Maximum number of shares that may be issued | 299,979 | ||
Maximum number of earned shares declined | 4,725 | ||
2020 LTIP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Revenue growth target performance period start date | Jan. 1, 2020 | ||
Revenue growth target performance period end date | Dec. 31, 2022 | ||
Total fair market value of award at target | $ 1.3 | ||
Shares awarded, Weighted Average Fair Value | $ 8.70 | ||
Number of shares earned | 145,289 | ||
Maximum number of shares that may be issued | 254,256 |
Stock-Based Compensation - Su_8
Stock-Based Compensation - Summary of ESSP Activity (Detail) - Employee Stock Purchase Plan [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ||
Options Outstanding, Beginning balance, Shares | 0 | 0 |
Units awarded, Shares | 157,706 | 180,859 |
Units vested/Shares awarded, Shares | (157,706) | (180,859) |
Options Outstanding, Ending balance, Shares | 0 | 0 |
Options Outstanding, Beginning balance, Weighted Average Exercise Price | $ 0 | $ 0 |
Shares granted, Weighted Average Grant Date Fair Value | 1.68 | 1.08 |
Units vested/Shares awarded, Weighted Average Fair Value | 1.68 | 1.08 |
Options Outstanding, Ending balance, Weighted Average Exercise Price | $ 0 | $ 0 |
Stock-Based Compensation - Em_2
Stock-Based Compensation - Employee Stock Purchase Plan ("ESPP") - Additional Information (Detail) - Employee Stock Purchase Plan [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Rate of discount on fair market value of common stock under ESPP | 15.00% | |
Company received proceeds | $ 0.9 | $ 0.7 |
Period of expected life, options granted | 5 years |
Stock-Based Compensation - Calc
Stock-Based Compensation - Calculation of Fair Value of Stock Option Grant Under ESPP Using Black-Scholes Option-Pricing Model (Detail) - Employee Stock Purchase Plan [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Calculation of fair value of each employee stock purchase grant using the Black-Scholes option-pricing model | ||
Dividend yield | 4.10% | 4.10% |
Risk-free interest rate | 0.10% | 2.50% |
Expected volatility | 44.00% | 34.00% |
Expected life (in years) | 6 months | 6 months |
Stock-Based Compensation - Boar
Stock-Based Compensation - Board of Director Equity Awards - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Director share awards | 60,998 | 79,918 | |
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Director share awards | 60,998 | 79,918 | |
Company's stock at fair value | $ 400 | $ 400 | |
Service Based Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants vesting period | 1 year | ||
Service Based Restricted Stock [Member] | One New Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants vesting period | 3 years | ||
Service Based Restricted Stock [Member] | New Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity awards granted | $ 55 |
Stock-Based Compensation - Su_9
Stock-Based Compensation - Summary of Director Awards Activity (Detail) - Director - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ||
Options Outstanding, Beginning balance, Shares | 4,831 | 7,246 |
Shares awarded, Shares | 60,998 | 79,918 |
Shares vested, Shares | (63,413) | (82,333) |
Options Outstanding, Ending balance, Shares | 2,416 | 4,831 |
Options Outstanding, Beginning balance, Weighted Average Exercise Price | $ 6.90 | $ 6.90 |
Shares awarded, Weighted Average Fair Value | 6.59 | 5.03 |
Shares vested, Weighted Average Fair Value | (6.60) | (5.08) |
Options Outstanding, Ending balance, Weighted Average Exercise Price | $ 6.90 | $ 6.90 |
Stock-Based Compensation - Em_3
Stock-Based Compensation - Employee Withholding Taxes on Stock Awards - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payment of withholding taxes related to stock awards | $ 1,137 | $ 1,152 |
Employee Withholding Taxes on Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payment of withholding taxes related to stock awards | $ 1,100 | $ 1,200 |
Stock-Based Compensation - Shar
Stock-Based Compensation - Share Repurchases - Additional Information (Detail) - USD ($) shares in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Repurchase of common stock | 288,573 | 375,046 | |||
Expenses related to repurchase of shares | $ 1,800,000 | $ 2,000,000 | $ 3,808,000 | $ 0 | |
Stock repurchase average price | $ 6,300 | 5,360 | |||
Stock repurchase program, authorized amount | $ 5,000,000 | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock repurchase program, authorized amount | $ 7,000,000 |
Stock-Based Compensation - Auth
Stock-Based Compensation - Authorized Shares - Additional Information (Detail) - shares | Dec. 31, 2020 | May 29, 2020 | Dec. 31, 2019 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Common stock, shares authorized | 50,000,000 | 100,000,000 | 100,000,000 |
Product Line, Customer and Ge_3
Product Line, Customer and Geographic Information - Result of Product Line Revenues and Gross Profits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Results of operations by segments | ||||||||||
Revenues | $ 21,185 | $ 18,923 | $ 19,842 | $ 17,506 | $ 22,898 | $ 23,630 | $ 23,499 | $ 20,590 | $ 77,456 | $ 90,617 |
Gross Profit | $ 10,616 | $ 9,575 | $ 9,521 | $ 8,215 | $ 11,513 | $ 10,647 | $ 10,694 | $ 8,658 | $ 37,927 | $ 41,512 |
Gross Profit % | 49.00% | 45.80% | ||||||||
Operating Segments [Member] | Antennas & Industrial IoT Devices [Member] | ||||||||||
Results of operations by segments | ||||||||||
Revenues | $ 50,540 | $ 62,708 | ||||||||
Gross Profit | $ 17,665 | $ 21,841 | ||||||||
Gross Profit % | 35.00% | 34.80% | ||||||||
Operating Segments [Member] | Test & Measurement Products[Member] | ||||||||||
Results of operations by segments | ||||||||||
Revenues | $ 27,565 | $ 28,115 | ||||||||
Gross Profit | $ 20,244 | $ 19,640 | ||||||||
Gross Profit % | 73.40% | 69.90% | ||||||||
Corporate, Non-Segment [Member] | ||||||||||
Results of operations by segments | ||||||||||
Revenues | $ (649) | $ (206) | ||||||||
Gross Profit | $ 18 | $ 31 |
Product Line, Customer and Ge_4
Product Line, Customer and Geographic Information - Additional Information (Detail) - Revenue [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Concentration risk percentage | 100.00% | 100.00% |
Customer Concentration Risk [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Concentration risk percentage | 0.00% | 0.00% |
Product Line, Customer and Ge_5
Product Line, Customer and Geographic Information - Schedule of Revenues and Total Trade Accounts Receivable Represents Customer Accounted for 10% or More Percentage (Detail) - Customer Concentration Risk [Member] - Trade Accounts Receivable [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Customer A [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Concentration risk percentage | 31.00% | 15.00% |
Customer B [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Concentration risk percentage | 10.00% | 8.00% |
Customer C [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Concentration risk percentage | 0.00% | 11.00% |
Product Line, Customer and Ge_6
Product Line, Customer and Geographic Information - Customers Accounted Revenues by Geographic Location (Detail) - Sales [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Sales | 100.00% | 100.00% |
Europe, Middle East, & Africa [Member] | Geographic Concentration Risk [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Sales | 17.00% | 14.00% |
Asia Pacific [Member] | Geographic Concentration Risk [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Sales | 8.00% | 10.00% |
Other Americas [Member] | Geographic Concentration Risk [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Sales | 3.00% | 3.00% |
Total Foreign Sales [Member] | Geographic Concentration Risk [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Sales | 28.00% | 27.00% |
Total Domestic Sales [Member] | Geographic Concentration Risk [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Sales | 72.00% | 73.00% |
Product Line, Customer and Ge_7
Product Line, Customer and Geographic Information - Long-lived Assets by Geographic Region (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Geographic And Business Segment Information [Line Items] | ||
Long-Lived Assets | $ 22,918 | $ 18,430 |
United States [Member] | ||
Geographic And Business Segment Information [Line Items] | ||
Long-Lived Assets | 22,439 | 17,485 |
All Other [Member] | ||
Geographic And Business Segment Information [Line Items] | ||
Long-Lived Assets | $ 479 | $ 945 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - Employee Benefit Plans [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Maximum percentage of current compensation of employee to contribute in plan | 15.00% | |
Percentage of matching contributions by the Company to employee's contributions to 401(k) plan | 100.00% | |
Discretionary contributions to the 401(k) plan | $ 0 | $ 0 |
Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer matches employee contribution percentage | 4.00% |
Benefit Plans - Summary of Cont
Benefit Plans - Summary of Contributions to Retirement Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to retirement plans | $ 800 | $ 1,089 |
US Employees [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to retirement plans | 729 | 645 |
Foreign Employees [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to retirement plans | $ 71 | $ 444 |
Quarterly Data - Schedule of Qu
Quarterly Data - Schedule of Quarterly Financial Information (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Revenues | $ 21,185 | $ 18,923 | $ 19,842 | $ 17,506 | $ 22,898 | $ 23,630 | $ 23,499 | $ 20,590 | $ 77,456 | $ 90,617 |
Gross profit | 10,616 | 9,575 | 9,521 | 8,215 | 11,513 | 10,647 | 10,694 | 8,658 | 37,927 | 41,512 |
Operating income (loss) | 1,985 | 1,135 | 1,098 | (878) | 1,707 | 941 | 629 | (469) | 3,340 | 2,808 |
Income (loss) before income taxes | 1,875 | 1,051 | 1,200 | (680) | 1,814 | 1,334 | 949 | (307) | 3,446 | 3,790 |
Net income (loss) | $ 1,871 | $ 1,042 | $ 1,192 | $ (688) | $ 1,798 | $ 1,328 | $ 941 | $ (317) | $ 3,417 | $ 3,750 |
Net income (loss) per share: | ||||||||||
Basic | $ 0.10 | $ 0.06 | $ 0.07 | $ (0.04) | $ 0.10 | $ 0.07 | $ 0.05 | $ (0.02) | $ 0.19 | $ 0.21 |
Diluted | $ 0.10 | $ 0.06 | $ 0.07 | $ (0.04) | $ 0.10 | $ 0.07 | $ 0.05 | $ (0.02) | $ 0.19 | $ 0.21 |
Weighted Average Shares: | ||||||||||
Basic | 18,149,356 | 18,198,567 | 18,159,029 | 18,207,165 | 18,033,548 | 17,921,552 | 17,827,591 | 17,617,099 | 18,207,396 | 17,852,968 |
Diluted | 18,297,058 | 18,310,772 | 18,213,617 | 18,207,165 | 18,460,503 | 18,181,157 | 17,934,141 | 17,617,099 | 18,398,788 | 18,158,659 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Income And Comprehensive Income [Abstract] | ||
Accumulated other comprehensive income loss | $ 18 | $ 318 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Order shipments, description | A majority of the Company’s revenue is short cycle in nature with shipments within one year from purchase order. | |
Payment terms, description | The Company's payment terms generally range between 30 to 90 days. | |
Refund liability | $ 146,000 | $ 147,000 |
Contract assets | 0 | 0 |
Contract with customer liability, revenue recognized | 800,000 | 600,000 |
Accrued Liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Refund liability | 100,000 | 100,000 |
Contract liability | 400,000 | 400,000 |
Inventories [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Product return asset | $ 100,000 | $ 100,000 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information1 (Detail) | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Disaggregation Of Revenue [Line Items] | |
Period for performance obligation to provide software maintenance and support | 1 year |
Paycheck Protection Program L_2
Paycheck Protection Program Loan - Additional Information (Detail) $ in Millions | Apr. 16, 2020USD ($) |
Paycheck Protection Program Loan [Abstract] | |
Small Business Administration protection loan | $ 3.5 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance For Credit Loss [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | $ 104 | $ 63 |
Charged to Costs and Expenses | 161 | 63 |
Addition (Deductions) | (152) | (22) |
Balance at End of Year | 113 | 104 |
Warranty Reserves [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | 444 | 339 |
Charged to Costs and Expenses | (203) | 213 |
Addition (Deductions) | 44 | (108) |
Balance at End of Year | 285 | 444 |
Valuation Allowance of Deferred Tax Assets [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | 13,490 | 14,457 |
Charged to Costs and Expenses | 0 | 0 |
Addition (Deductions) | (552) | (967) |
Balance at End of Year | $ 12,938 | $ 13,490 |