QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State of Incorporation) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
$0.01 per share |
The Stock Market LLC |
☒ | Smaller reporting company | |||||
Accelerated filer | ☐ | Emerging growth company | ||||
Non-accelerated filer |
☐ |
Common Stock, $.01 par value |
||||
Class B Common Stock, $.01 par value |
Page |
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1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
19 | ||||
28 | ||||
28 | ||||
30 | ||||
30 | ||||
30 | ||||
31 | ||||
EX-31.1 SECTION 302 CERTIFICATION OF CEO |
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EX-31.2 SECTION 302 CERTIFICATION OF CFO |
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EX-32.1 SECTION 906 CERTIFICATION OF CEO |
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EX-32.2 SECTION 906 CERTIFICATION OF CFO |
March 31, 2021 | December 31, 2020 | |||||||
Assets | ||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Short-term investments |
||||||||
Accounts receivable, less allowance of $ |
||||||||
Inventories, net |
||||||||
Other current assets |
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|
|
|
|
|||||
Total current assets |
||||||||
Long-term deferred tax assets, net |
||||||||
Long-term investments, net |
||||||||
Property, plant and equipment, net |
||||||||
Other assets |
||||||||
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|
|
|
|||||
Total assets |
$ | $ | ||||||
|
|
|
|
|||||
Liabilities and Equity | ||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued compensation and benefits |
||||||||
Accrued expenses |
||||||||
Short-term lease liabilities |
||||||||
Sales allowances |
||||||||
Income taxes payable |
||||||||
Short-term deferred revenue and customer prepayments |
||||||||
|
|
|
|
|||||
Total current liabilities |
||||||||
Long-term deferred revenue |
||||||||
Contingent consideration obligations |
||||||||
Long-term income taxes payable |
||||||||
Long-term lease liabilities |
||||||||
|
|
|
|
|||||
Total liabilities |
||||||||
Commitments and contingencies (Note 10) |
||||||||
Equity: |
||||||||
Vicor Corporation stockholders’ equity: |
||||||||
Class B Common Stock: |
||||||||
Common Stock: |
||||||||
Additional paid-in capital |
||||||||
Retained earnings |
||||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
Treasury stock at cost: |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total Vicor Corporation stockholders’ equity |
||||||||
Noncontrolling interest |
||||||||
|
|
|
|
|||||
Total equity |
||||||||
|
|
|
|
|||||
Total liabilities and equity |
$ | $ | ||||||
|
|
|
|
Three Months Ended March 31, |
||||||||
2021 | 2020 | |||||||
Net revenues |
$ | |
$ | |
||||
Cost of revenues |
||||||||
|
|
|
|
|||||
Gross margin |
||||||||
Operating expenses: |
||||||||
Selling, general and administrative |
||||||||
Research and development |
||||||||
|
|
|
|
|||||
Total operating expenses |
||||||||
|
|
|
|
|||||
Income (loss) from operations |
( |
) | ||||||
Other income (expense), net: |
||||||||
Total unrealized gains on available-for-sale |
||||||||
Less: portion of gains recognized in other comprehensive income |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net credit gains recognized in earnings |
||||||||
Other income (expense), net |
||||||||
|
|
|
|
|||||
Total other income (expense), net |
||||||||
|
|
|
|
|||||
Income (loss) before income taxes |
( |
) | ||||||
Benefit for income taxes |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Consolidated net income (loss) |
( |
) | ||||||
Less: Net income attributable to noncontrolling interest |
||||||||
|
|
|
|
|||||
Net income (loss) attributable to Vicor Corporation |
$ | $ | ( |
) | ||||
|
|
|
|
|||||
Net income (loss) per common share attributable to Vicor Corporation: |
||||||||
Basic |
$ | $ | ( |
) | ||||
Diluted |
$ | $ | ( |
) | ||||
Shares used to compute net income (loss) per common share attributable to Vicor Corporation: |
||||||||
Basic |
||||||||
Diluted |
Three Months Ended March 31, |
||||||||
2021 | 2020 | |||||||
Consolidated net income (loss) |
$ | |
$ | ( |
) | |||
Foreign currency translation (losses) gains, net of tax (1) |
( |
) | ||||||
Unrealized (losses) gains on available-for-sale |
( |
) | ||||||
|
|
|
|
|||||
Other comprehensive (loss) income |
( |
) | ||||||
|
|
|
|
|||||
Consolidated comprehensive income (loss) |
( |
) | ||||||
Less: Comprehensive (loss) income attributable to noncontrolling interest |
( |
) | ||||||
|
|
|
|
|||||
Comprehensive income (loss) attributable to Vicor Corporation |
$ | $ | ( |
) | ||||
|
|
|
|
(1) | The deferred tax assets associated with foreign currency translation (losses) gains and unrealized (losses) gains on available-for-sale |
Three Months Ended March 31, |
||||||||
2021 | 2020 | |||||||
Operating activities: |
||||||||
Consolidated net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used for) operating activities: |
||||||||
Depreciation and amortization |
||||||||
Stock-based compensation expense, net |
||||||||
Provision for doubtful accounts |
— | |||||||
Increase in long-term income taxes payable |
||||||||
Decrease in long-term deferred revenue |
( |
) | ( |
) | ||||
Deferred income taxes |
( |
) | ||||||
Credit gain on available-for-sale |
( |
) | ( |
) | ||||
(Increase) decrease in other assets |
( |
) | ||||||
Change in current assets and liabilities, net |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash provided by (used for) operating activities |
( |
) | ||||||
Investing activities: |
||||||||
Purchases of short-term investments |
( |
) | — | |||||
Sales or maturities of short-term investments |
— | |||||||
Additions to property, plant and equipment |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash used for investing activities |
( |
) | ( |
) | ||||
Financing activities: |
||||||||
Proceeds from employee stock plans |
||||||||
Payment of contingent consideration obligations |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash provided by financing activities |
||||||||
Effect of foreign exchange rates on cash |
( |
) | ||||||
|
|
|
|
|||||
Net decrease in cash and cash equivalents |
( |
) | ( |
) | ||||
Cash and cash equivalents at beginning of period |
||||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period |
$ | |
$ | |
||||
|
|
|
|
Class B Common Stock |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Total Vicor Corporation Stockholders’ Equity |
Noncontrolling Interest |
Total Equity |
||||||||||||||||||||||||||||
Three months ended March 31, 2021 |
||||||||||||||||||||||||||||||||||||
Balance on December 31, 2020 |
$ | |
$ | |
$ | |
$ | |
$ | ( |
) | $ | ( |
) | $ | |
$ | |
$ | |
||||||||||||||||
Issuance of Common Stock under employee stock plans |
||||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
||||||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: |
||||||||||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||
Other comprehensive loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total comprehensive income (loss) |
( |
) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance on March 31, 2021 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Class B Common Stock |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Total Vicor Corporation Stockholders’ Equity |
Noncontrolling Interest |
Total Equity |
||||||||||||||||||||||||||||
Three months ended March 31, 2020 |
||||||||||||||||||||||||||||||||||||
Balance on December 31, 2019 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||
Issuance of Common Stock under employee stock plans |
||||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
||||||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: |
||||||||||||||||||||||||||||||||||||
Net loss |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total comprehensive income (loss) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance on March 31, 2020 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2021 | December 31, 2020 | |||||||
Raw materials |
$ | $ | ||||||
Work-in-process |
||||||||
Finished goods |
||||||||
|
|
|
|
|||||
$ | $ | |||||||
|
|
|
|
March 31, 2021 |
||||||||||||
Cash and Cash Equivalents |
Short-Term Investments |
Long-Term Investments |
||||||||||
Measured at fair value: |
||||||||||||
Available-for-sale |
||||||||||||
Money Market Funds |
$ | $ | — | $ | — | |||||||
U.S. Treasury Obligations |
— | — | ||||||||||
Failed Auction Security |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
Other measurement basis: |
||||||||||||
Cash on hand |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
Total |
$ | $ | $ | |||||||||
|
|
|
|
|
|
|||||||
December 31, 2020 |
||||||||||||
Cash and Cash Equivalents |
Short-Term Investments |
Long-Term Investments |
||||||||||
Measured at fair value: |
||||||||||||
Available-for-sale |
||||||||||||
Money Market Funds |
$ | $ | — | $ | — | |||||||
U.S. Treasury Obligations |
— | |||||||||||
Failed Auction Security |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
Other measurement basis: |
||||||||||||
Cash on hand |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
Total |
$ | $ | $ | |||||||||
|
|
|
|
|
|
March 31, 2021 |
Cost | Gross Unrealized Gains |
Gross Unrealized Losses |
Estimated Fair Value |
||||||||||||
U.S. Treasury Obligations |
$ | $ | $ | — | $ | |||||||||||
Failed Auction Security |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
December 31, 2020 |
Cost | Gross Unrealized Gains |
Gross Unrealized Losses |
Estimated Fair Value |
||||||||||||
U.S. Treasury Obligations |
$ | $ | — | $ | $ | |||||||||||
Failed Auction Security |
— | |||||||||||||||
|
|
|
|
|
|
|
|
Cost | Estimated Fair Value |
|||||||
U.S. Treasury Obligations: |
||||||||
Maturities greater than three months but less than one year |
$ | $ | ||||||
|
|
|
|
|||||
$ | $ | |||||||
|
|
|
|
|||||
Cost | Estimated Fair Value |
|||||||
Failed Auction Security: |
||||||||
Due in twenty to forty years |
$ | $ | ||||||
|
|
|
|
2021 | 2020 | |||||||
Balance at the beginning of the period |
$ | $ | ||||||
Reductions in the amount related to credit gain for which other-than- temporary impairment was not previously recognized |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Balance at the end of the period |
$ | $ | ||||||
|
|
|
|
Using | ||||||||||||||||
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total Fair Value as of March 31, 2021 |
|||||||||||||
Cash equivalents: |
||||||||||||||||
Money market funds |
$ | $ | — | $ | — | $ | ||||||||||
Short-term investments: |
||||||||||||||||
U.S. Treasury Obligations |
— | — | ||||||||||||||
Long-term investment: |
||||||||||||||||
Failed Auction Security |
— | — | ||||||||||||||
Liabilities: |
||||||||||||||||
Contingent consideration obligations |
— | — | ( |
) | ( |
) |
Using | ||||||||||||||||
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total Fair Value as of December 31, 2020 |
|||||||||||||
Cash equivalents: |
||||||||||||||||
Money market funds |
$ | $ | — | $ | — | $ | ||||||||||
U.S. Treasury Obligations |
— | — | ||||||||||||||
Short-term investments: |
||||||||||||||||
U.S. Treasury Obligations |
— | — | ||||||||||||||
Long-term investment: |
||||||||||||||||
Failed Auction Security |
— | — | ||||||||||||||
Liabilities: |
||||||||||||||||
Contingent consideration obligations |
— | — | ( |
) | ( |
) |
Fair Value | Valuation Technique |
Unobservable Input |
Weighted Average |
|||||||||||
Failed Auction Security |
$ | % | ||||||||||||
% | ||||||||||||||
% | ||||||||||||||
% | ||||||||||||||
% |
Balance at the beginning of the period |
$ | |||
Credit gain on available-for-sale |
||||
Gain included in Other comprehensive income |
||||
|
|
|||
Balance at the end of the period |
$ | |||
|
|
Balance at the beginning of the period |
$ | |||
Payments |
( |
) | ||
|
|
|||
Balance at the end of the period |
$ | |||
|
|
Three Months Ended March 31, 2021 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States |
$ | $ | $ | |||||||||
Europe |
||||||||||||
Asia Pacific |
||||||||||||
All other |
||||||||||||
$ | $ | $ | ||||||||||
Three Months Ended March 31, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States |
$ | $ | $ | |||||||||
Europe |
||||||||||||
Asia Pacific |
||||||||||||
All other |
||||||||||||
$ | $ | $ | ||||||||||
Three Months Ended March 31, 2021 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors |
$ | |
$ | |
$ | | ||||||
Stocking distributors, net of sales allowances |
||||||||||||
Non-recurring engineering |
||||||||||||
Royalties |
— | |||||||||||
Other |
— | |||||||||||
$ | $ | $ | ||||||||||
Three Months Ended March 31, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and non-stocking distributors |
$ | $ | $ | |||||||||
Stocking distributors, net of sales allowances |
||||||||||||
Non-recurring engineering |
||||||||||||
Other |
— | |||||||||||
$ | $ | $ | ||||||||||
March 31, 2021 | December 31, 2020 |
Change | ||||||||||
Accounts receivable |
$ | $ | $ | |||||||||
Short-term deferred revenue and customer prepayments |
( |
) | ( |
) | ||||||||
Long-term deferred revenue |
( |
) | ( |
) | ||||||||
Deferred expenses |
||||||||||||
Sales allowances |
( |
) | ( |
) | ( |
) |
Three Months Ended March 31, |
||||||||
2021 | 2020 | |||||||
Cost of revenues |
$ | $ | ||||||
Selling, general and administrative |
||||||||
Research and development |
||||||||
|
|
|
|
|||||
Total stock-based compensation |
$ | $ | ||||||
|
|
|
|
Three Months Ended March 31, |
||||||||
2021 | 2020 | |||||||
Stock options |
$ | $ | ||||||
ESPP |
||||||||
|
|
|
|
|||||
Total stock-based compensation |
$ | $ | ||||||
|
|
|
|
Three Months Ended March 31, |
||||||||
2021 | 2020 | |||||||
Benefit for income taxes |
$ | ( |
) | $ | ( |
) | ||
Effective income tax rate |
( |
)% | ( |
)% |
Three Months Ended March 31, |
||||||||
2021 | 2020 | |||||||
Numerator: |
||||||||
Net income (loss) attributable to Vicor Corporation |
$ | $ | ( |
) | ||||
Denominator: |
||||||||
Denominator for basic net income per share-weighted average shares (1) |
||||||||
Effect of dilutive securities: |
||||||||
Employee stock options (2) |
— | |||||||
Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions |
||||||||
Basic net income (loss) per share |
$ | $ | ( |
) | ||||
Diluted net income (loss) per share |
$ | $ | ( |
) | ||||
(1) | Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding. |
(2) | Options to purchase |
• | Net revenues increased 5.3% to $88,796,000 for the first quarter of 2021, from $84,302,000 for the fourth quarter of 2020, as total bookings for the quarter increased 8.1% as compared to the fourth quarter of 2020, primarily due to a 17.5% increase in Brick Products bookings in the first quarter of 2021 compared to the fourth quarter of 2020. Advanced Products revenue rose 2.2% sequentially compared to the fourth quarter of 2020. This growth, though, was constrained by limited component availability due to global semiconductor supply allocation issues experienced during the quarter. Brick Products revenue rose 7.6% sequentially compared to the fourth quarter of 2020, reflecting a resumption of shipments to our European customers, after the pandemic-related trough of 2020, while shipments to Asian customers grew 18.5%. |
• | Export sales represented approximately 69.4% of total net revenues in the first quarter of 2021 as compared to 63.9% in the fourth quarter of 2020. This increase reflects higher shipments for Advanced Products to both European and Asian customers. |
• | Gross margin increased to $44,700,000 for the first quarter of 2021 from $40,451,000 for the fourth quarter of 2020, and gross margin, as a percentage of net revenues, increased to 50.3% for the first quarter of 2021 from 48.0% for the fourth quarter of 2020. Both the increase in gross margin dollars and gross margin percentage were primarily due to the increase in net revenues, improved efficiencies and cost variances, and lower tariff charges. |
• | Backlog, which represents the total value of orders received for products for which shipment is scheduled within the next 12 months, was approximately $157,134,000 at the end of the first quarter of 2021, as compared to $147,550,000 at the end of the fourth quarter of 2020. The increase in backlog was primarily due to the increased bookings, discussed above. |
• | Operating expenses for the first quarter of 2021 increased $1,134,000, or 3.9%, to $29,980,000 from $28,846,000 for the fourth quarter of 2020, due to increases in selling, general, and administrative expenses and research and development expenses of $827,000 and $307,000, respectively. |
• | We reported net income for the first quarter of 2021 of $15,092,000, or $0.34 per diluted share, compared to net income of $11,193,000 or $0.25 per diluted share, for the fourth quarter of 2020. |
• | For the first quarter of 2021, depreciation and amortization totaled $2,806,000, and capital additions totaled $9,264,000, as compared to depreciation and amortization of $2,881,000 and $11,816,000 of capital additions, for the fourth quarter of 2020. |
• | Inventories decreased by approximately $3,013,000, or 5.3%, to $54,256,000 at March 31, 2021, compared to $57,269,000 at December 31, 2020. |
Increase | ||||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Brick Products |
$ | 54,459 | $ | 45,517 | $ | 8,942 | 19.6 | % | ||||||||
Advanced Products |
34,337 | 17,884 | 16,453 | 92.0 | % | |||||||||||
|
|
|
|
|
|
|||||||||||
Total |
$ | 88,796 | $ | 63,401 | $ | 25,395 | 40.1 | % | ||||||||
|
|
|
|
|
|
Increase (decrease) | ||||||||
Compensation |
$ | 1,005 | 9.8 | % (1) | ||||
Bank fees |
79 | 68.3 | % | |||||
Facilities allocations |
58 | 15.9 | % | |||||
Travel expense |
(294 | ) | (56.9 | )% (2) | ||||
Legal fees |
(322 | ) | (35.3 | )% (3) | ||||
Other, net |
59 | 1.4 | % | |||||
|
|
|||||||
$ | 585 | 3.6 | % | |||||
|
|
(1) | Increase primarily attributable to annual compensation adjustments in May 2020 and higher stock-based compensation expense associated with June 2020 stock option awards. |
(2) | Decrease primarily attributable to reduced travel by our sales and marketing personnel, due to travel restrictions caused by the COVID-19 pandemic. |
(3) | Decrease attributable to higher expense in the first quarter of 2020 primarily due to the December 2019 ransomware incident. |
Increase (decrease) | ||||||||
Project and pre-production materials |
$ | (675 | ) | (26.5 | )% (1) | |||
Overhead absorption |
(307 | ) | (142.6 | )% (2) | ||||
Facilities allocations |
143 | 24.7 | % (3) | |||||
Compensation |
593 | 6.7 | % (4) | |||||
Other, net |
(63 | ) | (4.1 | )% | ||||
|
|
|||||||
$ | (309 | ) | (2.3 | )% | ||||
|
|
(1) | Decrease primarily attributable to lower prototype development costs for Advanced Products. |
(2) | Decrease primarily attributable to a decrease in research and development (“R&D”) personnel incurring time on production activities, compared to R&D activities. |
(3) | Increase primarily attributable to an increase in utilities and building maintenance expenses. |
(4) | Increase primarily attributable to annual compensation adjustments in May 2020 and higher stock-based compensation expense associated with June 2020 stock option awards. |
2021 | 2020 | Increase (decrease) |
||||||||||
Rental income |
$ | 198 | $ | 198 | $ | — | ||||||
Interest income |
193 | 53 | 140 | |||||||||
Foreign currency losses, net |
(163 | ) | (121 | ) | (42 | ) | ||||||
Other, net |
4 | 18 | (14 | ) | ||||||||
|
|
|
|
|
|
|||||||
$ | 232 | $ | 148 | $ | 84 | |||||||
|
|
|
|
|
|
2021 | 2020 |
|||||||
Benefit for income taxes |
$ | (143 | ) | $ | (494 | ) | ||
Effective income tax rate |
(1.0 | )% | (22.2 | )% |
Increase (decrease) |
||||
Cash and cash equivalents |
$ | (34,331 | ) | |
Short-term investments |
45,553 | |||
Accounts receivable |
6,698 | |||
Inventories, net |
(3,013 | ) | ||
Other current assets |
198 | |||
Accounts payable |
(2,244 | ) | ||
Accrued compensation and benefits |
(391 | ) | ||
Accrued expenses |
(529 | ) | ||
Sales allowances |
(656 | ) | ||
Short-term lease liabilities |
58 | |||
Income taxes payable |
96 | |||
Short-term deferred revenue and customer prepayments |
1,301 | |||
|
|
|||
$ | 12,740 | |||
|
|
(a) | Disclosure regarding controls and procedures. |
(b) | Changes in internal control over financial reporting. |
(1) | Filed as an exhibit to the Company’s Annual Report on Form 10-K filed on March 29, 2001 (File No. 000-18277) and incorporated herein by reference. |
(2) | Filed as an exhibit to the Company’s Current Report on Form 8-K filed on June 4, 2020 (File No. 000-18277) and incorporated herein by reference. |
VICOR CORPORATION | ||||||
Date: May 3, 2021 | By: | /s/ Patrizio Vinciarelli | ||||
Patrizio Vinciarelli | ||||||
Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer) | ||||||
Date: May 3, 2021 | By: | /s/ Richard J. Nagel, Jr. | ||||
Richard J. Nagel, Jr. | ||||||
Vice President, Interim Principal Financial Officer (Principal Financial Officer) |