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 |
☑ |
Smaller reporting company | |||||
Accelerated filer | ☐ | Emerging growth company | ||||
Non-accelerated filer |
☐ |
Common Stock, $.01 par value | |
| ||
Class B Common Stock, $.01 par value | |
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Page |
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Part I — Financial Information: |
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1 |
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2 |
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3 |
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4 |
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5 |
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6 |
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17 |
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25 |
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25 |
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Part II — Other Information: |
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27 |
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27 |
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27 |
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28 |
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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, 2022 |
December 31, 2021 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ | $ | ||||||
Short-term investments |
||||||||
Accounts receivable, net |
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Inventories, net |
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Other current assets |
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Total current assets |
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Long-term deferred tax assets, net |
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Long-term investment, net |
||||||||
Property, plant and equipment, net |
||||||||
Other assets |
||||||||
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|
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|
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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 |
||||||||
Accrued severance and other charges |
||||||||
Income taxes payable |
||||||||
Short-term deferred revenue and customer prepayments |
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|
|||||
Total current liabilities |
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Long-term deferred revenue |
||||||||
Long-term income taxes payable |
||||||||
Long-term lease liabilities |
||||||||
|
|
|
|
|||||
Total liabilities |
||||||||
Commitments and contingencies (Note 10) |
||||||||
Equity: |
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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, |
||||||||
2022 |
2021 |
|||||||
Net revenues |
$ | $ | ||||||
Cost of revenues |
||||||||
|
|
|
|
|||||
Gross margin |
||||||||
Operating expenses: |
||||||||
Selling, general and administrative |
||||||||
Research and development |
||||||||
|
|
|
|
|||||
Total operating expenses |
||||||||
|
|
|
|
|||||
Income from operations |
||||||||
Other income (expense), net: |
||||||||
Total unrealized (losses) gains on available-for-sale |
( |
) | ||||||
Less: portion of losses (gains) recognized in other comprehensive income |
( |
) | ||||||
|
|
|
|
|||||
Net credit gains recognized in earnings |
||||||||
Other income (expense), net |
||||||||
|
|
|
|
|||||
Total other income (expense), net |
||||||||
|
|
|
|
|||||
Income before income taxes |
||||||||
Benefit for income taxes |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Consolidated net income |
||||||||
Less: Net (loss) income attributable to noncontrolling interest |
( |
) | ||||||
|
|
|
|
|||||
Net income attributable to Vicor Corporation |
$ | $ | ||||||
|
|
|
|
|||||
Net income per common share attributable to Vicor Corporation: |
||||||||
Basic |
$ | $ | ||||||
Diluted |
$ | $ | ||||||
Shares used to compute net income per common share attributable to Vicor Corporation: |
||||||||
Basic |
||||||||
Diluted |
Three Months Ended March 31, |
||||||||
2022 | 2021 | |||||||
Consolidated net income |
$ | $ | ||||||
Foreign currency translation losses, net of tax (1) |
( |
) | ( |
) | ||||
Unrealized losses on available-for-sale |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Other comprehensive loss |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Consolidated comprehensive income |
||||||||
Less: Comprehensive loss attributable to noncontrolling interest |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Comprehensive income attributable to Vicor Corporation |
$ | $ | ||||||
|
|
|
|
(1) | The deferred tax assets associated with foreign currency translation losses and unrealized losses on available-for-sale |
Three Months Ended March 31, |
||||||||
2022 | 2021 | |||||||
Operating activities: |
||||||||
Consolidated net income |
$ | $ | ||||||
Adjustments to reconcile consolidated net income to net cash provided by (used for) operating activities: |
||||||||
Depreciation and amortization |
||||||||
Stock-based compensation expense |
||||||||
Decrease in long-term deferred revenue |
( |
) | ( |
) | ||||
Decrease (increase) in other assets |
( |
) | ||||||
Increase in long-term income taxes payable |
||||||||
Deferred income taxes |
||||||||
Credit gain on available-for-sale |
( |
) | ( |
) | ||||
Change in current assets and liabilities, net |
( |
) | ( |
) | ||||
Net cash provided by operating activities |
||||||||
Investing activities: |
||||||||
Purchases of short-term investments |
( |
) | ||||||
Sales or maturities of short-term investments |
||||||||
Additions to property, plant and equipment |
( |
) | ( |
) | ||||
Net cash provided by ( 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 increase (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 Loss |
Treasury Stock |
Total Vicor Corporation Stockholders’ Equity |
Noncontrolling Interest |
Total Equity |
||||||||||||||||||||||||||||
Three |
||||||||||||||||||||||||||||||||||||
Balance |
$ | |
$ | |
$ | |
$ | |
$ |
( |
) |
$ |
( |
) | $ |
|
$ | |
$ | |
||||||||||||||||
Issuance of Common Stock under employee stock plans |
||||||||||||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||||||||||
Components of comprehensive income (loss), net of tax: |
||||||||||||||||||||||||||||||||||||
Net incom e (loss) |
( |
) | ||||||||||||||||||||||||||||||||||
Other comprehensive loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total comprehensive income (loss) |
( |
) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance on March 31, 2022 |
$ | $ | $ | $ |
$ |
( |
) | $ |
( |
) | $ |
$ |
$ | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Common Stock |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Treasury Stock |
Total Vicor Corporation Stockholders’ Equity |
Noncontrolling Interest |
Total Equity |
||||||||||||||||||||||||||||
Three |
||||||||||||||||||||||||||||||||||||
Balance |
$ | |
$ | |
$ | |
$ | |
$ |
( |
) | $ |
( |
) | $ |
|
$ |
|
$ | |
||||||||||||||||
Issuance of Common Stock under employee stock plans |
||||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
||||||||||||||||||||||||||||||||||||
Components of comprehensive income (loss), net of tax: |
||||||||||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||
Other comprehensive loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total |
( |
) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance on March 31, 2021 |
$ | $ | $ | $ |
$ |
( |
) | $ |
( |
) | $ |
$ |
$ | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2022 | December 31, 2021 | |||||||
Raw materials |
$ | $ | ||||||
Work-in-process |
||||||||
Finished goods |
||||||||
|
|
|
|
|||||
$ | $ | |||||||
|
|
|
|
March 31, 2022 |
||||||||||||
Cash and Cash Equivalents |
Short-Term Investments |
Long-Term Investment |
||||||||||
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, 2021 |
||||||||||||
Cash and Cash Equivalents |
Short-Term Investments |
Long-Term Investment |
||||||||||
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, 2022 |
Cost | Gross Unrealized Gains |
Gross Unrealized Losses |
Estimated Fair Value |
||||||||||||
U.S. Treasury Obligations |
$ | |
$ | $ | $ | |||||||||||
Failed Auction Security |
— |
December 31, 2021 |
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 |
$ | $ | ||||||
|
|
|
|
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, 2022 |
|||||||||||||
Cash equivalents: |
||||||||||||||||
Money market funds |
$ | $ | — | $ | — | $ | ||||||||||
Short-term investments: |
||||||||||||||||
U.S. Treasury Obligations |
— | — | ||||||||||||||
Long-term investment: |
||||||||||||||||
Failed Auction Security |
— | — |
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, 2021 |
|||||||||||||
Cash equivalents: |
||||||||||||||||
Money market funds |
$ | $ | — | $ | — | $ | ||||||||||
Short-term investments: |
||||||||||||||||
U.S. Treasury Obligations |
— | — | ||||||||||||||
Long-term investment: |
||||||||||||||||
Failed Auction Security |
— | — |
Balance at the beginning of the period |
$ | |||
Credit gain on available-for-sale |
||||
Loss included in Other comprehensive income |
( |
) | ||
|
|
|||
Balance at the end of the period |
$ | |||
|
|
Three Months Ended March 31, 2022 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States |
$ | $ | $ | |||||||||
Europe |
||||||||||||
Asia Pacific |
||||||||||||
All other |
||||||||||||
|
|
|
|
|
|
|||||||
$ | $ | $ | ||||||||||
|
|
|
|
|
|
Three Months Ended March 31, 2021 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States |
$ | $ | $ | |||||||||
Europe |
||||||||||||
Asia Pacific |
||||||||||||
All other |
||||||||||||
|
|
|
|
|
|
|||||||
$ | $ | $ | ||||||||||
|
|
|
|
|
|
Three Months Ended March 31, 2022 |
||||||||||||
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, 2021 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers non-stocking distributors |
$ | $ | $ | |||||||||
Stocking distributors, net of sales allowances |
||||||||||||
Non-recurring engineering |
||||||||||||
Royalties |
— | |||||||||||
Other |
— | |||||||||||
|
|
|
|
|
|
|||||||
$ | $ | $ | ||||||||||
|
|
|
|
|
|
March 31, 2022 | December 31, 2021 | Change | ||||||||||
Short-term deferred revenue and customer prepayments |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Long-term deferred revenue |
( |
) | ( |
) | ||||||||
Deferred expenses |
||||||||||||
Sales allowances |
( |
) | ( |
) | ( |
) |
Three Months Ended | ||||||||
March 31, | ||||||||
2022 | 2021 | |||||||
Cost of revenues |
$ | $ | ||||||
Selling, general and administrative |
||||||||
Research and development |
||||||||
|
|
|
|
|||||
Total stock-based compensation |
$ | $ | ||||||
|
|
|
|
Three Months Ended | ||||||||
March 31, | ||||||||
2022 | 2021 | |||||||
Stock options |
$ | $ | ||||||
ESPP |
||||||||
|
|
|
|
|||||
Total stock-based compensation |
$ | $ | ||||||
|
|
|
|
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Benefit for income taxes |
$ | ( |
) | $ | ( |
) | ||
Effective income tax rate |
( |
)% | ( |
)% |
Three Months Ended | ||||||||
March 31, | ||||||||
2022 | 2021 | |||||||
Numerator: |
||||||||
Net income attributable to Vicor Corporation |
$ | $ | ||||||
Denominator: |
||||||||
Denominator for basic net income per share-weighted average shares (1) |
||||||||
Effect of dilutive securities: |
||||||||
Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions |
||||||||
Basic net income per share |
$ | $ | ||||||
Diluted net income per share |
$ | $ | ||||||
(1) | Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding. |
(2) | Options to purchase |
• | ‘190 patent: Certain claims of the ‘190 patent were found unpatentable by the United States Court of Appeals for the Federal Circuit (“Federal Circuit”) in a decision issued on March 13, 2015. The court remanded the remaining claims to the USPTO for further consideration. On February 20, 2019, the Patent Trial and Appeal Board (“PTAB”) of the USPTO issued a decision finding that all of the remaining challenged claims were unpatentable. SynQor appealed that decision. On February 22, 2021, the Federal Circuit issued a decision in that appeal. In a 2-1 ruling, the Federal Circuit vacated and remanded the PTAB’s decision, finding that the reasoning the PTAB had relied on in reaching its decision was precluded by certain prior PTAB rulings regarding the ‘290 and ‘702 patents and remanded the case to the PTAB for further proceedings. On April 7, 2021, the Company filed a petition for panel rehearing and rehearing en banc of the Federal Circuit’s February 22, 2021 decision. The Federal Circuit denied that petition on June 7, 2021. Accordingly, the matter was then remanded to the PTAB for further proceedings. On January 31, 2022, the PTAB issued a decision that reaffirmed the unpatentability of the claims of the ‘190 patent that had been found unpatentable by the Federal Circuit in its March 13, 2015 decision, and otherwise upheld the patentability of the remaining challenged claims of the ‘190 patent. On March 30, 2022, the Company filed an appeal of this decision to the Federal Circuit, where it remains pending. |
• | ‘021 patent: On August 30, 2017, the Federal Circuit issued a final decision upholding a PTAB decision finding all of the asserted claims of the ‘021 patent unpatentable. In addition, SynQor attempted to amend the ‘021 patent to add new claims during the IPRx. Those claims were rejected by the PTAB. SynQor subsequently filed an appeal with the Federal Circuit seeking to vacate that rejection as moot, in view of the expiry of the term of the ‘021 patent, and that appeal remains pending. |
• | ‘702 patent: On August 30, 2017, the Federal Circuit issued a final decision upholding a PTAB decision finding all of the asserted claims of the ‘702 patent to be patentable. |
• | ‘290 patent: On June 16, 2021, the PTAB issued a decision finding all of the claims of the ‘290 patent unpatentable. SynQor has filed an appeal of that decision to the Federal Circuit, where it remains pending. |
• | Net revenues decreased 2.2% to $88,282,000 for the first quarter of 2022, from $90,281,000 for the fourth quarter of 2021. Net revenues for Brick Products decreased 9.1% compared to the fourth quarter of 2021, primarily due to market conditions in Europe and in the Asia Pacific region. Advanced Products revenue rose 3.0% sequentially compared to the fourth quarter of 2021. This growth, though, continued to be constrained by limited component availability due to global semiconductor supply allocation issues experienced during the quarter, along with certain internal processing and testing constraints. |
• | Export sales represented approximately 72.0% of total net revenues in the first quarter of 2022 as compared to 71.7% in the fourth quarter of 2021. |
• | Gross margin decreased to $37,601,000 for the first quarter of 2022 from $40,816,000 for the fourth quarter of 2021, and gross margin, as a percentage of net revenues, decreased to 42.6% for the first quarter of 2022 from 45.2% for the fourth quarter of 2021. Both the decrease in gross margin dollars and the decreased gross margin percentage were primarily due to the decrease in net revenues and increased costs. |
• | Backlog, which represents the total value of orders for products for which shipment is scheduled within the next 12 months, was approximately $423,738,000 at the end of the first quarter of 2022, as compared to $345,594,000 at the end of the fourth quarter of 2021. The increase in backlog was primarily due to increased bookings. |
• | Operating expenses for the first quarter of 2022 increased $906,000, or 2.8%, to $32,821,000 from $31,915,000 for the fourth quarter of 2021. Research and development expenses increased approximately $957,000, primarily due to an increase in project and pre-production materials, a decrease in research and development (“R&D”) personnel incurring time on production activities, compared to R&D activities, and an increase in compensation expense. Selling, general, and administrative expenses decreased approximately $51,000, primarily due to a decrease in advertising expenses. |
• | We reported net income for the first quarter of 2022 of $4,999,000, or $0.11 per diluted share, compared to net income of $8,880,000, or $0.20 per diluted share, for the fourth quarter of 2021. |
• | For the first quarter of 2022, depreciation and amortization totaled $3,296,000 and capital additions totaled $22,683,000 as compared to depreciation and amortization of $3,141,000 and $16,819,000 of capital additions for the fourth quarter of 2021. |
• | Inventories increased by approximately $6,539,000, or 9.7%, to $73,861,000 at March 31, 2022, compared to $67,322,000 at December 31, 2021, primarily in raw materials, due to the shortfall in revenue in the first quarter of 2022 caused by component and capacity issues which contributed to production delays and to support higher planned revenues later in the year. |
Increase (decrease) | ||||||||||||||||
2022 | 2021 | $ | % | |||||||||||||
Brick Products |
$ | 35,357 | $ | 54,459 | $ | (19,102 | ) | (35.1 | )% | |||||||
Advanced Products |
52,925 | 34,337 | 18,588 | 54.1 | % | |||||||||||
|
|
|
|
|
|
|||||||||||
Total |
$ | 88,282 | $ | 88,796 | $ | (514 | ) | (0.6 | )% | |||||||
|
|
|
|
|
|
Increase (decrease) | ||||||||
Outside services |
$ | 492 | 86.8 | %(1) | ||||
Legal fees |
490 | 83.0 | %(2) | |||||
Compensation |
485 | 4.3 | %(3) | |||||
Depreciation and amortization |
318 | 39.9 | %(4) | |||||
Travel expense |
136 | 60.8 | % | |||||
Audit and accounting fees |
109 | 16.3 | % | |||||
Facilities allocations |
(158 | ) | (37.4 | )% | ||||
Commissions |
(302 | ) | (32.1 | )%(5) | ||||
Other, net |
44 | 2.9 | % | |||||
|
|
|||||||
$ | 1,614 | 9.5 | % | |||||
|
|
(1) | Increase primarily attributable to an increase in the use of outside service providers at our Andover, MA facility. |
(2) | Increase primarily attributable to an increase in activity related to the SynQor litigation (see Note 10 to the Condensed Consolidated Financial Statements) and for certain corporate legal matters. |
(3) | Increase primarily attributable to annual compensation adjustments in May 2021 and higher stock-based compensation expense associated with stock options awarded in June 2021. |
(4) | Increase attributable to net additions of furniture and fixtures and capitalization of building improvements. |
(5) | Decrease primarily attributable to a decrease in net revenues subject to commissions. |
Increase | ||||||||
Compensation |
$ | 393 | 4.2 | %(1) | ||||
Overhead absorption |
187 | 35.8 | %(2) | |||||
Supplies |
175 | 60.6 | %(3) | |||||
Depreciation and amortization |
75 | 14.5 | % | |||||
Equipment set-up |
57 | 47.8 | % | |||||
Computer expense |
56 | 32.3 | % | |||||
Travel expense |
47 | 212.9 | % | |||||
Other, net |
237 | 8.0 | % | |||||
|
|
|||||||
$ | 1,227 | 9.4 | % | |||||
|
|
(1) | Increase primarily attributable to annual compensation adjustments in May 2021 and higher stock-based compensation expense associated with stock options awarded in June 2021. |
(2) | Increase primarily attributable to a decrease in R&D personnel incurring time on production activities, compared to R&D activities. |
(3) | Increase in engineering supplies. |
2022 | 2021 | Increase (decrease) |
||||||||||
Rental income |
$ | 198 | $ | 198 | $ | — | ||||||
Interest income |
142 | 193 | (51 | ) | ||||||||
Foreign currency losses, net |
(207 | ) | (163 | ) | (44 | ) | ||||||
Other, net |
29 | 4 | 25 | |||||||||
|
|
|
|
|
|
|||||||
$ | 162 | $ | 232 | $ | (70 | ) | ||||||
|
|
|
|
|
|
2022 | 2021 | |||||||
Benefit for income taxes |
$ | (48 | ) | $ | (143 | ) | ||
Effective income tax rate |
(1.0 | )% | (1.0 | )% |
Increase (decrease) |
||||
Cash and cash equivalents |
$ | 8,632 | ||
Short-term investments |
(25,212 | ) | ||
Accounts receivable |
(2,438 | ) | ||
Inventories, net |
6,539 | |||
Other current assets |
313 | |||
Accounts payable |
(1,383 | ) | ||
Accrued compensation and benefits |
68 | |||
Accrued expenses |
1,079 | |||
Sales allowances |
(141 | ) | ||
Short-term lease liabilities |
337 | |||
Income taxes payable |
45 | |||
Short-term deferred revenue |
(472 | ) | ||
|
|
|||
$ | (12,633 | ) | ||
|
|
Exhibit Number |
Description | |
3.1 | Restated Certificate of Incorporation, dated February 28, 1990 (1) | |
3.2 | Certificate of Ownership and Merger Merging Westcor Corporation, a Delaware Corporation, into Vicor Corporation, a Delaware corporation, dated December 3, 1990 (1) | |
3.3 | Certificate of Amendment of Restated Certificate of Incorporation, dated May 10, 1991 (1) | |
3.4 | Certificate of Amendment of Restated Certificate of Incorporation, dated June 23, 1992 (1) | |
3.5 | Bylaws, as amended (2) | |
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act. | |
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act. | |
32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) (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 5, 2022 | By: | /s/ Patrizio Vinciarelli | ||||
Patrizio Vinciarelli | ||||||
Chairman of the Board, President and | ||||||
Chief Executive Officer | ||||||
(Principal Executive Officer) |
Date: May 5, 2022 | By: | /s/ James F. Schmidt | ||||
James F. Schmidt | ||||||
Vice President, Chief Financial Officer | ||||||
(Principal Financial Officer) |