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10-Q Filing

VICOR CORP CIK: 751978 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001193125-21-147095
Period End Date 20210331
Filing Date 20210503
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance d154240d10q_htm.xml
Balance Sheet 74 line items
Line Item Tag Value Unit Period
Accounts receivable, allowance AllowanceForDoubtfulAccountsReceivableCurrent $82.00K USD Point-in-time
Accounts receivable, allowance AllowanceForDoubtfulAccountsReceivableCurrent $82.00K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $84.67M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $82.75M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $127.41M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $161.74M USD Point-in-time
Short-term investments ShortTermInvestments $95.72M USD Point-in-time
Short-term investments ShortTermInvestments $50.17M USD Point-in-time
Accounts receivable, less allowance of $82 in 2021 and 2020 AccountsReceivableNetCurrent $41.00M USD Point-in-time
Accounts receivable, less allowance of $82 in 2021 and 2020 AccountsReceivableNetCurrent $47.70M USD Point-in-time
Inventories, net InventoryNet $57.27M USD Point-in-time
Inventories, net InventoryNet $54.26M USD Point-in-time
Other current assets OtherAssetsCurrent $6.95M USD Point-in-time
Other current assets OtherAssetsCurrent $6.76M USD Point-in-time
Treasury stock, shares TreasuryStockShares 11.63M shares Point-in-time
Treasury stock, shares TreasuryStockShares 11.63M shares Point-in-time
Total current assets AssetsCurrent $316.93M USD Point-in-time
Total current assets AssetsCurrent $332.04M USD Point-in-time
Long-term deferred tax assets, net DeferredIncomeTaxAssetsNet $224.00K USD Point-in-time
Long-term deferred tax assets, net DeferredIncomeTaxAssetsNet $226.00K USD Point-in-time
Long-term investments, net LongTermInvestments $2.52M USD Point-in-time
Long-term investments, net LongTermInvestments $2.54M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $81.12M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $74.84M USD Point-in-time
Other assets OtherAssetsNoncurrent $1.70M USD Point-in-time
Other assets OtherAssetsNoncurrent $1.72M USD Point-in-time
Total assets Assets $396.24M USD Point-in-time
Total assets Assets $417.62M USD Point-in-time
Accounts payable AccountsPayableCurrent $16.36M USD Point-in-time
Accounts payable AccountsPayableCurrent $14.12M USD Point-in-time
Accrued compensation and benefits EmployeeRelatedLiabilitiesCurrent $14.48M USD Point-in-time
Accrued compensation and benefits EmployeeRelatedLiabilitiesCurrent $14.09M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $3.15M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $2.62M USD Point-in-time
Short-term lease liabilities OperatingLeaseLiabilityCurrent $1.57M USD Point-in-time
Short-term lease liabilities OperatingLeaseLiabilityCurrent $1.63M USD Point-in-time
Sales allowances SalesAllowancesCurrent $597.00K USD Point-in-time
Sales allowances SalesAllowancesCurrent $1.25M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $43.00K USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $139.00K USD Point-in-time
Short-term deferred revenue and customer prepayments DeferredRevenueCurrent $7.31M USD Point-in-time
Short-term deferred revenue and customer prepayments DeferredRevenueCurrent $6.01M USD Point-in-time
Total current liabilities LiabilitiesCurrent $40.51M USD Point-in-time
Total current liabilities LiabilitiesCurrent $42.88M USD Point-in-time
Long-term deferred revenue DeferredRevenueNoncurrent $653.00K USD Point-in-time
Long-term deferred revenue DeferredRevenueNoncurrent $733.00K USD Point-in-time
Contingent consideration obligations BusinessCombinationContingentConsiderationLiabilityNoncurrent $227.00K USD Point-in-time
Contingent consideration obligations BusinessCombinationContingentConsiderationLiabilityNoncurrent $181.00K USD Point-in-time
Long-term income taxes payable AccruedIncomeTaxesNoncurrent $648.00K USD Point-in-time
Long-term income taxes payable AccruedIncomeTaxesNoncurrent $643.00K USD Point-in-time
Long-term lease liabilities OperatingLeaseLiabilityNoncurrent $2.97M USD Point-in-time
Long-term lease liabilities OperatingLeaseLiabilityNoncurrent $2.78M USD Point-in-time
Total liabilities Liabilities $45.08M USD Point-in-time
Total liabilities Liabilities $47.14M USD Point-in-time
Commitments and contingencies (Note 10) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 10) CommitmentsAndContingencies - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $333.01M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $328.39M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $176.10M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $161.01M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-573.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-204.00K USD Point-in-time
Treasury stock at cost: 11,634,806 shares in 2021 and 2020 TreasuryStockValue $138.93M USD Point-in-time
Treasury stock at cost: 11,634,806 shares in 2021 and 2020 TreasuryStockValue $138.93M USD Point-in-time
Total Vicor Corporation stockholders' equity StockholdersEquity $350.82M USD Point-in-time
Total Vicor Corporation stockholders' equity StockholdersEquity $370.16M USD Point-in-time
Noncontrolling interest MinorityInterest $335.00K USD Point-in-time
Noncontrolling interest MinorityInterest $318.00K USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $370.48M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $351.15M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $207.00M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $205.87M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $417.62M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $396.24M USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Net revenues RevenueFromContractWithCustomerExcludingAssessedTax $88.80M USD 1 Quarter
Net revenues RevenueFromContractWithCustomerExcludingAssessedTax $63.40M USD 1 Quarter
Cost of revenues CostOfGoodsAndServicesSold $36.07M USD 1 Quarter
Cost of revenues CostOfGoodsAndServicesSold $44.10M USD 1 Quarter
Gross margin GrossProfit $27.33M USD 1 Quarter
Gross margin GrossProfit $44.70M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $16.95M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $16.37M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $13.03M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $13.34M USD 1 Quarter
Total operating expenses OperatingExpenses $29.70M USD 1 Quarter
Total operating expenses OperatingExpenses $29.98M USD 1 Quarter
Income (loss) from operations OperatingIncomeLoss $-2.37M USD 1 Quarter
Income (loss) from operations OperatingIncomeLoss $14.72M USD 1 Quarter
Total unrealized gains on available-for-sale securities, net MarketableSecuritiesUnrealizedGainLoss $24.00K USD 1 Quarter
Total unrealized gains on available-for-sale securities, net MarketableSecuritiesUnrealizedGainLoss $47.00K USD 1 Quarter
Less: portion of gains recognized in other comprehensive income OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax $-46.00K USD 1 Quarter
Less: portion of gains recognized in other comprehensive income OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax $-23.00K USD 1 Quarter
Net credit gains recognized in earnings AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments $1.00K USD 1 Quarter
Net credit gains recognized in earnings AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments $1.00K USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $147.00K USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $231.00K USD 1 Quarter
Total other income (expense), net NonoperatingIncomeExpense $148.00K USD 1 Quarter
Total other income (expense), net NonoperatingIncomeExpense $232.00K USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $14.95M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-2.23M USD 1 Quarter
Benefit for income taxes IncomeTaxExpenseBenefit $-143.00K USD 1 Quarter
Benefit for income taxes IncomeTaxExpenseBenefit $-494.00K USD 1 Quarter
Consolidated net income (loss) ProfitLoss $-1.73M USD 1 Quarter
Consolidated net income (loss) ProfitLoss $15.10M USD 1 Quarter
Less: Net income attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $4.00K USD 1 Quarter
Less: Net income attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $3.00K USD 1 Quarter
Net income (loss) attributable to Vicor Corporation NetIncomeLoss $-1.74M USD 1 Quarter
Net income (loss) attributable to Vicor Corporation NetIncomeLoss $15.09M USD 1 Quarter
Basic EarningsPerShareBasic $0.35 USD 1 Quarter
Basic EarningsPerShareBasic $-0.04 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.34 USD 1 Quarter
Diluted EarningsPerShareDiluted $-0.04 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 43.45M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 40.63M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 40.63M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 44.84M shares 1 Quarter
Cash Flow Statement 45 line items
Line Item Tag Value Unit Period
Consolidated net income (loss) ProfitLoss $-1.73M USD 1 Quarter
Consolidated net income (loss) ProfitLoss $15.10M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $2.71M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $2.81M USD 1 Quarter
Stock-based compensation expense, net AllocatedShareBasedCompensationExpense $1.57M USD 1 Quarter
Stock-based compensation expense, net AllocatedShareBasedCompensationExpense $710.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $43.00K USD 1 Quarter
Increase in long-term income taxes payable IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $5.00K USD 1 Quarter
Increase in long-term income taxes payable IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $4.00K USD 1 Quarter
Decrease in long-term deferred revenue IncreaseDecreaseInDeferredRevenue1 $-80.00K USD 1 Quarter
Decrease in long-term deferred revenue IncreaseDecreaseInDeferredRevenue1 $-80.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $-1.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $2.00K USD 1 Quarter
Credit gain on available-for-sale securities AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments $1.00K USD 1 Quarter
Credit gain on available-for-sale securities AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments $1.00K USD 1 Quarter
(Increase) decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-75.00K USD 1 Quarter
(Increase) decrease in other assets IncreaseDecreaseInOtherOperatingAssets $26.00K USD 1 Quarter
Change in current assets and liabilities, net IncreaseDecreaseInCurrentAssetsAndLiabilities $1.60M USD 1 Quarter
Change in current assets and liabilities, net IncreaseDecreaseInCurrentAssetsAndLiabilities $2.64M USD 1 Quarter
Net cash provided by (used for) operating activities NetCashProvidedByUsedInOperatingActivities $17.77M USD 1 Quarter
Net cash provided by (used for) operating activities NetCashProvidedByUsedInOperatingActivities $-909.00K USD 1 Quarter
Purchases of short-term investments PaymentsToAcquireShortTermInvestments $50.71M USD 1 Quarter
Sales or maturities of short-term investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $5.00M USD 1 Quarter
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $3.00M USD 1 Quarter
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $9.26M USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-54.97M USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-3.00M USD 1 Quarter
Proceeds from employee stock plans ProceedsFromStockPlans $2.06M USD 1 Quarter
Proceeds from employee stock plans ProceedsFromStockPlans $3.05M USD 1 Quarter
Payment of contingent consideration obligations PaymentOfContingentConsideration $89.00K USD 1 Quarter
Payment of contingent consideration obligations PaymentOfContingentConsideration $46.00K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $1.97M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $3.00M USD 1 Quarter
Effect of foreign exchange rates on cash EffectOfExchangeRateOnCashAndCashEquivalents $19.00K USD 1 Quarter
Effect of foreign exchange rates on cash EffectOfExchangeRateOnCashAndCashEquivalents $-138.00K USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-1.92M USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-34.33M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $84.67M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $82.75M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $127.41M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $161.74M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $84.67M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $82.75M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $127.41M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $161.74M USD Point-in-time
Stockholders Equity 18 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $370.48M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $351.15M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $207.00M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $205.87M USD Point-in-time
Issuance of Common Stock under employee stock plans StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $2.06M USD 1 Quarter
Issuance of Common Stock under employee stock plans StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $3.05M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $1.57M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $710.00K USD 1 Quarter
Net income ProfitLoss $-1.73M USD 1 Quarter
Net income ProfitLoss $15.10M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $87.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-389.00K USD 1 Quarter
Total comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $14.71M USD 1 Quarter
Total comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-1.64M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $370.48M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $351.15M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $207.00M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $205.87M USD Point-in-time
Comprehensive Income 16 line items
Line Item Tag Value Unit Period
Recognized income tax benefit (provision) OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax - USD 1 Quarter
Consolidated net income (loss) ProfitLoss $-1.73M USD 1 Quarter
Consolidated net income (loss) ProfitLoss $15.10M USD 1 Quarter
Recognized income tax benefit (provision) OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax - USD 1 Quarter
Foreign currency translation (losses) gains, net of tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-261.00K USD 1 Quarter
Foreign currency translation (losses) gains, net of tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $46.00K USD 1 Quarter
Unrealized (losses) gains on available-for-sale securities, net of tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-128.00K USD 1 Quarter
Unrealized (losses) gains on available-for-sale securities, net of tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $41.00K USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $87.00K USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $-389.00K USD 1 Quarter
Consolidated comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $14.71M USD 1 Quarter
Consolidated comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-1.64M USD 1 Quarter
Less: Comprehensive (loss) income attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-17.00K USD 1 Quarter
Less: Comprehensive (loss) income attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $8.00K USD 1 Quarter
Comprehensive income (loss) attributable to Vicor Corporation ComprehensiveIncomeNetOfTax $-1.65M USD 1 Quarter
Comprehensive income (loss) attributable to Vicor Corporation ComprehensiveIncomeNetOfTax $14.72M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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