☒ |
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
|
Delaware
|
04-2742817
|
|
(State of Incorporation)
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
Common Stock, par value
$0.01 per share
|
VICR
|
The NASDAQ Stock Market LLC
|
Large accelerated filer
|
☒
|
Smaller reporting company
|
☐
|
|||
Accelerated filer
|
☐
|
Emerging growth company
|
☐
|
|||
Non-accelerated
filer
|
☐
|
|
|
Common Stock, $.01 par value
|
28,904,269
|
|||
Class B Common Stock, $.01 par value
|
11,758,218
|
|
Page
|
|
||
|
||||
|
||||
1
|
||||
2
|
||||
3
|
||||
4
|
||||
5
|
||||
6
|
||||
18
|
||||
27
|
||||
27
|
||||
|
||||
29
|
||||
29
|
||||
29
|
||||
30
|
||||
EX-31.1
SECTION 302 CERTIFICATION OF CEO
|
|
|||
EX-31.2
SECTION 302 CERTIFICATION OF CFO
|
|
|||
EX-32.1
SECTION 906 CERTIFICATION OF CEO
|
|
|||
EX-32.2
SECTION 906 CERTIFICATION OF CFO
|
|
|
March 31,
2020 |
December 31,
2019 |
||||||
Assets
|
|
|
||||||
Current assets:
|
|
|
||||||
Cash and cash equivalents
|
$ |
82,751
|
$ |
84,668
|
||||
Accounts receivable, less allowance of $102 in 2020 and $59 in 2019
|
41,279
|
38,115
|
||||||
Inventories, net
|
53,352
|
49,187
|
||||||
Other current assets
|
7,808
|
7,096
|
||||||
Total current assets
|
185,190
|
179,066
|
||||||
Long-term deferred tax assets, net
|
206
|
205
|
||||||
Long-term investments, net
|
2,557
|
2,510
|
||||||
Property, plant and equipment, net
|
56,879
|
56,952
|
||||||
Other assets
|
1,893
|
1,994
|
||||||
Total assets
|
$ |
246,725
|
$ |
240,727
|
||||
Liabilities and Equity
|
|
|
||||||
Current liabilities:
|
|
|
||||||
Accounts payable
|
$ |
13,440
|
$ |
9,005
|
||||
Accrued compensation and benefits
|
10,081
|
10,410
|
||||||
Accrued expenses
|
2,761
|
2,690
|
||||||
Short-term lease liabilities
|
1,370
|
1,520
|
||||||
Sales allowances
|
781
|
741
|
||||||
Income taxes payable
|
34
|
57
|
||||||
Short-term deferred revenue and customer prepayments
|
6,753
|
5,507
|
||||||
Total current liabilities
|
35,220
|
29,930
|
||||||
Long-term deferred revenue
|
974
|
1,054
|
||||||
Contingent consideration obligations
|
362
|
451
|
||||||
Long-term income taxes payable
|
571
|
567
|
||||||
Long-term lease liabilities
|
2,601
|
2,855
|
||||||
Total liabilities
|
39,728
|
34,857
|
||||||
Commitments and contingencies (Note 1
0
)
|
|
|
||||||
Equity:
|
|
|
||||||
Vicor Corporation stockholders’ equity:
|
|
|
||||||
Class B Common Stock
|
118
|
118
|
||||||
Common Stock
|
407
|
405
|
||||||
Additional
paid-in
capital
|
204,020
|
201,251
|
||||||
Retained earnings
|
141,363
|
143,098
|
||||||
Accumulated other comprehensive loss
|
(300
|
) |
(383
|
) | ||||
Treasury stock, at cost
|
(138,927
|
) |
(138,927
|
) | ||||
Total Vicor Corporation stockholders’ equity
|
206,681
|
205,562
|
||||||
Noncontrolling interest
|
316
|
308
|
||||||
Total equity
|
206,997
|
205,870
|
||||||
Total liabilities and equity
|
$ |
246,725
|
$ |
240,727
|
||||
|
Three Months Ended
March 31, |
|||||||
|
2020
|
2019
|
||||||
Net revenues
|
$ |
63,401
|
$ |
65,725
|
||||
Cost of revenues
|
36,070
|
34,639
|
||||||
Gross margin
|
27,331
|
31,086
|
||||||
Operating expenses:
|
|
|
||||||
Selling, general and administrative
|
16,369
|
15,373
|
||||||
Research and development
|
13,335
|
11,220
|
||||||
Total operating expenses
|
29,704
|
26,593
|
||||||
(Loss) income from operations
|
(2,373
|
) |
4,493
|
|||||
Other income (expense), net:
|
|
|
||||||
Total unrealized gains on
available-for-sale
securities, net
|
47
|
20
|
||||||
Less: portion of gains recognized in other comprehensive income
|
(46
|
) |
(19
|
) | ||||
Net credit gains recognized in earnings
|
1
|
1
|
||||||
Other income (expense), net
|
147
|
238
|
||||||
Total other income (expense), net
|
148
|
239
|
||||||
(Loss) income before income taxes
|
(2,225
|
) |
4,732
|
|||||
Less: (Benefit) provision for income taxes
|
(494
|
) |
426
|
|||||
Consolidated net (loss) income
|
(1,731
|
) |
4,306
|
|||||
Less: Net income attributable to noncontrolling interest
|
4
|
20
|
||||||
Net (loss) income attributable to Vicor Corporation
|
$ |
(1,735
|
) | $ |
4,286
|
|||
Net (loss) income per common share attributable to Vicor Corporation:
|
|
|
||||||
Basic
|
$ |
(0.04
|
) | $ |
0.11
|
|||
Diluted
|
$ |
(0.04
|
) | $ |
0.10
|
|||
Shares used to compute net (loss) income per common share attributable to Vicor Corporation:
|
|
|
||||||
Basic
|
40,635
|
40,229
|
||||||
Diluted
|
40,635
|
41,029
|
|
Three Months Ended
March 31,
|
|||||||
|
2020
|
2019
|
||||||
Consolidated net (loss) income
|
$
|
(1,731
|
) | $ |
4,306
|
|||
Foreign currency translation gains (losses), net of tax (1)
|
46
|
(66
|
) | |||||
Unrealized gains on
available-for-sale
securities, net of tax (1)
|
41
|
19
|
||||||
Other comprehensive income (loss)
|
87
|
(47
|
) | |||||
Consolidated comprehensive (loss) income
|
(1,644
|
) |
4,259
|
|||||
Less: Comprehensive income attributable to noncontrolling interest
|
8
|
15
|
||||||
Comprehensive (loss) income attributable to Vicor Corporation
|
$ |
(1,652
|
) | $ |
4,244
|
|||
(1) |
The deferred tax assets associated with cumulative foreign currency translation gains and cumulative unrealized gains on
available-for-sale
securities are completely offset by a tax valuation allowance as of March 31, 2020 and 2019. Therefore, there is no income tax benefit (provision) recognized for the three months ended March 31, 2020 and 2019.
|
|
Three Months Ended
March 31, |
|||||||
|
2020
|
2019
|
||||||
Operating activities:
|
|
|
||||||
Consolidated net (loss) income
|
$ |
(1,731
|
) | $ |
4,306
|
|||
Adjustments to reconcile consolidated net (loss) income to net cash used by operating activities:
|
|
|
||||||
Depreciation and amortization
|
2,711
|
2,445
|
||||||
Stock-based compensation expense, net
|
710
|
773
|
||||||
Provision (benefit) for doubtful accounts
|
43
|
(88
|
) | |||||
Increase in long-term income taxes payable
|
4
|
2
|
||||||
Decrease in long-term deferred revenue
|
(80
|
) |
(18
|
) | ||||
Gain on disposal of equipment
|
—
|
(9
|
) | |||||
Deferred income taxes
|
(1
|
) |
(1
|
) | ||||
Credit gain on
available-for-sale
securities
|
(1
|
) |
(1
|
) | ||||
Change in current assets and liabilities, net
|
(2,639
|
) |
(9,529
|
) | ||||
Net cash used by operating activities
|
(984
|
) |
(2,120
|
) | ||||
Investing activities:
|
|
|
||||||
Additions to property, plant and equipment
|
(2,999
|
) |
(3,322
|
) | ||||
Proceeds from sale of equipment
|
—
|
9
|
||||||
Decrease in other assets
|
75
|
(8
|
) | |||||
Net cash used for investing activities
|
(2,924
|
) |
(3,321
|
) | ||||
Financing activities:
|
|
|
||||||
Proceeds from issuance of Common Stock
|
2,061
|
1,570
|
||||||
Payment of contingent consideration obligations
|
(89
|
) |
(30
|
) | ||||
Net cash provided by financing activities
|
1,972
|
1,540
|
||||||
Effect of foreign exchange rates on cash
|
19
|
(42
|
) | |||||
Net decrease in cash and cash equivalents
|
(1,917
|
) |
(3,943
|
) | ||||
Cash and cash equivalents at beginning of period
|
84,668
|
70,557
|
||||||
Cash and cash equivalents at end of period
|
$ |
82,751
|
$ |
66,614
|
||||
Three months ended March 31, 2020
|
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 |
|
||||||||||||||||||
Balance on December 31, 2019
|
$ |
118
|
$ |
405
|
$ |
201,251
|
$ |
143,098
|
$ |
(383
|
) | $ |
(138,927
|
) | $ |
205,562
|
$ |
308
|
$ |
205,870
|
||||||||||||||||
Sales of Common Stock
|
|
1
|
788
|
|
|
|
789
|
|
789
|
|||||||||||||||||||||||||||
Stock-based compensation expense
|
|
|
710
|
|
|
|
710
|
|
710
|
|||||||||||||||||||||||||||
Issuances of stock through employee stock purchase plan
|
|
1
|
1,271
|
|
|
|
1,272
|
|
1,272
|
|||||||||||||||||||||||||||
Components of comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net income
|
|
|
|
(1,735
|
) |
|
|
(1,735
|
) |
4
|
(1,731
|
) | ||||||||||||||||||||||||
Other comprehensive income
|
|
|
|
|
83
|
|
83
|
4
|
87
|
|||||||||||||||||||||||||||
Total comprehensive income
|
|
|
|
|
|
|
(1,652
|
) |
8
|
(1,644
|
) | |||||||||||||||||||||||||
Balance on March 31, 2020
|
$ |
118
|
$ |
407
|
$ |
204,020
|
$ |
141,363
|
$ |
(300
|
) | $ |
(138,927
|
) | $ |
206,681
|
$ |
316
|
$ |
206,997
|
||||||||||||||||
Three months ended March 31, 2019
|
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 |
|
||||||||||||||||||
Balance on December 31, 2018
|
$ |
118
|
$ |
402
|
$ |
193,457
|
$ |
129,000
|
$ |
(394
|
) | $ |
(138,927
|
) | $ |
183,656
|
$ |
434
|
$ |
184,090
|
||||||||||||||||
Sales of Common Stock
|
|
|
291
|
|
|
|
291
|
|
291
|
|||||||||||||||||||||||||||
Stock-based compensation
expense |
|
|
773
|
|
|
|
773
|
|
773
|
|||||||||||||||||||||||||||
Issuances of stock through employee stock purchase plan
|
|
1
|
1,278
|
|
|
|
1,279
|
|
1,279
|
|||||||||||||||||||||||||||
Components of comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net income
|
|
|
|
4,286
|
|
|
4,286
|
20
|
4,306
|
|||||||||||||||||||||||||||
Other comprehensive loss
|
|
|
|
|
(42
|
) |
|
(42
|
) |
(5
|
) |
(47
|
) | |||||||||||||||||||||||
Total comprehensive income
|
|
|
|
|
|
|
4,244
|
15
|
4,259
|
|||||||||||||||||||||||||||
Balance on March 31, 2019
|
$ |
118
|
$ |
403
|
$ |
195,799
|
$ |
133,286
|
$ |
(436
|
) | $ |
(138,927
|
) | $ |
190,243
|
$ |
449
|
$ |
190,692
|
||||||||||||||||
|
March 31, 2020
|
December 31, 2019
|
||||||
Raw materials
|
$ |
38,758
|
$ |
35,901
|
||||
Work-in-process
|
7,705
|
5,184
|
||||||
Finished goods
|
6,889
|
8,102
|
||||||
Net balance
|
$ |
53,352
|
$ |
49,187
|
||||
|
|
Gross
|
Gross
|
Estimated
|
||||||||||||
|
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||
March 31, 2020
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Failed Auction Security
|
$ |
3,000
|
$ |
—
|
$ |
443
|
$ |
2,557
|
||||||||
|
|
Gross
|
Gross
|
Estimated
|
||||||||||||
|
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||
December 31, 2019
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Failed Auction Security
|
$ |
3,000
|
$ |
—
|
$ |
490
|
$ |
2,510
|
||||||||
|
|
Estimated
|
||||||
|
Cost
|
Fair Value
|
||||||
Due in twenty to forty years
|
$ |
3,000
|
$ |
2,557
|
||||
|
2020
|
2019
|
||||||
Balance at the beginning of the period
|
$ |
37
|
$ |
41
|
||||
Reductions in the amount related to credit gain for which other-than-temporary impairment was not previously recognized
|
(1
|
) |
(1
|
) | ||||
Balance at the end of the period
|
$ |
36
|
$ |
40
|
||||
|
Using
|
|
||||||||||||||
|
Quoted
Prices Markets (Level |
Significant
Other Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
Total Fair
Value as of March 31, 2020 |
||||||||||||
Cash equivalents:
|
|
|
|
|
||||||||||||
Money market funds
|
$ |
9,665
|
$ |
—
|
$ |
—
|
$ |
9,665
|
||||||||
Long-term investments:
|
|
|
|
|
||||||||||||
Failed Auction Security
|
—
|
—
|
2,557
|
2,557
|
||||||||||||
Liabilities:
|
|
|
|
|
||||||||||||
Contingent consideration obligations
|
—
|
—
|
(362
|
) |
(362
|
) |
|
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, 2019
|
||||||||||||
Cash equivalents:
|
|
|
|
|
||||||||||||
Money market funds
|
$ |
9,630
|
$ |
—
|
$ |
—
|
$ |
9,630
|
||||||||
Long-term investments:
|
|
|
|
|
||||||||||||
Failed Auction Security
|
—
|
—
|
2,510
|
2,510
|
||||||||||||
Liabilities:
|
|
|
|
|
||||||||||||
Contingent consideration obligations
|
—
|
—
|
(451
|
) |
(451
|
) |
|
Fair Value
|
Valuation
Tech nique
|
Unobservable Input
|
Weighted
Average |
||||||||
Failed Auction Security
|
$ |
2,557
|
Discounted cash flow
|
Cumulative probability of earning the maximum rate until maturity
|
0.11
|
% | ||||||
|
|
|
Cumulative probability of principal return prior to maturity
|
93.98
|
% | |||||||
|
|
|
Cumulative probability of default
|
5.91
|
% | |||||||
|
|
|
Liquidity risk premium
|
5.00
|
% | |||||||
|
|
|
Recovery rate in default
|
40.00
|
% |
Balance at the beginning of the period
|
$ |
2,510
|
||
Credit gain on
available-for-sale
securit
y
included in Other income (expense), net
|
1
|
|||
Gain included in Other comprehensive income
|
46
|
|||
Balance at the end of the period
|
$ |
2,557
|
||
Balance at the beginning of the period
|
$
|
451
|
||
Payments
|
(89
|
) | ||
Balance at the end of the period
|
$ |
362
|
||
|
Three Months Ended March 31, 2020
|
|||||||||||
|
Brick
Products |
Advanced
Products |
Total
|
|||||||||
Direct customers, contract manufacturers and
non-stocking
distributors
|
$ |
35,739
|
$ |
14,767
|
$ |
50,506
|
||||||
Stocking distributors, net of sales allowances
|
9,622
|
3,062
|
12,684
|
|||||||||
Non-recurring
engineering
|
156
|
37
|
193
|
|||||||||
Other
|
—
|
18
|
18
|
|||||||||
|
$ |
45,517
|
$ |
17,884
|
$ |
63,401
|
||||||
|
Three Months Ended March 31, 2019
|
|||||||||||
|
Brick Products
|
Advanced
Products |
Total
|
|||||||||
Direct customers, contract manufacturers and
non-stocking
distributors
|
$ |
39,948
|
$ |
14,766
|
$ |
54,714
|
||||||
Stocking distributors, net of sales allowances
|
6,117
|
3,166
|
9,283
|
|||||||||
Non-recurring
engineering
|
548
|
1,125
|
1,673
|
|||||||||
Royalties
|
12
|
24
|
36
|
|||||||||
Other
|
—
|
19
|
19
|
|||||||||
|
$ |
46,625
|
$ |
19,100
|
$ |
65,725
|
||||||
|
March 31,
2020 |
December 31,
2019 |
Change
|
|||||||||
Accounts receivable
|
$ |
41,279
|
$ |
38,115
|
$ |
3,164
|
||||||
Short-term deferred revenue and customer prepayments
|
(6,753
|
) |
(5,507
|
) |
(1,246
|
) | ||||||
Long-term deferred revenue
|
(974
|
) |
(1,054
|
) |
80
|
|||||||
Deferred expenses
|
2,023
|
1,897
|
126
|
|||||||||
Sales allowances
|
(781
|
) |
(741
|
) |
(40
|
) |
|
Three Months Ended
|
|||||||
|
March 31,
|
|||||||
|
2020
|
2019
|
||||||
Cost of revenues
|
$ |
119
|
$ |
69
|
||||
Selling, general and administrative
|
437
|
519
|
||||||
Research and development
|
154
|
185
|
||||||
Total stock-based compensation
|
$ |
710
|
$ |
773
|
||||
|
Three Months Ended
|
|||||||
|
March 31,
|
|||||||
|
2020
|
2019
|
||||||
Stock options
|
$ |
506
|
$ |
533
|
||||
ESPP
|
204
|
240
|
||||||
Total stock-based compensation
|
$ |
710
|
$ |
773
|
||||
|
Three Months Ended
March 31, |
|||||||
|
2020
|
2019
|
||||||
(Benefit) provision for income taxes
|
$ |
(494
|
) | $ |
426
|
|||
Effective income tax rate
|
(22.2
|
)% |
9.0
|
% |
|
Three Months Ended
March 31, |
|||||||
|
2020
|
2019
|
||||||
Numerator:
|
|
|
||||||
Net (loss) income attributable to Vicor Corporation
|
$ |
(1,735
|
) | $ |
4,286
|
|||
Denominator:
|
|
|
||||||
Denominator for basic net (loss) income per share-weighted average shares (1)
|
40,635
|
40,229
|
||||||
Effect of dilutive securities:
|
|
|
||||||
Employee stock options (2)
|
—
|
800
|
||||||
Denominator for diluted net (loss) income per share – adjusted weighted-average shares and assumed conversions
|
40,635
|
41,029
|
||||||
Basic net (loss) income per share
|
$ |
(0.04
|
) | $ |
0.11
|
|||
Diluted net (loss) income per share
|
$ |
(0.04
|
) | $ |
0.10
|
|||
(1) | Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding. |
(2) | Options to purchase 2,615,335 shares of Common Stock for the three months ended March 31, 2020, and 134,535 shares of Common Stock for the three months ended March 31, 2019, were not included in the calculations of net income per share as the effect would have been antidilutive. |
• | Net revenues decreased 3.5% to $63,401,000 for the first quarter of 2020, from $65,725,000 for the first quarter of 2019, despite a 5.2% increase in bookings in the first three months of 2020 compared to the first three months of 2019.Advanced Products revenues decreased 6.4% and Brick Products revenues decreased 2.4% in each case compared to the first quarter of 2019. |
• | Export sales, as a percentage of total revenues, represented approximately 47.1% in the first quarter of 2020 and 55.5% in the first quarter of 2019. |
• | Gross margin decreased to $27,331,000 for the first quarter of 2020 from $31,086,000 for the first quarter of 2019, and gross margin, as a percentage of net revenues, decreased to 43.1% for the first quarter of 2020 from 47.3% for the first quarter of 2019. |
• | Backlog, representing the total of orders for products received for which shipment is scheduled within the next 12 months, was approximately $110,832,000 at the end of the first quarter of 2020, as compared to $103,832,000 at the end of the first quarter of 2019 and $104,164,000 at the end of the fourth quarter of 2019. |
• | Operating expenses for the first quarter of 2020 increased $3,111,000, or 11.7%, to $29,704,000 from $26,593,000 for the first quarter of 2019, due to an increase in research and development expense of $2,115,000 and an increase in selling, general, and administrative expenses of $996,000. |
• | We reported a net loss for the first quarter of 2020 of $(1,735,000), or $(0.04) per share, compared to net income of $4,286,000, or $0.10 per diluted share, for the first quarter of 2019. |
• | For the three months ended March 31, 2020, depreciation and amortization totaled $2,711,000, and capital additions totaled $2,999,000, compared to $2,445,000 and $3,322,000, respectively, for the three months ended March 31, 2019. |
• | Inventories increased by approximately $4,165,000, or 8.5%, to $53,352,000 at March 31, 2020, compared to $49,187,000 at December 31, 2019. |
|
|
|
Decrease
|
|||||||||||||
|
2020
|
2019
|
$
|
%
|
||||||||||||
Brick Products
|
$ |
45,517
|
$ |
46,625
|
$ |
(1,108
|
) |
(2.4
|
)% | |||||||
Advanced Products
|
17,884
|
19,100
|
(1,216
|
) |
(6.4
|
)% | ||||||||||
Total
|
$ |
63,401
|
$ |
65,725
|
$ |
(2,324
|
) |
(3.5
|
)% | |||||||
|
Increase (decrease)
|
|||||||
Legal fees
|
$ |
564
|
161.6
|
%(1) | ||||
Compensation
|
456
|
4.6
|
%(2) | |||||
Bad debt expense
|
131
|
148.9
|
% | |||||
Depreciation and amortization
|
118
|
18.4
|
% | |||||
Outside services
|
101
|
23.8
|
% | |||||
Travel expense
|
(145
|
) |
(21.9
|
)%(3) | ||||
Business taxes and bank fees
|
(164
|
) |
(58.6
|
)%(4) | ||||
Other, net
|
(65
|
) |
(2.0
|
)% | ||||
|
$ |
996
|
6.5
|
% | ||||
(1) | Increase primarily attributable to an increase in outside legal services associated with the December 2019 ransomware incident. |
(2) | Increase primarily attributable to annual compensation adjustments in May 2019 and an increase in headcount. |
(3) |
Decrease primarily attributable to decreased travel by our sales and marketing personnel, notably due to the
COVID-19
pandemic.
|
(4) | Decrease primarily attributable to a decrease in certain business taxes. |
(1) | Increase primarily attributable to increased prototype development costs for Advanced Products. |
(2) | Increase primarily attributable to annual compensation adjustments in May 2019 and an increase in headcount. |
(3) |
Increase primarily attributable to a decrease in deferred costs capitalized for certain
non-recurring
engineering projects for which the related revenues have been deferred.
|
|
2020
|
2019
|
Increase
(decrease) |
|||||||||
Rental income
|
$ |
198
|
$ |
198
|
$ |
—
|
||||||
Interest income
|
53
|
83
|
(30
|
) | ||||||||
Gain on disposals of equipment
|
—
|
9
|
(9
|
) | ||||||||
Foreign currency losses, net
|
(121
|
) |
(58
|
) |
(63
|
) | ||||||
Other, net
|
18
|
7
|
11
|
|||||||||
|
$ |
148
|
$ |
239
|
$ |
(91
|
) | |||||
|
2020
|
2019
|
||||||
(Benefit) provision for income taxes
|
$ |
(494
|
) | $ |
426
|
|||
Effective income tax rate
|
(22.2
|
)% |
9.0
|
% |
|
Increase
(decrease) |
|||
Cash and cash equivalents
|
$ |
(1,917
|
) | |
Accounts receivable
|
3,164
|
|||
Inventories, net
|
4,165
|
|||
Other current assets
|
712
|
|||
Accounts payable
|
(4,435
|
) | ||
Accrued compensation and benefits
|
329
|
|||
Accrued expenses
|
(71
|
) | ||
Short-term lease liabilities
|
150
|
|||
Sales allowances
|
(40
|
) | ||
Income taxes payable
|
23
|
|||
Short-term deferred revenue
|
(1,246
|
) | ||
|
$ |
834
|
||
Exhibit Number
|
Description
|
|||
31.1
|
||||
31.2
|
||||
32.1
|
||||
32.2
|
||||
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)
|
|
|
VICOR CORPORATION
|
||||
Date: May 4, 2020
|
|
By:
|
/s/ Patrizio Vinciarelli
|
|||
|
|
|
Patrizio Vinciarelli
|
|||
|
|
|
Chairman of the Board, President and
|
|||
|
|
|
Chief Executive Officer
|
|||
|
|
|
(Principal Executive Officer)
|
|||
Date: May 4, 2020
|
|
By:
|
/s/ James A. Simms
|
|||
|
|
|
James A. Simms
|
|||
|
|
|
Vice President, Chief Financial Officer
|
|||
|
|
|
(Principal Financial Officer)
|
Exhibit 31.1
CHIEF EXECUTIVE OFFICER CERTIFICATION
I, Patrizio Vinciarelli, certify:
1. |
I have reviewed this quarterly report on Form 10-Q of Vicor Corporation; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) |
Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) |
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. |
The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Dated: May 4, 2020 |
/s/ Patrizio Vinciarelli |
|||||
Patrizio Vinciarelli | ||||||
Chief Executive Officer | ||||||
(Principal Executive Officer) |
Exhibit 31.2
CHIEF FINANCIAL OFFICER CERTIFICATION
I, James A. Simms, certify:
1. |
I have reviewed this quarterly report on Form 10-Q of Vicor Corporation; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) |
Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) |
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. |
The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Dated: May 4, 2020 |
/s/ James A. Simms |
|||||
James A. Simms | ||||||
Vice President, Chief Financial Officer | ||||||
(Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Vicor Corporation (the Company) on Form 10-Q for the period ended March 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Patrizio Vinciarelli, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Patrizio Vinciarelli |
Patrizio Vinciarelli |
President, Chairman of the Board and |
Chief Executive Officer |
May 4, 2020
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Vicor Corporation (the Company) on Form 10-Q for the period ended March 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, James A. Simms, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ James A. Simms |
James A. Simms |
Vice President, Chief Financial Officer |
May 4, 2020
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.