Company Quick10K Filing
Quick10K
Vicor
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$29.79 41 $1,222
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-06-28 Shareholder Vote
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-02-26 Earnings, Exhibits
8-K 2018-10-16 Earnings, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-06-15 Shareholder Vote
8-K 2018-05-30 Sale of Shares, Officers, Exhibits
8-K 2018-04-24 Earnings, Exhibits
8-K 2018-02-22 Earnings, Exhibits
OC Owens Corning 5,990
MSM MSC Industrial Direct 3,767
KRNT Kornit Digital 1,013
RTEC Rudolph Technologies 679
GPRO Gopro 546
TAYD Taylor Devices 38
LBY Libbey 37
RETO Reto Eco-Solutions 25
CVV CVD Equipment 24
SMIT Schmitt Industries 10
VICR 2019-09-30
Part I - Financial Information
Item 1 - Financial Statements
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 6 - Exhibits
EX-31.1 d811594dex311.htm
EX-31.2 d811594dex312.htm
EX-32.1 d811594dex321.htm
EX-32.2 d811594dex322.htm

Vicor Earnings 2019-09-30

VICR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q
false2019Q3VICOR CORP000075197812-312The 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 September 30, 2019 and 2018. Therefore, there is no income tax benefit (provision) recognized for the three and nine months ended September 30, 2019 and 2018.Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding.Options to purchase 171,499 and 138,251 shares of Common Stock for the three and nine months ended September 30, 2019, respectively, and 54,818 and 47,573 shares of Common Stock for the three and nine months ended September 30, 2018, respectively, were not included in the calculations of net income per share as the effect would have been antidilutive. 0000751978 2019-01-01 2019-09-30 0000751978 2019-09-30 0000751978 2018-12-31 0000751978 2019-07-01 2019-09-30 0000751978 2018-07-01 2018-09-30 0000751978 2018-01-01 2018-09-30 0000751978 2019-01-01 0000751978 2019-06-30 0000751978 2018-06-30 0000751978 2017-12-31 0000751978 2018-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember 2019-09-30 0000751978 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2019-09-30 0000751978 us-gaap:MoneyMarketFundsMember 2019-09-30 0000751978 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:AuctionRateSecuritiesMember 2019-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember us-gaap:FairValueInputsLevel3Member 2019-09-30 0000751978 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member vicr:ContingentConsiderationObligationMember 2019-09-30 0000751978 vicr:ContingentConsiderationObligationMember 2019-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember us-gaap:FairValueInputsLevel3Member vicr:CumulativeProbabilityOfEarningMaximumRateUntilMaturityMember 2019-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember us-gaap:FairValueInputsLevel3Member vicr:CumulativeProbabilityOfPrincipalReturnPriorToMaturityMember 2019-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember us-gaap:FairValueInputsLevel3Member vicr:CumulativeProbabilityOfDefaultMember 2019-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember us-gaap:FairValueInputsLevel3Member vicr:LiquidityRiskPremiumMember 2019-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember us-gaap:FairValueInputsLevel3Member vicr:RecoveryRateInDefaultMember 2019-09-30 0000751978 us-gaap:CommonClassBMember 2019-09-30 0000751978 vicr:CommonClassUndefinedMember 2019-09-30 0000751978 us-gaap:AccountingStandardsUpdate201409Member 2019-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember 2018-12-31 0000751978 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2018-12-31 0000751978 us-gaap:MoneyMarketFundsMember 2018-12-31 0000751978 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:AuctionRateSecuritiesMember 2018-12-31 0000751978 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member vicr:ContingentConsiderationObligationMember 2018-12-31 0000751978 vicr:ContingentConsiderationObligationMember 2018-12-31 0000751978 us-gaap:CommonClassBMember 2018-12-31 0000751978 vicr:CommonClassUndefinedMember 2018-12-31 0000751978 us-gaap:CostOfSalesMember 2019-07-01 2019-09-30 0000751978 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-07-01 2019-09-30 0000751978 us-gaap:ResearchAndDevelopmentExpenseMember 2019-07-01 2019-09-30 0000751978 us-gaap:EmployeeStockOptionMember 2019-07-01 2019-09-30 0000751978 vicr:EmployeeStockPurchasePlanMember 2019-07-01 2019-09-30 0000751978 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0000751978 us-gaap:ParentMember 2019-07-01 2019-09-30 0000751978 us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0000751978 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0000751978 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0000751978 country:US vicr:BrickProductsMember 2019-07-01 2019-09-30 0000751978 country:US vicr:AdvancedProductsMember 2019-07-01 2019-09-30 0000751978 country:US 2019-07-01 2019-09-30 0000751978 srt:EuropeMember vicr:BrickProductsMember 2019-07-01 2019-09-30 0000751978 srt:EuropeMember vicr:AdvancedProductsMember 2019-07-01 2019-09-30 0000751978 srt:EuropeMember 2019-07-01 2019-09-30 0000751978 srt:AsiaPacificMember vicr:BrickProductsMember 2019-07-01 2019-09-30 0000751978 srt:AsiaPacificMember vicr:AdvancedProductsMember 2019-07-01 2019-09-30 0000751978 srt:AsiaPacificMember 2019-07-01 2019-09-30 0000751978 vicr:AllOtherCountriesMember vicr:BrickProductsMember 2019-07-01 2019-09-30 0000751978 vicr:AllOtherCountriesMember vicr:AdvancedProductsMember 2019-07-01 2019-09-30 0000751978 vicr:AllOtherCountriesMember 2019-07-01 2019-09-30 0000751978 vicr:BrickProductsMember 2019-07-01 2019-09-30 0000751978 vicr:AdvancedProductsMember 2019-07-01 2019-09-30 0000751978 vicr:DirectCustomersContractManufacturersAndNonStockingDistributorsMember vicr:BrickProductsMember 2019-07-01 2019-09-30 0000751978 vicr:DirectCustomersContractManufacturersAndNonStockingDistributorsMember vicr:AdvancedProductsMember 2019-07-01 2019-09-30 0000751978 vicr:DirectCustomersContractManufacturersAndNonStockingDistributorsMember 2019-07-01 2019-09-30 0000751978 vicr:StockingDistributorsNetOfSalesAllowancesMember vicr:BrickProductsMember 2019-07-01 2019-09-30 0000751978 vicr:StockingDistributorsNetOfSalesAllowancesMember vicr:AdvancedProductsMember 2019-07-01 2019-09-30 0000751978 vicr:StockingDistributorsNetOfSalesAllowancesMember 2019-07-01 2019-09-30 0000751978 vicr:NonRecurringEngineeringMember vicr:BrickProductsMember 2019-07-01 2019-09-30 0000751978 vicr:NonRecurringEngineeringMember vicr:AdvancedProductsMember 2019-07-01 2019-09-30 0000751978 vicr:NonRecurringEngineeringMember 2019-07-01 2019-09-30 0000751978 us-gaap:ProductAndServiceOtherMember vicr:AdvancedProductsMember 2019-07-01 2019-09-30 0000751978 us-gaap:ProductAndServiceOtherMember 2019-07-01 2019-09-30 0000751978 vicr:RoyaltiesMember vicr:BrickProductsMember 2019-07-01 2019-09-30 0000751978 vicr:RoyaltiesMember vicr:AdvancedProductsMember 2019-07-01 2019-09-30 0000751978 vicr:RoyaltiesMember 2019-07-01 2019-09-30 0000751978 us-gaap:CostOfSalesMember 2018-07-01 2018-09-30 0000751978 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2018-07-01 2018-09-30 0000751978 us-gaap:ResearchAndDevelopmentExpenseMember 2018-07-01 2018-09-30 0000751978 us-gaap:EmployeeStockOptionMember 2018-07-01 2018-09-30 0000751978 vicr:EmployeeStockPurchasePlanMember 2018-07-01 2018-09-30 0000751978 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0000751978 us-gaap:ParentMember 2018-07-01 2018-09-30 0000751978 us-gaap:NoncontrollingInterestMember 2018-07-01 2018-09-30 0000751978 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0000751978 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0000751978 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0000751978 vicr:BrickProductsMember country:US 2018-07-01 2018-09-30 0000751978 vicr:AdvancedProductsMember country:US 2018-07-01 2018-09-30 0000751978 country:US 2018-07-01 2018-09-30 0000751978 vicr:BrickProductsMember srt:EuropeMember 2018-07-01 2018-09-30 0000751978 vicr:AdvancedProductsMember srt:EuropeMember 2018-07-01 2018-09-30 0000751978 srt:EuropeMember 2018-07-01 2018-09-30 0000751978 vicr:BrickProductsMember srt:AsiaPacificMember 2018-07-01 2018-09-30 0000751978 vicr:AdvancedProductsMember srt:AsiaPacificMember 2018-07-01 2018-09-30 0000751978 srt:AsiaPacificMember 2018-07-01 2018-09-30 0000751978 vicr:BrickProductsMember vicr:AllOtherCountriesMember 2018-07-01 2018-09-30 0000751978 vicr:AdvancedProductsMember vicr:AllOtherCountriesMember 2018-07-01 2018-09-30 0000751978 vicr:AllOtherCountriesMember 2018-07-01 2018-09-30 0000751978 vicr:BrickProductsMember 2018-07-01 2018-09-30 0000751978 vicr:AdvancedProductsMember 2018-07-01 2018-09-30 0000751978 vicr:DirectCustomersContractManufacturersAndNonStockingDistributorsMember vicr:BrickProductsMember 2018-07-01 2018-09-30 0000751978 vicr:DirectCustomersContractManufacturersAndNonStockingDistributorsMember vicr:AdvancedProductsMember 2018-07-01 2018-09-30 0000751978 vicr:DirectCustomersContractManufacturersAndNonStockingDistributorsMember 2018-07-01 2018-09-30 0000751978 vicr:StockingDistributorsNetOfSalesAllowancesMember vicr:BrickProductsMember 2018-07-01 2018-09-30 0000751978 vicr:StockingDistributorsNetOfSalesAllowancesMember vicr:AdvancedProductsMember 2018-07-01 2018-09-30 0000751978 vicr:StockingDistributorsNetOfSalesAllowancesMember 2018-07-01 2018-09-30 0000751978 vicr:NonRecurringEngineeringMember vicr:BrickProductsMember 2018-07-01 2018-09-30 0000751978 vicr:NonRecurringEngineeringMember vicr:AdvancedProductsMember 2018-07-01 2018-09-30 0000751978 vicr:NonRecurringEngineeringMember 2018-07-01 2018-09-30 0000751978 vicr:RoyaltiesMember vicr:BrickProductsMember 2018-07-01 2018-09-30 0000751978 vicr:RoyaltiesMember vicr:AdvancedProductsMember 2018-07-01 2018-09-30 0000751978 vicr:RoyaltiesMember 2018-07-01 2018-09-30 0000751978 us-gaap:ProductAndServiceOtherMember vicr:AdvancedProductsMember 2018-07-01 2018-09-30 0000751978 us-gaap:ProductAndServiceOtherMember 2018-07-01 2018-09-30 0000751978 us-gaap:CostOfSalesMember 2019-01-01 2019-09-30 0000751978 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-01-01 2019-09-30 0000751978 us-gaap:ResearchAndDevelopmentExpenseMember 2019-01-01 2019-09-30 0000751978 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-09-30 0000751978 vicr:EmployeeStockPurchasePlanMember 2019-01-01 2019-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember 2019-01-01 2019-09-30 0000751978 us-gaap:FairValueInputsLevel3Member vicr:ContingentConsiderationObligationMember 2019-01-01 2019-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember us-gaap:FairValueInputsLevel3Member vicr:CumulativeProbabilityOfEarningMaximumRateUntilMaturityMember 2019-01-01 2019-09-30 0000751978 us-gaap:RetainedEarningsMember 2019-01-01 2019-09-30 0000751978 us-gaap:ParentMember 2019-01-01 2019-09-30 0000751978 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-09-30 0000751978 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember us-gaap:FairValueInputsLevel3Member vicr:CumulativeProbabilityOfPrincipalReturnPriorToMaturityMember 2019-01-01 2019-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember us-gaap:FairValueInputsLevel3Member vicr:CumulativeProbabilityOfDefaultMember 2019-01-01 2019-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember us-gaap:FairValueInputsLevel3Member vicr:LiquidityRiskPremiumMember 2019-01-01 2019-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember us-gaap:FairValueInputsLevel3Member vicr:RecoveryRateInDefaultMember 2019-01-01 2019-09-30 0000751978 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-09-30 0000751978 us-gaap:CommonStockMember 2019-01-01 2019-09-30 0000751978 us-gaap:AccountingStandardsUpdate201409Member 2019-01-01 2019-09-30 0000751978 country:US vicr:BrickProductsMember 2019-01-01 2019-09-30 0000751978 country:US vicr:AdvancedProductsMember 2019-01-01 2019-09-30 0000751978 country:US 2019-01-01 2019-09-30 0000751978 srt:EuropeMember vicr:BrickProductsMember 2019-01-01 2019-09-30 0000751978 srt:EuropeMember vicr:AdvancedProductsMember 2019-01-01 2019-09-30 0000751978 srt:EuropeMember 2019-01-01 2019-09-30 0000751978 srt:AsiaPacificMember vicr:BrickProductsMember 2019-01-01 2019-09-30 0000751978 srt:AsiaPacificMember vicr:AdvancedProductsMember 2019-01-01 2019-09-30 0000751978 srt:AsiaPacificMember 2019-01-01 2019-09-30 0000751978 vicr:AllOtherCountriesMember vicr:BrickProductsMember 2019-01-01 2019-09-30 0000751978 vicr:AllOtherCountriesMember vicr:AdvancedProductsMember 2019-01-01 2019-09-30 0000751978 vicr:AllOtherCountriesMember 2019-01-01 2019-09-30 0000751978 vicr:BrickProductsMember 2019-01-01 2019-09-30 0000751978 vicr:AdvancedProductsMember 2019-01-01 2019-09-30 0000751978 vicr:DirectCustomersContractManufacturersAndNonStockingDistributorsMember vicr:BrickProductsMember 2019-01-01 2019-09-30 0000751978 vicr:DirectCustomersContractManufacturersAndNonStockingDistributorsMember vicr:AdvancedProductsMember 2019-01-01 2019-09-30 0000751978 vicr:DirectCustomersContractManufacturersAndNonStockingDistributorsMember 2019-01-01 2019-09-30 0000751978 vicr:StockingDistributorsNetOfSalesAllowancesMember vicr:BrickProductsMember 2019-01-01 2019-09-30 0000751978 vicr:StockingDistributorsNetOfSalesAllowancesMember vicr:AdvancedProductsMember 2019-01-01 2019-09-30 0000751978 vicr:StockingDistributorsNetOfSalesAllowancesMember 2019-01-01 2019-09-30 0000751978 vicr:NonRecurringEngineeringMember vicr:BrickProductsMember 2019-01-01 2019-09-30 0000751978 vicr:NonRecurringEngineeringMember vicr:AdvancedProductsMember 2019-01-01 2019-09-30 0000751978 vicr:NonRecurringEngineeringMember 2019-01-01 2019-09-30 0000751978 vicr:RoyaltiesMember vicr:BrickProductsMember 2019-01-01 2019-09-30 0000751978 vicr:RoyaltiesMember vicr:AdvancedProductsMember 2019-01-01 2019-09-30 0000751978 vicr:RoyaltiesMember 2019-01-01 2019-09-30 0000751978 us-gaap:ProductAndServiceOtherMember vicr:AdvancedProductsMember 2019-01-01 2019-09-30 0000751978 us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-09-30 0000751978 us-gaap:CostOfSalesMember 2018-01-01 2018-09-30 0000751978 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2018-01-01 2018-09-30 0000751978 us-gaap:ResearchAndDevelopmentExpenseMember 2018-01-01 2018-09-30 0000751978 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-09-30 0000751978 vicr:EmployeeStockPurchasePlanMember 2018-01-01 2018-09-30 0000751978 us-gaap:AuctionRateSecuritiesMember 2018-01-01 2018-09-30 0000751978 us-gaap:RetainedEarningsMember 2018-01-01 2018-09-30 0000751978 us-gaap:ParentMember 2018-01-01 2018-09-30 0000751978 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-09-30 0000751978 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0000751978 us-gaap:CommonStockMember 2018-01-01 2018-09-30 0000751978 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-09-30 0000751978 vicr:BrickProductsMember country:US 2018-01-01 2018-09-30 0000751978 vicr:AdvancedProductsMember country:US 2018-01-01 2018-09-30 0000751978 country:US 2018-01-01 2018-09-30 0000751978 vicr:BrickProductsMember srt:EuropeMember 2018-01-01 2018-09-30 0000751978 vicr:AdvancedProductsMember srt:EuropeMember 2018-01-01 2018-09-30 0000751978 srt:EuropeMember 2018-01-01 2018-09-30 0000751978 vicr:BrickProductsMember srt:AsiaPacificMember 2018-01-01 2018-09-30 0000751978 vicr:AdvancedProductsMember srt:AsiaPacificMember 2018-01-01 2018-09-30 0000751978 srt:AsiaPacificMember 2018-01-01 2018-09-30 0000751978 vicr:BrickProductsMember vicr:AllOtherCountriesMember 2018-01-01 2018-09-30 0000751978 vicr:AdvancedProductsMember vicr:AllOtherCountriesMember 2018-01-01 2018-09-30 0000751978 vicr:AllOtherCountriesMember 2018-01-01 2018-09-30 0000751978 vicr:BrickProductsMember 2018-01-01 2018-09-30 0000751978 vicr:AdvancedProductsMember 2018-01-01 2018-09-30 0000751978 vicr:DirectCustomersContractManufacturersAndNonStockingDistributorsMember vicr:BrickProductsMember 2018-01-01 2018-09-30 0000751978 vicr:DirectCustomersContractManufacturersAndNonStockingDistributorsMember vicr:AdvancedProductsMember 2018-01-01 2018-09-30 0000751978 vicr:DirectCustomersContractManufacturersAndNonStockingDistributorsMember 2018-01-01 2018-09-30 0000751978 vicr:StockingDistributorsNetOfSalesAllowancesMember vicr:BrickProductsMember 2018-01-01 2018-09-30 0000751978 vicr:StockingDistributorsNetOfSalesAllowancesMember vicr:AdvancedProductsMember 2018-01-01 2018-09-30 0000751978 vicr:StockingDistributorsNetOfSalesAllowancesMember 2018-01-01 2018-09-30 0000751978 vicr:NonRecurringEngineeringMember vicr:BrickProductsMember 2018-01-01 2018-09-30 0000751978 vicr:NonRecurringEngineeringMember vicr:AdvancedProductsMember 2018-01-01 2018-09-30 0000751978 vicr:NonRecurringEngineeringMember 2018-01-01 2018-09-30 0000751978 vicr:RoyaltiesMember vicr:BrickProductsMember 2018-01-01 2018-09-30 0000751978 vicr:RoyaltiesMember vicr:AdvancedProductsMember 2018-01-01 2018-09-30 0000751978 vicr:RoyaltiesMember 2018-01-01 2018-09-30 0000751978 us-gaap:ProductAndServiceOtherMember vicr:AdvancedProductsMember 2018-01-01 2018-09-30 0000751978 us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-09-30 0000751978 us-gaap:CommonStockMember 2019-10-21 0000751978 us-gaap:CommonClassBMember 2019-10-21 0000751978 vicr:MilitaryGradeProductsMember 2017-01-01 2017-01-01 0000751978 us-gaap:CommonClassBMember 2019-06-30 0000751978 us-gaap:CommonStockMember 2019-06-30 0000751978 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000751978 us-gaap:RetainedEarningsMember 2019-06-30 0000751978 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000751978 us-gaap:TreasuryStockMember 2019-06-30 0000751978 us-gaap:ParentMember 2019-06-30 0000751978 us-gaap:NoncontrollingInterestMember 2019-06-30 0000751978 us-gaap:CommonStockMember 2019-09-30 0000751978 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0000751978 us-gaap:RetainedEarningsMember 2019-09-30 0000751978 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0000751978 us-gaap:TreasuryStockMember 2019-09-30 0000751978 us-gaap:ParentMember 2019-09-30 0000751978 us-gaap:NoncontrollingInterestMember 2019-09-30 0000751978 us-gaap:CommonClassBMember 2018-06-30 0000751978 us-gaap:CommonStockMember 2018-06-30 0000751978 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000751978 us-gaap:RetainedEarningsMember 2018-06-30 0000751978 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000751978 us-gaap:TreasuryStockMember 2018-06-30 0000751978 us-gaap:ParentMember 2018-06-30 0000751978 us-gaap:NoncontrollingInterestMember 2018-06-30 0000751978 us-gaap:CommonClassBMember 2018-09-30 0000751978 us-gaap:CommonStockMember 2018-09-30 0000751978 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0000751978 us-gaap:RetainedEarningsMember 2018-09-30 0000751978 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0000751978 us-gaap:TreasuryStockMember 2018-09-30 0000751978 us-gaap:ParentMember 2018-09-30 0000751978 us-gaap:NoncontrollingInterestMember 2018-09-30 0000751978 us-gaap:FairValueInputsLevel3Member vicr:ContingentConsiderationObligationMember 2018-12-31 0000751978 us-gaap:FairValueInputsLevel3Member vicr:ContingentConsiderationObligationMember 2019-09-30 0000751978 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000751978 us-gaap:RetainedEarningsMember 2018-12-31 0000751978 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000751978 us-gaap:TreasuryStockMember 2018-12-31 0000751978 us-gaap:ParentMember 2018-12-31 0000751978 us-gaap:NoncontrollingInterestMember 2018-12-31 0000751978 us-gaap:CommonStockMember 2018-12-31 0000751978 us-gaap:AuctionRateSecuritiesMember 2017-12-31 0000751978 us-gaap:AuctionRateSecuritiesMember 2018-09-30 0000751978 us-gaap:CommonClassBMember 2017-12-31 0000751978 us-gaap:CommonStockMember 2017-12-31 0000751978 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000751978 us-gaap:RetainedEarningsMember 2017-12-31 0000751978 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000751978 us-gaap:TreasuryStockMember 2017-12-31 0000751978 us-gaap:ParentMember 2017-12-31 0000751978 us-gaap:NoncontrollingInterestMember 2017-12-31 iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares
Table of Contents
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM
10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from
                    
 
Commission File Number
0-18277
 
VICOR CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware
 
04-2742817
(State of Incorporation)
 
(I.R.S. Employer
Identification No.)
25 Frontage Road, Andover, Massachusetts 01810
(Address of Principal Executive Office)
(978)
470-2900
(Registrant’s telephone number)
Securities registered pursuant to Section 12(b) of the Act:
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
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
Large accelerated filer
 
 
Smaller reporting company
 
 
 
 
 
 
 
 
Accelerated filer
 
 
Emerging growth company
 
 
 
 
 
 
 
 
Non-accelerated filer
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  
    No  
The number of shares outstanding of each of the issuer’s classes of Common Stock as of
October ​​​​​​​
2
1
,
2019
was:
 
 
 
 
Common Stock, $.01 par value
 
 
28,645,840
 
 
Class B Common Stock, $.01 par value
 
 
11,758,218
 
 
     

 
Table of Contents
VICOR CORPORATION
INDEX
 
Page
 
 
 
 
 
 
 
 
 
1
 
 
 
2
 
 
 
3
 
 
 
4
 
 
 
 
 
 
 
 
5
 
 
 
 
 
 
 
 
6
 
 
 
20
 
 
 
33
 
 
 
33
 
 
 
 
 
 
35
 
 
 
35
 
 
 
35
 
 
 
36
 
 
 
 
 
 
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
 
 
 
  

 
Table of Contents
VICOR CORPORATION
Part I – Financial Information
Item 1 – Financial Statements
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
September 30,
2019
   
December 31,
2018
 
Assets
 
 
 
 
 
 
Current assets:
   
     
 
Cash and cash equivalents
  $
81,229
    $
70,557
 
Accounts receivable, less allowance of $65 in 2019 and $224 in 2018
   
39,987
     
43,673
 
Inventories, net
   
49,688
     
47,370
 
Other current assets
   
5,114
     
3,460
 
                 
Total current assets
   
176,018
     
165,060
 
Long-term deferred tax assets, net
   
241
     
265
 
Long-term investments, net
   
2,576
     
2,526
 
Property, plant and equipment, net
   
56,336
     
50,432
 
Other assets
   
2,739
     
2,785
 
                 
Total assets
  $
237,910
    $
221,068
 
                 
Liabilities and Equity
 
 
 
 
 
 
Current liabilities:
   
     
 
Accounts payable
  $
10,329
    $
16,149
 
Accrued compensation and benefits
   
9,548
     
10,657
 
Accrued expenses
   
2,335
     
2,631
 
S
hort-term
lease liabilities
   
1,580
     
—  
 
Sales allowances
   
1,076
     
548
 
Accrued severance and other charges
   
—  
     
234
 
Income taxes payable
   
57
     
710
 
Short-term de
ferred
 revenue
   
5,843
     
5,069
 
                 
Total current liabilities
   
30,768
     
35,998
 
Long-term deferred revenue
   
1,134
     
232
 
Contingent consideration obligations
   
210
     
408
 
Long-term income taxes payable
   
237
     
238
 
Long-term lease liabilities
   
2,845
     
102
 
                 
Total liabilities
   
35,194
     
36,978
 
Commitments and contingencies (Note 12)
   
     
 
Equity:
   
     
 
Vicor Corporation stockholders’ equity:
   
     
 
Class B Common Stock
   
118
     
118
 
Common Stock
   
404
     
402
 
Additional
paid-in
capital
   
199,166
     
193,457
 
Retained earnings
   
141,786
     
129,000
 
Accumulated other comprehensive loss
   
(278
)    
(394
)
Treasury stock, at cost
   
(138,927
)    
(138,927
)
                 
Total Vicor Corporation stockholders’ equity
   
202,269
     
183,656
 
Noncontrolling interest
   
447
     
434
 
                 
Total equity
   
202,716
     
184,090
 
                 
Total liabilities and equity
  $
237,910
    $
221,068
 
                 
See accompanying notes.
 
-1-
 

 
Table of Contents
VICOR CORPORATION
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
                                 
 
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
 
2019
   
2018
   
2019
   
2018
 
Net revenues
  $
70,772
    $
78,035
    $
199,852
    $
217,500
 
Cost of revenues
   
37,770
     
39,031
     
106,647
     
112,402
 
                                 
Gross margin
   
33,002
     
39,004
     
93,205
     
105,098
 
Operating expenses:
   
     
     
     
 
Selling, general and administrative
   
15,443
     
15,280
     
45,846
     
46,493
 
Research and development
   
11,507
     
10,691
     
34,433
     
33,220
 
Severance and other charges
   
—  
     
(10
)    
—  
     
340
 
                                 
Total operating expenses
   
26,950
     
25,961
     
80,279
     
80,053
 
                                 
Income from operations
   
6,052
     
13,043
     
12,926
     
25,045
 
Other income (expense), net:
   
     
     
     
 
Total unrealized gains on
available-for-sale
securities, net
   
11
     
32
     
50
     
88
 
Less: portion of gains recognized in other comprehensive income
   
(10
)    
(30
)    
(47
)    
(82
)
                                 
Net credit gains recognized in earnings
   
1
     
2
     
3
     
6
 
Other income (expense), net
   
145
     
230
     
670
     
612
 
                                 
Total other income (expense), net
   
146
     
232
     
673
     
618
 
                                 
Income before income taxes
   
6,198
     
13,275
     
13,599
     
25,663
 
Less: Provision for income taxes
   
266
     
227
     
805
     
724
 
                                 
Consolidated net income
   
5,932
     
13,048
     
12,794
     
24,939
 
Less: Net (loss) income attributable to noncontrolling interest
   
(5
)    
36
     
8
     
124
 
                                 
Net income attributable to Vicor Corporation
  $
5,937
    $
13,012
    $
12,786
    $
24,815
 
                                 
Net income per common share attributable to Vicor Corporation:
   
     
     
     
 
Basic
  $
0.15
    $
0.32
    $
0.32
    $
0.62
 
Diluted
  $
0.14
    $
0.32
    $
0.31
    $
0.61
 
Shares used to compute net income per common share attributable to Vicor Corporation:
   
     
     
     
 
Basic
   
40,332
     
40,120
     
40,279
     
39,769
 
Diluted
   
42,194
     
41,124
     
41,435
     
40,645
 
 
 
 
See accompanying notes.
 
-2-
 

 
Table of Contents
VICOR CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
                                 
 
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
 
2019
   
2018
   
2019
   
2018
 
Consolidated net income
  $
5,932
    $
13,048
    $
12,794
    $
24,939
 
Foreign currency translation (losses) gains
 
, net of tax (1)
   
(11
)    
(156
)    
74
     
(129
)
Unrealized gains on
available-for-sale
securities, net of tax (1)
   
10
     
30
     
47
     
82
 
                                 
Other comprehensive (loss) income
   
(1
)    
(126
)    
121
     
(47
)
                                 
Consolidated comprehensive income
   
5,931
     
12,922
     
12,915
     
24,892
 
Less: Comprehensive (loss) income attributable to noncontrolling interest
   
(6
)    
25
     
13
     
115
 
                                 
Comprehensive income attributable to Vicor Corporation
  $
5,937
    $
12,897
    $
12,902
    $
24,777
 
                                 
 
 
 
 
 
(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 September 30, 2019 and 2018. Therefore, there is no income tax benefit (provision) recognized for the three and nine months ended September 30, 2019 and 2018.
 
 
 
 
 
See accompanying notes.
 
-3-
 

 
Table of Contents
VICOR CORPORATION
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
                 
 
Nine Months Ended
September 30,
 
 
2019
   
2018
 
Operating activities:
   
     
 
Consolidated net income
  $
12,794
    $
24,939
 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
   
     
 
Depreciation and amortization
   
7,647
     
6,870
 
Stock-based compensation expense, net
   
2,292
     
2,604
 
(Benefit) provision for doubtful accounts
   
(138
)    
91
 
Decrease in long-term income taxes payable
   
(1
)    
—  
 
Increase in other long-term liabilities
   
—  
     
7
 
Increase (decrease) in long-term deferred revenue
   
902
     
(54
)
Gain on disposal of equipment
   
(23
)    
(45
)
Deferred income taxes
   
24
     
26
 
Credit gain on
available-for-sale
securities
   
(3
)    
(6
)
Change in current assets and liabilities, net
   
(6,955
)    
(11,590
)
                 
Net cash provided by operating activities
   
16,539
     
22,842
 
Investing activities:
   
     
 
Additions to property, plant and equipment
   
(9,122
)    
(6,894
)
Proceeds from sale of equipment
   
23
     
45
 
Decrease in other assets
   
(37
)    
(92
)
                 
Net cash used for investing activities
   
(9,136
)    
(6,941
)
Financing activities:
   
     
 
Proceeds from issuance of Common Stock
   
3,423
     
8,378
 
Payment of contingent consideration obligations
   
(198
)    
(208
)
                 
Net cash provided by financing activities
   
3,225
     
8,170
 
Effect of foreign exchange rates on cash
   
44
     
(95
)
                 
Net increase in cash and cash equivalents
   
10,672
     
23,976
 
Cash and cash equivalents at beginning of period
   
70,557
     
44,230
 
                 
Cash and cash equivalents at end of period
  $
81,229
    $
68,206
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes.
 
-4-
 

 
Table of Contents
VICOR CORPORATION
Condensed Consolidated Statements of Equity
(In thousands)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
Vicor
 
 
 
 
 
 
Class B
 
 
 
 
Additional
 
 
 
 
Other
 
 
 
 
Corporation
 
 
 
 
 
 
Common
 
 
Common
 
 
Paid-In
 
 
Retained
 
 
Comprehensive
 
 
Treasury
 
 
Stockholders’
 
 
Noncontrolling
 
 
Total
 
Three months ended September 30, 2019
 
Stock
 
 
Stock
 
 
Capital
 
 
Earnings
 
 
Income (Loss)
 
 
Stock
 
 
Equity
 
 
Interest
 
 
Equity
 
Balance on June 30, 2019
 
 
 
 
$
118
 
 
 
$
403
   
 
$
196,698
 
 
 
$
135,849
    $
(278
)   $
 
(138,927
)   $
193,863
    $
453
    $
194,316
 
Sales of Common Stock
   
     
1
     
689
     
     
     
     
690
     
     
690
 
Stock-based compensation expense
   
     
     
753
     
     
     
     
753
     
     
753
 
Issuances of stock through employee stock purchase plan
   
     
     
1,026
     
     
     
     
1,026
     
     
1,026
 
Components of comprehensive income, net of tax:
   
     
     
     
     
     
     
     
     
 
Net income
   
     
     
     
5,937
     
     
     
5,937
     
(5
)    
5,932
 
Other comprehensive income
   
     
     
     
     
—  
     
     
—  
     
(1
)    
(1
)
                                                                         
Total comprehensive income
   
     
     
     
     
     
     
5,937
     
(6
)    
5,931
 
                                                                         
Balance on September 30, 2019
  $
118
    $
404
    $
199,166
    $
141,786
    $
(278
)   $
(138,927
)   $
202,269
    $
447
    $
202,716
 
                                                                         
Nine months ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance on December 31, 2018
  $
118
    $
402
    $
193,457
    $
129,000
    $
(394
)   $
(138,927
)   $
183,656
    $
434
    $
184,090
 
Sales of Common Stock
   
     
1
     
1,117
     
     
     
     
1,118
     
     
1,118
 
Stock-based compensation expense
   
     
     
2,292
     
     
     
     
2,292
     
     
2,292
 
Issuances of stock through employee stock purchase plan
   
     
1
     
2,304
     
     
     
     
2,305
     
     
2,305
 
Other
   
     
     
(4
)    
     
     
     
(4
)    
     
(4
)
Components of comprehensive income, net of tax:
   
     
     
     
     
     
     
     
     
 
Net income
   
     
     
     
12,786
     
     
     
12,786
     
8
     
12,794
 
Other comprehensive income
   
     
     
     
     
116
     
     
116
     
5
     
121
 
                                                                         
Total comprehensive income
   
     
     
     
     
     
     
12,902
     
13
     
12,915
 
                                                                         
Balance on September 30, 2019
  $
118
    $
404
    $
199,166
    $
141,786
    $
(278
)   $
(138,927
)   $
202,269
    $
447
    $
202,716
 
                                                       
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
Vicor
 
 
 
 
 
 
Class B
 
 
 
 
Additional
 
 
 
 
Other
 
 
 
 
Corporation
 
 
 
 
 
 
Common
 
 
Common
 
 
Paid-In
 
 
Retained
 
 
Comprehensive
 
 
Treasury
 
 
Stockholders’
 
 
Noncontrolling
 
 
Total
 
Three months ended September 30, 201
8
 
Stock
 
 
Stock
 
 
Capital
 
 
Earnings
 
 
Income (Loss)
 
 
Stock
 
 
Equity
 
 
Interest
 
 
Equity
 
Balance on June 30, 2018
  $
118
    $
399
    $
188,276
    $
109,078
    $
(401
)   $
(138,927
)   $
158,543
    $
395
    $
158,938
 
Sales of Common Stock
   
     
3
     
2,462
     
     
     
     
2,465
     
     
2,465
 
Stock-based compensation expense
   
     
     
688
     
     
     
     
688
     
     
688
 
Issuances of stock through employee stock purchase plan
   
     
     
947