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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vicor Corp | NASDAQ:VICR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.53 | 1.67% | 32.35 | 32.33 | 32.38 | 32.42 | 31.78 | 32.42 | 23,791 | 16:39:06 |
☑ |
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
|
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
|
31,517,044 | |||
Class B Common Stock, $.01 par value
|
11,758,218 |
|
|
Page
|
|
|
Part I — Financial Information:
|
|
|||
Item 1—Financial Statements (Unaudited)
|
|
|||
|
|
1
|
|
|
|
|
2
|
|
|
|
|
3
|
|
|
|
|
4
|
|
|
|
|
5
|
|
|
|
|
7
|
|
|
|
|
20
|
|
|
|
|
34
|
|
|
|
|
34
|
|
|
|
||||
|
|
36
|
|
|
|
|
36
|
|
|
|
|
37
|
|
|
|
|
39
|
|
|
|
||||
|
||||
|
||||
|
September 30, 2020 | December 31, 2019 | |||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 203,605 | $ | 84,668 | ||||
Accounts receivable, less allowance of $82 in 2020 and $59 in 2019
|
41,136 | 38,115 | ||||||
Inventories, net
|
58,169 | 49,187 | ||||||
Other current assets
|
6,872 | 7,096 | ||||||
|
|
|
|
|||||
Total current assets
|
309,782 | 179,066 | ||||||
Long-term deferred tax assets, net
|
189 | 205 | ||||||
Long-term investments, net
|
2,591 | 2,510 | ||||||
Property, plant and equipment, net
|
65,780 | 56,952 | ||||||
Other assets
|
1,777 | 1,994 | ||||||
|
|
|
|
|||||
Total assets
|
$ | 380,119 | $ | 240,727 | ||||
|
|
|
|
|||||
Liabilities and Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 11,911 | $ | 9,005 | ||||
Accrued compensation and benefits
|
13,248 | 10,410 | ||||||
Accrued expenses
|
2,417 | 2,690 | ||||||
Short-term lease liabilities
|
1,563 | 1,520 | ||||||
Sales allowances
|
736 | 741 | ||||||
Income taxes payable
|
62 | 57 | ||||||
Short-term deferred revenue and customer prepayments
|
8,061 | 5,507 | ||||||
|
|
|
|
|||||
Total current liabilities
|
37,998 | 29,930 | ||||||
Long-term deferred revenue
|
813 | 1,054 | ||||||
Contingent consideration obligations
|
265 | 451 | ||||||
Long-term income taxes payable
|
575 | 567 | ||||||
Long-term lease liabilities
|
2,880 | 2,855 | ||||||
|
|
|
|
|||||
Total liabilities
|
42,531 | 34,857 | ||||||
Commitments and contingencies (Note 11)
|
||||||||
Equity:
|
||||||||
Vicor Corporation stockholders’ equity:
|
||||||||
Class B Common Stock: 10 votes per share, $.01 par value, 14,000,000 shares authorized, 11,758,218 shares issued and outstanding in 2020 and 2019
|
118 | 118 | ||||||
Common Stock: 1 vote per share, $.01 par value,
62,000,000
shares authorized 43,146,143 shares issued and 31,511,337 shares outstanding in 2020; 40,403,058 shares issued and 28,768,252 shares outstanding in 2019
|
433 | 405 | ||||||
Additional
paid-in
capital
|
326,026 | 201,251 | ||||||
Retained earnings
|
149,815 | 143,098 | ||||||
Accumulated other comprehensive loss
|
(203 | ) | (383 | ) | ||||
Treasury stock at cost: 11,634,806 shares in 2020 and 2019
|
(138,927 | ) | (138,927 | ) | ||||
|
|
|
|
|||||
Total Vicor Corporation stockholders’ equity
|
337,262 | 205,562 | ||||||
Noncontrolling interest
|
326 | 308 | ||||||
|
|
|
|
|||||
Total equity
|
337,588 | 205,870 | ||||||
|
|
|
|
|||||
Total liabilities and equity
|
$ | 380,119 | $ | 240,727 | ||||
|
|
|
|
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net revenues
|
$ | 78,112 | $ | 70,772 | $ | 212,274 | $ | 199,852 | ||||||||
Cost of revenues
|
44,765 | 37,770 | 121,278 | 106,647 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross margin
|
33,347 | 33,002 | 90,996 | 93,205 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Selling, general and administrative
|
15,212 | 15,443 | 47,036 | 45,846 | ||||||||||||
Research and development
|
12,032 | 11,507 | 38,197 | 34,433 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses
|
27,244 | 26,950 | 85,233 | 80,279 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income from operations
|
6,103 | 6,052 | 5,763 | 12,926 | ||||||||||||
Other income (expense), net:
|
||||||||||||||||
Total unrealized gains on
available-for-sale
|
36 | 11 | 81 | 50 | ||||||||||||
Less: portion of gains recognized in other comprehensive income
|
(35 | ) | (10 | ) | (78 | ) | (47 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net credit gains recognized in earnings
|
1 | 1 | 3 | 3 | ||||||||||||
Other income (expense), net
|
333 | 145 | 712 | 670 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income (expense), net
|
334 | 146 | 715 | 673 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before income taxes
|
6,437 | 6,198 | 6,478 | 13,599 | ||||||||||||
Less: Provision (benefit) for income taxes
|
651 | 266 | (249 | ) | 805 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Consolidated net income
|
5,786 | 5,932 | 6,727 | 12,794 | ||||||||||||
|
1 | (5 | ) | 10 | 8 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to Vicor Corporation
|
$ | 5,785 | $ | 5,937 | $ | 6,717 | $ | 12,786 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income per common share attributable to Vicor Corporation:
|
||||||||||||||||
Basic
|
$ | 0.13 | $ | 0.15 | $ | 0.16 | $ | 0.32 | ||||||||
Diluted
|
$ | 0.13 | $ | 0.14 | $ | 0.15 | $ | 0.31 | ||||||||
Shares used to compute net income per common share attributable to Vicor Corporation:
|
||||||||||||||||
Basic
|
43,164 | 40,332 | 41,814 | 40,279 | ||||||||||||
Diluted
|
44,743 | 42,194 | 43,567 | 41,435 |
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
||||||||||
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Consolidated net income
|
|
$
|
5,786
|
|
$
|
5,932
|
|
$
|
6,727
|
|
$
|
12,794
|
||||
Foreign currency translation gains (losses), net of tax (1)
|
|
|
84
|
|
|
(11
|
)
|
|
|
110
|
|
|
74
|
|||
Unrealized gains on
available-for-sale
|
|
|
35
|
|
|
10
|
|
|
78
|
|
|
47
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
|
|
119
|
|
|
(1
|
)
|
|
|
188
|
|
|
121
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated comprehensive income
|
|
|
5,905
|
|
|
5,931
|
|
|
6,915
|
|
|
12,915
|
||||
Less: Comprehensive income (loss) attributable to noncontrolling interest
|
|
|
7
|
|
|
(6
|
)
|
|
|
18
|
|
|
13
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to Vicor Corporation
|
|
$
|
5,898
|
|
$
|
5,937
|
|
$
|
6,897
|
|
$
|
12,902
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The deferred tax assets associated with cumulative foreign currency translation gains and cumulative unrealized gains on
available-for-sale
|
Nine Months Ended | ||||||||
September 30, | ||||||||
2020 | 2019 | |||||||
Operating activities:
|
||||||||
Consolidated net income
|
$ | 6,727 | $ | 12,794 | ||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
8,175 | 7,647 | ||||||
Stock-based compensation expense, net
|
4,286 | 2,292 | ||||||
Provision (benefit) for doubtful accounts
|
23 | (138 | ) | |||||
Increase (decrease) in long-term income taxes payable
|
8 | (1 | ) | |||||
(Decrease) increase in long-term deferred revenue
|
(241 | ) | 902 | |||||
Gain on disposal of equipment
|
(9 | ) | (23 | ) | ||||
Deferred income taxes
|
16 | 24 | ||||||
Credit gain on
available-for-sale
|
(3 | ) | (3 | ) | ||||
Change in current assets and liabilities, net
|
(3,742 | ) | (6,955 | ) | ||||
|
|
|
|
|||||
Net cash provided by operating activities
|
15,240 | 16,539 | ||||||
Investing activities:
|
||||||||
Additions to property, plant and equipment
|
(16,837 | ) | (9,122 | ) | ||||
Proceeds from sale of equipment
|
9 | 23 | ||||||
Decrease (increase) in other assets
|
135 | (37 | ) | |||||
|
|
|
|
|||||
Net cash used for investing activities
|
(16,693 | ) | (9,136 | ) | ||||
Financing activities:
|
||||||||
Proceeds from employee stock plans
|
10,836 | 3,423 | ||||||
Proceeds from public offering of Common Stock
|
109,681 | — | ||||||
Payment of contingent consideration obligations
|
(186 | ) | (198 | ) | ||||
|
|
|
|
|||||
Net cash provided by financing activities
|
120,331 | 3,225 | ||||||
Effect of foreign exchange rates on cash
|
59 | 44 | ||||||
|
|
|
|
|||||
Net increase in cash and cash equivalents
|
118,937 | 10,672 | ||||||
Cash and cash equivalents at beginning of period
|
84,668 | 70,557 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period
|
$ | 203,605 | $ | 81,229 | ||||
|
|
|
|
Three months ended
September 30, 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 June 30, 2020
|
|
$
|
118
|
|
|
$
|
431
|
|
|
$
|
320,988
|
|
|
$
|
144,030
|
|
|
$
|
(316
|
)
|
|
$
|
(138,927
|
)
|
|
$
|
326,324
|
|
|
$
|
319
|
|
|
$
|
326,643
|
|
Issuance of Common Stock under employee stock plans
|
|
|
|
2
|
|
|
3,449
|
|
|
|
|
|
3,451
|
|
|
|
3,451
|
|||||||||||||||||||
Additional expenses associated with issuance of Common Stock in public offering (see Note 5)
|
|
|
|
|
(51
|
)
|
|
|
|
|
|
(51
|
)
|
|
|
|
(51
|
)
|
||||||||||||||||||
Stock-based compensation expense
|
|
|
|
|
1,640
|
|
|
|
|
|
1,640
|
|
|
|
1,640
|
|||||||||||||||||||||
Components of comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net income
|
|
|
|
|
|
5,785
|
|
|
|
|
5,785
|
|
|
1
|
|
|
5,786
|
|||||||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|
113
|
|
|
|
113
|
|
|
6
|
|
|
119
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
5,898
|
|
|
7
|
|
|
5,905
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance on September 30, 2020
|
|
$
|
118
|
|
|
$
|
433
|
|
|
$
|
326,026
|
|
|
$
|
149,815
|
|
|
$
|
(203
|
)
|
|
$
|
(138,927
|
)
|
|
$
|
337,262
|
|
|
$
|
326
|
|
|
$
|
337,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 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
|
|
Issuance of Common Stock under employee stock plans
|
|
|
|
10
|
|
|
10,826
|
|
|
|
|
|
10,836
|
|
|
|
10,836
|
|||||||||||||||||||
Issuance of Common Stock in public offering, net (see Note 5)
|
|
|
|
18
|
|
|
109,663
|
|
|
|
|
|
109,681
|
|
|
|
109,681
|
|||||||||||||||||||
Stock-based compensation expense
|
|
|
|
|
4,286
|
|
|
|
|
|
4,286
|
|
|
|
4,286
|
|||||||||||||||||||||
Components of comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net income
|
|
|
|
|
|
6,717
|
|
|
|
|
6,717
|
|
|
10
|
|
|
6,727
|
|||||||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|
180
|
|
|
|
180
|
|
|
8
|
|
|
188
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
6,897
|
|
|
18
|
|
|
6,915
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance on September 30, 2020
|
|
$
|
118
|
|
|
$
|
433
|
|
|
$
|
326,026
|
|
|
$
|
149,815
|
|
|
$
|
(203
|
)
|
|
$
|
(138,927
|
)
|
|
$
|
337,262
|
|
|
$
|
326
|
|
|
$
|
337,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 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 June 30, 2019
|
|
$
|
118
|
|
|
$
|
403
|
|
|
$
|
196,698
|
|
|
$
|
135,849
|
|
|
$
|
(278
|
)
|
|
$
|
(138,927
|
)
|
|
$
|
193,863
|
|
|
$
|
453
|
|
|
$
|
194,316
|
|
Issuance of Common Stock under employee stock plans
|
|
|
|
1
|
|
|
1,715
|
|
|
|
|
|
1,716
|
|
|
|
1,716
|
|||||||||||||||||||
Stock-based compensation expense
|
|
|
|
|
753
|
|
|
|
|
|
753
|
|
|
|
753
|
|||||||||||||||||||||
Components of comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net income
|
|
|
|
|
|
5,937
|
|
|
|
|
5,937
|
|
|
(5
|
)
|
|
|
5,932
|
||||||||||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
—
|
|
|
(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 |
|
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
|
|
Issuance of Common Stock under employee stock plans
|
|
|
|
2
|
|
|
3,421
|
|
|
|
|
|
3,423
|
|
|
|
3,423
|
|||||||||||||||||||
Stock-based compensation expense
|
|
|
|
|
2,292
|
|
|
|
|
|
2,292
|
|
|
|
2,292
|
|||||||||||||||||||||
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 | December 31, 2019 | |||||||
Raw materials
|
$ | 43,165 | $ | 35,901 | ||||
Work-in-process
|
8,090 | 5,184 | ||||||
Finished goods
|
6,914 | 8,102 | ||||||
|
|
|
|
|||||
$ | 58,169 | $ | 49,187 | |||||
|
|
|
|
September 30, 2020
|
|
Cost
|
|
|
Gross
Unrealized Gains |
|
|
Gross
Unrealized Losses |
|
|
Estimated
Fair Value |
|
||||
Failed Auction Security
|
|
$
|
3,000
|
|
$
|
—
|
|
|
$
|
409
|
|
$
|
2,591
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019
|
|
Cost
|
|
|
Gross
Unrealized Gains |
|
|
Gross
Unrealized Losses |
|
|
Estimated
Fair Value |
|
||||
Failed Auction Security
|
|
$
|
3,000
|
|
$
|
—
|
|
|
$
|
490
|
|
$
|
2,510
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
|
|
|
Estimated
Fair Value |
|
||
Due in twenty to forty years
|
|
$
|
3,000
|
|
$
|
2,591
|
||
|
|
|
|
|
|
|
|
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
|
(3 | ) | (3 | ) | ||||
|
|
|
|
|||||
Balance at the end of the period
|
$ | 34 | $ | 38 | ||||
|
|
|
|
Using | ||||||||||||||||
Quoted Prices
in Active Markets (Level 1) |
Significant
Other Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
Total Fair
Value as of September 30, 2020 |
|||||||||||||
Cash equivalents:
|
||||||||||||||||
Money market funds
|
$ | 9,677 | $ | — | $ | — | $ | 9,677 | ||||||||
Long-term investments:
|
||||||||||||||||
Failed Auction Security
|
— | — | 2,591 | 2,591 | ||||||||||||
Liabilities:
|
||||||||||||||||
Contingent consideration obligations
|
— | — | (265 | ) | (265 | ) |
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
Technique |
|
|
Unobservable
Input |
|
Weighted
Average |
|
|||
Failed Auction Security
|
|
$
|
2,591
|
|
|
|
Discounted
cash flow
|
|
|
Cumulative probability of earning the maximum rate until maturity
|
|
|
0.11
|
%
|
|
|
|
Cumulative probability of principal return prior to maturity
|
|
|
94.75
|
%
|
|||||||
|
|
|
Cumulative probability of default
|
|
|
5.14
|
%
|
|||||||
|
|
|
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
|
3 | |||
Gain included in Other comprehensive income
|
78 | |||
|
|
|||
Balance at the end of the period
|
$ | 2,591 | ||
|
|
Balance at the beginning of the period
|
$ | 451 | ||
Payments
|
(186 | ) | ||
|
|
|||
Balance at the end of the period
|
$ | 265 | ||
|
|
Three Months Ended September 30, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States
|
$ | 16,905 | $ | 4,391 | $ | 21,296 | ||||||
Europe
|
4,456 | 2,050 | 6,506 | |||||||||
Asia Pacific
|
25,878 | 23,926 | 49,804 | |||||||||
All other
|
454 | 52 | 506 | |||||||||
|
|
|
|
|
|
|||||||
$ | 47,693 | $ | 30,419 | $ | 78,112 | |||||||
|
|
|
|
|
|
Nine Months Ended September 30, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States
|
$ | 57,880 | $ | 17,205 | $ | 75,085 | ||||||
Europe
|
18,451 | 5,218 | 23,669 | |||||||||
Asia Pacific
|
60,917 | 50,076 | 110,993 | |||||||||
All other
|
2,390 | 137 | 2,527 | |||||||||
|
|
|
|
|
|
|||||||
$ | 139,638 | $ | 72,636 | $ | 212,274 | |||||||
|
|
|
|
|
|
Three Months Ended September 30, 2019 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States
|
$ | 25,265 | $ | 4,290 | $ | 29,555 | ||||||
Europe
|
5,577 | 889 | 6,466 | |||||||||
Asia Pacific
|
14,510 | 18,875 | 33,385 | |||||||||
All other
|
1,130 | 236 | 1,366 | |||||||||
|
|
|
|
|
|
|||||||
$ | 46,482 | $ | 24,290 | $ | 70,772 | |||||||
|
|
|
|
|
|
Nine Months Ended September 30, 2019 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
United States
|
$ | 73,289 | $ | 16,562 | $ | 89,851 | ||||||
Europe
|
17,960 | 3,517 | 21,477 | |||||||||
Asia Pacific
|
46,908 | 37,618 | 84,526 | |||||||||
All other
|
2,955 | 1,043 | 3,998 | |||||||||
|
|
|
|
|
|
|||||||
$ | 141,112 | $ | 58,740 | $ | 199,852 | |||||||
|
|
|
|
|
|
Three Months Ended September 30, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and
non-stocking
distributors
|
$ | 40,916 | $ | 27,422 | $ | 68,338 | ||||||
Stocking distributors, net of sales allowances
|
6,661 | 1,463 | 8,124 | |||||||||
Non-recurring
engineering
|
116 | 1,499 | 1,615 | |||||||||
Royalties
|
— | 17 | 17 | |||||||||
Other
|
— | 18 | 18 | |||||||||
|
|
|
|
|
|
|||||||
$ | 47,693 | $ | 30,419 | $ | 78,112 | |||||||
|
|
|
|
|
|
Nine Months Ended September 30, 2020 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and
non-stocking
distributors
|
$ | 116,127 | $ | 62,233 | $ | 178,360 | ||||||
Stocking distributors, net of sales allowances
|
23,097 | 6,101 | 29,198 | |||||||||
Non-recurring
engineering
|
414 | 4,231 | 4,645 | |||||||||
Royalties
|
— | 17 | 17 | |||||||||
Other
|
— | 54 | 54 | |||||||||
|
|
|
|
|
|
|||||||
$ | 139,638 | $ | 72,636 | $ | 212,274 | |||||||
|
|
|
|
|
|
Three Months Ended September 30, 2019 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and
non-stocking
distributors
|
$ | 39,705 | $ | 22,574 | $ | 62,279 | ||||||
Stocking distributors, net of sales allowances
|
6,522 | 1,734 | 8,256 | |||||||||
Non-recurring
engineering
|
163 | (36 | ) | 127 | ||||||||
Royalties
|
92 | — | 92 | |||||||||
Other
|
— | 18 | 18 | |||||||||
|
|
|
|
|
|
|||||||
$ | 46,482 | $ | 24,290 | $ | 70,772 | |||||||
|
|
|
|
|
|
Nine Months Ended September 30, 2019 | ||||||||||||
Brick Products | Advanced Products | Total | ||||||||||
Direct customers, contract manufacturers and
non-stocking
distributors
|
$ | 120,496 | $ | 49,524 | $ | 170,020 | ||||||
Stocking distributors, net of sales allowances
|
19,750 | 7,817 | 27,567 | |||||||||
Non-recurring
engineering
|
762 | 1,319 | 2,081 | |||||||||
Royalties
|
104 | 24 | 128 | |||||||||
Other
|
— | 56 | 56 | |||||||||
|
|
|
|
|
|
|||||||
$ | 141,112 | $ | 58,740 | $ | 199,852 | |||||||
|
|
|
|
|
|
September 30,
2020 |
December 31,
2019 |
Change | ||||||||||
Accounts receivable
|
$ | 41,136 | $ | 38,115 | $ | 3,021 | ||||||
Short-term deferred revenue and customer prepayments
|
(8,061 | ) | (5,507 | ) | (2,554 | ) | ||||||
Long-term deferred revenue
|
(813 | ) | (1,054 | ) | 241 | |||||||
Deferred expenses
|
1,588 | 1,897 | (309 | ) | ||||||||
Sales allowances
|
(736 | ) | (741 | ) | 5 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Cost of revenues
|
$ | 296 | $ | 86 | $ | 692 | $ | 228 | ||||||||
Selling, general and administrative
|
846 | 482 | 2,313 | 1,507 | ||||||||||||
Research and development
|
498 | 185 | 1,281 | 557 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total stock-based compensation
|
$ | 1,640 | $ | 753 | $ | 4,286 | $ | 2,292 | ||||||||
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Stock options
|
$ | 1,420 | $ | 514 | $ | 3,663 | $ | 1,556 | ||||||||
ESPP
|
220 | 239 | 623 | 736 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total stock-based compensation
|
$ | 1,640 | $ | 753 | $ | 4,286 | $ | 2,292 | ||||||||
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Provision (benefit) for income taxes
|
$ | 651 | $ | 266 | $ | (249 | ) | $ | 805 | |||||||
Effective income tax rate
|
10.1 | % | 4.3 | % | (3.8 | )% | 5.9 | % |
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
||||||||||
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Numerator:
|
|
|
|
|
||||||||||||
Net income attributable to Vicor Corporation
|
|
$
|
5,785
|
|
$
|
5,937
|
|
$
|
6,717
|
|
$
|
12,786
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
||||||||||||
Denominator for basic net income per share-weighted average shares (1)
|
|
|
43,164
|
|
|
40,332
|
|
|
41,814
|
|
|
40,279
|
||||
Effect of dilutive securities:
|
|
|
|
|
||||||||||||
Employee stock options (2)
|
|
|
1,579
|
|
|
1,862
|
|
|
1,753
|
|
|
1,156
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions
|
|
|
44,743
|
|
|
42,194
|
|
|
43,567
|
|
|
41,435
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share
|
|
$
|
0.13
|
|
$
|
0.15
|
|
$
|
0.16
|
|
$
|
0.32
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share
|
|
$
|
0.13
|
|
$
|
0.14
|
|
$
|
0.15
|
|
$
|
0.31
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding.
|
(2) |
Options to purchase 265,725 and 130,027 shares of Common Stock for the three and nine months ended September 30, 2020, respectively, and 171,499 and 138,251 shares of Common Stock for the three and nine months ended September 30, 2019, respectively, were not included in the calculations of net income per share as the effect would have been antidilutive.
|
• |
Net revenues increased 10.4% to $78,112,000 for the third quarter of 2020, from $70,761,000 for the second quarter of 2020, reflecting higher bookings recorded during the first and second quarters of 2020. Total bookings for the third quarter increased 3.4% from the second quarter of 2020.
|
• |
For the third quarter of 2020, the percentage of total net revenues generated by sales of Advanced Products rose to 38.9% from 34.4% for the prior quarter, while the percentage of total net revenues generated by sales of Brick Products declined to 61.1% from 65.6% for the prior quarter.
|
• |
Export sales represented approximately 72.7% of total net revenues for the third quarter of 2020, as compared to 71.4% in the second quarter of 2020. This sequential increase reflects higher shipments to Asian customers, notably in China and Taiwan.
|
• |
Gross margin increased to $33,347,000 for the third quarter of 2020 from $30,318,000 for the second quarter of 2020, while gross margin, as a percentage of net revenues, decreased to 42.7% for the third quarter of 2020 from 42.8% for the second quarter of 2020. Despite sequentially higher unit shipments and production volumes for the third quarter of 2020, higher sales and increased overhead absorption were offset by decreased product-level profitability, which was the consequence of unfavorable product mix and production inefficiencies caused by the ongoing impact of the pandemic on our supply chain partners. Other negative influences on gross margin as a percentage of net revenues included a sustained level of import tariffs, which totaled $1,900,000 for the third quarter of 2020, compared to $2,000,000 in the second quarter of 2020.
|
• |
Operating expenses for the third quarter of 2020 declined 3.7% to $27,244,000 from $28,285,000 for the second quarter of 2020. While sales, general and administrative and research and development expenses all declined sequentially, the third quarter was primarily influenced by lower stock option expense, lower commission expense, and lower spending on prototyping and related engineering activities.
|
• |
We reported net income for the third quarter of 2020 of $5,785,000, or $0.13 per diluted share, compared to net income of $2,667,000, or $0.06 per diluted share, for the second quarter of 2020.
|
• |
For the third quarter of 2020, depreciation and amortization totaled $2,736,000, and capital additions totaled $8,113,000, as compared to $2,728,000 of depreciation and amortization and $5,725,000 of capital additions, respectively, for the second quarter of 2020.
|
• |
Cash and cash equivalents increased by approximately $6,901,000, or 3.5%, to $203,605,000 at September 30, 2020, compared to $196,704,000 at June 30, 2020.
|
• |
Net revenues increased 10.4% to $78,112,000 for the third quarter of 2020, from $70,772,000 for the third quarter of 2019.
|
• |
Export sales represented approximately 72.7% of total net revenues in the third quarter of 2020 as compared to 58.2% in the third quarter of 2019. This increase reflects improved demand across Asia.
|
• |
Gross margin increased to $33,347,000 for the third quarter of 2020 from $33,002,000 for the third quarter of 2019, but gross margin, as a percentage of net revenues, decreased to 42.7% for the third quarter of 2020 from 46.6% for the third quarter of 2019. Despite higher unit sales and production volumes for the third quarter of 2020, higher sales and increased overhead absorption were offset by decreased product-level profitability, which was the consequence of unfavorable product mix and production inefficiencies and cost variances caused by the ongoing impact of the pandemic on our supply chain partners.
|
• |
Operating expenses for the third quarter of 2020 increased $294,000, or 1.1%, to $27,244,000 from $26,950,000 for the third quarter of 2019, due to an increase in research and development expenses of $525,000, partially offset by a decrease in selling, general, and administrative expenses of $231,000.
|
• |
We reported net income for the third quarter of 2020 of $5,785,000, or $0.13 per diluted share, compared to net income of $5,937,000, or $0.14 per diluted share, for the third quarter of 2019.
|
• |
For the third quarter of September 30, 2020, depreciation and amortization totaled $2,736,000, and capital additions totaled $8,113,000, as compared to $2,649,000 of depreciation and amortization and $3,258,000 of capital additions, respectively, for the third quarter of September 30, 2019.
|
• |
Cash and cash equivalents increased by approximately $122,376,000, or 150.7%, to $203,605,000 compared to $81,229,000 at September 30, 2019 primarily due to the completion of a public offering of our Common Stock in June 2020, resulting in net proceeds of approximately $109,700,000.
|
• |
Backlog was approximately $140,029,000 at the end of the third quarter of 2020, as compared to $90,088,000 at the end of the third quarter of 2019, and $104,164,000 at the end of the fourth quarter of 2019.
|
Increase | ||||||||||||||||
2020 | 2019 | $ | % | |||||||||||||
Brick Products
|
$ | 47,693 | $ | 46,482 | $ | 1,211 | 2.6 | % | ||||||||
Advanced Products
|
30,419 | 24,290 | 6,129 | 25.2 | % | |||||||||||
|
|
|
|
|
|
|||||||||||
Total
|
$ | 78,112 | $ | 70,772 | $ | 7,340 | 10.4 | % | ||||||||
|
|
|
|
|
|
Increase
(decrease) |
||||||||
Travel expense
|
$ | (690 | ) | (79.4 | )%(1) | |||
Commissions
|
(191 | ) | (21.6 | )%(2) | ||||
Outside services
|
(173 | ) | (25.4 | )%(3) | ||||
Compensation
|
812 | 8.6 | %(4) | |||||
Other, net
|
11 | 0.4 | % | |||||
|
|
|||||||
$ | (231 | ) | (1.5 | )% | ||||
|
|
(1) |
Decrease primarily attributable to reduced travel by our sales and marketing personnel, due to travel restrictions caused by the
COVID-19
pandemic.
|
(2) |
Decrease primarily attributable to the decline in net revenues subject to commissions.
|
(3) |
Decrease primarily attributable to a decrease in the use of outside service providers at our Andover, MA facility.
|
(4) |
Increase primarily attributable to higher stock-based compensation expense associated with June 2020 stock option awards.
|
Increase
(decrease) |
||||||||
Compensation
|
$ | 730 | 8.8 | %(1) | ||||
Facilities allocations
|
99 | 16.7 | % | |||||
Deferred costs
|
(144 | ) | (71.6 | )%(2) | ||||
Project and
pre-production
materials
|
(144 | ) | (9.5 | )%(3) | ||||
Other, net
|
(16 | ) | (1.3 | )% | ||||
|
|
|||||||
$ | 525 | 4.6 | % | |||||
|
|
(1) |
Increase primarily attributable to higher stock-based compensation expense associated with stock options awarded in June 2020.
|
(2) |
Decrease primarily attributable to an increase in the capitalization of costs for certain
non-recurring
engineering projects for which the related revenues have been deferred.
|
(3) |
Decrease primarily attributable to lower prototype development costs for Advanced Products.
|
2020 | 2019 |
Increase
(decrease) |
||||||||||
Rental income
|
$ | 198 | $ | 198 | $ | — | ||||||
Foreign currency gains (losses), net
|
140 | (142 | ) | 282 | ||||||||
Interest income
|
7 | 74 | (67 | ) | ||||||||
Gain on disposals of equipment
|
3 | 1 | 2 | |||||||||
Other, net
|
(14 | ) | 15 | (29 | ) | |||||||
|
|
|
|
|
|
|||||||
$ | 334 | $ | 146 | $ | 188 | |||||||
|
|
|
|
|
|
2020 | 2019 | |||||||
Provision for income taxes
|
$ | 651 | $ | 266 | ||||
Effective income tax rate
|
10.1 | % | 4.3 | % |
Increase (decrease) | ||||||||||||||||
2020 | 2019 | $ | % | |||||||||||||
Brick Products
|
$ | 139,638 | $ | 141,112 | $ | (1,474 | ) | (1.0 | )% | |||||||
Advanced Products
|
72,636 | 58,740 | 13,896 | 23.7 | % | |||||||||||
|
|
|
|
|
|
|||||||||||
Total
|
$ | 212,274 | $ | 199,852 | $ | 12,422 | 6.2 | % | ||||||||
|
|
|
|
|
|
Increase (decrease) | ||||||||
Compensation
|
$ | 2,349 | 8.2 | %(1) | ||||
Legal fees
|
468 | 46.7 | %(2) | |||||
Depreciation and amortization
|
241 | 11.7 | %(3) | |||||
Bad debt expense
|
161 | 116.7 | % | |||||
Outside services
|
(146 | ) | (8.9 | )% | ||||
Facilities allocations
|
(186 | ) | (14.5 | )% | ||||
Advertising expense
|
(252 | ) | (11.2 | )%(4) | ||||
Travel expense
|
(1,397 | ) | (61.8 | )%(5) | ||||
Other, net
|
(48 | ) | (0.7 | )% | ||||
|
|
|||||||
$ | 1,190 | 2.6 | % | |||||
|
|
(1) |
Increase primarily attributable to merit-based compensation increases for
non-exempt
hourly employees, increase in headcount and higher stock-based compensation expense associated with stock options awarded in June 2020.
|
(2) |
Increase primarily attributable to higher use of outside legal services associated with the December 2019 ransomware incident, which carried into the first quarter of 2020, and other corporate legal matters.
|
(3) |
Increase attributable to net additions of furniture and fixtures and capitalization of building improvements.
|
(4) |
Decrease primarily attributed to lower sales support expenses, direct mailings, and advertising in trade publications.
|
(5) |
Decrease primarily attributable to reduced travel by our sales and marketing personnel, due to travel restrictions caused by the
COVID-19
pandemic.
|
Increase
(decrease) |
||||||||
Compensation
|
$ | 2,088 | 8.4 | %(1) | ||||
Project and
pre-production
materials
|
1,122 | 23.7 | %(2) | |||||
Deferred costs
|
516 | 44.4 | %(3) | |||||
Other, net
|
38 | 0.6 | % | |||||
|
|
|||||||
$ | 3,764 | 10.9 | % | |||||
|
|
(1) |
Increase primarily attributable to merit-based compensation increases for
non-exempt
hourly employees, increase in headcount, and higher stock-based compensation expense associated with stock options awarded in June 2020.
|
(2) |
Increase primarily attributable to higher spending for new product development of Advanced Products.
|
(3) |
Increase primarily attributable to a decrease in the capitalization of costs for certain
non-recurring
engineering projects for which the related revenues have been deferred.
|
2020 | 2019 |
Increase
(decrease) |
||||||||||
Rental income
|
$ | 594 | $ | 594 | $ | — | ||||||
Interest income
|
77 | 236 | (159 | ) | ||||||||
Foreign currency gains (losses), net
|
23 | (202 | ) | 225 | ||||||||
Gain on disposals of equipment
|
9 | 23 | (14 | ) | ||||||||
Other, net
|
12 | 22 | (10 | ) | ||||||||
|
|
|
|
|
|
|||||||
$ | 715 | $ | 673 | $ | 42 | |||||||
|
|
|
|
|
|
2020 | 2019 | |||||||
(Benefit) provision for income taxes
|
$ | (249 | ) | $ | 805 | |||
Effective income tax rate
|
(3.8 | )% | 5.9 | % |
Increase
(decrease) |
||||
Cash and cash equivalents
|
$ | 118,937 | ||
Accounts receivable
|
3,021 | |||
Inventories, net
|
8,982 | |||
Other current assets
|
(224 | ) | ||
Accounts payable
|
(2,906 | ) | ||
Accrued compensation and benefits
|
(2,838 | ) | ||
Accrued expenses
|
273 | |||
Short-term lease liabilities
|
(43 | ) | ||
Sales allowances
|
5 | |||
Income taxes payable
|
(5 | ) | ||
Short-term deferred revenue
|
(2,554 | ) | ||
|
|
|||
$ | 122,648 | |||
|
|
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: October 30, 2020 | By: | /s/ Patrizio Vinciarelli | ||||
Patrizio Vinciarelli | ||||||
Chairman of the Board, President and
Chief Executive Officer |
||||||
(Principal Executive Officer) | ||||||
Date: October 30, 2020 | By: | /s/ James A. Simms | ||||
James A. Simms | ||||||
Vice President, Chief Financial Officer | ||||||
(Principal Financial Officer) |
1 Year Vicor Chart |
1 Month Vicor Chart |
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