SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/17/21 Intevac Inc. 10-K 1/02/21 111:10M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-K Annual Report HTML 1.18M 2: EX-21.1 Subsidiaries List HTML 32K 3: EX-23.1 Consent of Expert or Counsel HTML 30K 4: EX-31.1 Certification -- §302 - SOA'02 HTML 34K 5: EX-31.2 Certification -- §302 - SOA'02 HTML 34K 6: EX-32.1 Certification -- §906 - SOA'02 HTML 31K 13: R1 Cover Page HTML 92K 14: R2 Consolidated Balance Sheets HTML 124K 15: R3 Consolidated Balance Sheets (Parenthetical) HTML 53K 16: R4 Consolidated Statements of Income HTML 103K 17: R5 Consolidated Statements of Comprehensive Income HTML 59K 18: R6 Consolidated Statements of Stockholders' Equity HTML 87K 19: R7 Consolidated Statements of Cash Flows HTML 118K 20: R8 Summary of Significant Accounting Policies HTML 91K 21: R9 Revenue HTML 142K 22: R10 Equity-Based Compensation HTML 107K 23: R11 Earnings Per Share HTML 49K 24: R12 Concentrations HTML 46K 25: R13 Balance Sheet Details HTML 80K 26: R14 Purchased Intangible Assets, Net HTML 41K 27: R15 Contingent Consideration HTML 38K 28: R16 Financial Instruments HTML 141K 29: R17 Equity HTML 40K 30: R18 Income Taxes HTML 113K 31: R19 Employee Benefit Plans HTML 37K 32: R20 Commitments and Contingencies HTML 81K 33: R21 Segment and Geographic Information HTML 117K 34: R22 Restructuring Charges HTML 39K 35: R23 Summary of Significant Accounting Policies HTML 138K (Policies) 36: R24 Summary of Significant Accounting Policies HTML 51K (Tables) 37: R25 Revenue (Tables) HTML 137K 38: R26 Equity-Based Compensation (Tables) HTML 111K 39: R27 Earnings Per Share (Tables) HTML 50K 40: R28 Concentrations (Tables) HTML 46K 41: R29 Balance Sheet Details (Tables) HTML 88K 42: R30 Purchased Intangible Assets, Net (Tables) HTML 40K 43: R31 Contingent Consideration (Tables) HTML 37K 44: R32 Financial Instruments (Tables) HTML 145K 45: R33 Equity (Tables) HTML 37K 46: R34 Income Taxes (Tables) HTML 107K 47: R35 Commitments and Contingencies (Tables) HTML 80K 48: R36 Segment and Geographic Information (Tables) HTML 115K 49: R37 Restructuring Charges (Tables) HTML 38K 50: R38 Summary of Significant Accounting Policies - HTML 71K Additional Information (Detail) 51: R39 Summary of Significant Accounting Policies - HTML 50K Changes in Accumulated Other Comprehensive Income by Component (Detail) 52: R40 Revenue -Disaggregation of Revenue from Contracts HTML 73K with Customers (Detail) 53: R41 Revenue - Primary Geography Markets (Detail) HTML 60K 54: R42 Revenue - Changes in Contract Assets and Contract HTML 63K Liabilities (Detail) 55: R43 Revenue - Additional Information (Detail) HTML 50K 56: R44 Revenue - Additional Information (Detail 1) HTML 35K 57: R45 Equity-Based Compensation - Additional information HTML 93K (Detail) 58: R46 Equity-Based Compensation - Effect of Recording HTML 39K Equity-Based Compensation (Detail) 59: R47 Equity-Based Compensation - Weighted-Average Fair HTML 49K Value of Stock Options and Employee Stock Purchase Rights using Weighted-Average Assumptions (Detail) 60: R48 Equity-Based Compensation - Weighted-Average Fair HTML 48K Value of Performance Stock Options Using Weighted-Average Assumptions (Detail) 61: R49 Equity-Based Compensation - Option Activity and HTML 71K Changes (Detail) 62: R50 Equity-Based Compensation - Summary of Restricted HTML 67K Stock Units Activity (Detail) 63: R51 Equity-Based Compensation - Employee Stock HTML 37K Purchase Plan Activities (Detail) 64: R52 Earnings Per Share - Computation of Basic and HTML 56K Diluted Net Income Per Share (Detail) 65: R53 Earnings Per Share - Antidilutive Securities HTML 40K Excluded from Computation of Diluted Net Income Per Share (Detail) 66: R54 Concentrations - Customers That Accounted for at HTML 45K Least ten percent of Consolidated Net Revenue (Detail) 67: R55 Concentrations - Customers That Accounted for at HTML 42K Least Ten percent of Accounts Receivable (Detail) 68: R56 Balance Sheet Details - Trade and Other Accounts HTML 40K Receivable, Net (Detail) 69: R57 Balance Sheet Details - Inventories Stated at HTML 40K Lower of Average Cost or Net Realizable Value (Detail) 70: R58 Balance Sheet Details - Property, Plant and HTML 43K Equipment (Detail) 71: R59 Balance Sheet Details - Deferred Income Taxes and HTML 40K Other Long-Term Assets (Detail) 72: R60 Balance Sheet Details - Additional Information HTML 33K (Detail) 73: R61 Balance Sheet Details - Other Accrued Liabilities HTML 46K (Detail) 74: R62 Balance Sheet Details - Other Long-Term HTML 40K Liabilities (Detail) 75: R63 Purchased Intangible Assets, Net - Information HTML 43K Regarding Other Acquisition Related Intangible Assets (Detail) 76: R64 Purchased Intangible Assets - Additional HTML 33K Information (Detail) 77: R65 Contingent Consideration - Additional Information HTML 38K (Detail) 78: R66 Contingent Consideration - Reconciliation of HTML 37K Change in Fair Value Measurement of Contingent Consideration Liability (Detail) 79: R67 Financial Instruments - Cash, Cash Equivalents and HTML 72K Short-Term Investments and Long-Term Investments (Detail) 80: R68 Financial Instruments - Contractual Maturities of HTML 46K Available-For-Sale Securities (Detail) 81: R69 Financial Instruments - Fair Value Hierarchy of HTML 59K Available-for-Sale Securities Measured at Fair Value on Recurring Basis (Detail) 82: R70 Financial Instruments - Additional Information HTML 32K (Detail) 83: R71 Financial Instruments - Summary of Outstanding HTML 39K Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets (Detail) 84: R72 Equity - Additional Information (Detail) HTML 36K 85: R73 Equity - Schedule of Stock Repurchases (Detail) HTML 37K 86: R74 Income Taxes - Provision for Income Taxes (Detail) HTML 61K 87: R75 Income Taxes - Income (Loss) Before Income Taxes HTML 43K (Detail) 88: R76 Income Taxes - Significant Components of Deferred HTML 71K Tax Assets (Detail) 89: R77 Income Taxes - Additional Information (Detail) HTML 86K 90: R78 Income Taxes - Difference Between Tax Provision at HTML 55K Statutory Federal Income Tax Rate and Tax Provision (Detail) 91: R79 Income Taxes - Aggregate Changes in Balance of HTML 40K Gross Unrecognized Tax benefits (Detail) 92: R80 Employee Benefit Plans - Additional Information HTML 36K (Detail) 93: R81 Commitments and Contingencies - Additional HTML 42K Information (Detail) 94: R82 Commitments and Contingencies - Schedule of Lease HTML 40K Assets and Lease Liabilities (Detail) 95: R83 Commitments and Contingencies - Lease Costs HTML 37K (Details) 96: R84 Commitments and Contingencies - Schedule of HTML 45K Maturity of Operating Lease Liabilities (Detail) 97: R85 Commitments and Contingencies - Schedule of Lease HTML 35K Term and Discount Rate (Detail) 98: R86 Commitments and Contingencies - Schedule of HTML 35K Supplemental Cash Flow Information Related to Leases (Detail) 99: R87 Commitments and Contingencies - Activity in HTML 39K Warranty Provisions Account (Detail) 100: R88 Segment and Geographic Information - Additional HTML 34K Information (Detail) 101: R89 Segment and Geographic Information - Information HTML 60K for Each Reportable Segment (Detail) 102: R90 Segment and Geographic Information - Depreciation HTML 42K and Amortization (Detail) 103: R91 Segment and Geographic Information - Capital HTML 41K Additions (Detail) 104: R92 Segment and Geographic Information - Assets for HTML 59K Each Reportable Segment (Detail) 105: R93 Segment and Geographic Information - Net Property, HTML 38K Plant and Equipment by Geographic Region (Detail) 106: R94 Restructuring Charges - Additional Information HTML 34K (Detail) 107: R95 Restructuring Charges - Changes in Restructuring HTML 37K Reserves (Detail) 109: XML IDEA XML File -- Filing Summary XML 206K 12: XML XBRL Instance -- d28368d10k_htm XML 2.53M 108: EXCEL IDEA Workbook of Financial Reports XLSX 125K 8: EX-101.CAL XBRL Calculations -- ivac-20210102_cal XML 205K 9: EX-101.DEF XBRL Definitions -- ivac-20210102_def XML 1.17M 10: EX-101.LAB XBRL Labels -- ivac-20210102_lab XML 1.57M 11: EX-101.PRE XBRL Presentations -- ivac-20210102_pre XML 1.37M 7: EX-101.SCH XBRL Schema -- ivac-20210102 XSD 222K 110: JSON XBRL Instance as JSON Data -- MetaLinks 507± 754K 111: ZIP XBRL Zipped Folder -- 0001193125-21-046477-xbrl Zip 272K
10-K |
i ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware |
i 94-3125814 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
i Common Stock ($0.001 par value) |
i IVAC |
i The Nasdaq Stock Market LLC (Nasdaq Global Select) |
Large accelerated filer | ☐ | i Accelerated filer | ☒ | |||
Non-accelerated filer |
☐ |
Smaller reporting company | i ☒ | |||
Emerging growth company | i ☐ |
Item 1. |
Business |
TFE Products |
Applications and Features | |
HDD Equipment Market | ||
200 Lean ® Disk Sputtering System |
• Uses PVD and chemical vapor deposition (“CVD”) technologies. • Deposits magnetic films, non-magnetic films and protective carbon-based overcoats.• Provides high-throughput for small-substrate processing. • Over 164 units installed. | |
Upgrades, spares, consumables and services (non-systems business) |
• Upgrades to the installed base to support the continued growth in areal density or reduce the manufacturing cost per disk. | |
DCP Market | ||
INTEVAC VERTEX ® System |
• Utilizes vertical sputtering for multiple film types. • Provides high-throughput for small-substrate processing. • Uses patented carbon deposition source. • Modular design enables expandability. • Enables low-temperature processing. | |
INTEVAC VERTEX ® Spectra System |
• Extension of the VERTEX system. • Incorporates multiple source technologies in a single system. • Uses proprietary ion beam processing for deposition and etching. • Enables unique patterned NCVM and hard AR coatings. | |
INTEVAC VERTEX ® Marathon System |
• Versatile platform for high volume manufacturing of multi-step, multi-layer optical coatings. • Enables diverse coatings — DiamondClad, patterned NCVM and AR films. | |
DIAMOND DOG ® |
• Screen protectors for mobile devices, a consumer product line with DiamondClad tempered glass. • Provides long lasting protection against scratches and abrasion. • Preserves screen clarity and anti-fingerprint performance. | |
Solar PV Market | ||
INTEVAC MATRIX PVD System |
• Deposits electrical contacts and conductor layers, reflective layers, and transparent conductive oxide layers, all of which are critical to the efficiency of solar cells. • Includes patented Linear Scanning Magnetic Array (“LSMA”) magnetron source, with industry-leading target utilization rate of over 65 percent. • Provides high-throughput for small-substrate processing. | |
INTEVAC MATRIX Implant System |
• Utilizes the chambers and transport mechanism of the MATRIX platform while using the implant sources from the ENERG i | |
ENERG i ® Implant System |
• Supports both phosphorus and boron dopant technologies. • Extendable to new advanced solar cell structures. |
TFE Products |
Applications and Features | |
Fan-Out Packaging Market | ||
INTEVAC MATRIX PVD System |
• Deposits barrier/seed layers for fan-out RDL.• Includes LSMA magnetron source, with industry-leading target utilization rate of over 65 percent. • Provides high-throughput and low cost of ownership for small-substrate or large panel processing. • Provides flexibility for handling round, square, or rectangular substrates for fan-out packaging. | |
Adjacent Markets | ||
INTEVAC MATRIX System |
• Incorporates multiple thin-film deposition techniques such as PVD, CVD, Etch, Implant, heating and cooling. • Consists of high-speed linear transport. • Flexible design enables handling of various different small substrate sizes and shapes. • Performs double-sided coating within vacuum. |
2020 |
2019 |
|||||||
Seagate Technology |
42 | % | 49 | % | ||||
U.S. Government |
29 | % | 20 | % | ||||
Elbit Systems of America |
12 | % | * | |||||
Jolywood (Hongkong) Industrial Holdings Co., Limited |
* | 14 | % |
Name |
Age |
Position | ||||
Executive Officers: |
||||||
59 | President and Chief Executive Officer | |||||
63 | Executive Vice President, Finance and Administration, Chief Financial Officer, Secretary and Treasurer | |||||
Timothy Justyn |
58 | Executive Vice President and General Manager, Photonics | ||||
Jay Cho |
56 | Executive Vice President and General Manager, TFE | ||||
Other Key Officers: |
||||||
Verle Aebi |
66 | Chief Technology Officer, Photonics | ||||
Terry Bluck |
61 | Chief Technology Officer, TFE | ||||
Kimberly Burk |
55 | Senior Vice President, Global Human Resources |
Item 1A. |
Risk Factors |
Item 1B. |
Unresolved Staff Comments |
Item 2. |
Properties |
Location |
Square Footage |
Principal Use | ||||
Santa Clara, California |
169,583 | Corporate Headquarters; TFE and Photonics Marketing, Manufacturing, Engineering and Customer Support | ||||
Singapore |
31,947 | TFE Manufacturing and Customer Support | ||||
Malaysia |
1,291 | TFE Customer Support | ||||
Shenzhen, China |
2,568 | TFE Customer Support |
Item 3. |
Legal Proceedings |
Item 4. |
Mine Safety Disclosures |
Item 5. |
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Item 6. |
Selected Financial Data |
Item 7. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
• | Overview: |
• | Results of Operations: |
• | Liquidity and Capital Resources: |
• | Critical Accounting Policies: |
Fiscal Year |
2020 |
2019 |
Change 2020 vs. 2019 |
|||||||||
(in thousands, except percentages and per share amounts) |
||||||||||||
Net revenues |
$ | 97,824 | $ | 108,885 | $ | (11,061 | ) | |||||
Gross profit |
$ | 40,545 | $ | 40,868 | $ | (323 | ) | |||||
Gross margin percent |
41.4 | % | 37.5 | % | 3.9 points | |||||||
Operating income |
$ | 2,555 | $ | 3,925 | $ | (1,370 | ) | |||||
Net income |
$ | 1,056 | $ | 1,148 | $ | (92 | ) | |||||
Net income per diluted share |
$ | 0.04 | $ | 0.05 | $ | (0.01 | ) |
2020 |
2019 |
Change 2020 vs. 2019 |
||||||||||
(in thousands) |
||||||||||||
TFE |
$ | 52,128 | $ | 73,678 | $ | (21,550 | ) | |||||
Photonics |
||||||||||||
Contract R&D |
22,945 | 19,657 | 3,288 | |||||||||
Products |
22,751 | 15,550 | 7,201 | |||||||||
|
|
|
|
|
|
|||||||
45,696 | 35,207 | 10,489 | ||||||||||
|
|
|
|
|
|
|||||||
Total net revenues |
$ | 97,824 | $ | 108,885 | $ | (11,061 | ) | |||||
|
|
|
|
|
|
(in thousands) |
||||||||
TFE |
$ | 5,623 | $ | 21,391 | ||||
Photonics |
41,317 | 71,015 | ||||||
|
|
|
|
|||||
Total backlog |
$ | 46,940 | $ | 92,406 | ||||
|
|
|
|
2020 |
2019 |
|||||||
Seagate Technology |
42 | % | 49 | % | ||||
U.S. Government |
29 | % | 20 | % | ||||
Elbit Systems of America |
12 | % | * | |||||
Jolywood (Hongkong) Industrial Holdings Co., Limited |
* | 14 | % |
2020 |
2019 |
|||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||
TFE |
Photonics |
Total |
TFE |
Photonics |
Total |
|||||||||||||||||||
United States |
$ | 6,450 | $ | 45,363 | $ | 51,813 | $ | 1,306 | $ | 34,664 | $ | 35,970 | ||||||||||||
Asia |
45,611 | — | 45,611 | 72,372 | — | 72,372 | ||||||||||||||||||
Europe |
67 | 333 | 400 | — | 543 | 543 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total net revenues |
$ | 52,128 | $ | 45,696 | $ | 97,824 | $ | 73,678 | $ | 35,207 | $ | 108,885 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year |
Change 2020 vs. 2019 |
|||||||||||
2020 |
2019 |
|||||||||||
(in thousands, except percentages) |
||||||||||||
TFE gross profit |
$ | 22,417 | $ | 27,377 | $ | (4,960 | ) | |||||
% of TFE net revenues |
43.0 | % | 37.2 | % | ||||||||
Photonics gross profit |
$ | 18,128 | $ | 13,491 | $ | 4,637 | ||||||
% of Photonics net revenues |
39.7 | % | 38.3 | % | ||||||||
Total gross profit |
$ | 40,545 | $ | 40,868 | $ | (323 | ) | |||||
% of net revenues |
41.4 | % | 37.5 | % |
Fiscal Year |
Change 2020 vs. 2019 |
|||||||||||
2020 |
2019 |
|||||||||||
(in thousands) |
||||||||||||
Research and development expense |
$ | 14,093 | $ | 14,309 | $ | (216 | ) |
Fiscal Year |
Change 2020 vs. 2019 |
|||||||||||
2020 |
2019 |
|||||||||||
(in thousands) |
||||||||||||
Selling, general and administrative expense |
$ | 23,897 | $ | 22,634 | $ | 1,263 |
Fiscal Year |
Change 2020 vs. 2019 |
|||||||||||
2020 |
2019 |
|||||||||||
(in thousands) |
||||||||||||
Interest income and other income (expense), net |
$ | 212 | $ | 582 | $ | (370 | ) |
Fiscal Year |
Change 2020 vs. 2019 |
|||||||||||
2020 |
2019 |
|||||||||||
(in thousands) |
||||||||||||
Provision for income taxes |
$ | 1,711 | $ | 3,359 | $ | (1,648 | ) |
(in thousands) |
||||||||
Cash and cash equivalents |
$ | 29,341 | $ | 19,767 | ||||
Restricted cash |
787 | 787 | ||||||
Short-term investments |
14,839 | 16,720 | ||||||
Long-term investments |
5,388 | 5,537 | ||||||
|
|
|
|
|||||
Total cash, cash-equivalents, restricted cash and investments |
$ | 50,355 | $ | 42,811 | ||||
|
|
|
|
Item 7A. |
Quantitative and Qualitative Disclosures About Market Risk |
Item 8. |
Financial Statements and Supplementary Data |
Page |
||||
35 | ||||
37 | ||||
38 | ||||
39 | ||||
40 | ||||
41 | ||||
42 |
/s/ BPM LLP |
We have served as the Company’s auditor since 2015. |
San Jose, California |
(In thousands, except par |
||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | i 29,341 | $ | i 19,767 | ||||
Short-term investments |
i 14,839 | i 16,720 | ||||||
Trade and other accounts receivable, net of allowances of $ i i 0 /
at both January 2, 2021 and December 28, 2019 |
i 28,646 | i 28,619 | ||||||
Inventories |
i 21,689 | i 24,907 | ||||||
Prepaid expenses and other current assets |
i 1,893 | i 1,504 | ||||||
Total current assets |
i 96,408 | i 91,517 | ||||||
Property, plant and equipment, net |
i 11,004 | i 11,598 | ||||||
Operating lease right-of-use-assets |
i 8,165 | i 10,279 | ||||||
Long-term investments |
i 5,388 | i 5,537 | ||||||
Restricted cash |
i 787 | i 787 | ||||||
Deferred income taxes and other long-term assets |
i 5,486 | i 6,604 | ||||||
Total assets |
$ | i 127,238 | $ | i 126,322 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
Current liabilities: |
||||||||
Current operating lease liabilities |
$ | i 2,853 | $ | i 2,524 | ||||
Accounts payable |
i 4,259 | i 4,199 | ||||||
Accrued payroll and related liabilities |
i 7,679 | i 6,488 | ||||||
Other accrued liabilities |
i 3,598 | i 3,593 | ||||||
Customer advances |
i 33 | i 4,007 | ||||||
Total current liabilities |
i 18,422 | i 20,811 | ||||||
Noncurrent liabilities: |
||||||||
Noncurrent operating lease liabilities |
i 6,803 | i 9,532 | ||||||
Other long-term liabilities |
i 457 | i 186 | ||||||
Total noncurrent liabilities |
i 7,260 | i 9,718 | ||||||
Commitments and contingencies |
i | i | ||||||
Stockholders’ equity: |
||||||||
Undesignated preferred stock, $ i i 0.001 /
par value, i i 10,000 / shares authorized, i i i i no / / /
shares issued and outstanding |
i — | i — | ||||||
Common stock, $ i i 0.001 /
par value : |
||||||||
Authorized shares — i i 50,000 /
issued and outstanding shares — i i 23,874 / and i i 23,346 /
at January 2, 2021 and December 28, 2019, respectively |
i 24 | i 23 | ||||||
Additional paid-in capital |
i 193,173 | i 188,290 | ||||||
( i 29,551 | ) | ( i 29,158 | ) | |||||
Accumulated other comprehensive income |
i 640 | i 424 | ||||||
Accumulated deficit |
( i 62,730 | ) | ( i 63,786 | ) | ||||
Total stockholders’ equity |
i 101,556 | i 95,793 | ||||||
Total liabilities and stockholders’ equity |
$ | i 127,238 | $ | i 126,322 | ||||
Year Ended, |
||||||||
(In thousands, except per share amounts) |
||||||||
Net revenues: |
||||||||
Systems and components |
$ | i 74,879 | $ | i 89,228 | ||||
Technology development |
i 22,945 | i 19,657 | ||||||
|
|
|
|
|||||
Total net revenues |
i 97,824 | i 108,885 | ||||||
Cost of net revenues: |
||||||||
Systems and components |
i 42,231 | i 55,678 | ||||||
Technology development |
i 15,048 | i 12,339 | ||||||
|
|
|
|
|||||
Total cost of net revenues |
i 57,279 | i 68,017 | ||||||
Gross profit |
i 40,545 | i 40,868 | ||||||
Operating expenses: |
||||||||
Research and development |
i 14,093 | i 14,309 | ||||||
Selling, general and administrative |
i 23,897 | i 22,634 | ||||||
|
|
|
|
|||||
Total operating expenses |
i 37,990 | i 36,943 | ||||||
|
|
|
|
|||||
Operating income |
i 2,555 | i 3,925 | ||||||
|
|
|
|
|||||
Interest income |
i 284 | i 574 | ||||||
Other income (expense), net |
( i 72 | ) | i 8 | |||||
|
|
|
|
|||||
Income before provision for income taxes |
i 2,767 | i 4,507 | ||||||
Provision for income taxes |
i 1,711 | i 3,359 | ||||||
|
|
|
|
|||||
Net income |
$ | i 1,056 | $ | i 1,148 | ||||
|
|
|
|
|||||
Net income per share: |
||||||||
Basic |
$ | i 0.04 | $ | i 0.05 | ||||
Diluted |
$ | i 0.04 | $ | i 0.05 | ||||
Weighted average shares outstanding: |
||||||||
Basic |
i 23,669 | i 23,063 | ||||||
Diluted |
i 24,151 | i 23,340 |
Year Ended, |
||||||||
(In thousands) |
||||||||
Net income |
$ | i 1,056 | $ | i 1,148 | ||||
Other comprehensive income (loss), before tax |
||||||||
Change in unrealized net gain on available-for-sale |
( i 5 | ) | i 70 | |||||
Foreign currency translation gains and (losses) |
i 221 | ( i 24 | ) | |||||
|
|
|
|
|||||
Other comprehensive income, before tax |
i 216 | i 46 | ||||||
Income tax expense related to items in other comprehensive income |
i — | — | ||||||
|
|
|
|
|||||
Other comprehensive income, net of tax |
i 216 | i 46 | ||||||
|
|
|
|
|||||
Comprehensive income |
$ | i 1,272 | $ | i 1,194 | ||||
|
|
|
|
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Accumulated Other Comprehensive Income |
Accumulated Deficit |
Total Stockholders’ Equity |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||
Balance at December 28, 2019 |
i 22,700 | $ | i 23 | $ | i 183,204 | i 4,965 | $ | ( i 29,047 | ) | $ | i 378 | $ | ( i 64,934 | ) | $ | i 89,624 | ||||||||||||||||
Shares issued in connection with: |
||||||||||||||||||||||||||||||||
Exercise of stock options |
i 175 | — | i 799 | — | — | — | — | i 799 | ||||||||||||||||||||||||
Settlement of RSUs |
i 199 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Employee stock purchase plan |
i 370 | — | i 1,466 | — | — | — | — | i 1,466 | ||||||||||||||||||||||||
Shares withheld in connection with net share settlement of RSUs |
( i 74 | ) | — | ( i 404 | ) | — | — | — | — | ( i 404 | ) | |||||||||||||||||||||
Equity-based compensation expense |
— | — | i 3,225 | — | — | — | — | i 3,225 | ||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | i 1,148 | i 1,148 | ||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | i 46 | — | i 46 | ||||||||||||||||||||||||
Common stock repurchases |
( i 24 | ) | — | — | i 24 | ( i 111 | ) | — | — | ( i 111 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at December 28, 2019 |
i 23,346 | $ | i 23 | $ | i 188,290 | i 4,989 | $ | ( i 29,158 | ) | $ | i 424 | $ | ( i 63,786 | ) | $ | i 95,793 | ||||||||||||||||
Shares issued in connection with: |
||||||||||||||||||||||||||||||||
Exercise of stock options |
i 67 | — | i 326 | — | — | — | — | i 326 | ||||||||||||||||||||||||
Settlement of RSUs |
i 244 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Employee stock purchase plan |
i 392 | i 1 | i 1,570 | — | — | — | — | i 1,571 | ||||||||||||||||||||||||
Shares withheld in connection with net share settlement of RSUs |
( i 77 | ) | — | ( i 402 | ) | — | — | — | — | ( i 402 | ) | |||||||||||||||||||||
Equity-based compensation expense |
— | — | i 3,389 | — | — | — | — | i 3,389 | ||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | i 1,056 | i 1,056 | ||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | i 216 | — | i 216 | ||||||||||||||||||||||||
Common stock repurchases |
( i 98 | ) | — | — | i 98 | ( i 393 | ) | — | — | ( i 393 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at January 2, 2021 |
i 23,874 | $ | i 24 | $ | i 193,173 | i 5,087 | $ | ( i 29,551 | ) | $ | i 640 | $ | ( i 62,730 | ) | $ | i 101,556 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
||||||||
(In thousands) |
||||||||
Operating activities |
||||||||
Net income |
$ | i 1,056 | $ | i 1,148 | ||||
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: |
||||||||
Depreciation and amortization |
i 3,206 | i 2,976 | ||||||
Net amortization (accretion) of investment premiums and discounts |
i 12 | ( i 75 | ) | |||||
Amortization of intangible assets |
i 274 | i 615 | ||||||
Equity-based compensation |
i 3,389 | i 3,225 | ||||||
Straight-line rent adjustment and amortization of lease incentives |
( i 286 | ) | ( i 289 | ) | ||||
Deferred income taxes |
i 917 | i 1,661 | ||||||
Change in the fair value of acquisition-related contingent consideration |
— | i 7 | ||||||
Loss on disposal of equipment |
— | i 120 | ||||||
Changes in assets and liabilities: |
||||||||
Accounts receivable |
( i 27 | ) | ( i 902 | ) | ||||
Inventories |
i 3,218 | i 6,301 | ||||||
Prepaid expenses and other assets |
( i 462 | ) | i 1,621 | |||||
Accounts payable |
i 60 | ( i 1,850 | ) | |||||
Accrued payroll and other accrued liabilities |
i 1,467 | i 694 | ||||||
Customer advances |
( i 3,974 | ) | ( i 10,307 | ) | ||||
|
|
|
|
|||||
Total adjustments |
i 7,794 | i 3,797 | ||||||
|
|
|
|
|||||
Net cash and cash equivalents provided by operating activities |
i 8,850 | i 4,945 | ||||||
Investing activities |
||||||||
Purchase of investments |
( i 23,342 | ) | ( i 23,306 | ) | ||||
Proceeds from sales and maturities of investments |
i 25,355 | i 21,642 | ||||||
Purchase of leasehold improvements and equipment |
( i 2,612 | ) | ( i 4,107 | ) | ||||
|
|
|
|
|||||
Net cash and cash equivalents used in investing activities |
( i 599 | ) | ( i 5,771 | ) | ||||
Financing activities |
||||||||
Proceeds from issuance of common stock |
i 1,897 | i 2,265 | ||||||
Common stock repurchases |
( i 393 | ) | ( i 111 | ) | ||||
Taxes paid related to net share settlement |
( i 402 | ) | ( i 404 | ) | ||||
Payment of acquisition-related contingent consideration |
— | ( i 230 | ) | |||||
|
|
|
|
|||||
Net cash and cash equivalents provided by financing activities |
i 1,102 | i 1,520 | ||||||
Effect of exchange rate changes on cash |
i 221 | ( i 24 | ) | |||||
|
|
|
|
|||||
Net increase in cash, cash equivalents and restricted cash |
i 9,574 | i 670 | ||||||
Cash, cash equivalents and restricted cash at beginning of period |
i 20,554 | i 19,884 | ||||||
|
|
|
|
|||||
Cash, cash equivalents and restricted cash at end of period |
$ | i 30,128 | $ | i 20,554 | ||||
|
|
|
|
|||||
Cash paid (received) for: |
||||||||
Income taxes |
$ | i 850 | $ | i 1,016 | ||||
Income tax refund |
$ | ( i 157 | ) | $ | ( i 157 | ) |
Foreign currency |
Unrealized holding gains (losses) on available-for-sale investments |
Total |
||||||||||
(in thousands) |
||||||||||||
Balance at December 29, 2018 |
$ | i 405 | $ | ( i 27 | ) | $ | i 378 | |||||
Other comprehensive income (loss) before reclassification |
( i 24 | ) | i 70 | i 46 | ||||||||
Amounts reclassified from other comprehensive income (loss) |
— | — | — | |||||||||
Net current-period other comprehensive income (loss) |
( i 24 | ) | i 70 | i 46 | ||||||||
Balance at December 28, 2019 |
$ | i 381 | $ | i 43 | $ | i 424 | ||||||
Other comprehensive income (loss) before reclassification |
i 221 | ( i 5 | ) | i 216 | ||||||||
Amounts reclassified from other comprehensive income (loss) |
— | — | — | |||||||||
Net current-period other comprehensive income (loss) |
i 221 | ( i 5 | ) | i 216 | ||||||||
Balance at January 2, 2021 |
$ | i 602 | $ | i 38 | $ | i 640 | ||||||
TFE |
2020 |
2019 |
||||||||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||||||
HDD |
DCP |
PV |
Total |
HDD |
DCP |
PV |
Total |
|||||||||||||||||||||||||
Systems, upgrades and spare parts |
$ | i 45,620 | $ | — | $ | i 426 | $ | i 46,046 | $ | i 52,759 | $ | i — | $ | i 15,653 | $ | i 68,412 | ||||||||||||||||
Field service |
i 6,080 | i — | i 2 | i 6,082 | i 5,210 | i 2 | i 54 | i 5,266 | ||||||||||||||||||||||||
Total TFE net revenues |
$ | i 51,700 | $ | i — | $ | i 428 | $ | i 52,128 | $ | i 57,969 | $ | i 2 | $ | i 15,707 | $ | i 73,678 | ||||||||||||||||
Photonics |
2020 |
2019 |
||||||
(in thousands) |
||||||||
Products: |
||||||||
Military products |
$ | i 20,409 | $ | i 12,480 | ||||
Commercial products |
i 395 | i 640 | ||||||
Repair and other services |
i 1,947 | i 2,430 | ||||||
Total Photonics product net revenues |
i 22,751 | i 15,550 | ||||||
Technology development: |
||||||||
FFP |
i 19,648 | i 12,521 | ||||||
CPFF |
i 3,297 | i 7,134 | ||||||
Time and materials |
i — | i 2 | ||||||
Total technology development net revenues |
i 22,945 | i 19,657 | ||||||
Total Photonics net revenues |
$ | i 45,696 | $ | i 35,207 | ||||
2020 |
2019 |
|||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||
TFE |
Photonics |
Total |
TFE |
Photonics |
Total |
|||||||||||||||||||
United States |
$ | i 6,450 | $ | i 45,363 | $ | i 51,813 | $ | i 1,306 | $ | i 34,664 | $ | i 35,970 | ||||||||||||
Asia |
i 45,611 | i — | i 45,611 | i 72,372 | — | i 72,372 | ||||||||||||||||||
Europe |
i 67 | i 333 | i 400 | — | i 543 | i 543 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total net revenues |
$ | i 52,128 | $ | i 45,696 | $ | i 97,824 | $ | i 73,678 | $ | i 35,207 | $ | i 108,885 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
2019 |
|||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||
TFE |
Photonics |
Total |
TFE |
Photonics |
Total |
|||||||||||||||||||
Products transferred at a point in time |
$ | i 52,128 | $ | i 1,947 | $ | i 54,075 | $ | i 73,678 | $ | i 2,430 | $ | i 76,108 | ||||||||||||
Products and services transferred over time |
— | i 43,749 | i 43,749 | — | i 32,777 | i 32,777 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total net revenues |
$ i 52,128 | $ | i 45,696 | $ | i 97,824 | $ | i 73,678 | $ | i 35,207 | $ | i 108,885 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Change |
||||||||||||
(In thousands) |
||||||||||||
TFE: |
||||||||||||
Contract assets: |
||||||||||||
Accounts receivable, unbilled |
$ | i 369 | $ | i 760 | $ | ( i 391 | ) | |||||
|
|
|
|
|
|
|||||||
Contract liabilities: |
||||||||||||
Deferred revenue |
$ | i 482 | $ | i 320 | $ | i 162 | ||||||
Customer advances |
i 33 | i 4,007 | ( i 3,974 | ) | ||||||||
|
|
|
|
|
|
|||||||
$ | i 515 | $ | i 4,327 | $ | ( i 3,812 | ) | ||||||
|
|
|
|
|
|
|||||||
Photonics: |
||||||||||||
Contract assets: |
||||||||||||
Accounts receivable, unbilled |
$ | i 5,439 | $ | i 3,210 | $ | i 2,229 | ||||||
Retainage |
i 126 | i 99 | i 27 | |||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
$ | i 5,565 | $ | i 3,309 | $ | i 2,256 | |||||||
|
|
|
|
|
|
|||||||
Contract liabilities: |
||||||||||||
Deferred revenue |
$ | i 779 | $ | — | $ | i 779 | ||||||
|
|
|
|
|
|
2020 |
2019 |
|||||||
Equity-based compensation by type of award: |
||||||||
Stock options |
$ i 504 | $ i 819 | ||||||
RSUs |
i 1,936 | i 1,657 | ||||||
Employee stock purchase plan |
i 949 | i 749 | ||||||
|
|
|
|
|||||
Total equity-based compensation |
$ | i 3,389 | $ | i 3,225 | ||||
|
|
|
|
2020 |
2019 |
|||||||
Stock Options: |
||||||||
Weighted-average fair value of grants per share |
$ | i 1.82 | $ | i 2.06 | ||||
Expected volatility |
i 46.06 | % | i 43.23 | % | ||||
Risk free interest rate |
i 0.44% | i 1.86% | ||||||
Expected term of options (in years) |
i 4.39 | i 4.60 | ||||||
Dividend yield |
i None | i None |
2019 |
||||
Weighted-average fair value of grants per share |
$ |
i 1.75 |
||
Expected volatility |
i 43.43 |
% | ||
Risk free interest rate |
i 1.96% |
|||
Expected term (in years) |
i 4.60 |
|||
Dividend yield |
i None |
Shares |
Weighted Average Exercise Price |
Weighted Average Remaining Contractual Term (years) |
Aggregate Intrinsic Value |
|||||||||||||
Options outstanding at December 28, 2019 |
i 2,096,610 | $ | i 6.63 | i 3.75 | $ | i 2,048,964 | ||||||||||
Options granted |
i 6,000 | $ | i 4.88 | |||||||||||||
Options cancelled and forfeited |
( i 220,971 | ) | $ | i 6.88 | ||||||||||||
Options exercised |
( i 67,172 | ) | $ | i 4.85 | ||||||||||||
|
|
|||||||||||||||
Options outstanding at January 2, 2021 |
i 1,814,467 | $ | i 6.66 | i 3.08 | $ | i 2,520,722 | ||||||||||
|
|
|||||||||||||||
Options exercisable at January 2, 2021 |
i 1,372,871 | $ | i 6.77 | i 2.52 | $ | i 1,798,938 |
Shares |
Weighted Average Grant Date Fair Value |
Weighted Average Remaining Contractual Term (years) |
Aggregate Intrinsic Value |
|||||||||||||
Non-vested RSUs at December 28, 2019 |
i 553,355 | $ | i 6.15 | i 1.30 | $ | i 3,713,012 | ||||||||||
Granted |
i 668,413 | $ | i 4.87 | |||||||||||||
Vested |
( i 243,312 | ) | $ | i 6.38 | ||||||||||||
Cancelled |
( i 76,822 | ) | $ | i 4.26 | ||||||||||||
|
|
|||||||||||||||
Non-vested RSUs at January 2, 2021 |
i 901,634 | $ | i 5.30 | i 1.50 | $ | i 6,500,781 | ||||||||||
|
|
2020 |
||||
Weighted-average fair value of grants per share |
$ | i 3.16 | ||
Expected volatility |
i 46.7 | % | ||
Risk-free interest rate |
i 0.25 | % | ||
Dividend yield |
i None |
2020 |
2019 |
|||||||
Stock Purchase Rights: |
||||||||
Weighted-average fair value of grants per share |
$ | i 2.20 | $ | i 1.73 | ||||
Expected volatility |
i 51.49 | % | i 45.81 | % | ||||
Risk free interest rate |
i 0.14 | % | i 2.28 | % | ||||
Expected term of purchase rights (in years) |
i 1.24 | i 0.91 | ||||||
Dividend yield |
i None | i None |
2020 |
2019 |
|||||||
(in thousands, except per share amounts) |
||||||||
Shares purchased |
i 392 | i 370 | ||||||
Weighted-average purchase price per share |
$ | i 4.01 | $ | i 3.96 | ||||
Aggregate intrinsic value of purchase rights exercised |
$ | i 765 | $ | i 513 |
2020 |
2019 |
|||||||
(in thousands, except per share amounts) |
||||||||
Net income |
$ | i 1,056 | $ | i 1,148 | ||||
|
|
|
|
|||||
Weighted-average shares – basic |
i 23,669 | i 23,063 | ||||||
Effect of dilutive potential common shares |
i 482 | i 277 | ||||||
|
|
|
|
|||||
Weighted-average shares – diluted |
i 24,151 | i 23,340 | ||||||
|
|
|
|
|||||
Net income per share –basic |
$ | i 0.04 | $ | i 0.05 | ||||
|
|
|
|
|||||
Net income per share –diluted |
$ | i 0.04 | $ | i 0.05 | ||||
|
|
|
|
2020 |
2019 |
|||||||
(in thousands) |
||||||||
Stock options to purchase common stock |
i 935 | i 1,235 | ||||||
RSUs |
i 5 | i 5 | ||||||
Employee stock purchase plan |
i 103 | i 3 |
2020 |
2019 |
|||||||
Seagate Technology |
i 45 | % | i 60 | % | ||||
U.S. Government |
i 26 | % | i 25 | % | ||||
HGST |
i 14 | % | i * |
* | Less than 10% |
2020 |
2019 |
|||||||
Seagate Technology |
i 42 | % | i 49 | % | ||||
U.S. Government |
i 29 | % | i 20 | % | ||||
Elbit Systems of America |
i 12 | % | i * | |||||
Jolywood (Hongkong) Industrial Holdings Co., Limited |
i * | i 14 | % |
* | Less than 10% |
January 2, |
||||||||
2019 |
||||||||
(in thousands) |
||||||||
Trade receivables and other |
$ | i 22,712 | $ | i 24,472 | ||||
Unbilled costs and accrued profits |
i 5,934 | i 4,069 | ||||||
Income tax receivable |
— | i 78 | ||||||
Less: allowance for doubtful accounts |
— | — | ||||||
|
|
|
|
|||||
$ | i 28,646 | $ | i 28,619 | |||||
|
|
|
|
January 2, |
||||||||
2019 |
||||||||
(in thousands) |
||||||||
Raw materials |
$ | i 9,999 | $ | i 15,286 | ||||
Work-in-progress |
i 4,832 | i 4,748 | ||||||
Finished goods |
i 6,858 | i 4,873 | ||||||
|
|
|
|
|||||
$ | i 21,689 | $ | i 24,907 | |||||
|
|
|
|
(in thousands) |
||||||||
Leasehold improvements |
$ | i 16,323 | $ | i 15,037 | ||||
Machinery and equipment |
i 46,846 | i 46,674 | ||||||
|
|
|
|
|||||
i 63,169 | i 61,711 | |||||||
Less accumulated depreciation and amortization |
i 52,165 | i 50,113 | ||||||
|
|
|
|
|||||
Total property, plant and equipment, net |
$ | i 11,004 | $ | i 11,598 | ||||
|
|
|
|
(in thousands) |
||||||||
Deferred income taxes |
$ | i 5,335 | $ | i 6,252 | ||||
Prepaid expenses |
i 151 | — | ||||||
Purchased intangible assets, net |
— | i 274 | ||||||
Income tax receivable |
— | i 78 | ||||||
|
|
|
|
|||||
$ | i 5,486 | $ | i 6,604 | |||||
|
|
|
|
(in thousands) |
||||||||
Deferred revenue |
$ | i 1,261 | $ | i 320 | ||||
Other taxes payable |
i 935 | i 1,155 | ||||||
Accrued product warranties |
i 405 | i 846 | ||||||
Income taxes payable |
i 263 | i 403 | ||||||
Other |
i 734 | i 869 | ||||||
|
|
|
|
|||||
Total other accrued liabilities |
$ | i 3,598 | $ | i 3,593 | ||||
|
|
|
|
(in thousands) |
||||||||
Employer payroll taxes |
$ | i 382 | $ | — | ||||
Accrued product warranties |
i 75 | i 176 | ||||||
Accrued income taxes |
— | i 10 | ||||||
|
|
|
|
|||||
Total other long-term liabilities |
$ | i 457 | $ | i 186 | ||||
|
|
|
|
Gross Carrying Amount |
Accumulated Amortization |
Net Carrying Amount |
||||||||||
(in thousands) |
||||||||||||
Customer relationships |
$ | i 560 | $ | i 524 | $ | i 36 | ||||||
Purchased technology |
i 4,000 | i 3,762 | i 238 | |||||||||
|
|
|
|
|
|
|||||||
Total amortizable intangible assets |
$ | i 4,560 | $ | i 4,286 | $ | i 274 | ||||||
|
|
|
|
|
|
2019 |
||||
(in thousands) |
||||
Beginning balance |
$ | i 223 | ||
Changes in fair value |
i 7 | |||
Cash payments made |
( i 230 | ) | ||
|
|
|||
Ending balance |
$ | — | ||
|
|
Amortized Cost |
Unrealized Holding Gains |
Unrealized Holding Losses |
Fair Value |
|||||||||||||
(in thousands) |
||||||||||||||||
Cash and cash equivalents: |
||||||||||||||||
Cash |
$ | i 24,729 | $ | — | $ | — | $ | i 24,729 | ||||||||
Money market funds |
i 3,612 | — | — | i 3,612 | ||||||||||||
Certificates of deposit |
i 1,000 | — | — | i 1,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total cash and cash equivalents |
$ | i 29,341 | $ | — | $ | — | $ | i 29,341 | ||||||||
Short-term investments: |
||||||||||||||||
Certificates of deposit |
$ | i 6,450 | $ | i 2 | $ | — | $ | i 6,452 | ||||||||
Commercial paper |
i 500 | — | — | i 500 | ||||||||||||
Corporate bonds and medium-term notes |
i 2,929 | i 6 | — | i 2,935 | ||||||||||||
Municipal bonds |
i 400 | — | — | i 400 | ||||||||||||
U.S. treasury securities |
i 4,527 | i 25 | — | i 4,552 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total short-term investments |
$ | i 14,806 | $ | i 33 | $ | — | $ | i 14,839 | ||||||||
Long-term investments: |
||||||||||||||||
Certificates of deposit |
$ | i 500 | $ | — | $ | — | $ | i 500 | ||||||||
Corporate bonds and medium-term notes |
i 3,474 | i 4 | — | i 3,478 | ||||||||||||
U.S. treasury securities |
i 1,409 | i 1 | — | i 1,410 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total long-term investments |
$ | i 5,383 | $ | i 5 | $ | — | $ | i 5,388 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total cash, cash equivalents, and investments |
$ | i 49,530 | $ | i 38 | $ | — | $ | i 49,568 | ||||||||
|
|
|
|
|
|
|
|
Amortized Cost |
Unrealized Holding Gains |
Unrealized Holding Losses |
Fair Value |
|||||||||||||
(in thousands) |
||||||||||||||||
Cash and cash equivalents: |
||||||||||||||||
Cash |
$ | i 16,512 | $ | — | $ | — | $ | i 16,512 | ||||||||
Money market funds |
i 3,255 | — | — | i 3,255 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total cash and cash equivalents |
$ | i 19,767 | $ | — | $ | — | $ | i 19,767 | ||||||||
Short-term investments: |
||||||||||||||||
Certificates of deposit |
$ | i 3,000 | $ | i 1 | $ | — | $ | i 3,001 | ||||||||
Commercial paper |
i 1,891 | i 2 | — | i 1,893 | ||||||||||||
Corporate bonds and medium-term notes |
i 6,383 | i 25 | — | i 6,408 | ||||||||||||
U.S. treasury securities |
i 5,417 | i 1 | — | i 5,418 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total short-term investments |
$ | i 16,691 | $ | i 29 | $ | — | $ | i 16,720 | ||||||||
Long-term investments: |
||||||||||||||||
Certificates of deposit |
$ | i 499 | $ | i 1 | $ | — | $ | i 500 | ||||||||
Corporate bonds and medium-term notes |
i 2,530 | i 12 | — | i 2,542 | ||||||||||||
U.S. treasury securities |
i 2,494 | i 1 | — | i 2,495 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total long-term investments |
$ | i 5,523 | $ | i 14 | $ | — | $ | i 5,537 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total cash, cash equivalents, and investments |
$ | i 41,981 | $ | i 43 | $ | — | $ | i 42,024 | ||||||||
|
|
|
|
|
|
|
|
Amortized Cost |
Fair Value |
|||||||
(in thousands) |
||||||||
Due in one year or less |
$ | i 19,418 | $ | i 19,451 | ||||
Due after one through five years |
i 5,383 | i 5,388 | ||||||
|
|
|
|
|||||
$ | i 24,801 | $ | i 24,839 | |||||
|
|
|
|
Fair Value Measurements |
||||||||||||
Total |
Level 1 |
Level 2 |
||||||||||
(in thousands) |
||||||||||||
Recurring fair value measurements: |
||||||||||||
Available-for-sale |
||||||||||||
Money market funds |
$ | i 3,612 | $ | i 3,612 | $ | — | ||||||
U.S. treasury securities |
i 5,962 | i 5,962 | — | |||||||||
Certificates of deposit |
i 7,952 | — | i 7,952 | |||||||||
Commercial paper |
i 500 | — | i 500 | |||||||||
Corporate bonds and medium-term notes |
i 6,413 | — | i 6,413 | |||||||||
Municipal bonds |
i 400 | — | i 400 | |||||||||
|
|
|
|
|
|
|||||||
Total recurring fair value measurements |
$ | i 24,839 | $ | i 9,574 | $ | i 15,265 | ||||||
|
|
|
|
|
|
Notional Amounts |
Derivative Liabilities |
|||||||||||||||||||||||
Derivative Instrument |
||||||||||||||||||||||||
Balance Sheet Line |
Fair Value |
Balance Sheet Line |
Fair Value |
|||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||
Undesignated Hedges: |
||||||||||||||||||||||||
Forward Foreign Currency Contracts |
$ | i 983 | i 1,035 | * |
$ | i 3 | * |
$ | i 4 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Hedges |
$ | i 983 | i 1,035 | $ | i 3 | $ | i 4 | |||||||||||||||||
|
|
|
|
|
|
|
|
* | Other accrued liabilities |
2020 |
2019 |
|||||||
(in thousands, except per share amounts) |
||||||||
Shares of common stock repurchased |
i 98 | i 24 | ||||||
Cost of stock repurchased |
$ | i 393 | $ | i 111 | ||||
Average price paid per share |
$ | i 3.97 | $ | i 4.67 |
2020 |
2019 |
|||||||
Federal: |
||||||||
Current |
$ | ( i 915 | ) | $ | — | |||
Deferred |
i — | i — | ||||||
|
|
|
|
|||||
( i 915 | ) | — | ||||||
State: |
||||||||
Current |
i 4 | i 4 | ||||||
Deferred |
i — | i — | ||||||
|
|
|
|
|||||
i 4 | i 4 | |||||||
Foreign: |
||||||||
Current |
i 1,705 | i 1,694 | ||||||
Deferred |
i 917 | i 1,661 | ||||||
|
|
|
|
|||||
i 2,622 | i 3,355 | |||||||
Total |
$ | i 1,711 | $ | i 3,359 | ||||
|
|
|
|
2020 |
2019 |
|||||||
U.S |
$ | ( i 3,293 | ) | $ | ( i 4,875 | ) | ||
Foreign |
i 6,060 | i 9,382 | ||||||
|
|
|
|
|||||
$ | i 2,767 | $ | i 4,507 | |||||
|
|
|
|
|||||
Effective tax rate |
i 61.8 | % | i 74.5 | % | ||||
|
|
|
|
Deferred tax assets: |
||||||||
Vacation, warranty and other accruals |
$ | i 651 | $ | i 635 | ||||
Depreciation and amortization |
— | i 89 | ||||||
Intangible amortization |
i 551 | i 804 | ||||||
Purchased technology |
i 14 | — | ||||||
Inventory valuation |
i 1,101 | i 1,288 | ||||||
Equity-based compensation |
i 1,494 | i 1,593 | ||||||
Net operating loss, research and other tax credit carryforwards |
i 55,322 | i 54,818 | ||||||
Other |
i 30 | i 43 | ||||||
|
|
|
|
|||||
i 59,163 | i 59,270 | |||||||
Valuation allowance for deferred tax assets |
( i 52,088 | ) | ( i 52,099 | ) | ||||
|
|
|
|
|||||
Total deferred tax assets |
i 7,075 | i 7,171 | ||||||
|
|
|
|
|||||
Deferred tax liabilities: |
||||||||
Depreciation and amortization |
( i 341 | ) | — | |||||
Purchased technology |
— | ( i 45 | ) | |||||
Unbilled revenue |
( i 1,399 | ) | ( i 874 | ) | ||||
|
|
|
|
|||||
Total deferred tax liabilities |
( i 1,740 | ) | ( i 919 | ) | ||||
|
|
|
|
|||||
Net deferred tax assets |
$ | i 5,335 | $ | i 6,252 | ||||
|
|
|
|
|||||
As reported on the balance sheet: |
||||||||
Non-current deferred tax assets |
$ | i 5,335 | $ | i 6,252 | ||||
|
|
|
|
2020 |
2019 |
|||||||
Income tax at the federal statutory rate |
$ | i 581 | $ | i 947 | ||||
State income taxes, net of federal benefit |
i 4 | i 4 | ||||||
Change in valuation allowance: |
||||||||
U.S |
( i 416 | ) | ( i 689 | ) | ||||
Foreign |
i — | — | ||||||
Effect of foreign operations taxed at various rates |
( i 235 | ) | ( i 397 | ) | ||||
Research tax credits |
( i 1,306 | ) | ( i 1,710 | ) | ||||
Effect of tax rate changes, permanent differences and adjustments of prior deferrals |
i 2,504 | i 3,685 | ||||||
Unrecognized tax benefits |
i 579 | i 1,519 | ||||||
|
|
|
|
|||||
Total |
$ | i 1,711 | $ | i 3,359 | ||||
|
|
|
|
2020 |
2019 |
|||||||
Beginning balance |
$ | i 7,683 | $ | i 6,164 | ||||
Additions based on tax positions related to the current year |
i 589 | i 1,519 | ||||||
Settlements |
i — | — | ||||||
Lapse of statute of limitations |
( i 945 | ) | — | |||||
|
|
|
|
|||||
Ending balance |
$ | i 7,327 | $ | i 7,683 | ||||
|
|
|
|
2021 |
2019 |
|||||||
(in thousands) |
||||||||
Assets: |
||||||||
Operating lease right-of-use |
$ | i 8,165 | $ | i 10,279 | ||||
Liabilities: |
||||||||
Current operating lease liabilities |
$ | i 2,853 | $ | i 2,524 | ||||
Noncurrent operating lease liabilities |
i 6,803 | i 9,532 | ||||||
|
|
|
|
|||||
$ | i 9,656 | $ | i 12,056 | |||||
|
|
|
|
2020 |
2019 |
|||||||
(in thousands) |
||||||||
Operating lease cost |
$ | i 2,942 | $ | i 3,112 | ||||
Short-term lease cost |
i 93 | i 78 | ||||||
|
|
|
|
|||||
Total lease cost |
$ | i 3,035 | $ | i 3,190 | ||||
|
|
|
|
(In thousands) |
||||
2021 |
$ | i 3,388 | ||
2022 |
i 3,474 | |||
2023 |
i 3,289 | |||
2024 |
i 541 | |||
|
|
|||
Total lease payments |
i 10,692 | |||
Less: Interest |
( i 1,036 | ) | ||
|
|
|||
Present value of lease liabilities |
$ | i 9,656 | ||
|
|
2021 |
2019 |
|||||||
Weighted-average remaining lease term (in years) |
i 3.09 | i 4.08 | ||||||
Weighted-average discount rate |
i 6.39 | % | i 6.37 | % |
2020 |
2019 |
|||||||
(in thousands) |
||||||||
Operating cash outflows from operating leases |
$ | i 3,332 | $ | i 3,484 | ||||
|
|
|
|
|||||
Right-of-use |
$ | i 128 | $ | i 934 | ||||
|
|
|
|
2020 |
2019 |
|||||||
(in thousands) |
||||||||
Beginning balance |
$ | i 1,022 | $ | i 997 | ||||
Expenditures incurred under warranties |
( i 512 | ) | ( i 625 | ) | ||||
Accruals for product warranties |
i 280 | i 955 | ||||||
Adjustments to previously existing warranty accruals |
( i 310 | ) | ( i 305 | ) | ||||
|
|
|
|
|||||
Ending balance |
$ | i 480 | $ | i 1,022 | ||||
|
|
|
|
Net Revenues |
2020 |
2019 |
||||||
(in thousands) |
||||||||
TFE |
$ | i 52,128 | $ | i 73,678 | ||||
Photonics |
i 45,696 | i 35,207 | ||||||
|
|
|
|
|||||
Total segment net revenues |
$ | i 97,824 | $ | i 108,885 | ||||
|
|
|
|
Operating Profit (Loss) |
2020 |
2019 |
||||||
(in thousands) |
||||||||
TFE |
$ | ( i 1,978 | ) | $ | i 1,747 | |||
Photonics |
i 10,064 | i 6,434 | ||||||
|
|
|
|
|||||
Total segment operating profit |
i 8,086 | i 8,181 | ||||||
|
|
|
|
|||||
Unallocated costs |
( i 5,531 | ) | ( i 4,256 | ) | ||||
|
|
|
|
|||||
Operating income |
i 2,555 | i 3,925 | ||||||
|
|
|
|
|||||
Interest income |
i 284 | i 574 | ||||||
Other income (expense), net |
( i 72 | ) | i 8 | |||||
|
|
|
|
|||||
Income before provision for income taxes |
$ | i 2,767 | $ | i 4,507 | ||||
|
|
|
|
Depreciation and Amortization |
2020 |
2019 |
||||||
(in thousands) |
||||||||
TFE |
$ | i 1,817 | $ | i 1,909 | ||||
Photonics |
i 1,159 | i 1,310 | ||||||
|
|
|
|
|||||
Total segment depreciation and amortization |
i 2,976 | i 3,219 | ||||||
|
|
|
|
|||||
Unallocated costs |
i 504 | i 372 | ||||||
|
|
|
|
|||||
Total consolidated depreciation and amortization |
$ | i 3,480 | $ | i 3,591 | ||||
|
|
|
|
Capital Additions |
2020 |
2019 |
||||||
(in thousands) |
||||||||
TFE |
$ | i 1,336 | $ | i 2,611 | ||||
Photonics |
i 636 | i 832 | ||||||
|
|
|
|
|||||
Total segment capital additions |
i 1,972 | i 3,443 | ||||||
|
|
|
|
|||||
Unallocated |
i 640 | i 664 | ||||||
|
|
|
|
|||||
Total consolidated capital additions |
$ | i 2,612 | $ | i 4,107 | ||||
|
|
|
|
Segment Assets |
2020 |
2019 |
||||||
(in thousands) |
||||||||
TFE |
$ | i 44,335 | $ | i 51,153 | ||||
Photonics |
i 22,923 | i 22,071 | ||||||
|
|
|
|
|||||
Total segment assets |
i 67,258 | i 73,224 | ||||||
|
|
|
|
|||||
Cash and investments |
i 49,568 | i 42,024 | ||||||
Restricted cash |
i 787 | i 787 | ||||||
Deferred income taxes |
i 5,335 | i 6,252 | ||||||
Other current assets |
i 1,093 | i 752 | ||||||
Common property, plant and equipment |
i 1,443 | i 1,307 | ||||||
Common operating lease right-of-use |
i 1,603 | i 1,898 | ||||||
Other assets |
i 151 | i 78 | ||||||
|
|
|
|
|||||
Consolidated total assets |
$ | i 127,238 | $ | i 126,322 | ||||
|
|
|
|
(in thousands) |
||||||||
United States |
$ | i 10,678 | $ | i 11,420 | ||||
Asia |
i 326 | i 178 | ||||||
|
|
|
|
|||||
Net property, plant & equipment |
$ | i 11,004 | $ | i 11,598 | ||||
|
|
|
|
2020 |
||||
(in thousands) |
||||
Balance at the beginning of the year |
$ | — | ||
Provision for restructuring charges |
i 103 | |||
Cash payments made |
( i 103 | ) | ||
|
|
|||
Balance at the end of the year |
$ | — | ||
|
|
Item 9. |
Changes In and Disagreements With Accountants on Accounting and Financial Disclosure |
Item 9A. |
Controls and Procedures |
/s/ BPM LLP |
San Jose, California |
Item 9B. |
Other Information |
Item 10. |
Directors, Executive Officers and Corporate Governance |
Item 11. |
Executive Compensation |
Item 12. |
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Item 13. |
Certain Relationships and Related Transactions, and Director Independence |
Item 14. |
Principal Accountant Fees and Services |
Item 15. |
Exhibits and Financial Statements |
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
(9) |
(10) |
(11) | Previously filed as an exhibit to the Registration Statement on Form S-8 filed May 14, 2020 (No. 33-238262) |
(12) |
(13) |
(14) |
(15) |
(16) |
(17) |
(P) | Paper exhibit. |
+ | Management compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K |
INTEVAC, INC. |
/s/ JAMES MONIZ |
Executive Vice President, Finance and Administration |
Chief Financial Officer, Secretary and Treasurer |
Signature |
Title |
Date | ||
President, |
||||
Chief Executive Officer and Director (Principal Executive Officer) |
||||
/s/ JAMES MONIZ |
Executive Vice President, Finance and |
|||
Administration, Chief Financial Officer, Secretary and Treasurer (Principal Financial and Accounting Officer) |
||||
/s/ DAVID S. DURY |
Chairman of Board |
|||
/s/ KEVIN D. BARBER |
Director |
|||
/s/ DOROTHY D. HAYES |
Director |
|||
Director |
||||
/s/ MICHELE F. KLEIN |
Director |
|||
/s/ MARK P. POPOVICH |
Director |
|||
/s/ THOMAS M. ROHRS |
Director |
|||
This ‘10-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
5/13/30 | ||||
12/31/22 | ||||
12/31/21 | ||||
12/28/21 | ||||
Filed on: | 2/17/21 | |||
2/12/21 | SC 13G/A | |||
For Period end: | 1/2/21 | |||
12/31/20 | SD | |||
8/1/20 | ||||
6/27/20 | 10-Q | |||
6/2/20 | ||||
5/14/20 | 8-K, S-8 | |||
4/27/20 | 8-K | |||
4/6/20 | DEF 14A | |||
3/27/20 | 4 | |||
3/20/20 | ||||
3/17/20 | ||||
3/16/20 | ||||
2/12/20 | 10-K, 4, SC 13G/A | |||
12/28/19 | 10-K | |||
7/30/19 | 10-Q | |||
6/30/19 | ||||
12/29/18 | 10-K | |||
8/15/18 | 3, 4, 8-K | |||
5/1/18 | 10-Q, 4 | |||
4/11/18 | DEF 14A | |||
11/15/16 | 8-K | |||
10/31/14 | 8-K | |||
10/28/14 | 10-Q | |||
4/29/14 | 10-Q | |||
11/21/13 | ||||
7/9/13 | 8-K, SC TO-I | |||
5/1/12 | 10-Q | |||
3/15/12 | 8-K | |||
5/3/11 | 10-Q | |||
3/14/08 | ||||
7/23/07 | 8-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 7/23/21 Intevac Inc. S-8 7/23/21 3:64K Donnelley … Solutions/FA |