Vicor Corporation (NASDAQ: VICR) today reported financial results
for the fourth quarter ended December 31, 2020.
Fourth quarter and full year financial results
will be discussed later today at 5:00 p.m. Eastern Time, during
management’s quarterly investor conference call. The details for
the call are presented below.
Revenues for the fourth quarter ended December
31, 2020 totaled $84.3 million, a 33.5% increase from $63.1 million
for the corresponding period a year ago, and a 7.9% sequential
increase from $78.1 million for the third quarter of 2020.
Gross margin increased to $40.5 million for the
fourth quarter of 2020, compared to $29.8 million for the
corresponding period a year ago, and increased sequentially from
$33.3 million for the third quarter of 2020. Gross margin, as a
percentage of revenue, increased to 48.0% for the fourth quarter of
2020, compared to 47.1% for the corresponding period a year ago,
and increased from 42.7% for the third quarter of
2020.
Net income for the fourth quarter was $11.2
million, or $0.25 per diluted share, compared to net income of $1.3
million or $0.03 per diluted share, for the corresponding period a
year ago and net income of $5.8 million, or $0.13 per diluted
share, for the third quarter of 2020.
Revenues for the year ended December 31, 2020,
increased 12.8% to $296.6 million from $263.0 million for the
corresponding period a year ago. Net income for 2020 was $17.9
million, or $0.41 per diluted share, compared to net income of
$14.1 million, or $0.34 per diluted share, for the corresponding
period a year ago.
Cash flow from operations totaled $19.3 million
for the fourth quarter, a sequential increase of 66.9%, and totaled
$34.5 million for the year, an increase of 55.6% over the total for
2019. Capital expenditures for the fourth quarter totaled $11.8
million, compared to $8.1 million for the prior quarter and $3.4
million for the fourth quarter of 2019. The sum of cash, cash
equivalents, and short-term investments sequentially rose 4.1% to
approximately $211.9 million. During the fourth quarter, the
company transferred approximately $130.2 million from cash accounts
to short-term investment accounts.
Fourth quarter bookings increased 19.1% to $91.5
million, from $76.8 million for the corresponding period a year
ago, and increased 1.2% sequentially from $90.5 million for the
third quarter of 2020. Total bookings for the year totaled $339.7
million, an increase of 28.6% over the 2019 total. Total backlog at
the end of the fourth quarter of 2020 was $147.6 million,
representing an increase of 5.4% from $140.0 million at the end of
the third quarter of 2020 and 41.7 % from $104.2 million at the end
of 2019.
Dr. Patrizio Vinciarelli, Chief Executive
Officer, stated, “Fourth quarter results reflect improved margins
in spite of manufacturing inefficiencies caused by outsourcing of
critical process steps. Advanced Products bookings increased
approximately 30%, offsetting a reduction in Brick Products orders.
Our capacity expansion is on schedule and vertical integration of
all of the process steps required by Advanced Products in our new
facility should soon lead to shorter cycle times, greater
efficiencies, and further improvements in gross and net
margins.”
Vicor also announced that James A. Simms,
Corporate Vice President, Chief Financial Officer, Treasurer, and
Secretary, will be resigning, effective June 30, 2021. The Company
has initiated a search for a new Chief Financial Officer, a process
with which Mr. Simms will be assisting. Mr. Simms’ resignation is
not related to Vicor's operations, policies, or practices,
including its internal controls or other matters related to
financial reporting.
Commenting on Mr. Simms’ pending resignation,
Dr. Vinciarelli stated, “I wish Jamie success in all his future
endeavors. Over his 13 year tenure as CFO, Jamie has made
significant contributions to Vicor’s success.”
For more information on Vicor and its products,
please visit the Company’s website at www.vicorpower.com.
Earnings Conference Call
Vicor will be holding its investor conference
call today, Thursday, February 25, 2021 at 5:00 p.m. Eastern Time.
Shareholders interested in participating in the call who have not
pre-registered should call 877-299-4502 at approximately 4:30 p.m.
and use the Passcode 14095952. Internet users may listen to a
real-time audio broadcast of the conference call on the Investor
Relations section of Vicor’s website at www.vicorpower.com. Please
go to the website at least 15 minutes prior to the call to
register, download and install any necessary software. For those
who cannot participate in the conference call, a replay will be
available, shortly after the conclusion of the call, through March
12, 2021. The replay dial-in number is 888-286-8010 and the
Passcode is 33109701. In addition, a webcast replay of the
conference call will also be available on the Investor Relations
section of Vicor’s website at www.vicorpower.com beginning shortly
after the conclusion of the call.
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Any statement in this
press release that is not a statement of historical fact is a
forward-looking statement, and, the words “believes,” “expects,”
“anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,”
“will,” “would,” “should,” “continue,” “prospective,” “project,”
and other similar expressions identify forward-looking statements.
Forward-looking statements also include statements regarding
bookings, shipments, revenue, profitability, targeted markets,
increase in manufacturing capacity and utilization thereof, future
products and capital resources. These statements are based upon
management’s current expectations and estimates as to the
prospective events and circumstances that may or may not be within
the company’s control and as to which there can be no assurance.
Actual results could differ materially from those projected in the
forward-looking statements as a result of various factors,
including those economic, business, operational and financial
considerations set forth in Vicor’s Annual Report on Form 10-K for
the year ended December 31, 2019, under Part I, Item I —
“Business,” under Part I, Item 1A — “Risk Factors,” under
Part I, Item 3 — “Legal Proceedings,” and under
Part II, Item 7 — “Management’s Discussion and Analysis
of Financial Condition and Results of Operations.” The risk factors
set forth in the Annual Report on Form 10-K may not be exhaustive.
Therefore, the information contained in the Annual Report on Form
10-K should be read together with other reports and documents filed
with the Securities and Exchange Commission from time to time,
including Forms 10-Q, 8-K and 10-K, which may supplement, modify,
supersede or update those risk factors. Vicor does not undertake
any obligation to update any forward-looking statements as a result
of future events or developments.
Vicor Corporation designs, develops,
manufactures and markets modular power components and complete
power systems based upon a portfolio of patented technologies.
Headquartered in Andover, Massachusetts, Vicor sells its products
primarily to customers in the higher-performance, higher-power
segments of the power systems market, including aerospace and
defense electronics, enterprise and high performance computing,
industrial equipment and automation, telecommunications and network
infrastructure, and vehicles and transportation markets.
For further information
contact: James A.
Simms, Chief Financial OfficerVoice: 978-470-2900Facsimile:
978-749-3439invrel@vicorpower.com
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VICOR CORPORATION |
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CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
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(Thousands except for per share amounts) |
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QUARTER ENDED |
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YEAR ENDED |
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(Unaudited) |
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(Unaudited) |
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DEC 31, |
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DEC 31, |
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DEC 31, |
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DEC 31, |
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2020 |
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2019 |
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2020 |
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2019 |
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Net revenues |
$ |
84,302 |
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$ |
63,125 |
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$ |
296,576 |
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$ |
262,977 |
Cost of revenues |
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43,851 |
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33,364 |
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165,129 |
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140,011 |
Gross margin |
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40,451 |
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29,761 |
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131,447 |
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122,966 |
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Operating expenses: |
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Selling, general and administrative |
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16,127 |
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16,711 |
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63,163 |
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62,557 |
Research and development |
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12,719 |
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12,155 |
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50,916 |
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46,588 |
Total operating expenses |
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28,846 |
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28,866 |
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114,079 |
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109,145 |
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Income from operations |
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11,605 |
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895 |
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17,368 |
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13,821 |
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Other income (expense), net |
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378 |
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393 |
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1,093 |
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1,066 |
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Income before income taxes |
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11,983 |
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1,288 |
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18,461 |
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14,887 |
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Less: Provision (benefit) for income taxes |
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788 |
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(27 |
) |
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539 |
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778 |
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Consolidated net income |
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11,195 |
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1,315 |
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17,922 |
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14,109 |
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Less: Net income attributable to |
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noncontrolling interest |
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2 |
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3 |
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12 |
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11 |
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Net income attributable to |
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Vicor Corporation |
$ |
11,193 |
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$ |
1,312 |
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$ |
17,910 |
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$ |
14,098 |
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Net income per share attributable |
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to Vicor Corporation: |
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Basic |
$ |
0.26 |
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$ |
0.03 |
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$ |
0.42 |
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$ |
0.35 |
Diluted |
$ |
0.25 |
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$ |
0.03 |
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$ |
0.41 |
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$ |
0.34 |
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Shares outstanding: |
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Basic |
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43,301 |
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40,482 |
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42,186 |
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40,330 |
Diluted |
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44,772 |
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42,404 |
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43,869 |
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41,677 |
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VICOR CORPORATION |
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CONDENSED CONSOLIDATED BALANCE SHEET |
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(Thousands) |
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DEC 31, |
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DEC 31, |
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2020 |
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2019 |
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(Unaudited) |
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(Unaudited) |
Assets |
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Current assets: |
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Cash and cash equivalents |
$ |
161,742 |
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$ |
84,668 |
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Short-term investments |
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50,166 |
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- |
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Accounts receivable, net |
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40,999 |
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|
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38,115 |
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Inventories, net |
|
57,269 |
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|
|
49,187 |
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Other current assets |
|
6,756 |
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|
|
7,096 |
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Total current assets |
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316,932 |
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179,066 |
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Long-term deferred tax assets |
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226 |
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205 |
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Long-term investment, net |
|
2,517 |
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2,510 |
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Property, plant and equipment, net |
|
74,843 |
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56,952 |
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Other assets |
|
1,721 |
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|
1,994 |
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Total assets |
$ |
396,239 |
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$ |
240,727 |
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Liabilities and Equity |
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Current liabilities: |
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Accounts payable |
$ |
14,121 |
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$ |
9,005 |
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Accrued compensation and benefits |
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14,094 |
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|
10,410 |
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Accrued expenses |
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2,624 |
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|
2,690 |
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Sales allowances |
|
597 |
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|
741 |
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Short-term lease liabilities |
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1,629 |
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1,520 |
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Income taxes payable |
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139 |
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57 |
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Short-term deferred revenue and customer
prepayments |
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7,309 |
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5,507 |
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Total current liabilities |
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40,513 |
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29,930 |
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Long-term deferred revenue |
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733 |
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1,054 |
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Contingent consideration obligations |
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227 |
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|
451 |
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Long-term income taxes payable |
|
643 |
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|
567 |
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Long-term lease liabilities |
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2,968 |
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|
2,855 |
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Total liabilities |
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45,084 |
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|
34,857 |
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Equity: |
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Vicor Corporation stockholders' equity: |
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Capital stock |
|
328,943 |
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|
201,774 |
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Retained earnings |
|
161,008 |
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|
143,098 |
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Accumulated other comprehensive loss |
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(204 |
) |
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|
(383 |
) |
Treasury stock |
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(138,927 |
) |
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(138,927 |
) |
Total Vicor Corporation stockholders'
equity |
|
350,820 |
|
|
|
205,562 |
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Noncontrolling interest |
|
335 |
|
|
|
308 |
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Total equity |
|
351,155 |
|
|
|
205,870 |
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Total liabilities and
equity |
$ |
396,239 |
|
|
$ |
240,727 |
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