Form 10-Q - Quarterly report [Sections 13 or 15(d)]
31 Juli 2024 - 10:15PM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
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☑ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2024
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________________________
Commission File Number 0-18277
VICOR CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
04-2742817 |
(State of Incorporation) |
(I.R.S. Employer Identification No.) |
25 Frontage Road, Andover, Massachusetts 01810
(Address of Principal Executive Office)
(978) 470-2900
(Registrant’s telephone number)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, par value $0.01 per share |
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VICR |
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The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
☑ |
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Smaller reporting company |
☐ |
Accelerated filer |
☐ |
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Emerging growth company |
☐ |
Non-accelerated filer |
☐ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
The number of shares outstanding of each of the issuer’s classes of Common Stock as of July 23, 2024 was:
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|
Common Stock, $.01 par value |
33,332,695 |
Class B Common Stock, $.01 par value |
11,738,718 |
VICOR CORPORATION
INDEX
VICOR CORPORATION
Part I – Financial Information
Item 1 – Financial Statements
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
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June 30, 2024 |
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December 31, 2023 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
251,884 |
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$ |
242,219 |
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Accounts receivable, net |
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54,857 |
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|
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52,631 |
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Inventories |
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109,084 |
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106,579 |
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Other current assets |
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19,510 |
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18,937 |
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Total current assets |
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435,335 |
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420,366 |
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Long-term deferred tax assets, net |
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258 |
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296 |
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Long-term investment, net |
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2,600 |
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2,530 |
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Property, plant and equipment, net |
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156,689 |
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157,689 |
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Other assets |
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18,352 |
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|
|
14,006 |
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Total assets |
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$ |
613,234 |
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$ |
594,887 |
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Liabilities and Equity |
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Current liabilities: |
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Accounts payable |
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$ |
12,269 |
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$ |
12,100 |
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Accrued compensation and benefits |
|
|
12,109 |
|
|
|
11,227 |
|
Accrued litigation |
|
|
26,212 |
|
|
|
6,500 |
|
Accrued expenses |
|
|
6,170 |
|
|
|
5,093 |
|
Short-term lease liabilities |
|
|
1,757 |
|
|
|
1,864 |
|
Sales allowances |
|
|
2,989 |
|
|
|
3,482 |
|
Income taxes payable |
|
|
3,674 |
|
|
|
746 |
|
Short-term deferred revenue and customer prepayments |
|
|
2,656 |
|
|
|
3,157 |
|
Total current liabilities |
|
|
67,836 |
|
|
|
44,169 |
|
Long-term deferred revenue |
|
|
300 |
|
|
|
1,020 |
|
Long-term income taxes payable |
|
|
1,917 |
|
|
|
2,228 |
|
Long-term lease liabilities |
|
|
5,724 |
|
|
|
6,364 |
|
Total liabilities |
|
|
75,777 |
|
|
|
53,781 |
|
Commitments and contingencies (Note 10) |
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
Vicor Corporation stockholders’ equity: |
|
|
|
|
|
|
Class B Common Stock: 10 votes per share, $.01 par value,
14,000,000 shares authorized, 11,738,718 shares issued
and outstanding in 2024; 11,743,218 shares issued and outstanding in 2023 |
|
|
118 |
|
|
|
118 |
|
Common Stock: 1 vote per share, $.01 par value, 62,000,000 shares authorized
44,924,229 shares issued and 33,289,423 shares outstanding in 2024;
44,142,595 shares issued and 32,507,789 shares outstanding in 2023 |
|
|
451 |
|
|
|
445 |
|
Additional paid-in capital |
|
|
396,175 |
|
|
|
383,832 |
|
Retained earnings |
|
|
281,005 |
|
|
|
296,674 |
|
Accumulated other comprehensive loss |
|
|
(1,583 |
) |
|
|
(1,273 |
) |
Treasury stock at cost: 11,634,806 shares in 2024 and 2023 |
|
|
(138,927 |
) |
|
|
(138,927 |
) |
Total Vicor Corporation stockholders’ equity |
|
|
537,239 |
|
|
|
540,869 |
|
Noncontrolling interest |
|
|
218 |
|
|
|
237 |
|
Total equity |
|
|
537,457 |
|
|
|
541,106 |
|
Total liabilities and equity |
|
$ |
613,234 |
|
|
$ |
594,887 |
|
See accompanying notes.
VICOR CORPORATION
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net revenues |
|
$ |
85,854 |
|
|
$ |
106,747 |
|
|
$ |
169,726 |
|
|
$ |
204,563 |
|
Cost of revenues |
|
|
43,083 |
|
|
|
51,574 |
|
|
|
81,832 |
|
|
|
102,856 |
|
Gross margin |
|
|
42,771 |
|
|
|
55,173 |
|
|
|
87,894 |
|
|
|
101,707 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
23,318 |
|
|
|
20,375 |
|
|
|
49,317 |
|
|
|
40,598 |
|
Research and development |
|
|
16,939 |
|
|
|
16,935 |
|
|
|
34,978 |
|
|
|
32,804 |
|
Litigation-contingency expense |
|
|
2,300 |
|
|
|
— |
|
|
|
19,500 |
|
|
|
— |
|
Total operating expenses |
|
|
42,557 |
|
|
|
37,310 |
|
|
|
103,795 |
|
|
|
73,402 |
|
Income (loss) from operations |
|
|
214 |
|
|
|
17,863 |
|
|
|
(15,901 |
) |
|
|
28,305 |
|
Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
Total unrealized (losses) gains on available-for-sale
securities, net |
|
|
(22 |
) |
|
|
(40 |
) |
|
|
70 |
|
|
|
(31 |
) |
Less: portion of losses (gains) recognized in other
comprehensive income |
|
|
22 |
|
|
|
40 |
|
|
|
(70 |
) |
|
|
31 |
|
Net credit gains recognized in earnings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other income (expense), net |
|
|
2,807 |
|
|
|
1,776 |
|
|
|
5,531 |
|
|
|
3,726 |
|
Total other income (expense), net |
|
|
2,807 |
|
|
|
1,776 |
|
|
|
5,531 |
|
|
|
3,726 |
|
Income (loss) before income taxes |
|
|
3,021 |
|
|
|
19,639 |
|
|
|
(10,370 |
) |
|
|
32,031 |
|
Provision for income taxes |
|
|
4,216 |
|
|
|
2,537 |
|
|
|
5,287 |
|
|
|
3,678 |
|
Consolidated net (loss) income |
|
|
(1,195 |
) |
|
|
17,102 |
|
|
|
(15,657 |
) |
|
|
28,353 |
|
Less: Net income attributable to
noncontrolling interest |
|
|
1 |
|
|
|
1 |
|
|
|
12 |
|
|
|
8 |
|
Net (loss) income attributable to Vicor Corporation |
|
$ |
(1,196 |
) |
|
$ |
17,101 |
|
|
$ |
(15,669 |
) |
|
$ |
28,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per common share attributable to
Vicor Corporation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.03 |
) |
|
$ |
0.39 |
|
|
$ |
(0.35 |
) |
|
$ |
0.64 |
|
Diluted |
|
$ |
(0.03 |
) |
|
$ |
0.38 |
|
|
$ |
(0.35 |
) |
|
$ |
0.63 |
|
Shares used to compute net (loss) income per common share
attributable to Vicor Corporation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
44,855 |
|
|
|
44,230 |
|
|
|
44,686 |
|
|
|
44,196 |
|
Diluted |
|
|
44,855 |
|
|
|
44,906 |
|
|
|
44,686 |
|
|
|
44,907 |
|
See accompanying notes.
VICOR CORPORATION
Condensed Consolidated Statements of Comprehensive (Loss) Income
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Consolidated net (loss) income |
|
$ |
(1,195 |
) |
|
$ |
17,102 |
|
|
$ |
(15,657 |
) |
|
$ |
28,353 |
|
Foreign currency translation losses, net of tax (1) |
|
|
(185 |
) |
|
|
(175 |
) |
|
|
(411 |
) |
|
|
(190 |
) |
Unrealized (losses) gains on available-for-sale
securities, net of tax (1) |
|
|
(22 |
) |
|
|
(40 |
) |
|
|
70 |
|
|
|
(31 |
) |
Other comprehensive loss |
|
|
(207 |
) |
|
|
(215 |
) |
|
|
(341 |
) |
|
|
(221 |
) |
Consolidated comprehensive (loss) income |
|
|
(1,402 |
) |
|
|
16,887 |
|
|
|
(15,998 |
) |
|
|
28,132 |
|
Less: Comprehensive loss attributable to
noncontrolling interest |
|
|
(13 |
) |
|
|
(12 |
) |
|
|
(19 |
) |
|
|
(6 |
) |
Comprehensive (loss) income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Vicor Corporation |
|
$ |
(1,389 |
) |
|
$ |
16,899 |
|
|
$ |
(15,979 |
) |
|
$ |
28,138 |
|
(1)The deferred tax assets associated with foreign currency translation losses and unrealized (losses) gains on available-for-sale securities are completely offset by a tax valuation allowance as of June 30, 2024 and 2023. Therefore, there is no income tax benefit (provision) recognized for the three and six months ended June 30, 2024 and 2023.
See accompanying notes.
VICOR CORPORATION
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
Operating activities: |
|
|
|
|
|
|
Consolidated net (loss) income |
|
$ |
(15,657 |
) |
|
$ |
28,353 |
|
Adjustments to reconcile consolidated net (loss) income to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
9,275 |
|
|
|
8,648 |
|
Stock-based compensation expense |
|
|
7,211 |
|
|
|
5,829 |
|
Provision for doubtful accounts |
|
|
— |
|
|
|
43 |
|
Litigation-contingency expense |
|
|
19,500 |
|
|
|
— |
|
(Decrease) increase in long-term deferred revenue |
|
|
(720 |
) |
|
|
1,616 |
|
Increase (decrease) in other assets |
|
|
227 |
|
|
|
(103 |
) |
Deferred income taxes |
|
|
11 |
|
|
|
(63 |
) |
(Decrease) increase in long-term income taxes payable |
|
|
(311 |
) |
|
|
13 |
|
Change in current assets and liabilities, net |
|
|
(1,388 |
) |
|
|
(15,183 |
) |
Net cash provided by operating activities |
|
|
18,148 |
|
|
|
29,153 |
|
Investing activities: |
|
|
|
|
|
|
Additions to property, plant and equipment and internal-use software |
|
|
(13,411 |
) |
|
|
(18,627 |
) |
Net cash used for investing activities |
|
|
(13,411 |
) |
|
|
(18,627 |
) |
Financing activities: |
|
|
|
|
|
|
Proceeds from employee stock plans |
|
|
5,138 |
|
|
|
2,722 |
|
Net cash provided by financing activities |
|
|
5,138 |
|
|
|
2,722 |
|
Effect of foreign exchange rates on cash |
|
|
(210 |
) |
|
|
(30 |
) |
Net increase in cash and cash equivalents |
|
|
9,665 |
|
|
|
13,218 |
|
Cash and cash equivalents at beginning of period |
|
|
242,219 |
|
|
|
190,611 |
|
Cash and cash equivalents at end of period |
|
$ |
251,884 |
|
|
$ |
203,829 |
|
Supplemental disclosure: |
|
|
|
|
|
|
Purchases of property, plant and equipment and internal-use software incurred
but not yet paid |
|
$ |
2,133 |
|
|
$ |
1,883 |
|
See accompanying notes.
VICOR CORPORATION
Condensed Consolidated Statements of Equity
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
Vicor |
|
|
|
|
|
|
|
|
|
Class B |
|
|
|
|
|
Additional |
|
|
|
|
|
Other |
|
|
|
|
|
Corporation |
|
|
|
|
|
|
|
|
|
Common |
|
|
Common |
|
|
Paid-In |
|
|
Retained |
|
|
Comprehensive |
|
|
Treasury |
|
|
Stockholders’ |
|
|
Noncontrolling |
|
|
Total |
|
|
|
Stock |
|
|
Stock |
|
|
Capital |
|
|
Earnings |
|
|
Loss |
|
|
Stock |
|
|
Equity |
|
|
Interest |
|
|
Equity |
|
Three Months Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance on March 31, 2024 |
|
$ |
118 |
|
|
$ |
446 |
|
|
$ |
389,367 |
|
|
$ |
282,201 |
|
|
$ |
(1,390 |
) |
|
$ |
(138,927 |
) |
|
$ |
531,815 |
|
|
$ |
231 |
|
|
$ |
532,046 |
|
Issuance of Common Stock under
employee stock plans |
|
|
|
|
|
5 |
|
|
|
3,377 |
|
|
|
|
|
|
|
|
|
|
|
|
3,382 |
|
|
|
|
|
|
3,382 |
|
Stock-based compensation expense |
|
|
|
|
|
|
|
|
3,431 |
|
|
|
|
|
|
|
|
|
|
|
|
3,431 |
|
|
|
|
|
|
3,431 |
|
Components of comprehensive
(loss) income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
|
|
|
|
|
|
|
|
|
(1,196 |
) |
|
|
|
|
|
|
|
|
(1,196 |
) |
|
|
1 |
|
|
|
(1,195 |
) |
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(193 |
) |
|
|
|
|
|
(193 |
) |
|
|
(14 |
) |
|
|
(207 |
) |
Total comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,389 |
) |
|
|
(13 |
) |
|
|
(1,402 |
) |
Balance on June 30, 2024 |
|
$ |
118 |
|
|
$ |
451 |
|
|
$ |
396,175 |
|
|
$ |
281,005 |
|
|
$ |
(1,583 |
) |
|
$ |
(138,927 |
) |
|
$ |
537,239 |
|
|
$ |
218 |
|
|
$ |
537,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
Vicor |
|
|
|
|
|
|
|
|
|
Class B |
|
|
|
|
|
Additional |
|
|
|
|
|
Other |
|
|
|
|
|
Corporation |
|
|
|
|
|
|
|
|
|
Common |
|
|
Common |
|
|
Paid-In |
|
|
Retained |
|
|
Comprehensive |
|
|
Treasury |
|
|
Stockholders’ |
|
|
Noncontrolling |
|
|
Total |
|
|
|
Stock |
|
|
Stock |
|
|
Capital |
|
|
Earnings |
|
|
Loss |
|
|
Stock |
|
|
Equity |
|
|
Interest |
|
|
Equity |
|
Six Months Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance on December 31, 2023 |
|
$ |
118 |
|
|
$ |
445 |
|
|
$ |
383,832 |
|
|
$ |
296,674 |
|
|
$ |
(1,273 |
) |
|
$ |
(138,927 |
) |
|
$ |
540,869 |
|
|
$ |
237 |
|
|
$ |
541,106 |
|
Issuance of Common Stock under
employee stock plans |
|
|
|
|
|
6 |
|
|
|
5,132 |
|
|
|
|
|
|
|
|
|
|
|
|
5,138 |
|
|
|
|
|
|
5,138 |
|
Stock-based compensation expense |
|
|
|
|
|
|
|
|
7,211 |
|
|
|
|
|
|
|
|
|
|
|
|
7,211 |
|
|
|
|
|
|
7,211 |
|
Components of comprehensive
(loss) income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
|
|
|
|
|
|
|
|
|
(15,669 |
) |
|
|
|
|
|
|
|
|
(15,669 |
) |
|
|
12 |
|
|
|
(15,657 |
) |
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(310 |
) |
|
|
|
|
|
(310 |
) |
|
|
(31 |
) |
|
|
(341 |
) |
Total comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,979 |
) |
|
|
(19 |
) |
|
|
(15,998 |
) |
Balance on June 30, 2024 |
|
$ |
118 |
|
|
$ |
451 |
|
|
$ |
396,175 |
|
|
$ |
281,005 |
|
|
$ |
(1,583 |
) |
|
$ |
(138,927 |
) |
|
$ |
537,239 |
|
|
$ |
218 |
|
|
$ |
537,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
Vicor |
|
|
|
|
|
|
|
|
|
Class B |
|
|
|
|
|
Additional |
|
|
|
|
|
Other |
|
|
|
|
|
Corporation |
|
|
|
|
|
|
|
|
|
Common |
|
|
Common |
|
|
Paid-In |
|
|
Retained |
|
|
Comprehensive |
|
|
Treasury |
|
|
Stockholders’ |
|
|
Noncontrolling |
|
|
Total |
|
|
|
Stock |
|
|
Stock |
|
|
Capital |
|
|
Earnings |
|
|
Loss |
|
|
Stock |
|
|
Equity |
|
|
Interest |
|
|
Equity |
|
Three Months Ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance on March 31, 2023 |
|
$ |
118 |
|
|
$ |
442 |
|
|
$ |
365,442 |
|
|
$ |
254,323 |
|
|
$ |
(993 |
) |
|
$ |
(138,927 |
) |
|
$ |
480,405 |
|
|
$ |
254 |
|
|
$ |
480,659 |
|
Issuance of Common Stock under
employee stock plans |
|
|
|
|
|
1 |
|
|
|
460 |
|
|
|
|
|
|
|
|
|
|
|
|
461 |
|
|
|
|
|
|
461 |
|
Stock-based compensation expense |
|
|
|
|
|
|
|
|
3,012 |
|
|
|
|
|
|
|
|
|
|
|
|
3,012 |
|
|
|
|
|
|
3,012 |
|
Components of comprehensive
income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
17,101 |
|
|
|
|
|
|
|
|
|
17,101 |
|
|
|
1 |
|
|
|
17,102 |
|
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(202 |
) |
|
|
|
|
|
(202 |
) |
|
|
(13 |
) |
|
|
(215 |
) |
Total comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,899 |
|
|
|
(12 |
) |
|
|
16,887 |
|
Balance on June 30, 2023 |
|
$ |
118 |
|
|
$ |
443 |
|
|
$ |
368,914 |
|
|
$ |
271,424 |
|
|
$ |
(1,195 |
) |
|
$ |
(138,927 |
) |
|
$ |
500,777 |
|
|
$ |
242 |
|
|
$ |
501,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
Vicor |
|
|
|
|
|
|
|
|
|
Class B |
|
|
|
|
|
Additional |
|
|
|
|
|
Other |
|
|
|
|
|
Corporation |
|
|
|
|
|
|
|
|
|
Common |
|
|
Common |
|
|
Paid-In |
|
|
Retained |
|
|
Comprehensive |
|
|
Treasury |
|
|
Stockholders’ |
|
|
Noncontrolling |
|
|
Total |
|
|
|
Stock |
|
|
Stock |
|
|
Capital |
|
|
Earnings |
|
|
Income (Loss) |
|
|
Stock |
|
|
Equity |
|
|
Interest |
|
|
Equity |
|
Six Months Ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance on December 31, 2022 |
|
$ |
|