0001193125-21-317927 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2021	Oct. 22, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	VICOR CORP
Entity Central Index Key	0000751978
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	VICR
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Transition Report	false
Document Quarterly Report	true
Entity File Number	0-18277
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2742817
Entity Address, Address Line One	25 Frontage Road
Entity Address, City or Town	Andover
Entity Address, Postal Zip Code	01810
City Area Code	978
Local Phone Number	470-2900
Security Exchange Name	NASDAQ
Entity Address, State or Province	MA
Title of 12(b) Security	Common Stock
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,010,275
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,758,218

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 178,663	$ 161,742
Short-term investments	50,217	50,166
Accounts receivable, net	51,080	40,999
Inventories, net	63,409	57,269
Other current assets	6,633	6,756
Total current assets	350,002	316,932
Long-term deferred tax assets, net	221	226
Long-term investments, net	2,598	2,517
Property, plant and equipment, net	104,446	74,843
Other assets	1,563	1,721
Total assets	458,830	396,239
Current liabilities:
Accounts payable	18,346	14,121
Accrued compensation and benefits	13,994	14,094
Accrued expenses	3,589	2,624
Short-term lease liabilities	1,625	1,629
Sales allowances	1,661	597
Income taxes payable	10	139
Short-term deferred revenue and customer prepayments	3,390	7,309
Total current liabilities	42,615	40,513
Long-term deferred revenue	493	733
Contingent consideration obligations		227
Long-term income taxes payable	564	643
Long-term lease liabilities	3,504	2,968
Total liabilities	47,176	45,084
Commitments and contingencies (Note 10)
Vicor Corporation stockholders' equity:
Additional paid-in capital	342,014	328,392
Retained earnings	208,753	161,008
Accumulated other comprehensive loss	(1,040)	(204)
Treasury stock at cost: 11,634,806 shares in 2021 and 2020	(138,927)	(138,927)
Total Vicor Corporation stockholders' equity	411,355	350,820
Noncontrolling interest	299	335
Total equity	411,654	351,155
Total liabilities and equity	458,830	396,239
Class B Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	118	118
Total equity	118	118
Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	$ 437	$ 433

Condensed Consolidated Balance Sheets (Parenthetical)	Sep. 30, 2021 Vote $ / shares shares	Dec. 31, 2020 Vote $ / shares shares
Treasury stock, shares	11,634,806	11,634,806
Class B Common Stock [Member]
Common Stock, votes per share \| Vote	10	10
Common Stock, par value \| $ / shares	$ 0.01	$ 0.01
Common Stock, shares authorized	14,000,000	14,000,000
Common Stock, shares issued	11,758,218	11,758,218
Common Stock, shares outstanding	11,758,218	11,758,218
Common Stock [Member]
Common Stock, votes per share \| Vote	1	1
Common Stock, par value \| $ / shares	$ 0.01	$ 0.01
Common Stock, shares authorized	62,000,000	62,000,000
Common Stock, shares issued	43,635,881	43,204,671
Common Stock, shares outstanding	32,001,075	31,569,865

Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Income Statement [Abstract]

Net revenues

$ 84,911

$ 78,112

$ 269,083

$ 212,274

Cost of revenues

42,098

44,765

131,699

121,278

Gross margin

42,813

33,347

137,384

90,996

Operating expenses:

Selling, general and administrative

17,322

15,212

50,865

47,036

Research and development

13,519

12,032

39,818

38,197

Total operating expenses

30,841

27,244

90,683

85,233

Income from operations

11,972

6,103

46,701

5,763

Other income (expense), net:

Total unrealized gains on available-for-sale securities, net

Less: portion of gains recognized in other comprehensive income

(36)

(35)

(78)

Net credit gains recognized in earnings

Other income (expense), net

393

333

996

712

Total other income (expense), net

394

334

999

715

Income before income taxes

12,366

6,437

47,700

6,478

(Benefit) provision for income taxes

(886)

651

(30)

(249)

Consolidated net income

13,252

5,786

47,730

6,727

Less: Net (loss) income attributable to noncontrolling interest

(7)

(15)

Net income attributable to Vicor Corporation

$ 13,259

$ 5,785

$ 47,745

$ 6,717

Net income per common share attributable to Vicor Corporation:

Basic

$ 0.30

$ 0.13

$ 1.10

$ 0.16

Diluted

$ 0.29

$ 0.13

$ 1.06

$ 0.15

Shares used to compute net income per common share attributable to Vicor Corporation:

Basic

^[1]

43,710

43,164

43,573

41,814

Diluted

45,034

44,743

44,905

43,567

[1]	Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding.

Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Statement of Comprehensive Income [Abstract]

Consolidated net income

$ 13,252

$ 5,786

$ 47,730

$ 6,727

Foreign currency translation (losses) gains, net of tax

^[1]

(12)

(283)

110

Unrealized (losses) gains on available-for-sale securities, net of tax

^[1]

(215)

(574)

Other comprehensive (loss) income

(227)

119

(857)

188

Consolidated comprehensive income

13,025

5,905

46,873

6,915

Less: Comprehensive (loss) income attributable to noncontrolling interest

(7)

(36)

Comprehensive income attributable to Vicor Corporation

$ 13,032

$ 5,898

$ 46,909

$ 6,897

[1]

The deferred tax assets associated with foreign currency translation (losses) gains and unrealized (losses) gains on available-for-sale securities are completely offset by a tax valuation allowance as of September 30, 2021 and 2020. Therefore, there is no income tax benefit (provision) recognized for the three and nine months ended September 30, 2021 and 2020.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Recognized income tax benefit (provision)	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Consolidated net income	$ 47,730	$ 6,727
Adjustments to reconcile consolidated net income to net cash provided by (used for) operating activities:
Depreciation and amortization	8,564	8,175
Stock-based compensation expense	5,005	4,286
Decrease in long-term deferred revenue	(240)	(241)
Decrease in contingent consideration obligations	(74)
Gain on disposal of equipment		(9)
Decrease in other assets	56	135
(Decrease) increase in long-term income taxes payable	(79)	8
Deferred income taxes	5	16
Credit gain on available-for-sale securities	(3)	(3)
Provision for doubtful accounts		23
Change in current assets and liabilities, net	(20,737)	(3,742)
Net cash provided by operating activities	40,227	15,375
Investing activities:
Purchases of short-term investments	(50,706)
Sales or maturities of short-term investments	50,000
Additions to property, plant and equipment	(30,942)	(16,837)
Proceeds from sale of equipment		9
Net cash used for investing activities	(31,648)	(16,828)
Financing activities:
Proceeds from employee stock plans	8,621	10,836
Payment of contingent consideration obligations	(153)	(186)
Proceeds from public offering of Common Stock		109,681
Net cash provided by financing activities	8,468	120,331
Effect of foreign exchange rates on cash	(126)	59
Net increase in cash and cash equivalents	16,921	118,937
Cash and cash equivalents at beginning of period	161,742	84,668
Cash and cash equivalents at end of period	$ 178,663	$ 203,605

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total Vicor Corporation Stockholders' Equity [Member]	Noncontrolling Interest [Member]	Class B Common Stock [Member]
Beginning Balance at Dec. 31, 2019	$ 205,870	$ 405	$ 201,251	$ 143,098	$ (383)	$ (138,927)	$ 205,562	$ 308	$ 118
Issuance of Common Stock under employee stock plans	10,836	10	10,826				10,836
Issuances of Common Stock in public offering	109,681	18	109,663				109,681
Stock-based compensation expense	4,286		4,286				4,286
Components of comprehensive income, net of tax:
Net income	6,727			6,717			6,717	10
Other comprehensive loss	188				180		180	8
Total comprehensive income (loss)	6,915						6,897	18
Ending Balance at Sep. 30, 2020	337,588	433	326,026	149,815	(203)	(138,927)	337,262	326	118
Beginning Balance at Jun. 30, 2020	326,643	431	320,988	144,030	(316)	(138,927)	326,324	319	118
Issuance of Common Stock under employee stock plans	3,451	2	3,449				3,451
Additional expenses associated with issuance of Common Stock in public offering	(51)		(51)				(51)
Stock-based compensation expense	1,640		1,640				1,640
Components of comprehensive income, net of tax:
Net income	5,786			5,785			5,785	1
Other comprehensive loss	119				113		113	6
Total comprehensive income (loss)	5,905						5,898	7
Ending Balance at Sep. 30, 2020	337,588	433	326,026	149,815	(203)	(138,927)	337,262	326	118
Beginning Balance at Dec. 31, 2020	351,155	433	328,392	161,008	(204)	(138,927)	350,820	335	118
Issuance of Common Stock under employee stock plans	8,621	4	8,617				8,621
Stock-based compensation expense	5,005		5,005				5,005
Components of comprehensive income, net of tax:
Net income	47,730			47,745			47,745	(15)
Other comprehensive loss	(857)				(836)		(836)	(21)
Total comprehensive income (loss)	46,873						46,909	(36)
Ending Balance at Sep. 30, 2021	411,654	437	342,014	208,753	(1,040)	(138,927)	411,355	299	118
Beginning Balance at Jun. 30, 2021	392,892	436	336,278	195,494	(813)	(138,927)	392,586	306	118
Issuance of Common Stock under employee stock plans	3,870	1	3,869				3,870
Stock-based compensation expense	1,867		1,867				1,867
Components of comprehensive income, net of tax:
Net income	13,252			13,259			13,259	(7)
Other comprehensive loss	(227)				(227)		(227)
Total comprehensive income (loss)	13,025						13,032	(7)
Ending Balance at Sep. 30, 2021	$ 411,654	$ 437	$ 342,014	$ 208,753	$ (1,040)	$ (138,927)	$ 411,355	$ 299	$ 118

- Definition

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

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+ Details

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Vicor Corporation and its consolidated subsidiaries (collectively, the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for any other interim period or the year ending December 31, 2021. The balance sheet at December 31, 2020 presented herein has been derived from the audited financial statements at that date bu t does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed by the Company with the SEC on March 1, 2021 (“2020 Form 10-K”).

Inventories

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventories

are valued at the lower of cost (determined using the first-in, first-out method) or net realizable value. Fixed production overhead is allocated to the inventory cost per unit based on the normal capacity of the production facilities. Abnormal production costs, including fixed cost variances from normal production capacity, if any, are charged to cost of revenues in the period incurred. All shipping, handling and customs (e.g., tariff) costs incurred in connection with the sale of products are included in cost of revenues.

Inventory that is estimated to be excess, obsolete or unmarketable is written down to net realizable value. The Company’s estimation process for assessing net realizable value is based upon management’s estimate of expected future utility which is derived based on backlog, historical consumption and expected market conditions. If the Company’s estimated demand and/or market expectation were to change or if product sales were to decline, the Company’s estimation process may cause larger inventory reserves to be recorded, resulting in larger charges to cost of revenues.

Inventories were as follows (in thousands):


	September 30, 2021		December 31, 2020

Raw materials	$	46,912	$	42,556
Work-in-process		11,207		7,424
Finished goods		5,290		7,289

	$	63,409	$	57,269

Short-Term and Long-Term Investments

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Short-Term and Long-Term Investments

As of September 30, 2021 and December

31,

2020

, the Company held $

50,217

,000 and $

50,166

,000, respectively, of short-term investments, consisting of obligations of the U.S. Treasury, all of which were debt securities with original maturities greater than

three

months but less than

one

year at the time of purchase.

As of September 30, 2021 and December 31, 2020, the Company held one auction rate security with a par value of $3,000,000, purchased through and held in custody by a broker-dealer affiliate of Bank of America, N.A., that has experienced failed auctions (the “Failed Auction Security”) since February 2008. The Failed Auction Security held by the Company is Aaa/AA+ rated by major credit rating agencies, is collateralized by student loans, and is guaranteed by the U.S. Department of Education under the Federal Family Education Loan Program. Management is not aware of any reason to believe the issuer of the Failed Auction Security is presently at risk of default. Through September 30, 2021, the Company has continued to receive interest payments on the Failed Auction Security in accordance with the terms of its indenture. Management believes the Company ultimately should be able to liquidate the Failed Auction Security without significant loss primarily due to the overall quality of the issue held and the collateral securing the substantial majority of the underlying obligation. However, current conditions in the auction rate securities market have led management to conclude the recovery period for the Failed Auction Security exceeds 12 months. As a result, the Company continued to classify the Failed Auction Security as long

-term as of

September 30, 2021.

Details of our investments are as follows (in thousands):


	September 30, 2021
	Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments

Measured at fair value:
Available-for-sale debt securities:
Money market funds	$	89,254	$	—	$	—
U.S. Treasury Obligations		—		50,217		—
Failed Auction Security		—		—		2,598

Total		89,254		50,217		2,598
Other measurement basis:
Cash on hand		89,409		—		—

Total	$	178,663	$	50,217	$	2,598


	December 31, 2020
	Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments

Measured at fair value:
Available-for-sale debt securities:
Money market funds	$	69,493	$	—	$	—
U.S. Treasury Obligations		19,998		50,166		—
Failed Auction Security		—		—		2,517

Total		89,491		50,166		2,517
Other measurement basis:
Cash on hand		72,251		—		—

Total	$	161,742	$	50,166	$	2,517

The following is a summary of the

available-for-sale

securities (in thousands):


September 30, 2021	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

U.S. Treasury Obligations	$	50,216	$	1	$	—	$	50,217
Failed Auction Security		3,000		—		402		2,598


December 31, 2020	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

U.S. Treasury Obligations	$	70,172	$	—	$	8	$	70,164
Failed Auction Security		3,000		—		483		2,517

As of September 30, 2021,

the Failed Auction Security had be

n in an unrealized loss position for greater than

months.

The amortized cost and estimated fair value of the

available-for-sale

securities on September 30, 2021, by type and contractual maturities, are shown below (in thousands):


	Cost		Estimated Fair Value

U.S. Treasury Obligations:
Maturities greater than three months but less than one year	$	50,216	$	50,217

	$	50,216	$	50,217


	Cost		Estimated Fair Value

Failed Auction Security:
Due in twenty to forty years	$	3,000	$	2,598

Based on the fair value measurements described in Note 4, the fair value of the Failed Auction Security on September 30, 2021, with a par value of $3,000,000, was estimated by the Company to be approximately $2,598,000. The gross unrealized loss of $402,000 on the Failed Auction Security consists of two types of estimated loss: an aggregate credit loss of $30,000 and an aggregate temporary impairment of $372,000. In determining the amount of credit loss, the Company compared the present value of cash flows expected to be collected to the amortized cost basis of the security, considering credit default risk probabilities and changes in credit ratings as significant inputs, among other factors.

The following table represents a rollforward of the activity related to the credit loss recognized in earnings on the Failed Auction Security for the nine months ended September 30 (in thousands):


	2021			2020

Balance at the beginning of the period	$	33		$	37
Reductions in the amount related to credit gain for which other-than- temporary impairment was not previously recognized		(3	)		(3	)

Balance at the end of the period	$	30		$	34

At this time, the Company has no intent to sell the impaired Failed Auction Security and does not believe it is more likely than not the Company will be required to sell this security. If current market conditions deteriorate further, the Company may be required to record additional unrealized losses. If the credit rating of the security deteriorates, the Company may be required to adjust the carrying value of the investment through impairment charges recorded in the Condensed Consolidated Statements of Operations, and any such impairment adjustments may be material.

Based on the Company’s ability to access cash and cash equivalents, its short-term investments and its expected operating cash flows, management does not anticipate the current lack of liquidity associated with the Failed Auction Security held will affect the Company’s ability to

execute its current operating plan.

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company accounts for certain financial assets at fair value, defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions market participants would use in pricing an asset or liability. A three-level hierarchy is used to show the extent and level of judgment used to estimate fair value measurements.

Assets and liabilities measured at fair value on a recurring basis included the following as of September 30, 2021 (in thousands):


	Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value as of September 30, 2021

Cash equivalents:
Money market funds	$	89,254	$	—	$	—	$	89,254
Short-term investments:
U.S. Treasury Obligations		50,217		—		—		50,217
Long-term investment:
Failed Auction Security		—		—		2,598		2,598

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2020 (in thousands):


	Using
	Significant
	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value as of December 31, 2020

Cash equivalents:
Money market funds	$	69,493	$	—	$	—		$	69,493
U.S. Treasury Obligations		19,998		—		—			19,998
Short-term investments:
U.S. Treasury Obligations		50,166		—		—			50,166
Long-term investment:
Failed Auction Security		—		—		2,517			2,517
Liabilities:
Contingent consideration obligations		—		—		(227	)		(227	)

As of September 30, 2021, there was insufficient observable auction rate security market information available to determine the fair value of the Failed Auction Security using Level 1 or Level 2 inputs. As such, the Company’s investment in the Failed Auction Security was deemed to require valuation using Level 3 inputs. Management, after consulting with advisors, valued the Failed Auction Security using analyses and pricing models similar to those used by market participants (i.e., buyers, sellers, and the broker-dealers responsible for execution of the Dutch auction pricing mechanism by which each issue’s interest rate was set). Management utilized a probability weighted discounted cash flow (“DCF”) model to determine the estimated fair value of this security as of September 30, 2021. The major assumptions used in preparing the DCF model were similar to those described in

Note 5 - Fair Value

Measurements in the Notes to the Consolidated Financial Statements contained in the Company’s 2020 Form 10-K.

Quantitative information about Level 3 fair value measurements as of September 30, 2021 is as follows (dollars in thousands):


	Fair Value		Valuation Technique	Unobservable Input	Weighted Average

Failed Auction Security	$	2,598	Discounted cash flow	Cumulative probability of earning the maximum rate until maturity	0.15%
				Cumulative probability of principal return prior to maturity	94.71%
				Cumulative probability of default	5.14%
				Liquidity risk premium	5.00%
				Recovery rate in default	40.00%

The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the nine months ended September 30, 2021 was as follows (in thousands):


Balance at the beginning of the period	$	2,517
Credit gain on available-for-sale security included in Other income (expense), net		3
Gain included in Other comprehensive income		78

Balance at the end of the period	$	2,598

There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the nine months ended September 30, 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Revenues

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenues

The following tables present the Company’s net revenues disaggr

gated by geography based on the location of the customer, by product line (in thousands):


	Three Months Ended September 30, 2021
	Brick Products		Advanced Products		Total

United States	$	19,741	$	12,178	$	31,919
Europe		6,185		1,324		7,509
Asia Pacific		14,936		29,934		44,870
All other		582		31		613

	$	41,444	$	43,467	$	84,911


	Nine Months Ended September 30, 2021
	Brick Products		Advanced Products		Total

United States	$	58,032	$	35,083	$	93,115
Europe		24,605		3,604		28,209
Asia Pacific		66,309		79,926		146,235
All other		1,309		215		1,524

	$	150,255	$	118,828	$	269,083


	Three Months Ended September 30, 2020
	Brick Products		Advanced Products		Total

United States	$	16,905	$	4,391	$	21,296
Europe		4,456		2,050		6,506
Asia Pacific		25,878		23,926		49,804
All other		454		52		506

	$	47,693	$	30,419	$	78,112


	Nine Months Ended September 30, 2020
	Brick Products		Advanced Products		Total

United States	$	57,880	$	17,205	$	75,085
Europe		18,451		5,218		23,669
Asia Pacific		60,917		50,076		110,993
All other		2,390		137		2,527

	$	139,638	$	72,636	$	212,274

The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands):


	Three Months Ended September 30, 2021
	Brick Products		Advanced Products		Total

Direct customers, contract manufacturers and non-stocking distributors	$	29,801	$	36,066	$	65,867
Stocking distributors, net of sales allowances		11,405		2,075		13,480
Non-recurring engineering		238		3,846		4,084
Royalties		—		1,462		1,462
Other		—		18		18

	$	41,444	$	43,467	$	84,911


	Nine Months Ended September 30, 2021
	Brick Products		Advanced Products		Total

Direct customers, contract manufacturers and non-stocking distributors	$	111,223	$	97,767	$	208,990
Stocking distributors, net of sales allowances		38,586		10,847		49,433
Non-recurring engineering		446		8,643		9,089
Royalties		—		1,518		1,518
Other		—		53		53

	$	150,255	$	118,828	$	269,083


	Three Months Ended September 30, 2020
	Brick Products		Advanced Products		Total

Direct customers, contract manufacturers and non-stocking distributors	$	40,916	$	27,422	$	68,338
Stocking distributors, net of sales allowances		6,661		1,463		8,124
Non-recurring engineering		116		1,499		1,615
Royalties		—		17		17
Other		—		18		18

	$	47,693	$	30,419	$	78,112


	Nine Months Ended September 30, 2020
	Brick Products		Advanced Products		Total

Direct customers, contract manufacturers and non-stocking distributors	$	116,127	$	62,233	$	178,360
Stocking distributors, net of sales allowances		23,097		6,101		29,198
Non-recurring engineering		414		4,231		4,645
Royalties		—		17		17
Other		—		54		54

	$	139,638	$	72,636	$	212,274

The following table prese

ts the changes in certain contract assets and (liabilities) (in thousands):


	September 30, 2021			December 31, 2020			Change
Accounts receivable	$	51,080		$	40,999		$	10,081
Short-term deferred revenue and customer prepayments		(3,390	)		(7,309	)		3,919
Long-term deferred revenue		(493	)		(733	)		240
Deferred expenses		848			1,650			(802	)
Sales allowances		(1,661	)		(597	)		(1,064	)

The increase in accounts receivable was primarily due to an increase in net revenues of approximately $9,224,000

in August through September 2021 compared to November through December 2020. The decrease in short-term deferred revenue and customer prepayments was primarily due to the recognition of approximately $2,410,000 of the associated revenue during the second quarter of 2021. The increase in sales allowances was primarily due to the increase in the

year-to-date

net revenues in 2021.

Deferred expenses are included in Other current assets in the accompanying Condensed Consolidated Balance Sheets.

The Company records deferred revenue, which represents a contract liability, when cash payments are received or due in advance of performance under a contract with a customer. The Company recognized revenue of approximately $874,000 and $3,955,000 for the three and nine months ended September 30, 2021, respectively, and $388,000 and $1,736,000 for the three and nine months ended September 30, 2020, respectively, that was included in deferred revenue at the beginning of each respective period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

The Company uses the Black-Scholes option pricing model to calculate the fair value of stock option awards, whether they possess time-based vesting provisions or performance-based vesting provisions, and awards granted under the Vicor Corporation 2017 Employee Stock Purchase Plan (“ESPP”), as of their grant date. Stock-based compensation expense was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,

	2021		2020		2021		2020

Cost of revenues	$	259	$	296	$	739	$	692
Selling, general and administrative		1,033		846		2,665		2,313
Research and development		575		498		1,601		1,281

Total stock-based compensation	$	1,867	$	1,640	$	5,005	$	4,286

Compensation expense by type of award was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,

	2021		2020		2021		2020

Stock options	$	1,661	$	1,420	$	4,328	$	3,663
ESPP		206		220		677		623

Total stock-based compensation	$	1,867	$	1,640	$	5,005	$	4,286

The increase in stock option compensation expense for the three and nine months ended September 30, 2021 compared to the three and nine months ended September 30, 2020, was primarily due to an increase in the number of stock options granted and higher stock-based compensation expense associated with June 2021 stock opti

n awards.

Rental Income	9 Months Ended
Rental Income	Sep. 30, 2021
Leases [Abstract]
Rental Income	7. Rental Income Income, net under the Company’s operating lease agreement, for its owned facility leased to a third party in California, was approximately $ 198,000 and $ 594,000 for the three and nine months ended September 30, 2021 and 2020, respectively.

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The (benefit) provision for income taxes is based on the estimated annual effective tax rate for the year, which includes estimated federal, state and foreign income taxes on the Company’s projected

pre-tax

income.

The (benefit) provision for income taxes and the effective income tax rates were as follows (dollars in thousands):


	Three Months Ende d				Nine Months Ended
	September 30,				September 30,

	2021		2020		2021		2020

(Benefit) provision for income taxes	$	(886)	$	651	$	(30)	$	(249)
Effective income tax rate		(7.2)%		10.1%		(0.1)%		(3.8)%

The effective tax rates were lower than the statutory tax r

tes for the three and nine months ended September 30, 2021 and 2020 primarily due to the Company’s full valuation allowance position against domestic deferred tax assets and excess tax benefits related to stock based compensation during those periods. The (benefit) provision for income taxes for the three and nine months ended September 30, 2021 and 2020 included estimated federal, state and foreign income taxes in jurisdictions in which the Company does not have sufficient tax attributes to fully offset taxable income.

As of September 30, 2021, the Company had a valuation allowance of approximately $37,856,000 against all net domestic deferred tax assets, for which realization cannot be considered more likely than not at this time. Management assesses the need for the valuation allowance on a quarterly basis. In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and past financial performance. While recent positive operating results, as a result of increases in bookings, caused the Company to be in a cumulative income position as of September 30, 2021, the Company faces uncertainties in forecasting its operating results due to continued negative impacts on the Company’s supply chain, certain process issues with the production of Advanced Products and unpredictability in certain markets. This operating uncertainty also makes it difficult to predict the availability and utilization of tax benefits over the next several years. As a result, management has concluded, at this time, it is more likely than not the Company’s net domestic deferred tax assets will not be realized, and a full valuation allowance against all net domestic deferred tax assets was still warranted as of September 30, 2021. The valuation allowance against these deferred tax assets may require adjustment in the future based on changes in the mix of temporary differences, changes in tax laws, and operating performance. If the positive quarterly earnings and increases in bookings continue, and the Company’s concerns about industry uncertainty and world events, including continued negative impacts on the Company’s supply chain, and process issues with the production of Advanced Products are resolved, and the amount of tax benefits the Company is able to utilize to the point that the Company believes future taxable income can be more reliably forecasted, the Company may release all or a portion of the valuation allowance in the near-term. However, the valuation allowance against certain state tax credits will likely never be released due to uncertainty on the utilization of these credits. If and when the Company determines the valuation allowance should be released (i.e., reduced), the adjustment would result in a tax benefit reported in that period’s Consolidated Statements of Operations, the effect of which would be an increase in reported net income.

The Company was informed in September 2021 by the Internal Revenue Service of their intention to examine the Company’s 2019 Federal income tax return. There are no other audits or examinations in process in any other jurisdiction.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Income per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Income per Share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Numerator:
Net income attributable to Vicor Corporation	$	13,259	$	5,785	$	47,745	$	6,717

Denominator:
Denominator for basic net income per share-weighted average shares (1)		43,710		43,164		43,573		41,814
Effect of dilutive securities:
Employee stock options (2)		1,324		1,579		1,332		1,753

Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions		45,034		44,743		44,905		43,567

Basic net income per share	$	0.30	$	0.13	$	1.10	$	0.16

Diluted net income per share	$	0.29	$	0.13	$	1.06	$	0.15

(1)	Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding.

(2)

Options to purchase 76,114 and 134,822 shares of Common Stock for the three and nine months ended September 30, 2021, respectively, and options to purchase 265,725 and 130,027 shares of Common Stock for the three and nine months ended September 30, 2020, respectively, were not included in the calculations of net income per share as the effect would have been antidilutive.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10.

Commitments and Contingencies

At September 30, 2021, the Company had approximately $22,046,000

of capital expenditure commitments, principally for manufacturing equipment, and approximately

$6,607,000 of

capital expenditure items which had been received and included in Property, plant and equipment in the accompanying Condensed Consolidated Balance Sheets, but not yet paid for. In addition to these commitments, the Company has, in the aggregate, approximately

$20,000,000

of remaining budgeted capital expenditures expected to be incurred through the first half of 2022 associated with the construction of a

90,000

sq. ft. addition to the Company’s existing manufacturing facility and the installation of new production equipment.

The Company is the defendant in a patent infringement lawsuit originally filed on January 28, 2011 by SynQor, Inc. (“SynQor”) in the U.S. District Court for the Eastern District of Texas (the “Texas Action”). The complaint, as amended, alleges that the Company’s products, including but not limited to, unregulated bus converters used in intermediate bus architecture power supply systems, infringe SynQor’s U.S. patent numbers 7,072,190, 7,272,021, 7,564,702, and 8,023,290 (“the ‘190 patent”, “the ‘021 patent”,

“the ‘702 patent”, and “the ‘290 patent”, respectively). SynQor’s complaint sought an injunction against further infringement and an award of unspecified compensatory and enhanced damages, interest, costs and attorney fees. The Company has denied that its products infringe any of the SynQor patents, and has asserted that the SynQor patents are invalid and/or unenforceable. The Company has also asserted counterclaims seeking damages from SynQor for deceptive trade practices and tortious interference with prospective economic advantage arising from SynQor’s attempted enforcement of its patents against the Company.

The Texas Action is currently stayed by the District Court pending completion of certain inter partes reexamination (“IPRx”) proceedings initiated by the Company at the United States Patent and Trademark Office (“USPTO”) (including any appeals to the United States Court of Appeals for the Federal Circuit (the “Federal Circuit”)). In these IPRx proceedings, the Company challenged the validity of the SynQor patent claims asserted in the Texas Action. On March 17, 2021, SynQor filed a motion to lift the stay in

he Texas Action. The Company has opposed that motion, which remains pending.

The current status of the IPRx proceedings is as follows:

•

‘190 patent: Certain claims of the ‘190 patent were found unpatentable by the Federal Circuit in a decision issued on March 13, 2015. The court remanded the remaining claims to the USPTO for further consideration. On February 20, 2019, the Patent Trial and Appeal Board (“PTAB”) of the USPTO issued a decision finding that all of the remaining challenged claims were unpatentable. SynQor appealed that decision. On February 22, 2021, the Federal Circuit issued a decision in that appeal. In a

2-1

ruling, the Federal Circuit vacated and remanded the PTAB’s decision, finding that the reasoning the PTAB had relied on in reaching its decision was precluded by certain prior PTAB rulings regarding the ‘290 and ‘702 patents and remanded the case to the PTAB for further proceedings. On April 7, 2021, the Company filed a petition for panel rehearing and rehearing en banc of the Federal Circuit’s February 22, 2021 decision. The Federal Circuit denied that petition on June 7, 2021. Accordingly, that matter has been remanded to the PTAB for further proceedings.

•

‘021 patent: On August 30, 2017, the Federal Circuit issued a final decision finding all of the asserted claims of the ‘021 patent unpatentable.

•

‘702 patent: On August 30, 2017, the Federal Circuit issued a final decision finding all of the asserted claims of the ‘702 patent to be patentable.

•

‘290 patent: On June 16, 2021, the PTAB issued a decision finding all of the claims of the ‘290 patent unpatentable. SynQor has filed an appeal of that decision to the Federal Circuit, where it remains pending.

On January 23, 2018, the

20-year

terms of the ‘190 patent, the ‘021 patent, the ‘702 patent and the ‘290 patent expired. As a consequence of these expirations, the Company cannot be liable under any of the SynQor patents for allegedly infringing activities occurring after that date. In addition, any amended claims that may issue as a result of any of the still-pending IPRx proceedings will have no effective term and cannot be the basis for any liability by the Company. As noted above, the IPRx’s relating to the asserted claims of the ‘190 and ‘290 patents remain pending or on appeal. In addition, SynQor attempted to add new claims during the IPRx of the ‘021 patent. Those claims were rejected by the PTAB. SynQor subsequently filed an appeal with the Federal Circuit seeking to vacate that rejection as moot, in view of the expiry of the term of the ‘021 patent, and that appeal remains pending.

The Company continues to believe none of its products, including its unregulated bus converters, infringe any valid claim of the asserted SynQor patents, either alone or when used in an intermediate bus architecture implementation. The Company believes SynQor’s claims lack merit and, therefore, it continues to vigorously defend itself against SynQor’s patent infringement allegations. The Company does not believe a loss is probable for this matter. If a loss were to be incurred, however, the Company cannot estimate the amount of possible loss or range of possible loss at this time.

In addition to the SynQor matter, the Company is involved in certain other litigation and claims incidental to the conduct of its business. While the outcome of lawsuits and claims against the Company cannot be predicted with certainty, management does not expect any current litigation or claims will have a material adverse impact on the Company’s financial position or results of operations.

Impact of Recently Issued Accounting Standards	9 Months Ended
Impact of Recently Issued Accounting Standards	Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Impact of Recently Issued Accounting Standards	11. Impact of Recently Issued Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued guidance designed to simplify the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740, Income Taxes, and also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This new guidance was effective for the Company for its fiscal year beginning after December 15, 2020, with early adoption permitted. The Company adopted the new guidance as of January 1, 2021. The adoption did not have a material impact on the Company’s consolidated financial statements and disclosures. Other new pronouncements issued but not effective until after September 30, 2021 are not expected to have a material impact on the Company’s consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)
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-SubTopic 10
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-Paragraph 6
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-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
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-Paragraph 2
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Inventories (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories were as follows (in thousands):


	September 30, 2021		December 31, 2020

Raw materials	$	46,912	$	42,556
Work-in-process		11,207		7,424
Finished goods		5,290		7,289

	$	63,409	$	57,269

Short-Term and Long-Term Investments (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Summary of Investment

Details of our investments are as follows (in thousands):


	September 30, 2021
	Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments

Measured at fair value:
Available-for-sale debt securities:
Money market funds	$	89,254	$	—	$	—
U.S. Treasury Obligations		—		50,217		—
Failed Auction Security		—		—		2,598

Total		89,254		50,217		2,598
Other measurement basis:
Cash on hand		89,409		—		—

Total	$	178,663	$	50,217	$	2,598


	December 31, 2020
	Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments

Measured at fair value:
Available-for-sale debt securities:
Money market funds	$	69,493	$	—	$	—
U.S. Treasury Obligations		19,998		50,166		—
Failed Auction Security		—		—		2,517

Total		89,491		50,166		2,517
Other measurement basis:
Cash on hand		72,251		—		—

Total	$	161,742	$	50,166	$	2,517

Summary of Available-for-Sale Securities

The following is a summary of the

available-for-sale

securities (in thousands):


September 30, 2021	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

U.S. Treasury Obligations	$	50,216	$	1	$	—	$	50,217
Failed Auction Security		3,000		—		402		2,598


December 31, 2020	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

U.S. Treasury Obligations	$	70,172	$	—	$	8	$	70,164
Failed Auction Security		3,000		—		483		2,517

Cost and Estimated Fair Value of Failed Auction Security by Contractual Maturities

The amortized cost and estimated fair value of the

available-for-sale

securities on September 30, 2021, by type and contractual maturities, are shown below (in thousands):


	Cost		Estimated Fair Value

U.S. Treasury Obligations:
Maturities greater than three months but less than one year	$	50,216	$	50,217

	$	50,216	$	50,217


	Cost		Estimated Fair Value

Failed Auction Security:
Due in twenty to forty years	$	3,000	$	2,598

Rollforward of Credit (Gain) Loss Recognized in Earnings on Failed Auction Security

The following table represents a rollforward of the activity related to the credit loss recognized in earnings on the Failed Auction Security for the nine months ended September 30 (in thousands):


	2021			2020

Balance at the beginning of the period	$	33		$	37
Reductions in the amount related to credit gain for which other-than- temporary impairment was not previously recognized		(3	)		(3	)

Balance at the end of the period	$	30		$	34

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis included the following as of September 30, 2021 (in thousands):


	Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value as of September 30, 2021

Cash equivalents:
Money market funds	$	89,254	$	—	$	—	$	89,254
Short-term investments:
U.S. Treasury Obligations		50,217		—		—		50,217
Long-term investment:
Failed Auction Security		—		—		2,598		2,598

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2020 (in thousands):


	Using
	Significant
	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value as of December 31, 2020

Cash equivalents:
Money market funds	$	69,493	$	—	$	—		$	69,493
U.S. Treasury Obligations		19,998		—		—			19,998
Short-term investments:
U.S. Treasury Obligations		50,166		—		—			50,166
Long-term investment:
Failed Auction Security		—		—		2,517			2,517
Liabilities:
Contingent consideration obligations		—		—		(227	)		(227	)

Quantitative Information about Level 3 Fair Value Measurements

Quantitative information about Level 3 fair value measurements as of September 30, 2021 is as follows (dollars in thousands):


	Fair Value		Valuation Technique	Unobservable Input	Weighted Average

Failed Auction Security	$	2,598	Discounted cash flow	Cumulative probability of earning the maximum rate until maturity	0.15%
				Cumulative probability of principal return prior to maturity	94.71%
				Cumulative probability of default	5.14%
				Liquidity risk premium	5.00%
				Recovery rate in default	40.00%

Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs


Balance at the beginning of the period	$	2,517
Credit gain on available-for-sale security included in Other income (expense), net		3
Gain included in Other comprehensive income		78

Balance at the end of the period	$	2,598

Revenues (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Net Revenues Based On Geography Location

The following tables present the Company’s net revenues disaggr

gated by geography based on the location of the customer, by product line (in thousands):


	Three Months Ended September 30, 2021
	Brick Products		Advanced Products		Total

United States	$	19,741	$	12,178	$	31,919
Europe		6,185		1,324		7,509
Asia Pacific		14,936		29,934		44,870
All other		582		31		613

	$	41,444	$	43,467	$	84,911


	Nine Months Ended September 30, 2021
	Brick Products		Advanced Products		Total

United States	$	58,032	$	35,083	$	93,115
Europe		24,605		3,604		28,209
Asia Pacific		66,309		79,926		146,235
All other		1,309		215		1,524

	$	150,255	$	118,828	$	269,083


	Three Months Ended September 30, 2020
	Brick Products		Advanced Products		Total

United States	$	16,905	$	4,391	$	21,296
Europe		4,456		2,050		6,506
Asia Pacific		25,878		23,926		49,804
All other		454		52		506

	$	47,693	$	30,419	$	78,112


	Nine Months Ended September 30, 2020
	Brick Products		Advanced Products		Total

United States	$	57,880	$	17,205	$	75,085
Europe		18,451		5,218		23,669
Asia Pacific		60,917		50,076		110,993
All other		2,390		137		2,527

	$	139,638	$	72,636	$	212,274

Summary of Net Revenues Disaggregated by Geography

The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands):


	Three Months Ended September 30, 2021
	Brick Products		Advanced Products		Total

Direct customers, contract manufacturers and non-stocking distributors	$	29,801	$	36,066	$	65,867
Stocking distributors, net of sales allowances		11,405		2,075		13,480
Non-recurring engineering		238		3,846		4,084
Royalties		—		1,462		1,462
Other		—		18		18

	$	41,444	$	43,467	$	84,911


	Nine Months Ended September 30, 2021
	Brick Products		Advanced Products		Total

Direct customers, contract manufacturers and non-stocking distributors	$	111,223	$	97,767	$	208,990
Stocking distributors, net of sales allowances		38,586		10,847		49,433
Non-recurring engineering		446		8,643		9,089
Royalties		—		1,518		1,518
Other		—		53		53

	$	150,255	$	118,828	$	269,083


	Three Months Ended September 30, 2020
	Brick Products		Advanced Products		Total

Direct customers, contract manufacturers and non-stocking distributors	$	40,916	$	27,422	$	68,338
Stocking distributors, net of sales allowances		6,661		1,463		8,124
Non-recurring engineering		116		1,499		1,615
Royalties		—		17		17
Other		—		18		18

	$	47,693	$	30,419	$	78,112


	Nine Months Ended September 30, 2020
	Brick Products		Advanced Products		Total

Direct customers, contract manufacturers and non-stocking distributors	$	116,127	$	62,233	$	178,360
Stocking distributors, net of sales allowances		23,097		6,101		29,198
Non-recurring engineering		414		4,231		4,645
Royalties		—		17		17
Other		—		54		54

	$	139,638	$	72,636	$	212,274

Summary of Changes in Contract Assets And Liabilities

The following table prese

ts the changes in certain contract assets and (liabilities) (in thousands):


	September 30, 2021			December 31, 2020			Change
Accounts receivable	$	51,080		$	40,999		$	10,081
Short-term deferred revenue and customer prepayments		(3,390	)		(7,309	)		3,919
Long-term deferred revenue		(493	)		(733	)		240
Deferred expenses		848			1,650			(802	)
Sales allowances		(1,661	)		(597	)		(1,064	)

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Stock-Based Compensation Expense

Stock-based compensation expense was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,

	2021		2020		2021		2020

Cost of revenues	$	259	$	296	$	739	$	692
Selling, general and administrative		1,033		846		2,665		2,313
Research and development		575		498		1,601		1,281

Total stock-based compensation	$	1,867	$	1,640	$	5,005	$	4,286

Summary of Compensation Expense by Type of Award

Compensation expense by type of award was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,

	2021		2020		2021		2020

Stock options	$	1,661	$	1,420	$	4,328	$	3,663
ESPP		206		220		677		623

Total stock-based compensation	$	1,867	$	1,640	$	5,005	$	4,286

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Provision For Income Taxes And Effective Income Tax Rate Table Text Block [Table Text Block]

The (benefit) provision for income taxes and the effective income tax rates were as follows (dollars in thousands):


	Three Months Ende d				Nine Months Ended
	September 30,				September 30,

	2021		2020		2021		2020

(Benefit) provision for income taxes	$	(886)	$	651	$	(30)	$	(249)
Effective income tax rate		(7.2)%		10.1%		(0.1)%		(3.8)%

Net Income per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income Per Share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Numerator:
Net income attributable to Vicor Corporation	$	13,259	$	5,785	$	47,745	$	6,717

Denominator:
Denominator for basic net income per share-weighted average shares (1)		43,710		43,164		43,573		41,814
Effect of dilutive securities:
Employee stock options (2)		1,324		1,579		1,332		1,753

Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions		45,034		44,743		44,905		43,567

Basic net income per share	$	0.30	$	0.13	$	1.10	$	0.16

Diluted net income per share	$	0.29	$	0.13	$	1.06	$	0.15

(1)	Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding.

(2)

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 46,912	$ 42,556
Work-in-process	11,207	7,424
Finished goods	5,290	7,289
Net balance	$ 63,409	$ 57,269

Short-Term and Long-Term Investments - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Unrealized Losses On Short Term And Long Term Investments [Line Items]
Short Term Investments	$ 50,217,000	$ 50,166,000
Minimum period for which failed auction securities been in unrealized loss position	12 months
Failed Auction Security [Member]
Unrealized Losses On Short Term And Long Term Investments [Line Items]
Amortized cost of securities	$ 3,000,000	3,000,000
Period for which failed auction securities been in unrealized loss position	exceeds 12 months
Estimated Fair Value	$ 2,598,000	2,517,000
Gross Unrealized Losses	402,000	483,000
Aggregate credit loss	30,000	$ 33,000	$ 34,000	$ 37,000
Aggregate temporary impairment loss	$ 372,000

Short-Term and Long-Term Investments - Summary of Investment (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	$ 178,663	$ 161,742
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	50,217	50,166
Other Long-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	2,598	2,517
Estimate of Fair Value Measurement [Member] \| Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	89,254	89,491
Estimate of Fair Value Measurement [Member] \| Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	50,217	50,166
Estimate of Fair Value Measurement [Member] \| Other Long-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	2,598	2,517
Estimate of Fair Value Measurement [Member] \| Auction Rate Securities [Member] \| Other Long-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	2,598	2,517
Estimate of Fair Value Measurement [Member] \| Money Market Funds [Member] \| Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	89,254	69,493
Estimate of Fair Value Measurement [Member] \| US Treasury Obligations [Member] \| Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale		19,998
Estimate of Fair Value Measurement [Member] \| US Treasury Obligations [Member] \| Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	50,217	50,166
Portion at Other than Fair Value Measurement [Member] \| Cash [Member] \| Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	$ 89,409	$ 72,251

Short-Term and Long-Term Investments - Summary of Available-for-Sale Securities (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
US Treasury Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	$ 50,216,000	$ 70,172,000
Gross Unrealized Gains	1,000
Gross Unrealized Losses		8,000
Estimated Fair Value	50,217,000	70,164,000
Failed Auction Security [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	3,000,000	3,000,000
Gross Unrealized Losses	402,000	483,000
Estimated Fair Value	$ 2,598,000	$ 2,517,000

Short-Term and Long-Term Investments - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturities (Detail) $ in Thousands	Sep. 30, 2021 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 50,216
Available For Sale Debt Securities Estimated Fair Value	50,217
Failed Auction Security [Member]
Schedule of Available-for-sale Securities [Line Items]
Due in twenty to forty years, Cost	3,000
Due in twenty to forty years, Estimated Fair Value	2,598
US Treasury Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturities greater than three months but less than one year, Cost	50,216
Maturities greater than three months but less than one year, Estimated Fair Value	$ 50,217

Short-Term and Long-Term Investments - Rollforward of Credit (Gain) Loss Recognized in Earnings on Available-for-Sale Auction Rate Securities (Detail) - Failed Auction Security [Member] - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Balance at the beginning of the period	$ 33,000	$ 37,000
Reductions in the amount related to credit gain for which other-than- temporary impairment was not previously recognized	(3,000)	(3,000)
Balance at the end of the period	$ 30,000	$ 34,000

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Contingent Consideration Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, fair value on recurring basis		$ (227,000)
Failed Auction Security [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 2,598,000	2,517,000
Failed Auction Security [Member] \| Other Long-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	2,598,000	2,517,000
US Treasury Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	50,217,000	19,998,000
Estimated Fair Value	50,217,000	70,164,000
US Treasury Obligations [Member] \| Short-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value		50,166,000
Money Market Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	89,254,000	69,493,000
Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| US Treasury Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	50,217,000	19,998,000
Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| US Treasury Obligations [Member] \| Short-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value		50,166,000
Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Money Market Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	89,254,000	69,493,000
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Contingent Consideration Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, fair value on recurring basis		(227,000)
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Failed Auction Security [Member] \| Other Long-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 2,598,000	$ 2,517,000

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Detail) - Failed Auction Security [Member] - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	$ 2,598
Cumulative Probability of Earning Maximum Rate Until Maturity [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Valuation Technique	Discounted cash flow
Unobservable Input	Cumulative probability of earning the maximum rate until maturity
Weighted Average Interest Rate	0.15%
Cumulative Probability of Principal Return Prior to Maturity [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	Cumulative probability of principal return prior to maturity
Weighted Average Interest Rate	94.71%
Cumulative Probability of Default [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	Cumulative probability of default
Weighted Average Interest Rate	5.14%
Liquidity Risk Premium [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	Liquidity risk premium
Weighted Average Interest Rate	5.00%
Recovery Rate in Default [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	Recovery rate in default
Weighted Average Interest Rate	40.00%

Fair Value Measurements - Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Fair Value Disclosures [Abstract]
Balance at the beginning of the period	$ 2,517
Credit gain on available-for-sale security included in Other income (expense), net	3
Gain included in Other comprehensive income	78
Balance at the end of the period	$ 2,598

Revenues - Summary of Net Revenues Disaggregated by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 84,911	$ 78,112	$ 269,083	$ 212,274
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	41,444	47,693	150,255	139,638
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	43,467	30,419	118,828	72,636
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue	31,919	21,296	93,115	75,085
United States [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	19,741	16,905	58,032	57,880
United States [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	12,178	4,391	35,083	17,205
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue	7,509	6,506	28,209	23,669
Europe [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	6,185	4,456	24,605	18,451
Europe [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,324	2,050	3,604	5,218
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue	44,870	49,804	146,235	110,993
Asia Pacific [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	14,936	25,878	66,309	60,917
Asia Pacific [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	29,934	23,926	79,926	50,076
All Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	613	506	1,524	2,527
All Other [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	582	454	1,309	2,390
All Other [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 31	$ 52	$ 215	$ 137

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (a)
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-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenues - Summary of Net Revenues Disaggregated by Category (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 84,911	$ 78,112	$ 269,083	$ 212,274
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	41,444	47,693	150,255	139,638
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	43,467	30,419	118,828	72,636
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member]
Disaggregation of Revenue [Line Items]
Revenue	65,867	68,338	208,990	178,360
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	29,801	40,916	111,223	116,127
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	36,066	27,422	97,767	62,233
Stocking Distributors, Net of Sales Allowances [Member]
Disaggregation of Revenue [Line Items]
Revenue	13,480	8,124	49,433	29,198
Stocking Distributors, Net of Sales Allowances [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	11,405	6,661	38,586	23,097
Stocking Distributors, Net of Sales Allowances [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,075	1,463	10,847	6,101
Non-recurring Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenue	4,084	1,615	9,089	4,645
Non-recurring Engineering [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	238	116	446	414
Non-recurring Engineering [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,846	1,499	8,643	4,231
Royalties [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,462	17	1,518	17
Royalties [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,462	17	1,518	17
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	18	18	53	54
Other [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 18	$ 18	$ 53	$ 54

- Definition

+ References

+ Details

Revenues - Summary of Changes in Certain Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 51,080	$ 40,999
Short-term deferred revenue and customer prepayments	(3,390)	(7,309)
Long-term deferred revenue	(493)	(733)
Deferred expenses	848	1,650
Sales allowances	(1,661)	$ (597)
Accounting Standards Update 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Accounts receivable	10,081
Short-term deferred revenue and customer prepayments	3,919
Long-term deferred revenue	240
Deferred expenses	(802)
Sales allowances	$ (1,064)

Revenues - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended
Revenues - Additional Information (Detail) - USD ($)	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase in net revenues				$ 9,224,000
Deferred Revenue, Revenue Recognized	$ 874,000		$ 388,000	$ 3,955,000	$ 1,736,000
Decrease in short-term deferred revenue and customer prepayments		$ 2,410,000

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 1,867	$ 1,640	$ 5,005	$ 4,286
Cost of Revenues [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	259	296	739	692
Selling, General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	1,033	846	2,665	2,313
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 575	$ 498	$ 1,601	$ 1,281

Stock-Based Compensation - Summary of Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 1,867	$ 1,640	$ 5,005	$ 4,286
Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	1,661	1,420	4,328	3,663
ESPP [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 206	$ 220	$ 677	$ 623

Rental Income - Additional information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Lease income	$ 198,000	$ 594,000	$ 198,000	$ 594,000

Income Taxes - Additional Information (Detail)	Sep. 30, 2021 USD ($)
Income Tax Disclosure [Line Items]
Valuation allowance, deferred tax assets	$ 37,856,000

Income Taxes - Provision for Income Taxes and Effective Income Tax Rates (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ (886)	$ 651	$ (30)	$ (249)
Effective income tax rate	(7.20%)	10.10%	(0.10%)	(3.80%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Net Income per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Numerator:

Net income (loss) attributable to Vicor Corporation

$ 13,259

$ 5,785

$ 47,745

$ 6,717

Denominator:

Denominator for basic net income per share-weighted average shares

^[1]

43,710

43,164

43,573

41,814

Effect of dilutive securities:

Employee stock options

^[2]

1,324

1,579

1,332

1,753

Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions

45,034

44,743

44,905

43,567

Basic net income (loss) per share

$ 0.30

$ 0.13

$ 1.10

$ 0.16

Diluted net income (loss) per share

$ 0.29

$ 0.13

$ 1.06

$ 0.15

[1]	Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding.
[2]	Options to purchase 76,114 and 134,822 shares of Common Stock for the three and nine months ended September 30, 2021, respectively, and options to purchase 265,725 and 130,027 shares of Common Stock for the three and nine months ended September 30, 2020, respectively, were not included in the calculations of net income per share as the effect would have been antidilutive.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Net Income per Share - Computation of Basic and Diluted Net Income Per Share (Parenthetical) (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Options to purchase shares of Common Stock not included in the computation of diluted income per share	76,114	265,725	134,822	130,027

Commitments and Contingencies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2021 USD ($) ft²
Commitments and Contingencies Disclosure [Abstract]
Capital expenditure commitments	$ 22,046,000
Budgeted capital expenditures	$ 20,000,000
Area of Land \| ft²	90,000
Capital expenditures incurred but not yet paid	$ 6,607,000