0001193125-22-276886 | 10-Q | XBRL Viewer

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Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies At September 30, 2022, the Company had approximately $27,804,000 of cancelable and non-cancelable capital expenditure commitments, principally for manufacturing equipment, and approximately $6,637,000 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. 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 (the “District Court”) for the Eastern District of Texas. The complaint, as amended, alleged that the Company’s unregulated bus converters used in intermediate bus architecture power supply systems infringed 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, and collectively the “SynQor Patents”). The Company asserted counterclaims against SynQor alleging unfair competition and tortious interference with business relations (the “Counterclaims”). As a result of certain actions by the United States Patent and Trademark Office (“USPTO”) and the District Court, SynQor’s infringement allegations regarding the ‘021 patent and the ‘290 patent were dismissed from the case prior to the beginning of trial. Specifically, the USPTO invalidated all the asserted claims of the ‘021 patent and that decision was upheld on appeal on August 30, 2017. In addition, on October 5, 2022, the District Court issued an order involuntarily dismissing the ‘290 patent infringement allegations on grounds of equitable and judicial estoppel, in view of representations by SynQor to the District Court agreeing to such dismissal as a condition of lifting a prior stay of the lawsuit. A trial in the District Court began on October 17, 2022 on the asserted claims of the ‘190 patent and the ‘702 patent, as well as on the Company’s Counterclaims. The District Court dismissed the Company’s Counterclaims on October 25, 2022. On October 26, 2022, the jury returned a verdict on SynQor’s patent infringement claims, finding that the Company willfully infringed the ‘702 patent, but did not infringe the ‘190 patent. The jury awarded SynQor damages in the amount of $6,500,000 for infringement of the ‘702 patent. All of the SynQor Patents expired in 2018. The Company anticipates filing a post-trial motion seeking entry of judgment of non-infringement of the ‘702 patent as a matter of law. The Company intends to appeal to the United States Court of Appeals for the Federal Circuit the construction of claim limitations of the ‘190 and ‘702 patents and the dismissal of the Company’s Counterclaims. SynQor may move the District Court to increase the jury award and pursue its appellate options with respect to claims found to be invalid or not infringed. In accordance with applicable accounting standards, the Company has recorded a litigation related accrual of $6,500,000 in the third quarter of 2022 as its estimate based on the jury award, using estimated outcomes ranging from $0 to treble damages plus attorney fees. In addition, the Company is involved in certain other litigation and claims incidental to the conduct of its business. While the outcome of such other lawsuits and claims against the Company cannot be predicted with certainty, management does not expect such litigation or claims will have a material adverse impact on the Company’s financial position or results of operations.

Inventories

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories were as follows (in thousands):


	September 30, 2022		December 31, 2021
Raw materials	$	73,940	$	51,289
Work-in-process		11,967		12,514
Finished goods		8,429		3,519

	$	94,336	$	67,322

Inventories (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories were as follows (in thousands):


	September 30, 2022		December 31, 2021
Raw materials	$	73,940	$	51,289
Work-in-process		11,967		12,514
Finished goods		8,429		3,519

	$	94,336	$	67,322

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 73,940	$ 51,289
Work-in-process	11,967	12,514
Finished goods	8,429	3,519
Net balance	$ 94,336	$ 67,322

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Short-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 19,949	$ 45,215
Other Long-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	2,552	2,639
Failed Auction Security [Member] \| Other Long-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	2,552	2,639
US Treasury Obligations [Member] \| Short-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	19,949	45,215
Money Market Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	120,217	94,282
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]
Cash equivalents	19,949	45,215
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	120,217	94,282
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	$ 2,552	$ 2,639

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 25, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	VICOR CORPORATION
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		32,305,315
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,743,218

Revenues - Summary of Net Revenues Disaggregated by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 103,118	$ 84,911	$ 293,586	$ 269,083
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	43,916	41,444	113,796	150,255
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	59,202	43,467	179,790	118,828
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue	30,862	31,919	86,999	93,115
United States [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	21,559	19,741	54,288	58,032
United States [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	9,303	12,178	32,711	35,083
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue	9,055	7,509	26,135	28,209
Europe [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	7,101	6,185	19,184	24,605
Europe [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,954	1,324	6,951	3,604
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue	62,504	44,870	177,916	146,235
Asia Pacific [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	14,800	14,936	38,167	66,309
Asia Pacific [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	47,704	29,934	139,749	79,926
All Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	697	613	2,536	1,524
All Other [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	456	582	2,157	1,309
All Other [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 241	$ 31	$ 379	$ 215

- 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.

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Consolidated net income	$ 1,795	$ 17,365	$ 47,730
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization		10,250	8,564
Stock-based compensation expense	2,829	7,445	5,005
Litigation-related expense	6,500	6,500
Increase (decrease) in long-term deferred revenue		1,420	(240)
Amortization of Bond Premium		1,027
Decrease in contingent consideration obligations		0	(74)
(Decrease) increase in other assets		(1,451)	56
Decrease in long-term income taxes payable		(40)	(79)
Deferred income taxes		(52)	5
Credit gain on available-for-sale securities	(1)	(3)	(3)
Provision for doubtful accounts		5	0
Change in current assets and liabilities, net		(20,456)	(20,737)
Net cash provided by operating activities		22,010	40,227
Investing activities:
Purchases of short-term investments		0	(50,706)
Sales or maturities of short-term investments		25,000	50,000
Additions to property, plant and equipment		(51,279)	(30,942)
Net cash used for investing activities		(26,279)	(31,648)
Financing activities:
Proceeds from employee stock plans		4,147	8,621
Payment of contingent consideration obligations		0	(153)
Net cash provided by financing activities		4,147	8,468
Effect of foreign exchange rates on cash		(198)	(126)
Net (decrease) increase in cash and cash equivalents		(320)	16,921
Cash and cash equivalents at beginning of period		182,418	161,742
Cash and cash equivalents at end of period	$ 182,098	$ 182,098	$ 178,663

Net Income per Share

9 Months Ended

Sep. 30, 2022

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net income attributable to Vicor Corporation	$	1,792	$	13,259	$	17,384	$	47,745

Denominator:
Denominator for basic net income per share-weighted average shares (1)		44,031		43,710		43,986		43,573
Effect of dilutive securities:
Employee stock options (2)		867		1,324		920		1,332

Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions		44,898		45,034		44,906		44,905

Basic net income per share	$	0.04	$	0.30	$	0.40	$	1.10

Diluted net income per share	$	0.04	$	0.29	$	0.39	$	1.06

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

(2)

Options to purchase 1,037,640 and 772,240 shares of Common Stock for the three and nine months ended September 30, 2022, respectively, and options to purchase 76,114 and 134,822 shares of Common Stock for the three and nine months ended September 30, 2021, respectively, were not included in the calculations of net income per share as the effect would have been antidilutive.

Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other Nonoperating Income (Expense)	$ (569)	$ 393	$ (325)	$ 996
Revision of Prior Period, Adjustment [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other Nonoperating Income (Expense)	$ 990		$ 834

Short-Term and Long-Term Investments

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Short-Term and Long-Term Investments

As of September 30, 2022 and December 31, 2021, the Company held $19,949,000 and $45,215,000, 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, 2022 and December 31, 2021, the Company held one auction rate security with a par value of $3,000,000 and an estimated fair value of approximately $2,552,000 and $2,639,000, respectively, 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, 2022, 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, 2022.

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


	September 30, 2022
	Cash and Cash Equivalents		Short-Term Investments		Long-Term Investment
Measured at fair value:
Available-for-sale debt securities:
Money market funds	$	120,217	$	—	$	—
U.S. Treasury Obligations		—		19,949		—
Failed Auction Security		—		—		2,552

Total		120,217		19,949		2,552
Other measurement basis:
Cash on hand		61,881		—		—

Total	$	182,098	$	19,949	$	2,552


	December 31, 2021
	Cash and
	Cash		Short-Term		Long-Term
	Equivalents		Investments		Investment
Measured at fair value:
Available-for-sale debt securities:
Money market funds	$	94,282	$	—	$	—
U.S. Treasury Obligations		—		45,215		—
Failed Auction Security		—		—		2,639

Total		94,282		45,215		2,639
Other measurement basis:
Cash on hand		88,136		—		—

Total	$	182,418	$	45,215	$	2,639

The following is a summary of the

available-for-sale

securities (in thousands):


			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
September 30, 2022	Cost		Gains		Losses		Value
U.S. Treasury Obligations	$	20,028	$	—	$	79	$	19,949
Failed Auction Security		3,000		—		448		2,552


			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
December 31, 2021	Cost		Gains		Losses		Value
U.S. Treasury Obligations	$	45,238	$	—	$	23	$	45,215
Failed Auction Security		3,000		—		361		2,639

As of September 30, 2022, the Failed Auction Security had been in an unrealized loss position for greater than 12 months.

The amortized cost and estimated fair value of the

available-for-sale

securities on September 30, 2022, 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	$	20,028	$	19,949


			Estimated
	Cost		Fair Value
Failed Auction Security:
Due in twenty years	$	3,000	$	2,552

Rental Income - Additional information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Lease income	$ 198,000	$ 198,000	$ 594,000	$ 594,000

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,829	$ 1,867	$ 7,445	$ 5,005
Cost of Revenues [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	479	259	1,161	739
Selling, General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	1,537	1,033	4,184	2,665
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 813	$ 575	$ 2,100	$ 1,601

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] Common Stock [Member]
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 (loss), net of tax:
Net income (loss)	47,730			47,745			47,745	(15)
Other comprehensive income (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 (loss), net of tax:
Net income (loss)	13,252			13,259			13,259	(7)
Other comprehensive income (loss)	(227)				(227)		(227)	0
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
Beginning Balance at Dec. 31, 2021	423,905	439	345,664	217,633	(1,328)	(138,927)	423,599	306	118
Issuance of Common Stock under employee stock plans	4,147	1	4,146				4,147
Stock-based compensation expense	7,445		7,445				7,445
Components of comprehensive income (loss), net of tax:
Net income (loss)	17,365			17,384			17,384	(19)
Other comprehensive income (loss)	(1)				49		49	(50)
Total comprehensive income (loss)	17,364						17,433	(69)
Ending Balance at Sep. 30, 2022	452,861	440	357,255	235,017	(1,279)	(138,927)	452,624	237	118
Beginning Balance at Jun. 30, 2022	445,104	440	352,253	233,225	(2,246)	(138,927)	444,863	241	118
Issuance of Common Stock under employee stock plans	2,173		2,173				2,173
Stock-based compensation expense	2,829		2,829				2,829
Components of comprehensive income (loss), net of tax:
Net income (loss)	1,795			1,792			1,792	3
Other comprehensive income (loss)	960				967		967	(7)
Total comprehensive income (loss)	2,755						2,759	(4)
Ending Balance at Sep. 30, 2022	$ 452,861	$ 440	$ 357,255	$ 235,017	$ (1,279)	$ (138,927)	$ 452,624	$ 237	$ 118

- 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).

+ References

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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.

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+ Details

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

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Statement of Comprehensive Income [Abstract]

Consolidated net income

$ 1,795

$ 13,252

$ 17,365

$ 47,730

Foreign currency translation losses, net of tax

^[1]

(94)

(12)

(672)

(283)

Unrealized income (loss) on available-for-sale securities, net of tax

^[1]

1,054

(215)

671

(574)

Other comprehensive income (loss)

960

(227)

(1)

(857)

Consolidated comprehensive income

2,755

13,025

17,364

46,873

Less: Comprehensive loss attributable to noncontrolling interest

(4)

(7)

(69)

(36)

Comprehensive income attributable to Vicor Corporation

$ 2,759

$ 13,032

$ 17,433

$ 46,909

[1]

The deferred tax assets associated with foreign currency translation losses and unrealized losses on available-for-sale securities are completely offset by a tax valuation allowance as of September 30, 2022 and 2021. Therefore, there is no income tax benefit (provision) recognized for the three and nine months ended September 30, 2022 and 2021.

- 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

+ 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

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, 2022 USD ($)
Fair Value Disclosures [Abstract]
Balance at the beginning of the period	$ 2,639
Credit gain on available-for-sale security included in Other income (expense), net	3
Loss included in Other comprehensive income	(90)
Balance at the end of the period	$ 2,552

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Provision for Income Taxes and Effective Income Tax Rates

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021

Provision (benefit) for income taxes	$	641		$	(886	)	$	1,395		$	(30	)
Effective income tax rate		26.3	%		(7.2	)%		7.4	%		(0.1	)%

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Recognized income tax benefit (provision)	$ 0	$ 0	$ 0	$ 0

Stock-Based Compensation - Summary of Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,829	$ 1,867	$ 7,445	$ 5,005
Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	2,531	1,661	6,641	4,328
ESPP [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 298	$ 206	$ 804	$ 677

Income Taxes - Provision for Income Taxes and Effective Income Tax Rates (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 641	$ (886)	$ 1,395	$ (30)
Effective income tax rate	26.30%	(7.20%)	7.40%	(0.10%)

- Definition

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

+ References + Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Stock-Based Compensation Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

Cost of revenues	$	479	$	259	$	1,161	$	739
Selling, general and administrative		1,537		1,033		4,184		2,665
Research and development		813		575		2,100		1,601

Total stock-based compensation	$	2,829	$	1,867	$	7,445	$	5,005

Summary of Compensation Expense by Type of Award

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

Stock options	$	2,531	$	1,661	$	6,641	$	4,328
ESPP		298		206		804		677

Total stock-based compensation	$	2,829	$	1,867	$	7,445	$	5,005

Revenues - Summary of Net Revenues Disaggregated by Category (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 103,118	$ 84,911	$ 293,586	$ 269,083
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	43,916	41,444	113,796	150,255
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	59,202	43,467	179,790	118,828
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member]
Disaggregation of Revenue [Line Items]
Revenue	82,084	65,867	239,501	208,990
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	29,051	29,801	77,018	111,223
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	53,033	36,066	162,483	97,767
Stocking Distributors, Net of Sales Allowances [Member]
Disaggregation of Revenue [Line Items]
Revenue	17,157	13,480	45,675	49,433
Stocking Distributors, Net of Sales Allowances [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	14,288	11,405	35,960	38,586
Stocking Distributors, Net of Sales Allowances [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,869	2,075	9,715	10,847
Non-recurring Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,826	4,084	6,361	9,089
Non-recurring Engineering [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	577	238	818	446
Non-recurring Engineering [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,249	3,846	5,543	8,643
Royalties [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,033	1,462	1,995	1,518
Royalties [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,033	1,462	1,995	1,518
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	18	18	54	53
Other [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 18	$ 18	$ 54	$ 53

- Definition

+ References

+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

Cost of revenues	$	479	$	259	$	1,161	$	739
Selling, general and administrative		1,537		1,033		4,184		2,665
Research and development		813		575		2,100		1,601

Total stock-based compensation	$	2,829	$	1,867	$	7,445	$	5,005

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

Stock options	$	2,531	$	1,661	$	6,641	$	4,328
ESPP		298		206		804		677

Total stock-based compensation	$	2,829	$	1,867	$	7,445	$	5,005

Revenues

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenues

The following tables present the Company’s net revenues disaggregated by geography based on the location of the customer, by product line (in thousands):


	Three Months Ended September 30, 2022
	Brick Products		Advanced Products		Total
United States	$	21,559	$	9,303	$	30,862
Europe		7,101		1,954		9,055
Asia Pacific		14,800		47,704		62,504
All other		456		241		697

	$	43,916	$	59,202	$	103,118


	Nine Months Ended September 30, 2022
	Brick Products		Advanced Products		Total
United States	$	54,288	$	32,711	$	86,999
Europe		19,184		6,951		26,135
Asia Pacific		38,167		139,749		177,916
All other		2,157		379		2,536

	$	113,796	$	179,790	$	293,586


	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

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, 2022
	Brick Products		Advanced Products		Total

Direct customers, contract manufacturers and non-stocking distributors	$	29,051	$	53,033	$	82,084
Stocking distributors, net of sales allowances		14,288		2,869		17,157
Non-recurring engineering		577		2,249		2,826
Royalties		—		1,033		1,033
Other		—		18		18

	$	43,916	$	59,202	$	103,118


	Nine Months Ended September 30, 2022
	Brick Products		Advanced Products		Total

Direct customers, contract manufacturers and non-stocking distributors	$	77,018	$	162,483	$	239,501
Stocking distributors, net of sales allowances		35,960		9,715		45,675
Non-recurring engineering		818		5,543		6,361
Royalties		—		1,995		1,995
Other		—		54		54

	$	113,796	$	179,790	$	293,586


	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

The following table presents the changes in certain contract assets and (liabilities) (in thousands):


	September 30, 2022			December 31, 2021			Change

Short-term deferred revenue and customer prepayments	$	(12,148	)	$	(7,912	)	$	(4,236	)
Long-term deferred revenue		(1,833	)		(413	)		(1,420	)
Deferred expenses		588			560			28
Sales allowances		(1,427	)		(1,464	)		37

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 $1,149,000 and $2,015,000 for the three and nine months ended September 30, 2022, respectively, and $874,000 and $3,955,000 for the three and nine months ended September 30, 2021, 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ 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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Options to purchase shares of Common Stock not included in the computation of diluted income per share	1,037,640	76,114	772,240	134,822

Revenues - Summary of Changes in Certain Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Short-term deferred revenue and customer prepayments	$ (12,148)	$ (7,912)
Long-term deferred revenue	(1,833)	(413)
Deferred expenses	588	560
Sales allowances	(1,427)	$ (1,464)
Accounting Standards Update 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Short-term deferred revenue and customer prepayments	(4,236)
Long-term deferred revenue	(1,420)
Deferred expenses	28
Sales allowances	$ 37

Condensed Consolidated Balance Sheets (Parenthetical)	Sep. 30, 2022 Vote $ / shares shares	Dec. 31, 2021 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	43,923,786	43,789,528
Common Stock, shares outstanding	32,288,980	32,154,722

Revenues (Tables)

9 Months Ended

Sep. 30, 2022

Summary of Net Revenues Based On Geography Location

The following tables present the Company’s net revenues disaggregated by geography based on the location of the customer, by product line (in thousands):


	Three Months Ended September 30, 2022
	Brick Products		Advanced Products		Total
United States	$	21,559	$	9,303	$	30,862
Europe		7,101		1,954		9,055
Asia Pacific		14,800		47,704		62,504
All other		456		241		697

	$	43,916	$	59,202	$	103,118


	Nine Months Ended September 30, 2022
	Brick Products		Advanced Products		Total
United States	$	54,288	$	32,711	$	86,999
Europe		19,184		6,951		26,135
Asia Pacific		38,167		139,749		177,916
All other		2,157		379		2,536

	$	113,796	$	179,790	$	293,586


	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

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, 2022
	Brick Products		Advanced Products		Total

Direct customers, contract manufacturers and non-stocking distributors	$	29,051	$	53,033	$	82,084
Stocking distributors, net of sales allowances		14,288		2,869		17,157
Non-recurring engineering		577		2,249		2,826
Royalties		—		1,033		1,033
Other		—		18		18

	$	43,916	$	59,202	$	103,118


	Nine Months Ended September 30, 2022
	Brick Products		Advanced Products		Total

Direct customers, contract manufacturers and non-stocking distributors	$	77,018	$	162,483	$	239,501
Stocking distributors, net of sales allowances		35,960		9,715		45,675
Non-recurring engineering		818		5,543		6,361
Royalties		—		1,995		1,995
Other		—		54		54

	$	113,796	$	179,790	$	293,586


	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

Summary of Changes in Contract Assets And Liabilities

The following table presents the changes in certain contract assets and (liabilities) (in thousands):


	September 30, 2022			December 31, 2021			Change

Short-term deferred revenue and customer prepayments	$	(12,148	)	$	(7,912	)	$	(4,236	)
Long-term deferred revenue		(1,833	)		(413	)		(1,420	)
Deferred expenses		588			560			28
Sales allowances		(1,427	)		(1,464	)		37

Commitments and Contingencies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022 USD ($)
Capital expenditures incurred but not yet paid	$ 6,637,000
Litigation related accrual amount	6,500,000
Estimated outcomes amount	0
Infringement Of 702 patent [Member]
Loss contingency damages awarded amount	6,500,000
Non Cancellable Capital Expenditure Commitments [Member]
Capital expenditure commitments	$ 27,804,000

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2022
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, 2022 are not necessarily indicative of the results that may be expected for any other interim period or the year ending December 31, 2022. “Other income ( expense ) , net”, includes an immaterial error correction of $990,000 and $834,000 for the three and nine months ended September 30, 2022, respectively, related to the amortization of bond premiums on available for sale securities. The balance sheet at December 31, 2021 presented herein has been derived from the audited financial statements at that date but 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, 2021 filed by the Company with the SEC on March 1, 2022 (“2021 Form 10-K”).

Income Taxes - Additional Information (Detail)	Sep. 30, 2022 USD ($)
Income Tax Disclosure [Line Items]
Valuation allowance, deferred tax assets	$ 43,329,000

Net Income per Share (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net income attributable to Vicor Corporation	$	1,792	$	13,259	$	17,384	$	47,745

Denominator:
Denominator for basic net income per share-weighted average shares (1)		44,031		43,710		43,986		43,573
Effect of dilutive securities:
Employee stock options (2)		867		1,324		920		1,332

Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions		44,898		45,034		44,906		44,905

Basic net income per share	$	0.04	$	0.30	$	0.40	$	1.10

Diluted net income per share	$	0.04	$	0.29	$	0.39	$	1.06

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

(2)

Short-Term and Long-Term Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Investment

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


	September 30, 2022
	Cash and Cash Equivalents		Short-Term Investments		Long-Term Investment
Measured at fair value:
Available-for-sale debt securities:
Money market funds	$	120,217	$	—	$	—
U.S. Treasury Obligations		—		19,949		—
Failed Auction Security		—		—		2,552

Total		120,217		19,949		2,552
Other measurement basis:
Cash on hand		61,881		—		—

Total	$	182,098	$	19,949	$	2,552


	December 31, 2021
	Cash and
	Cash		Short-Term		Long-Term
	Equivalents		Investments		Investment
Measured at fair value:
Available-for-sale debt securities:
Money market funds	$	94,282	$	—	$	—
U.S. Treasury Obligations		—		45,215		—
Failed Auction Security		—		—		2,639

Total		94,282		45,215		2,639
Other measurement basis:
Cash on hand		88,136		—		—

Total	$	182,418	$	45,215	$	2,639

Summary of Available-for-Sale Securities

The following is a summary of the

available-for-sale

securities (in thousands):


			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
September 30, 2022	Cost		Gains		Losses		Value
U.S. Treasury Obligations	$	20,028	$	—	$	79	$	19,949
Failed Auction Security		3,000		—		448		2,552


			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
December 31, 2021	Cost		Gains		Losses		Value
U.S. Treasury Obligations	$	45,238	$	—	$	23	$	45,215
Failed Auction Security		3,000		—		361		2,639

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, 2022, 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	$	20,028	$	19,949


			Estimated
	Cost		Fair Value
Failed Auction Security:
Due in twenty years	$	3,000	$	2,552

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 182,098	$ 182,418
Short-term investments	19,949	45,215
Accounts receivable, net	56,287	55,097
Inventories	94,336	67,322
Other current assets	5,483	6,708
Total current assets	358,153	356,760
Long-term deferred tax assets, net	260	208
Long-term investment, net	2,552	2,639
Property, plant and equipment, net	163,198	115,975
Other assets	2,939	1,623
Total assets	527,102	477,205
Current liabilities:
Accounts payable	24,004	21,189
Accrued compensation and benefits	13,070	12,660
Accrued litigation	6,500
Accrued expenses	5,754	4,158
Short-term lease liabilities	1,449	1,551
Sales allowances	1,427	1,464
Accrued severance and other charges		93
Income taxes payable	7	66
Short-term deferred revenue and customer prepayments	12,148	7,912
Total current liabilities	64,359	49,093
Long-term deferred revenue	1,833	413
Long-term income taxes payable	529	569
Long-term lease liabilities	7,520	3,225
Total liabilities	74,241	53,300
Commitments and contingencies (Note 10)
Vicor Corporation stockholders' equity:
Additional paid-in capital	357,255	345,664
Retained earnings	235,017	217,633
Accumulated other comprehensive loss	(1,279)	(1,328)
Treasury stock at cost: 11,634,806 shares in 2022 and 2021	(138,927)	(138,927)
Total Vicor Corporation stockholders' equity	452,624	423,599
Noncontrolling interest	237	306
Total equity	452,861	423,905
Total liabilities and equity	527,102	477,205
Class B Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	118	118
Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	$ 440	$ 439

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, 2022 USD ($)
Failed Auction Security [Member]
Schedule of Available-for-sale Securities [Line Items]
Due in twenty years, Cost	$ 3,000
Due in twenty years, Estimated Fair Value	2,552
US Treasury Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturities greater than three months but less than one year, Cost	20,028
Maturities greater than three months but less than one year, Estimated Fair Value	$ 19,949

Rental Income	9 Months Ended
Rental Income	Sep. 30, 2022
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 for the three months ended September 30, 2022 and 2021 and $594,000 for the nine months ended September 30, 2022 and 2021.

Short-Term and Long-Term Investments - Summary of Investment (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	$ 182,098	$ 182,418
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	19,949	45,215
Other Long-term Investment [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	2,552	2,639
Auction Rate Securities [Member] \| Other Long-term Investment [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	2,552	2,639
Estimate of Fair Value Measurement [Member] \| Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	120,217	94,282
Estimate of Fair Value Measurement [Member] \| Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	19,949	45,215
Estimate of Fair Value Measurement [Member] \| Other Long-term Investment [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	2,552	2,639
Estimate of Fair Value Measurement [Member] \| Auction Rate Securities [Member] \| Other Long-term Investment [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	2,552	2,639
Estimate of Fair Value Measurement [Member] \| Money Market Funds [Member] \| Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	120,217	94,282
Estimate of Fair Value Measurement [Member] \| US Treasury Obligations [Member] \| Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	19,949	45,215
Portion at Other than Fair Value Measurement [Member] \| Cash [Member] \| Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	$ 61,881	$ 88,136

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021

Provision (benefit) for income taxes	$	641		$	(886	)	$	1,395		$	(30	)
Effective income tax rate		26.3	%		(7.2	)%		7.4	%		(0.1	)%

The effective tax rates were lower than the statutory tax rates for the three and nine months ended September 30, 2022 and 2021 primarily due to the Company’s full valuation allowance position against domestic deferred tax assets. The provision (benefit) for income taxes for the three and nine months ended September 30, 2022 and 2021 included estimated federal, state and foreign income taxes in jurisdictions in which the Company does not have sufficient tax attributes, offset by excess tax benefits related to stock based compensation during those periods.

As of September 30, 2022, the Company has a valuation allowance of approximately $43,329,000 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. Despite recent positive operating results, the Company is in a cumulative loss position as of September 30, 2022, primarily due to tax deductions on 2020 and 2021 exercises of stock-based compensation. The Company faces uncertainties in forecasting its operating results due to supply and factory capacity constraints, certain process issues with the production of Advanced Products and the 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, as of September 30, 2022, 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 is still warranted as of September 30, 2022. 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 operating results continue, and the Company’s concerns about industry uncertainty and world events, supply and factory capacity constraints, 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. 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

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+ Details

Impact of Recently Issued Accounting Standards	9 Months Ended
Impact of Recently Issued Accounting Standards	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Impact of Recently Issued Accounting Standards	11. Impact of Recently Issued Accounting Standards New pronouncements issued but not effective until after September 30, 2022 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

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+ 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, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Numerator:

Net income (loss) attributable to Vicor Corporation

$ 1,792

$ 13,259

$ 17,384

$ 47,745

Denominator:

Denominator for basic net income per share-weighted average shares

^[1]

44,031

43,710

43,986

43,573

Effect of dilutive securities:

Employee stock options

^[2]

867

1,324

920

1,332

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

44,898

45,034

44,906

44,905

Basic net income (loss) per share

$ 0.04

$ 0.3

$ 0.4

$ 1.1

Diluted net income (loss) per share

$ 0.04

$ 0.29

$ 0.39

$ 1.06

[1]	Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding.
[2]	Options to purchase 1,037,640 and 772,240 shares of Common Stock for the three and nine months ended September 30, 2022, respectively, and options to purchase 76,114 and 134,822 shares of Common Stock for the three and nine months ended September 30, 2021, 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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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

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

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Income Statement [Abstract]

Net revenues

$ 103,118

$ 84,911

$ 293,586

$ 269,083

Cost of revenues

56,148

42,098

162,166

131,699

Gross margin

46,970

42,813

131,420

137,384

Operating expenses:

Selling, general and administrative

22,719

17,322

61,322

50,865

Research and development

14,747

13,519

44,516

39,818

Litigation-related

6,500

Total operating expenses

43,966

30,841

112,338

90,683

Income from operations

3,004

11,972

19,082

46,701

Other income (expense), net:

Total unrealized gains (losses) on available-for-sale securities, net

(87)

Less: portion of losses (gains) recognized in other comprehensive income

(36)

(78)

Net credit gains recognized in earnings

Other income (expense), net

(569)

393

(325)

996

Total other income (expense), net

(568)

394

(322)

999

Income before income taxes

2,436

12,366

18,760

47,700

Provision for income (benefit) taxes

641

(886)

1,395

(30)

Consolidated net income

1,795

13,252

17,365

47,730

Less: Net income (loss) attributable to noncontrolling interest

(7)

(19)

(15)

Net income attributable to Vicor Corporation

$ 1,792

$ 13,259

$ 17,384

$ 47,745

Net income per common share attributable to Vicor Corporation:

Basic

$ 0.04

$ 0.3

$ 0.4

$ 1.1

Diluted

$ 0.04

$ 0.29

$ 0.39

$ 1.06

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

Basic

^[1]

44,031

43,710

43,986

43,573

Diluted

44,898

45,034

44,906

44,905

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

Revenues - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
Revenues - Additional Information (Detail) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Deferred Revenue, Revenue Recognized	$ 1,149,000	$ 874,000	$ 2,015,000	$ 3,955,000

Short-Term and Long-Term Investments - Summary of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
US Treasury Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	$ 20,028	$ 45,238
Gross Unrealized Gains	0	0
Gross Unrealized Losses	79	23
Estimated Fair Value	19,949	45,215
Failed Auction Security [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	3,000	3,000
Gross Unrealized Losses	448	361
Estimated Fair Value	$ 2,552	$ 2,639

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022 (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, 2022

Cash equivalents:
Money market funds	$	120,217	$	—	$	—	$	120,217
Short-term investments:
U.S. Treasury Obligations		19,949		—		—		19,949
Long-term investment:
Failed Auction Security		—		—		2,552		2,552

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 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 December 31, 2021
Cash equivalents:
Money market funds	$	94,282	$	—	$	—	$	94,282
Short-term investments:
U.S. Treasury Obligations		45,215		—		—		45,215
Long-term investment:
Failed Auction Security		—		—		2,639		2,639

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

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, 2022 was as follows (in thousands):


Balance at the beginning of the period	$	2,639
Credit gain on available-for-sale security included in Other income (expense), net		3
Loss included in Other comprehensive income		(90	)

Balance at the end of the period	$	2,552

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

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, 2022 (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, 2022

Cash equivalents:
Money market funds	$	120,217	$	—	$	—	$	120,217
Short-term investments:
U.S. Treasury Obligations		19,949		—		—		19,949
Long-term investment:
Failed Auction Security		—		—		2,552		2,552

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 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 December 31, 2021
Cash equivalents:
Money market funds	$	94,282	$	—	$	—	$	94,282
Short-term investments:
U.S. Treasury Obligations		45,215		—		—		45,215
Long-term investment:
Failed Auction Security		—		—		2,639		2,639


Balance at the beginning of the period	$	2,639
Credit gain on available-for-sale security included in Other income (expense), net		3
Loss included in Other comprehensive income		(90	)

Balance at the end of the period	$	2,552

Management utilized a probability weighted discounted cash flow model to determine the estimated fair value as of September 30, 2022.

- 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

Short-Term and Long-Term Investments - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Unrealized Losses On Short Term And Long Term Investments [Line Items]
Short Term Investments	$ 19,949	$ 45,215
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	3,000
Period for which failed auction securities been in unrealized loss position	exceeds 12 months
Estimated Fair Value	$ 2,552	$ 2,639