0001193125-23-134082 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 24, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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		32,471,065
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,743,218

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 192,897	$ 190,611
Accounts receivable, net	61,061	65,429
Inventories	107,382	101,410
Other current assets	5,030	5,154
Total current assets	366,370	362,604
Long-term deferred tax assets, net	280	280
Long-term investment, net	2,631	2,622
Property, plant and equipment, net	167,812	166,009
Other assets	7,162	5,386
Total assets	544,255	536,901
Current liabilities:
Accounts payable	16,790	22,207
Accrued compensation and benefits	11,324	10,849
Accrued litigation	6,500	6,500
Accrued expenses	4,769	8,613
Short-term lease liabilities	1,459	1,450
Sales allowances	2,389	1,661
Accrued severance and other charges	13	0
Income taxes payable	663	72
Short-term deferred revenue and customer prepayments	9,765	13,197
Total current liabilities	53,672	64,549
Long-term deferred revenue	2,183	145
Long-term income taxes payable	869	862
Long-term lease liabilities	6,872	7,009
Total liabilities	63,596	72,565
Commitments and contingencies (Note 10)
Vicor Corporation stockholders' equity:
Additional paid-in capital	365,442	360,365
Retained earnings	254,323	243,079
Accumulated other comprehensive loss	(993)	(988)
Treasury stock at cost: 11,634,806 shares in 2023 and 2022	(138,927)	(138,927)
Total Vicor Corporation stockholders' equity	480,405	464,088
Noncontrolling interest	254	248
Total equity	480,659	464,336
Total liabilities and equity	544,255	536,901
Class B Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	118	118
Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	$ 442	$ 441

Condensed Consolidated Balance Sheets (Parenthetical)	Mar. 31, 2023 Vote $ / shares shares	Dec. 31, 2022 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	11,743,218	11,743,218
Common Stock, shares outstanding	11,743,218	11,743,218
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	44,104,331	43,976,336
Common Stock, shares outstanding	32,469,525	32,341,530

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Income Statement [Abstract]

Net revenues

$ 97,816

$ 88,282

Cost of revenues

51,282

50,681

Gross margin

46,534

37,601

Operating expenses:

Selling, general and administrative

20,223

18,568

Research and development

15,869

14,253

Total operating expenses

36,092

32,821

Income from operations

10,442

4,780

Other income (expense), net:

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

(103)

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

(9)

104

Net credit gains recognized in earnings

Other income, net

1,950

161

Total other income, net

1,950

162

Income before income taxes

12,392

4,942

Provision (benefit) for income taxes

1,141

(48)

Consolidated net income

11,251

4,990

Less: Net income (loss) attributable to noncontrolling interest

(9)

Net income attributable to Vicor Corporation

$ 11,244

$ 4,999

Net income per common share attributable to Vicor Corporation:

Basic

$ 0.25

$ 0.11

Diluted

$ 0.25

$ 0.11

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

Basic

^[1]

44,162

43,952

Diluted

44,907

44,954

[1]	Denominator represents the 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

Mar. 31, 2023

Mar. 31, 2022

Statement of Comprehensive Income [Abstract]

Consolidated net income

$ 11,251

$ 4,990

Foreign currency translation losses, net of tax

^[1]

(15)

(194)

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

^[1]

(316)

Other comprehensive loss

(6)

(510)

Consolidated comprehensive income

11,245

4,480

Less: Comprehensive income (loss) attributable to noncontrolling interest

(23)

Comprehensive income attributable to Vicor Corporation

$ 11,239

$ 4,503

[1]

The deferred tax assets associated with foreign currency translation losses and unrealized

income (loss)

available-for-sale

securities are completely offset by a tax valuation allowance as of March 31, 2023 and 2022. Therefore, there is no income tax benefit (provision) recognized for the three months ended March 31, 2023 and 2022.

- 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.

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- 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 ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Recognized income tax benefit (provision)	$ 0	$ 0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Consolidated net income	$ 11,251	$ 4,990
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	4,199	3,296
Stock-based compensation expense	2,817	1,994
Increase (decrease) in long-term deferred revenue	2,038	(81)
Increase in other assets	33	62
Increase in long-term income taxes payable	7	5
Deferred income taxes	0	2
Credit gain on available-for-sale securities	0	(1)
Change in current assets and liabilities, net	(10,232)	(5,682)
Net cash provided by operating activities	10,113	4,585
Investing activities:
Sales or maturities of short-term investments	0	25,000
Additions to property, plant and equipment	(10,089)	(22,683)
Net cash (used for) provided by investing activities	(10,089)	2,317
Financing activities:
Proceeds from employee stock plans	2,261	1,810
Net cash provided by financing activities	2,261	1,810
Effect of foreign exchange rates on cash	1	(80)
Net increase in cash and cash equivalents	2,286	8,632
Cash and cash equivalents at beginning of period	190,611	182,418
Cash and cash equivalents at end of period	$ 192,897	$ 191,050

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive 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, 2021	$ 423,905	$ 439	$ 345,664	$ 217,633	$ (1,328)	$ (138,927)	$ 423,599	$ 306	$ 118
Issuance of Common Stock under employee stock plans	1,810	1	1,809				1,810
Stock-based compensation expense	1,994		1,994				1,994
Components of comprehensive income (loss), net of tax:
Net income (loss)	4,990			4,999			4,999	(9)
Other comprehensive loss	(510)				(496)		(496)	(14)
Total comprehensive income (loss)	4,480						4,503	(23)
Ending Balance at Mar. 31, 2022	432,189	440	349,467	222,632	(1,824)	(138,927)	431,906	283	118
Beginning Balance at Dec. 31, 2022	464,336	441	360,365	243,079	(988)	(138,927)	464,088	248	118
Issuance of Common Stock under employee stock plans	2,261	1	2,260				2,261
Stock-based compensation expense	2,817		2,817				2,817
Components of comprehensive income (loss), net of tax:
Net income (loss)	11,251			11,244			11,244	7
Other comprehensive loss	(6)				(5)		(5)	(1)
Total comprehensive income (loss)	11,245						11,239	6
Ending Balance at Mar. 31, 2023	$ 480,659	$ 442	$ 365,442	$ 254,323	$ (993)	$ (138,927)	$ 480,405	$ 254	$ 118

- Definition

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- 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.

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+ Details

Basis of Presentation

3 Months Ended

Mar. 31, 2023

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 months ended March 31, 2023 are not necessarily indicative of the results that may be expected for any other interim period or the year ending December 31, 2023. The balance sheet at December 31, 2022 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, 2022 filed by the Company with the SEC on February 28, 2023 (“2022 Form

10-K”).

Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

2.	Inventories

Inventories were as follows (in thousands):


	March 31, 2023		December 31, 2022
Raw materials	$	85,833	$	82,181
Work-in-process		12,101		10,456
Finished goods		9,448		8,773

	$	107,382	$	101,410

Long-Term Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Long-Term Investments

3.	Long-Term Investments

As of March 31, 2023 and December 31, 2022, the Company held one auction rate security with a par value of $3,000,000 and an estimated fair value of approximately $2,631,000 and $2,622,000, 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 March 31, 2023, 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 March 31, 2023.

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


	March 31, 2023
	Cash and Cash Equivalents		Long-Term Investment
Measured at fair value:
Available-for-sale debt securities:
Money market funds	$	144,725	$	—
Failed Auction Security		—		2,631

Total		144,725		2,631

Other measurement basis:
Cash on hand		48,172		—

Total	$	192,897	$	2,631


	December 31, 2022
	Cash and Cash Equivalents		Long-Term Investment
Measured at fair value:
Available-for-sale debt securities:
Money market funds	$	143,274	$	—
Failed Auction Security		—		2,622

Total		143,274		2,622

Other measurement basis:
Cash on hand		47,337		—

Total	$	190,611	$	2,622

The following is a summary of the

available-for-sale

securities (in thousands):


March 31, 2023	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Failed Auction Security	$	3,000		—		369	$	2,631


December 31, 2022	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Failed Auction Security		3,000		—		378		2,622

As of March 31, 2023, 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 March 31, 2023, by type and

contractual maturities, are shown below (in thousands):


	Cost		Estimated Fair Value
Failed Auction Security:

Due in twenty years	$	3,000	$	2,631

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

4.	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 March 31, 2023 (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 March 31, 2023
Cash equivalents:

Money market funds	$	144,725	$	—	$	—	$	144,725
Long-term investment:
Failed Auction Security		—		—		2,631		2,631

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 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 December 31, 2022
Cash equivalents:

Money market funds	$	143,274	$	—	$	—	$	143,274
Long-term investment:
Failed Auction Security		—		—		2,622		2,622

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 three months ended March 31, 2023 was as follows (in thousands):

Balance at the beginning of the period	$	2,622
Credit gain on available-for-sale security included in Other income (expense), net		9

Balance at the end of the period	$	2,631

Management utilized a probability weighted discounted cash flow model to determine the estimated fair value as of March 31, 2023.

- 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

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
	Brick Products		Advanced Products		Total
United States	$	21,256	$	13,710	$	34,966
Europe		7,546		4,027		11,573
Asia Pacific		16,847		33,444		50,291
All other		876		110		986

	$	46,525	$	51,291	$	97,816


	Three Months Ended March 31, 2022
	Brick Products		Advanced Products		Total
United States	$	14,061	$	10,626	$	24,687
Europe		7,042		2,768		9,810
Asia Pacific		13,521		39,495		53,016
All other		733		36		769

	$	35,357	$	52,925	$	88,282

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


	Three Months Ended March 31, 2023
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	30,486	$	42,013	$	72,499
Stocking distributors, net of sales allowances		15,737		5,052		20,789
Non-recurring engineering		302		2,128		2,430
Royalties		—		2,020		2,020
Other		—		78		78

	$	46,525	$	51,291	$	97,816


	Three Months Ended March 31, 2022
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	24,401	$	47,471	$	71,872
Stocking distributors, net of sales allowances		10,764		3,744		14,508
Non-recurring engineering		192		1,386		1,578
Royalties		—		306		306
Other		—		18		18

	$	35,357	$	52,925	$	88,282

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


	March 31, 2023			December 31, 2022			Change
Short-term deferred revenue and customer prepayments	$	(9,765	)	$	(13,197	)	$	3,432
Long-term deferred revenue		(2,183	)		(145	)		(2,038	)
Deferred expenses		98			577			(479	)
Sales allowances		(2,389	)		(1,661	)		(728	)

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 $

1,609,000

and $

155,000

for the three months ended March 31, 2023 and 2022, respectively, that was included in deferred revenue at the beginning of the 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
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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

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

Stock-Based Compensation

6.	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 March 31,
	2023		2022
Cost of revenues	$	486	$	251
Selling, general and administrative		1,520		1,207
Research and development		811		536

Total stock-based compensation	$	2,817	$	1,994

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


	Three Months Ended March 31,
	2023		2022
Stock options	$	2,496	$	1,759
ESPP		321		235

Total stock-based compensation	$	2,817	$	1,994

Rental Income

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and 2022.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

8.	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 March 31,
	2023			2022
Provision (benefit) for income taxes	$	1,141		$	(48	)
Effective income tax rate		9.2	%		(1.0	)%

The effective tax rates were lower than the statutory tax rates for the three months ended March 31, 2023 and 2022 primarily due to the Company’s full valuation allowance position against domestic deferred tax assets. The provision (benefit) for income taxes for the three months ended March 31, 2023 and 2022 included estimated federal, state and foreign income taxes in jurisdictions in which the Company does not have sufficient tax attributes.

As of March 31, 2023

the Company has a valuation allowance of approximately $47,413,000

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 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 March 31, 2023, 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 March 31, 2023. 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 Condensed 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. The IRS is in the process of closing examination of the 2019 tax year with no material adjustments. 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 https://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)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Income per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Income per Share

9.	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 March 31,
	2023		2022
Numerator:
Net income attributable to Vicor Corporation	$	11,244	$	4,999

Denominator:
Denominator for basic net income per share-weighted average shares (1)		44,162		43,952
Effect of dilutive securities:
Employee stock options (2)		745		1,002

Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions		44,907		44,954

Basic net income per share	$	0.25	$	0.11

Diluted net income per share	$	0.25	$	0.11

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

(2)	Options to purchase 1,035,618 and 291,880 shares of Common Stock for the three months ended March 31, 2023 and 2022, respectively, were not included in the calculations of net income per share as the effect would have been antidilutive.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10.	Commitments and Contingencies

At March 31, 2023, the Company had approximately $19,325,000 of cancelable and

non-cancelable

capital expenditure commitments, principally for manufacturing equipment, and approximately $2,083,000 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. On January 18, 2023, the United States Court of Appeals for the Federal Circuit issued a decision upholding a decision of the Patent Trial and Appeal Board of the USPTO invalidating all claims of the ‘290 patent

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.

On December 23, 2022, SynQor filed in the District Court (a) a motion for judgment as a matter of law that the Company infringed the ‘190 patent, (b) a motion requesting the District Court to award SynQor treble damages, as well as

pre-

and post-judgment interest, (c) a motion requesting the District Court to award SynQor its attorneys’ fees, and (d) a motion for a new trial. On December 23, 2022, the Company filed in the District Court (a) a motion requesting judgment as a matter of law that it did not infringe the ‘702 patent, and (b) a motion requesting judgment with respect to its defenses of equitable estoppel and waiver. The Court has not yet acted on any of these motions. To the extent that the District Court ultimately rules against the Company with respect to any of the aforementioned motions, the Company anticipates appealing those rulings to the United States Court of Appeals for the Federal Circuit. The Company similarly anticipates appealing the District Court’s order dismissing the Company’s Counterclaims against SynQor.

In accordance with applicable accounting standards, the Company 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.

Impact of Recently Issued Accounting Standards

3 Months Ended

Mar. 31, 2023

Accounting Changes and Error Corrections [Abstract]

Impact of Recently Issued Accounting Standards

11.	Impact of Recently Issued A ccou nting Standards

New pronouncements issued but not effective until after March 31, 2023 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
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+ Details

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories were as follows (in thousands):


	March 31, 2023		December 31, 2022
Raw materials	$	85,833	$	82,181
Work-in-process		12,101		10,456
Finished goods		9,448		8,773

	$	107,382	$	101,410

Long-Term Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Investment

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


	March 31, 2023
	Cash and Cash Equivalents		Long-Term Investment
Measured at fair value:
Available-for-sale debt securities:
Money market funds	$	144,725	$	—
Failed Auction Security		—		2,631

Total		144,725		2,631

Other measurement basis:
Cash on hand		48,172		—

Total	$	192,897	$	2,631


	December 31, 2022
	Cash and Cash Equivalents		Long-Term Investment
Measured at fair value:
Available-for-sale debt securities:
Money market funds	$	143,274	$	—
Failed Auction Security		—		2,622

Total		143,274		2,622

Other measurement basis:
Cash on hand		47,337		—

Total	$	190,611	$	2,622

Summary of Available-for-Sale Securities

The following is a summary of the

available-for-sale

securities (in thousands):


March 31, 2023	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Failed Auction Security	$	3,000		—		369	$	2,631


December 31, 2022	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Failed Auction Security		3,000		—		378		2,622

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 March 31, 2023, by type and

contractual maturities, are shown below (in thousands):


	Cost		Estimated Fair Value
Failed Auction Security:

Due in twenty years	$	3,000	$	2,631

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 (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 March 31, 2023
Cash equivalents:

Money market funds	$	144,725	$	—	$	—	$	144,725
Long-term investment:
Failed Auction Security		—		—		2,631		2,631

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 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 December 31, 2022
Cash equivalents:

Money market funds	$	143,274	$	—	$	—	$	143,274
Long-term investment:
Failed Auction Security		—		—		2,622		2,622

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

Balance at the beginning of the period	$	2,622
Credit gain on available-for-sale security included in Other income (expense), net		9

Balance at the end of the period	$	2,631

Revenues (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
	Brick Products		Advanced Products		Total
United States	$	21,256	$	13,710	$	34,966
Europe		7,546		4,027		11,573
Asia Pacific		16,847		33,444		50,291
All other		876		110		986

	$	46,525	$	51,291	$	97,816


	Three Months Ended March 31, 2022
	Brick Products		Advanced Products		Total
United States	$	14,061	$	10,626	$	24,687
Europe		7,042		2,768		9,810
Asia Pacific		13,521		39,495		53,016
All other		733		36		769

	$	35,357	$	52,925	$	88,282

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 March 31, 2023
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	30,486	$	42,013	$	72,499
Stocking distributors, net of sales allowances		15,737		5,052		20,789
Non-recurring engineering		302		2,128		2,430
Royalties		—		2,020		2,020
Other		—		78		78

	$	46,525	$	51,291	$	97,816


	Three Months Ended March 31, 2022
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	24,401	$	47,471	$	71,872
Stocking distributors, net of sales allowances		10,764		3,744		14,508
Non-recurring engineering		192		1,386		1,578
Royalties		—		306		306
Other		—		18		18

	$	35,357	$	52,925	$	88,282

Summary of Changes in Contract Assets And Liabilities

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


	March 31, 2023			December 31, 2022			Change
Short-term deferred revenue and customer prepayments	$	(9,765	)	$	(13,197	)	$	3,432
Long-term deferred revenue		(2,183	)		(145	)		(2,038	)
Deferred expenses		98			577			(479	)
Sales allowances		(2,389	)		(1,661	)		(728	)

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Stock-Based Compensation Expense

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


	Three Months Ended March 31,
	2023		2022
Cost of revenues	$	486	$	251
Selling, general and administrative		1,520		1,207
Research and development		811		536

Total stock-based compensation	$	2,817	$	1,994

Summary of Compensation Expense by Type of Award

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


	Three Months Ended March 31,
	2023		2022
Stock options	$	2,496	$	1,759
ESPP		321		235

Total stock-based compensation	$	2,817	$	1,994

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023			2022
Provision (benefit) for income taxes	$	1,141		$	(48	)
Effective income tax rate		9.2	%		(1.0	)%

Net Income per Share (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023		2022
Numerator:
Net income attributable to Vicor Corporation	$	11,244	$	4,999

Denominator:
Denominator for basic net income per share-weighted average shares (1)		44,162		43,952
Effect of dilutive securities:
Employee stock options (2)		745		1,002

Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions		44,907		44,954

Basic net income per share	$	0.25	$	0.11

Diluted net income per share	$	0.25	$	0.11

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

(2)	Options to purchase 1,035,618 and 291,880 shares of Common Stock for the three months ended March 31, 2023 and 2022, respectively, were not included in the calculations of net income per share as the effect would have been antidilutive.

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 85,833	$ 82,181
Work-in-process	12,101	10,456
Finished goods	9,448	8,773
Net balance	$ 107,382	$ 101,410

Long-Term Investments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Unrealized Losses On Short Term And Long Term Investments [Line Items]
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	$ 2,631,000	$ 2,622,000

Long-Term Investments - Summary of Investment (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	$ 192,897	$ 190,611
Other Long-term Investment [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	2,631	2,622
Auction Rate Securities [Member] \| Other Long-term Investment [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	2,631	2,622
Estimate of Fair Value Measurement [Member] \| Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	144,725	143,274
Estimate of Fair Value Measurement [Member] \| Other Long-term Investment [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	2,631	2,622
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	2,631	2,622
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	144,725	143,274
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	$ 48,172	$ 47,337

Long-Term Investments - Summary of Available-for-Sale Securities (Detail) - Failed Auction Security [Member] - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cost	$ 3,000,000	$ 3,000,000
Gross Unrealized Losses	369,000	378,000
Estimated Fair Value	$ 2,631,000	$ 2,622,000

Long-Term Investments - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturities (Detail) - Failed Auction Security [Member] $ in Thousands	Mar. 31, 2023 USD ($)
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	$ 2,631

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Long-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 2,631	$ 2,622
Failed Auction Security [Member] \| Other Long-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	2,631	2,622
Money market funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	144,725	143,274
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	144,725	143,274
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	$ 2,631	$ 2,622

Fair Value Measurements - Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Balance at the beginning of the period	$ 2,622
Credit gain on available-for-sale security included in Other income (expense), net	9
Balance at the end of the period	$ 2,631

Revenues - Summary of Net Revenues Disaggregated by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 97,816	$ 88,282
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	46,525	35,357
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	51,291	52,925
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue	34,966	24,687
United States [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	21,256	14,061
United States [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	13,710	10,626
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue	11,573	9,810
Europe [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	7,546	7,042
Europe [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	4,027	2,768
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue	50,291	53,016
Asia Pacific [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	16,847	13,521
Asia Pacific [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	33,444	39,495
All Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	986	769
All Other [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	876	733
All Other [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 110	$ 36

- 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
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-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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-Paragraph 1
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+ Details

Revenues - Summary of Net Revenues Disaggregated by Category (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 97,816	$ 88,282
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	46,525	35,357
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	51,291	52,925
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member]
Disaggregation of Revenue [Line Items]
Revenue	72,499	71,872
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	30,486	24,401
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	42,013	47,471
Stocking distributors, net of sales allowances [Member]
Disaggregation of Revenue [Line Items]
Revenue	20,789	14,508
Stocking distributors, net of sales allowances [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	15,737	10,764
Stocking distributors, net of sales allowances [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	5,052	3,744
Non-recurring engineering [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,430	1,578
Non-recurring engineering [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	302	192
Non-recurring engineering [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,128	1,386
Royalties [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,020	306
Royalties [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,020	306
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	78	18
Other [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 78	$ 18

- Definition

+ References

+ Details

Revenues - Summary of Changes in Certain Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Short-term deferred revenue and customer prepayments	$ (9,765)	$ (13,197)
Long-term deferred revenue	(2,183)	(145)
Deferred expenses	98	577
Sales allowances	(2,389)	$ (1,661)
Accounting Standards Update 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Short-term deferred revenue and customer prepayments	3,432
Long-term deferred revenue	(2,038)
Deferred expenses	(479)
Sales allowances	$ (728)

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Deferred Revenue, Revenue Recognized	$ 1,609,000	$ 155,000

Stock-Based Compensation and Employee Benefit Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,817	$ 1,994
Cost of Revenues [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	486	251
Selling, General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	1,520	1,207
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 811	$ 536

Stock-Based Compensation and Employee Benefit Plans - Summary of Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,817	$ 1,994
Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	2,496	1,759
ESPP [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 321	$ 235

Rental Income - Additional information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Lease income	$ 198,000	$ 198,000

Income Taxes - Additional Information (Detail)	Mar. 31, 2023 USD ($)
Income Tax Disclosure [Line Items]
Valuation allowance, deferred tax assets	$ 47,413,000

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Numerator:

Net income attributable to Vicor Corporation

$ 11,244

$ 4,999

Denominator:

Denominator for basic net income per share- weighted average shares

^[1]

44,162

43,952

Effect of dilutive securities:

Employee stock options

^[2]

745

1,002

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

44,907

44,954

Basic net income per share

$ 0.25

$ 0.11

Diluted net income per share

$ 0.25

$ 0.11

[1]	Denominator represents the weighted average number of shares of Common Stock and Class B Common Stock outstanding.
[2]	Options to purchase 1,035,618 and 291,880 shares of Common Stock for the three months ended March 31, 2023 and 2022, 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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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Net Income per Share - Summary of Computation Of Basic And Diluted Net Income (Loss) Per Share (Parenthetical) (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Options to purchase shares of Common Stock not included in the computation of diluted income (loss) per share	1,035,618	291,880

Income Taxes - Provision for Income Taxes and Effective Income Tax Rates (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 1,141	$ (48)
Effective income tax rate	9.20%	(1.00%)

- Definition

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

+ References + Details

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Capital expenditure commitments	$ 19,325,000
Capital expenditures incurred but not yet paid	2,083,000
Litigation related accrual amount	6,500,000
Estimated outcomes amount	0
Infringement Of702 Patent [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value	$ 6,500,000