UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(MARK ONE)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 29, 2019
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ________to________
Commission file number 0-26946
INTEVAC, INC.
(Exact name of registrant as specified in its charter)
Delaware |
94-3125814 |
(State or other jurisdiction of |
(IRS Employer |
incorporation or organization) |
Identification No.) |
3560 Bassett Street
Santa Clara, California 95054
(Address of principal executive office, including Zip Code)
Registrant's telephone number, including area code: (408) 986-9888
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock ($0.001 par value) |
|
IVAC |
|
The Nasdaq Stock Market LLC (Nasdaq) Global Select |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer |
|
☐ |
|
Accelerated filer |
|
☒ |
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|
|
|
|
Non-accelerated filer |
|
☐ |
|
Smaller reporting company |
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☒ |
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|
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Emerging growth company |
|
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐Yes ☒ No
On July 24, 2019, 22,999,856 shares of the Registrant's Common Stock, $0.001 par value, were outstanding.
INDEX
No. |
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Page |
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PART I. FINANCIAL INFORMATION |
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Item 1. |
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3 |
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3 |
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4 |
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Condensed Consolidated Statements of Comprehensive Income (Loss) |
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5 |
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6 |
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7 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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27 |
Item 3. |
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34 |
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Item 4. |
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34 |
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PART II. OTHER INFORMATION |
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Item 1. |
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35 |
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Item 1A. |
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35 |
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Item 2. |
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41 |
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Item 3. |
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41 |
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Item 4. |
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41 |
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Item 5. |
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41 |
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Item 6. |
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42 |
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43 |
2
INTEVAC, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
June 29, 2019 |
|
|
December 29, 2018 |
|
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|
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(Unaudited) |
|
|||||
|
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(In thousands, except par value) |
|
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ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
23,531 |
|
|
$ |
18,715 |
|
Short-term investments |
|
|
13,311 |
|
|
|
16,076 |
|
Trade and other accounts receivable, net of allowances of $0 at both June 29, 2019 and at December 29, 2018 |
|
|
18,317 |
|
|
|
27,717 |
|
Inventories |
|
|
32,590 |
|
|
|
30,597 |
|
Prepaid expenses and other current assets |
|
|
1,997 |
|
|
|
2,528 |
|
Total current assets |
|
|
89,746 |
|
|
|
95,633 |
|
Long-term investments |
|
|
2,437 |
|
|
|
4,372 |
|
Restricted cash |
|
|
1,255 |
|
|
|
1,169 |
|
Property, plant and equipment, net |
|
|
11,055 |
|
|
|
11,198 |
|
Operating lease right-of-use-assets |
|
|
10,503 |
|
|
|
— |
|
Intangible assets, net of accumulated amortization of $7,806 at June 29, 2019 and $7,498 at December 29, 2018 |
|
|
581 |
|
|
|
889 |
|
Deferred income taxes and other long-term assets |
|
|
8,302 |
|
|
|
8,809 |
|
Total assets |
|
$ |
123,879 |
|
|
$ |
122,070 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
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Current liabilities: |
|
|
|
|
|
|
|
|
Current operating lease liabilities |
|
$ |
2,486 |
|
|
$ |
— |
|
Accounts payable |
|
|
5,708 |
|
|
|
6,053 |
|
Accrued payroll and related liabilities |
|
|
5,221 |
|
|
|
4,689 |
|
Other accrued liabilities |
|
|
4,100 |
|
|
|
4,952 |
|
Customer advances |
|
|
7,916 |
|
|
|
14,314 |
|
Total current liabilities |
|
|
25,431 |
|
|
|
30,008 |
|
Noncurrent liabilities: |
|
|
|
|
|
|
|
|
Noncurrent operating lease liabilities |
|
|
9,925 |
|
|
|
— |
|
Other long-term liabilities |
|
|
176 |
|
|
|
2,438 |
|
Total noncurrent liabilities |
|
|
10,101 |
|
|
|
2,438 |
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value |
|
|
23 |
|
|
|
23 |
|
Additional paid-in capital |
|
|
185,466 |
|
|
|
183,204 |
|
Treasury stock, 4,974 shares at June 29, 2019 and 4,965 shares at December 29, 2018 |
|
|
(29,089 |
) |
|
|
(29,047 |
) |
Accumulated other comprehensive income |
|
|
455 |
|
|
|
378 |
|
Accumulated deficit |
|
|
(68,508 |
) |
|
|
(64,934 |
) |
Total stockholders' equity |
|
|
88,347 |
|
|
|
89,624 |
|
Total liabilities and stockholders' equity |
|
$ |
123,879 |
|
|
$ |
122,070 |
|
Note: Amounts as of December 29, 2018 are derived from the December 29, 2018 audited consolidated financial statements.
See accompanying notes to the condensed consolidated financial statements.
3
INTEVAC, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
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Three Months Ended |
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Six Months Ended |
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June 29 2019 |
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June 30, 2018 |
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|
June 29 2019 |
|
|
June 30, 2018 |
|
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|
|
(Unaudited) |
|
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|
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(In thousands, except per share amounts) |
|
|||||||||||||
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systems and components |
|
$ |
17,237 |
|
|
$ |
23,335 |
|
|
$ |
38,874 |
|
|
$ |
38,807 |
|
Technology development |
|
|
5,077 |
|
|
|
2,763 |
|
|
|
8,267 |
|
|
|
5,265 |
|
Total net revenues |
|
|
22,314 |
|
|
|
26,098 |
|
|
|
47,141 |
|
|
|
44,072 |
|
Cost of net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systems and components |
|
|
10,462 |
|
|
|
13,868 |
|
|
|
25,560 |
|
|
|
24,596 |
|
Technology development |
|
|
3,495 |
|
|
|
2,469 |
|
|
|
5,984 |
|
|
|
4,840 |
|
Total cost of net revenues |
|
|
13,957 |
|
|
|
16,337 |
|
|
|
31,544 |
|
|
|
29,436 |
|
Gross profit |
|
|
8,357 |
|
|
|
9,761 |
|
|
|
15,597 |
|
|
|
14,636 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Research and development |
|
|
3,431 |
|
|
|
4,984 |
|
|
|
7,417 |
|
|
|
9,151 |
|
Selling, general and administrative |
|
|
5,854 |
|
|
|
4,712 |
|
|
|
11,105 |
|
|
|
10,541 |
|
Total operating expenses |
|
|
9,285 |
|
|
|
9,696 |
|
|
|
18,522 |
|
|
|
19,692 |
|
Income (loss) from operations |
|
|
(928 |
) |
|
|
65 |
|
|
|
(2,925 |
) |
|
|
(5,056 |
) |
Interest income and other income (expense), net |
|
|
163 |
|
|
|
133 |
|
|
|
322 |
|
|
|
278 |
|
Income (loss) before income taxes |
|
|
(765 |
) |
|
|
198 |
|
|
|
(2,603 |
) |
|
|
(4,778 |
) |
Provision for income taxes |
|
|
417 |
|
|
|
365 |
|
|
|
971 |
|
|
|
525 |
|
Net loss |
|
$ |
(1,182 |
) |
|
$ |
(167 |
) |
|
$ |
(3,574 |
) |
|
$ |
(5,303 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.24 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
22,991 |
|
|
|
22,461 |
|
|
|
22,923 |
|
|
|
22,284 |
|
See accompanying notes to the condensed consolidated financial statements.
4
INTEVAC, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
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Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
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June 29, 2019 |
|
|
June 30, 2018 |
|
|
June 29, 2019 |
|
|
June 30, 2018 |
|
||||
|
|
(Unaudited) |
|
|||||||||||||
|
|
(In thousands) |
|
|||||||||||||
Net loss |
|
$ |
(1,182 |
) |
|
$ |
(167 |
) |
|
$ |
(3,574 |
) |
|
$ |
(5,303 |
) |
Other comprehensive income (loss), before tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized net loss on available-for-sale investments |
|
|
32 |
|
|
|
22 |
|
|
|
77 |
|
|
|
(6 |
) |
Foreign currency translation gains (losses) |
|
|
(61 |
) |
|
|
(144 |
) |
|
|
— |
|
|
|
(40 |
) |
Other comprehensive income (loss), before tax |
|
|
(29 |
) |
|
|
(122 |
) |
|
|
77 |
|
|
|
(46 |
) |
Income taxes related to items in other comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other comprehensive income (loss), net of tax |
|
|
(29 |
) |
|
|
(122 |
) |
|
|
77 |
|
|
|
(46 |
) |
Comprehensive loss |
|
$ |
(1,211 |
) |
|
$ |
(289 |
) |
|
$ |
(3,497 |
) |
|
$ |
(5,349 |
) |
See accompanying notes to the condensed consolidated financial statements.
5
INTEVAC, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
Six Months Ended |
|
|||||
|
|
June 29, 2019 |
|
|
June 30, 2018 |
|
||
|
|
(Unaudited) |
|
|||||
|
|
(In thousands) |
|
|||||
Operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(3,574 |
) |
|
$ |
(5,303 |
) |
Adjustments to reconcile the net loss to net cash and cash equivalents generated by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,920 |
|
|
|
2,557 |
|
Net amortization of investment premiums and discounts |
|
|
(34 |
) |
|
|
(42 |
) |
Equity-based compensation |
|
|
1,509 |
|
|
|
1,602 |
|
Straight-line rent adjustment and amortization of lease incentives |
|
|
(158 |
) |
|
|
(67 |
) |
Change in the fair value of acquisition-related contingent consideration |
|
|
7 |
|
|
|
8 |
|
Deferred income taxes |
|
|
517 |
|
|
|
— |
|
Loss on disposal of fixed assets |
|
|
45 |
|
|
|
442 |
|
Changes in operating assets and liabilities |
|
|
776 |
|
|
|
(3,531 |
) |
Total adjustments |
|
|
4,582 |
|
|
|
969 |
|
Net cash and cash equivalents provided by (used in) operating activities |
|
|
1,008 |
|
|
|
(4,334 |
) |
Investing activities |
|
|
|
|
|
|
|
|
Purchases of investments |
|
|
(10,150 |
) |
|
|
(17,743 |
) |
Proceeds from sales and maturities of investments |
|
|
14,961 |
|
|
|
15,978 |
|
Purchases of leasehold improvements and equipment |
|
|
(1,398 |
) |
|
|
(1,375 |
) |
Net cash and cash equivalents provided by (used in) investing activities |
|
|
3,413 |
|
|
|
(3,140 |
) |
Financing activities |
|
|
|
|
|
|
|
|
Net proceeds from issuance of common stock |
|
|
1,021 |
|
|
|
2,118 |
|
Common stock repurchases |
|
|
(42 |
) |
|
|
— |
|
Taxes paid related to net share settlement |
|
|
(268 |
) |
|
|
(814 |
) |
Payment of acquisition-related contingent consideration |
|
|
(230 |
) |
|
|
— |
|
Net cash and cash equivalents provided by financing activities |
|
|
481 |
|
|
|
1,304 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
— |
|
|
|
(40 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
4,902 |
|
|
|
(6,210 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
19,884 |
|
|
|
20,941 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
24,786 |
|
|
$ |
14,731 |
|
See accompanying notes to the condensed consolidated financial statements.
6
INTEVAC, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Description of Business and Basis of Presentation
Intevac, Inc. (together with its subsidiaries “Intevac,” the “Company” or “we”) is a provider of vacuum deposition equipment for a wide variety of thin-film applications, and a leading provider of digital night-vision technologies and products to the defense industry. The Company leverages its core capabilities in high-volume manufacturing of small substrates to provide process manufacturing equipment solutions to the hard disk drive (“HDD”), display cover panel (“DCP”), and photovoltaic (“PV”) solar cell industries. Intevac also provides sensors, cameras and systems for government applications such as night vision. Intevac’s customers include manufacturers of hard disk media, DCPs and solar cells as well as the U.S. government and its agencies, allies and contractors. Intevac reports two segments: Thin-film Equipment (“TFE”) and Photonics.
In the opinion of management, except for the changes below, the unaudited interim condensed consolidated financial statements of Intevac included herein have been prepared on a basis consistent with the December 29, 2018 audited consolidated financial statements and include all material adjustments, consisting of normal recurring adjustments, necessary to fairly present the information set forth therein. The Company adopted Accounting Standards Codification (“ASC”) 842, Leases, with a date of the initial application of December 30, 2018. As a result, the Company has changed its accounting policy for leases as detailed in Note 10. Leases. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in Intevac’s Annual Report on Form 10-K for the fiscal year ended December 29, 2018 (“2018 Form 10-K”). Intevac’s results of operations for the three and six months ended June 29, 2019 are not necessarily indicative of future operating results.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates.
2. Recent Accounting Pronouncement
Adoption of New Accounting Standard
We adopted ASU No. 2016-02, Leases (Topic 842), as of December 30, 2018, using the modified retrospective approach. The modified retrospective approach provides a method for recording existing leases at the beginning of the period of adoption. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification, and we elected the hindsight practical expedient to determine the lease term for existing leases. We determined that most renewal options would not be reasonably certain in determining the expected lease term. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.
Adoption of the new standard resulted in the recording of net lease assets of $11.6 million and lease liabilities of $13.7 million, as of December 30, 2018. The standard did not have an impact on our consolidated results of operations or cash flows.
7
INTEVAC, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (Continued)
(Unaudited)
The effect of the changes made to our consolidated December 30, 2018 balance sheet for the adoption of the new lease standard was as follows (in thousands):
|
|
Balance at December 29, 2018 |
|
|
Adjustments Due to ASC 842 |
|
|
|
Balance at December 30, 2018 |
|
|||
Prepaid expenses and other current assets |
|
$ |
2,528 |
|
|
$ |
(221 |
) |
1 |
|
$ |
2,307 |
|
Total current assets |
|
$ |
95,633 |
|
|
$ |
(221 |
) |
1 |
|
$ |
95,412 |
|
Operating lease right-of-use assets |
|
$ |
— |
|
|
$ |
11,635 |
|
1,2,3 |
|
$ |
11,635 |
|
Total assets |
|
$ |
122,070 |
|
|
$ |
11,414 |
|
1,2,3 |
|
$ |
133,484 |
|
Current operating lease liabilities |
|
$ |
— |
|
|
$ |
2,581 |
|
5 |
|
$ |
2,581 |
|
Accounts payable |
|
$ |
6,053 |
|
|
$ |
(4 |
) |
4 |
|
$ |
6,049 |
|
Other accrued liabilities |
|
$ |
4,952 |
|
|
$ |
(13 |
) |
3 |
|
$ |
4,939 |
|
Total current liabilities |
|
$ |
30,008 |
|
|
$ |
2,564 |
|
3,4,5 |
|
$ |
32,572 |
|
Noncurrent operating lease liabilities |
|
$ |
— |
|
|
$ |
11,120 |
|
5 |
|
$ |
11,120 |
|
Other long-term liabilities |
|
$ |
2,438 |
|
|
$ |
(2,270 |
) |
3 |
|
$ |
168 |
|
Total non-current liabilities |
|
$ |
2,438 |
|
|
$ |
8,850 |
|
3,4,5 |
|
$ |
11,288 |
|
Total liabilities and stockholders' equity |
|
$ |
122,070 |
|
|
$ |
11,414 |
|
4,5 |
|
$ |
133,484 |
|
1 |
Represents prepaid rent reclassified to operating lease right-of-use assets. |
2 |
Represents capitalization of operating lease right-of-use assets and reclassification of straight-line rent accrual, and tenant incentives. |
3 |
Represents reclassification of straight-line rent accrual to operating lease right-of-use assets. |
4 |
Represents accrued rent reclassified to operating lease right-of-use assets. |
5 |
Represents recognition of operating lease liabilities. |
3. Revenue
The following tables represent a disaggregation of revenue from contracts with customers for the three and six months ended June 29, 2019 and June 30, 2018 along with the reportable segment for each category.
Major Products and Service Lines
TFE |
|
Three Months Ended June 29, 2019 |
|
|
Three Months Ended June 30, 2018 |
|
||||||||||||||||||||||||||
|
|
(In thousands) |
|
|||||||||||||||||||||||||||||
|
|
HDD |
|
|
DCP |
|
|
PV |
|
|
Total |
|
|
HDD |
|
|
DCP |
|
|
PV |
|
|
Total |
|
||||||||
Systems, upgrades and spare parts |
|
$ |
12,423 |
|
|
$ |
— |
|
|
$ |
18 |
|
|
$ |
12,441 |
|
|
$ |
19,221 |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
19,222 |
|
Field service |
|
|
821 |
|
|
|
2 |
|
|
|
— |
|
|
|
823 |
|
|
|
1,625 |
|
|
|
— |
|
|
|
1 |
|
|
|
1,626 |
|
Total TFE net revenues |
|
$ |
13,244 |
|
|
$ |
2 |
|
|
$ |
18 |
|
|
$ |
13,264 |
|
|
$ |
20,846 |
|
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
20,848 |
|
|
|
Six Months Ended June 29, 2019 |
|
|
Six Months Ended June 30, 2018 |
|
||||||||||||||||||||||||||
|
|
(In thousands) |
|
|||||||||||||||||||||||||||||
|
|
HDD |
|
|
DCP |
|
|
PV |
|
|
Total |
|
|
HDD |
|
|
DCP |
|
|
PV |
|
|
Total |
|
||||||||
Systems, upgrades and spare parts |
|
$ |
23,473 |
|
|
$ |
— |
|
|
$ |
6,391 |
|
|
$ |
29,864 |
|
|
$ |
29,614 |
|
|
$ |
1 |
|
|
$ |
3 |
|
|
$ |
29,618 |
|
Field service |
|
|
2,343 |
|
|
|
2 |
|
|
|
— |
|
|
|
2,345 |
|
|
|
3,980 |
|
|
|
— |
|
|
|
39 |
|
|
|
4,019 |
|
Total TFE net revenues |
|
$ |
25,816 |
|
|
$ |
2 |
|
|
$ |
6,391 |
|
|
$ |
32,209 |
|
|
$ |
33,594 |
|
|
$ |
1 |
|
|
$ |
42 |
|
|
$ |
33,637 |
|
8
INTEVAC, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (Continued)
(Unaudited)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
Photonics |
|
June 29, 2019 |
|
|
June 30, 2018 |
|
|
June 29, 2019 |
|
|
June 30, 2018 |
|
||||
|
|
(In thousands) |
|
|||||||||||||
Products: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Military products |
|
$ |
2,981 |
|
|
$ |
2,145 |
|
|
$ |
4,794 |
|
|
$ |
4,399 |
|
Commercial products |
|
|
182 |
|
|
|
54 |
|
|
|
500 |
|
|
|
54 |
|
Repair and other services |
|
|
810 |
|
|
|
288 |
|
|
|
1,371 |
|
|
|
717 |
|
Total Photonics product net revenues |
|
|
3,973 |
|
|
|
2,487 |
|
|
|
6,665 |
|
|
|
5,170 |
|
Technology development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Plus Fixed Fee (“CPFF”) |
|
|
1,992 |
|
|
|
2,220 |
|
|
|
3,488 |
|
|
|
4,010 |
|
Firm Fixed Price (“FFP”) |
|
|
3,085 |
|
|
|
540 |
|
|
|
4,777 |
|
|
|
1,232 |
|
Time and materials |
|
|
— |
|
|
|
3 |
|
|
|
2 |
|
|
|
23 |
|
Total technology development net revenues |
|
|
5,077 |
|
|
|
2,763 |
|
|
|
8,267 |
|
|
|
5,265 |
|
Total Photonics net revenues |
|
$ |
9,050 |
|
|
$ |
5,250 |
|
|
$ |
14,932 |
|
|
$ |
10,435 |
|
Primary Geographical Markets
|
|
Three Months Ended |
|
|
Three Months Ended |
|
||||||||||||||||||
|
|
June 29, 2019 |
|
|
June 30, 2018 |
|
||||||||||||||||||
|
|
(In thousands) |
|
|||||||||||||||||||||
|
|
TFE |
|
|
Photonics |
|
|
Total |
|
|
TFE |
|
|
Photonics |
|
|
Total |
|
||||||
United States |
|
$ |
356 |
|
|
$ |
8,811 |
|
|
$ |
9,167 |
|
|
$ |
1,351 |
|
|
$ |
4,998 |
|
|
$ |
6,349 |
|
Asia |
|
|
12,908 |
|
|
|
— |
|
|
|
12,908 |
|
|
|
19,497 |
|
|
|
31 |
|
|
|
19,528 |
|
Europe |
|
|
— |
|
|
|
239 |
|
|
|
239 |
|
|
|
— |
|
|
|
187 |
|
|
|
187 |
|
Rest of World |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34 |
|
|
|
34 |
|
Total net revenues |
|
$ |
13,264 |
|
|
$ |
9,050 |
|
|
$ |
22,314 |
|
|
$ |
20,848 |
|
|
$ |
5,250 |
|
|
$ |
26,098 |
|
|
|
Six Months Ended |
|
|
Six Months Ended |
|
||||||||||||||||||
|
|
June 29, 2019 |
|
|
June 30, 2018 |
|
||||||||||||||||||
|
|
(In thousands) |
|
|||||||||||||||||||||
|
|
TFE |
|
|
Photonics |
|
|
Total |
|
|
TFE |
|
|
Photonics |
|
|
Total |
|
||||||
United States |
|
$ |
517 |
|
|
$ |
14,527 |
|
|
$ |
15,044 |
|
|
$ |
3,262 |
|
|
$ |
9,760 |
|
|
$ |
13,022 |
|
Asia |
|
|
31,692 |
|
|
|
— |
|
|
|
31,692 |
|
|
|
30,375 |
|
|
|
31 |
|
|
|
30,406 |
|
Europe |
|
|
— |
|
|
|
405 |
|
|
|
405 |
|
|
|
— |
|
|
|
480 |
|
|
|
480 |
|
Rest of World |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
164 |
|
|
|
164 |
|
Total net revenues |
|
$ |
32,209 |
|
|
$ |
14,932 |
|
|
$ |
47,141 |
|
|
$ |
33,637 |
|
|
$ |
10,435 |
|
|
$ |
44,072 |
|
Timing of Revenue Recognition
|
|
Three Months Ended |
|
|
Three Months Ended |
|
||||||||||||||||||
|
|
June 29, 2019 |
|
|
June 30, 2018 |
|
||||||||||||||||||
|
|
(In thousands) |
|
|||||||||||||||||||||
|
|
TFE |
|
|
Photonics |
|
|
Total |
|
|
TFE |
|
|
Photonics |
|
|
Total |
|
||||||
Products transferred at a point in time |
|
$ |
13,264 |
|
|
$ |
810 |
|
|
$ |
14,074 |
|
|
$ |
20,848 |
|
|
$ |
288 |
|
|
$ |
21,136 |
|
Products and services transferred over time |
|
|
— |
|
|
|
8,240 |
|
|
|
8,240 |
|
|
|
— |
|
|
|
4,962 |
|
|
|
4,962 |
|
|
|
$ |
13,264 |
|
|
$ |
9,050 |
|
|
$ |
22,314 |
|
|
$ |
20,848 |
|
|
$ |
5,250 |
|
|
$ |
26,098 |
|
9
INTEVAC, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (Continued)
(Unaudited)
|
|
Six Months Ended |
|
|
Six Months Ended |
|
||||||||||||||||||
|
|
June 29, 2019 |
|
|
June 30, 2018 |
|
||||||||||||||||||
|
|
(In thousands) |
|
|||||||||||||||||||||
|
|
TFE |
|
|
Photonics |
|
|
Total |
|
|
TFE |
|
|
Photonics |
|
|
Total |
|
||||||
Products transferred at a point in time |
|
$ |
32,209 |
|
|
$ |
1,371 |
|
|
$ |
33,580 |
|
|
$ |
33,637 |
|
|
$ |
717 |
|
|
$ |
34,354 |
|
Products and services transferred over time |
|
|
— |
|
|
|
13,561 |
|
|
|
13,561 |
|
|
|
— |
|
|
|
9,718 |
|
|
|
9,718 |
|
|