Vicor Corporation (NASDAQ: VICR) today reported financial results
for the second quarter ended June 30, 2023. These results will be
discussed later today at 5:00 p.m. Eastern Time, during
management’s quarterly investor conference call. The details for
the call are below.
Revenues for the second quarter ended June 30,
2023 totaled $106.7 million, a 4.5% increase from $102.2 million
for the corresponding period a year ago, and a 9.1% sequential
increase from $97.8 million in the first quarter of 2023.
Gross margin increased to $55.2 million for the
second quarter of 2023, compared to $46.8 million for the
corresponding period a year ago, and increased sequentially from
$46.5 million for the first quarter of 2023. Gross margin, as a
percentage of revenue, increased to 51.7% for the second quarter of
2023, compared to 45.8% for the corresponding period a year ago,
and from 47.6% for the first quarter of 2023.
Net income for the second quarter was $17.1
million, or $0.38 per diluted share, compared to net income of
$10.6 million or $0.24 per diluted share, for the corresponding
period a year ago and net income of $11.2 million, or $0.25 per
diluted share, for the first quarter of 2023.
Cash flow from operations totaled $19.0 million
for the second quarter, compared to cash flow from operations of
$10.8 million for the corresponding period a year ago, and cash
flow from operations of $10.1 million in the first quarter of 2023.
Capital expenditures for the second quarter totaled $8.5 million,
compared to $14.2 million for the corresponding period a year ago
and $10.1 million for the first quarter of 2023. Cash and cash
equivalents as of June 30, 2023 increased 5.7% sequentially to
approximately $203.8 million compared to approximately $192.9
million as of March 31, 2023.
Backlog for the second quarter ended June 30,
2023 totaled $217.3 million, a 47.0% decrease from $410.0 million
for the corresponding period a year ago, and 19.9% sequential
decrease from $271.3 million at the end of the first quarter of
2023.
Commenting on second quarter performance, Chief
Executive Officer Dr. Patrizio Vinciarelli stated: “Q2 bookings
remained weak, ahead of production release of an AI platform with a
Lateral Power Distribution Network (“PDN”) using a 4G ChiP-set, now
expected to ramp in Q4. The same 4G ChiP-set will support a more
adept Lateral-Vertical PDN, enabling a reduction of nearly 100W in
total power consumption at heavy workloads and superior processor
performance.”
“Further performance improvements will be
enabled by 5G MCMs, raising current density by nearly 3X. High
current density is necessary for 2nd Gen VPD to circumvent the
stacking complexity and cost of 1st Gen VPD modules.”
“With the imminent completion of our first
foundry, with 5G FPA enabling scalable, high efficiency Vertical
Power Delivery (“VPD”), and with automotive electrification driving
broad acceptance of ChiPs, I am confident about Vicor’s future
growth and profitability.”
For more information on Vicor and its products,
please visit the Company’s website at www.vicorpower.com.
Earnings Conference Call
Vicor will be holding its investor conference
call today, Tuesday, July 25, 2023 at 5:00 p.m. Eastern Time. Vicor
encourages investors and analysts who intend to ask questions via
the conference call to register with BT Conferencing, the service
provider hosting the conference call. Those registering on BT
Conferencing’s website will receive a webinar link and dial-in
numbers. Registration may be completed at any time prior to 5:00
p.m. on July 25, 2023. Telephone participants who are unable to
register should dial 833-954-8887, followed by access code
26305285638 and passcode 95763875, before 5:00 p.m. (Eastern) on
July 25, 2023. For those parties interested in listen-only mode,
the conference call will be webcast via a link that will be posted
on the Investor Relations page of Vicor's website prior to the
conference call. Please access the website at least 15 minutes
prior to the conference call to register and, if necessary,
download and install any required software. For those who cannot
participate in the live conference call, a webcast replay of the
conference call will also be available on the Investor Relations
page of Vicor's website.
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Any statement in this
press release that is not a statement of historical fact is a
forward-looking statement, and, the words “believes,” “expects,”
“anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,”
“will,” “would,” “should,” “continue,” “prospective,” “project,”
and other similar expressions identify forward-looking statements.
Forward-looking statements also include statements regarding
bookings, shipments, revenue, profitability, targeted markets,
increase in manufacturing capacity and utilization thereof, future
products and capital resources. These statements are based upon
management’s current expectations and estimates as to the
prospective events and circumstances that may or may not be within
the company’s control and as to which there can be no assurance.
Actual results could differ materially from those projected in the
forward-looking statements as a result of various factors,
including those economic, business, operational and financial
considerations set forth in Vicor’s Annual Report on Form 10-K for
the year ended December 31, 2022, under Part I, Item I —
“Business,” under Part I, Item 1A — “Risk Factors,” under
Part I, Item 3 — “Legal Proceedings,” and under
Part II, Item 7 — “Management’s Discussion and Analysis
of Financial Condition and Results of Operations.” The risk factors
set forth in the Annual Report on Form 10-K may not be exhaustive.
Therefore, the information contained in the Annual Report on Form
10-K should be read together with other reports and documents filed
with the Securities and Exchange Commission from time to time,
including Forms 10-Q, 8-K and 10-K, which may supplement, modify,
supersede or update those risk factors. Vicor does not undertake
any obligation to update any forward-looking statements as a result
of future events or developments.
Vicor Corporation designs, develops,
manufactures, and markets modular power components and complete
power systems based upon a portfolio of patented technologies.
Headquartered in Andover, Massachusetts, Vicor sells its products
to the power systems market, including enterprise and high
performance computing, industrial equipment and automation,
telecommunications and network infrastructure, vehicles and
transportation, and aerospace and defense electronics.
For further information contact:
James F. Schmidt, Chief Financial OfficerOffice:
(978) 470-2900Email: invrel@vicorpower.com
VICOR CORPORATION |
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CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
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(Thousands except for per share amounts) |
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QUARTER ENDED |
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SIX MONTHS ENDED |
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(Unaudited) |
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(Unaudited) |
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JUNE 30, |
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JUNE 30, |
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JUNE 30, |
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JUNE 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Net revenues |
$ |
106,747 |
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$ |
102,186 |
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$ |
204,563 |
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$ |
190,468 |
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Cost of revenues |
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51,574 |
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55,337 |
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102,856 |
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106,018 |
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Gross margin |
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55,173 |
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46,849 |
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101,707 |
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84,450 |
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Operating expenses: |
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Selling, general and administrative |
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20,375 |
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20,035 |
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40,598 |
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38,603 |
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Research and development |
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16,935 |
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15,516 |
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32,804 |
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29,769 |
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Total operating expenses |
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37,310 |
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35,551 |
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73,402 |
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68,372 |
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Income from operations |
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17,863 |
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11,298 |
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28,305 |
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16,078 |
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Other income (expense), net |
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1,776 |
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84 |
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3,726 |
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246 |
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Income before income taxes |
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19,639 |
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11,382 |
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32,031 |
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16,324 |
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Less: Provision for income taxes |
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2,537 |
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|
802 |
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3,678 |
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754 |
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Consolidated net income |
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17,102 |
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10,580 |
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28,353 |
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15,570 |
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Less: Net income (loss) attributable to noncontrolling
interest |
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1 |
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(13 |
) |
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8 |
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(22 |
) |
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Net income attributable to Vicor Corporation |
$ |
17,101 |
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$ |
10,593 |
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$ |
28,345 |
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$ |
15,592 |
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Net income per share attributable to Vicor
Corporation: |
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Basic |
$ |
0.39 |
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$ |
0.24 |
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$ |
0.64 |
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$ |
0.35 |
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Diluted |
$ |
0.38 |
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$ |
0.24 |
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$ |
0.63 |
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$ |
0.35 |
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Shares outstanding: |
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Basic |
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44,230 |
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43,973 |
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44,196 |
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43,963 |
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Diluted |
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44,906 |
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44,866 |
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44,907 |
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44,910 |
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VICOR CORPORATION |
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CONDENSED CONSOLIDATED BALANCE SHEET |
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(Thousands) |
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JUNE 30, |
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DEC 31, |
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2023 |
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2022 |
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(Unaudited) |
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(Unaudited) |
Assets |
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Current assets: |
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Cash and cash equivalents |
$ |
203,829 |
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$ |
190,611 |
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Accounts receivable, net |
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63,818 |
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65,429 |
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Inventories |
|
106,606 |
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101,410 |
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Other current assets |
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4,533 |
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5,154 |
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Total current assets |
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378,786 |
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362,604 |
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Long-term deferred tax assets |
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343 |
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280 |
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Long-term investment, net |
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2,591 |
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2,622 |
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Property, plant and equipment, net |
|
169,401 |
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|
166,009 |
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Other assets |
|
9,540 |
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|
5,386 |
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Total assets |
$ |
560,661 |
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$ |
536,901 |
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Liabilities and Equity |
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Current liabilities: |
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Accounts payable |
$ |
15,325 |
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$ |
22,207 |
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Accrued compensation and benefits |
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12,103 |
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10,849 |
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Accrued expenses |
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4,284 |
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8,613 |
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Accrued litigation |
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6,500 |
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6,500 |
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Sales allowances |
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2,571 |
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1,661 |
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Short-term lease liabilities |
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1,749 |
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1,450 |
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Income taxes payable |
|
824 |
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72 |
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Short-term deferred revenue and customer
prepayments |
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6,620 |
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13,197 |
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Total current liabilities |
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49,976 |
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64,549 |
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Long-term deferred revenue |
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1,761 |
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|
145 |
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Long-term income taxes payable |
|
875 |
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|
862 |
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Long-term lease liabilities |
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7,030 |
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|
7,009 |
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Total liabilities |
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59,642 |
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|
72,565 |
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Equity: |
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Vicor Corporation stockholders' equity: |
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Capital stock |
|
369,475 |
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360,924 |
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Retained earnings |
|
271,424 |
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|
243,079 |
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Accumulated other comprehensive loss |
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(1,195 |
) |
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|
(988 |
) |
Treasury stock |
|
(138,927 |
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(138,927 |
) |
Total Vicor Corporation stockholders' equity |
|
500,777 |
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|
464,088 |
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Noncontrolling interest |
|
242 |
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|
248 |
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Total equity |
|
501,019 |
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|
|
464,336 |
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Total liabilities and equity |
$ |
560,661 |
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|
$ |
536,901 |
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Grafico Azioni Vicor (NASDAQ:VICR)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Vicor (NASDAQ:VICR)
Storico
Da Mag 2023 a Mag 2024