Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Equity

10. Equity

Condensed Consolidated Statement of Changes in Equity

The changes in stockholders’ equity by component for the three and nine months ended September 30, 2023 and October 1, 2022, are as follows (in thousands):

	Three Months Ended September 30, 2023
	Common Stock and Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit			Total Stockholders’ Equity
Balance at July 1, 2023	$	208,698		$	(29,551	)	$	(190	)	$	(61,954	)	$	117,003
Common stock issued under employee plans		527			—			—			—			527
Shares withheld for net share settlement of RSUs		(120	)		—			—			—			(120	)
Equity-based compensation expense		317			—			—			—			317
Net loss		—			—			—			(1,576	)		(1,576	)
Other comprehensive income		—			—			86			—			86
Balance at September 30, 2023	$	209,422		$	(29,551	)	$	(104	)	$	(63,530	)	$	116,237

	Nine Months Ended September 30, 2023
	Common Stock and Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit			Total Stockholders’ Equity
Balance at December 31, 2022	$	206,381		$	(29,551	)	$	(193	)	$	(53,185	)	$	123,452
Common stock issued under employee plans		1,331			—			—			—			1,331
Shares withheld for net share settlement of RSUs		(1,683	)		—			—			—			(1,683	)
Equity-based compensation expense		3,393			—			—			—			3,393
Net loss		—			—			—			(10,345	)		(10,345	)
Other comprehensive income		—			—			89			—			89
Balance at September 30, 2023	$	209,422		$	(29,551	)	$	(104	)	$	(63,530	)	$	116,237

	Three Months Ended October 1, 2022
	Common Stock and Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Loss			Accumulated Deficit			Total Stockholders’ Equity
Balance at July 2, 2022	$	201,503		$	(29,551	)	$	(9	)	$	(46,783	)	$	125,160
Common stock issued under employee plans		687			—			—			—			687
Shares withheld for net share settlement of RSUs		(63	)		—			—			—			(63	)
Equity-based compensation expense		2,209			—			—			—			2,209
Net loss		—			—			—			(3,236	)		(3,236	)
Other comprehensive loss		—			—			(458	)		—			(458	)
Balance at October 1, 2022	$	204,336		$	(29,551	)	$	(467	)	$	(50,019	)	$	124,299

	Nine Months Ended October 1, 2022
	Common Stock and Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit			Total Stockholders’ Equity
Balance at January 1, 2022	$	199,098		$	(29,551	)	$	578		$	(36,110	)	$	134,015
Common stock issued under employee plans		2,898			—			—			—			2,898
Shares withheld for net share settlement of RSUs		(358	)		—			—			—			(358	)
Equity-based compensation expense		2,698			—			—			—			2,698
Net loss		—			—			—			(13,909	)		(13,909	)
Other comprehensive loss		—			—			(1,045	)		—			(1,045	)
Balance at October 1, 2022	$	204,336		$	(29,551	)	$	(467	)	$	(50,019	)	$	124,299

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) by component for the three and nine months ended September 30, 2023 and October 1, 2022, are as follows.

	Three Months Ended									Nine Months Ended
	September 30, 2023
	Foreign currency			Unrealized holding gains (losses) on available-for-sale investments			Total			Foreign currency			Unrealized holding gains (losses) on available-for-sale investments			Total
	(In thousands)
Beginning balance	$	72		$	(262	)	$	(190	)	$	291		$	(484	)	$	(193	)
Other comprehensive income (loss) before reclassification		(15	)		101			86			(234	)		323			89
Amounts reclassified from other comprehensive income (loss)		—			—			—			—			—			—
Net current-period other comprehensive income (loss)		(15	)		101			86			(234	)		323			89
Ending balance	$	57		$	(161	)	$	(104	)	$	57		$	(161	)	$	(104	)

	Three Months Ended									Nine Months Ended
	October 1, 2022
	Foreign currency			Unrealized holding losses on available-for-sale investments			Total			Foreign currency			Unrealized holding losses on available-for-sale investments			Total
	(In thousands)
Beginning balance	$	356		$	(365	)	$	(9	)	$	608		$	(30	)	$	578
Other comprehensive loss before reclassification		(247	)		(225	)		(472	)		(499	)		(560	)		(1,059	)
Amounts reclassified from other comprehensive loss		14			—			14			14			—			14
Net current-period other comprehensive loss		(233	)		(225	)		(458	)		(485	)		(560	)		(1,045	)
Ending balance	$	123		$	(590	)	$	(467	)	$	123		$	(590	)	$	(467	)

Stock Repurchase Program

On November 21, 2013, Intevac announced that its Board of Directors approved a stock repurchase program authorizing up to $30.0 million in repurchases. On August 20, 2018, Intevac announced that its Board of Directors approved a $10.0 million increase to the original stock repurchase program for an aggregate authorized amount of up to $40.0 million. At September 30, 2023, $10.4 million remains available for future stock repurchases under the repurchase program. Intevac did not make any common stock repurchases during the three and nine months ended September 30, 2023 and October 1, 2022.

Intevac records treasury stock purchases under the cost method using the first-in, first-out method. Upon reissuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid-in capital. If Intevac reissues treasury stock at an amount below its acquisition cost and additional paid-in capital associated with prior treasury stock transactions is insufficient to cover the difference between the acquisition cost and the reissue price, this difference is recorded against the accumulated deficit.