James Schmidt
Corporate VP, CFO, Treasurer & Secretary at Vicor
Total operating expense increased 5% sequentially from the 2025 to $46,700,000 The sequential increase was primarily due to increase in selling, general and administrative expenses, which was primarily attributable to $5,100,000 of incentive legal fees associated with the patent litigation settlement. The amounts of total equity based compensation expense for Q2 included in cost of goods, SG and A, and R and D was $900,000 1,000,700 and $90,000 and $1,020,000 respectively, totaling approximately $3,700,000 Turning to income taxes, we recorded a tax provision for approximately $7,800,000 representing an effective tax rate for the quarter of 16%. Net income for Q2 totaled $41,200,000 GAAP diluted income per share was 91¢ based on the fully diluted share count of 45,077,000 shares. While royalties, legal expenses, and income from patent litigation have become part of Vicor's ordinary course of business, I will point out that without the patent litigation settlement, net q two revenue would have increased by approximately $2,000,000 gross margin would have increased by approximately 200 basis points, Operating expenses would have declined by approximately $3,000,000 and income before taxes would have increased from approximately $3,000,000 in q one to approximately $9,000,000 in q two. Turning to our cash flow and balance sheet, cash and cash equivalents totaled $338,500,000 in Q2, an increase of 42,400,000 sequentially and net of approximately $17,500,000 in share repurchases during the quarter.
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