Company Quick10K Filing
Cognex
Price56.02 EPS1
Shares175 P/E48
MCap9,819 P/FCF39
Net Debt-845 EBIT163
TEV8,974 TEV/EBIT55
TTM 2019-12-31, in MM, except price, ratios
10-Q 2020-06-28 Filed 2020-07-29
10-Q 2020-03-29 Filed 2020-04-27
10-K 2019-12-31 Filed 2020-02-13
10-Q 2019-09-29 Filed 2019-10-28
10-Q 2019-06-30 Filed 2019-07-29
10-Q 2019-03-31 Filed 2019-04-29
10-K 2018-12-31 Filed 2019-02-14
10-Q 2018-09-30 Filed 2018-10-29
10-Q 2018-07-01 Filed 2018-07-30
10-Q 2018-04-01 Filed 2018-04-30
10-K 2017-12-31 Filed 2018-02-15
10-Q 2017-10-01 Filed 2017-10-30
10-Q 2017-07-02 Filed 2017-07-31
10-Q 2017-04-02 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-16
10-Q 2016-10-02 Filed 2016-10-31
10-Q 2016-07-03 Filed 2016-08-01
10-Q 2016-04-03 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-02-10
10-Q 2015-10-04 Filed 2015-11-02
10-Q 2015-07-05 Filed 2015-08-03
10-Q 2015-04-05 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-12
10-Q 2014-09-28 Filed 2014-10-27
10-Q 2014-06-29 Filed 2014-07-28
10-Q 2014-03-30 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-13
10-Q 2013-09-29 Filed 2013-10-28
10-Q 2013-06-30 Filed 2013-07-29
10-Q 2013-03-31 Filed 2013-04-29
10-K 2012-12-31 Filed 2013-02-11
10-Q 2012-09-30 Filed 2012-10-29
10-Q 2012-07-01 Filed 2012-07-30
10-Q 2012-04-01 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-02-09
10-Q 2011-10-02 Filed 2011-11-01
10-Q 2011-07-03 Filed 2011-08-01
10-Q 2011-04-03 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-02-10
10-Q 2010-10-03 Filed 2010-11-01
10-Q 2010-07-04 Filed 2010-08-02
10-Q 2010-04-04 Filed 2010-05-03
10-K 2009-12-31 Filed 2010-02-11
8-K 2020-07-29 Earnings, Other Events, Exhibits
8-K 2020-05-26
8-K 2020-04-27
8-K 2020-04-23
8-K 2020-03-12
8-K 2020-02-13
8-K 2019-10-28
8-K 2019-10-16
8-K 2019-07-29
8-K 2019-04-25
8-K 2019-04-25
8-K 2019-04-01
8-K 2019-02-14
8-K 2018-10-29
8-K 2018-07-30
8-K 2018-04-30
8-K 2018-04-25
8-K 2018-02-15
8-K 2018-02-15
8-K 2015-08-03
8-K 2015-07-06
8-K 2015-06-08
8-K 2015-05-04
8-K 2015-04-17
8-K 2015-02-07

CGNX 10Q Quarterly Report

Part I: Financial Information
Item 1: Financial Statements
Note 1: Summary of Significant Accounting Policies
Note 2: New Pronouncements
Note 3: Fair Value Measurements
Note 4: Cash, Cash Equivalents, and Investments
Note 5: Inventories
Note 6: Leases
Note 7: Goodwill
Note 8: Intangible Assets
Note 9: Warranty Obligations
Note 10: Derivative Instruments
Note 11: Revenue Recognition
Note 12: Stock - Based Compensation Expense
Note 13: Stock Repurchase Program
Note 14: Income Taxes
Note 15: Weighted - Average Shares
Note 16: Restructuring Charges
Note 17: Subsequent Events
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosures About Market Risk
Item 4: Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a6282020-10qxexhibit311.htm
EX-31.2 a6282020-10qxexhibit312.htm
EX-32.1 a6282020-10qxexhibit321.htm
EX-32.2 a6282020-10qxexhibit322.htm

Cognex Earnings 2020-06-28

Balance SheetIncome StatementCash Flow
1.91.51.10.80.40.02011201420172021
Assets, Equity
0.30.20.10.1-0.0-0.12011201420172021
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12011201420172021
Ops, Inv, Fin

cgnx-20200628
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 28, 2020 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 001-34218
COGNEX CORPORATION
(Exact name of registrant as specified in its charter)
Massachusetts 04-2713778
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)

One Vision Drive
Natick, Massachusetts 01760-2059
(508) 650-3000
(Address, including zip code, and telephone number, including area code, of principal executive offices)

Securities registered pursuant to the Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.002 per shareCGNXThe NASDAQ Stock Market LLC

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, a 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 (Check one):
Large accelerated filer  Accelerated filer
Non-accelerated filer  Smaller reporting company
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 Exchange Act).    
 Yes   No  
As of June 28, 2020, there were 173,047,292 shares of Common Stock, $.002 par value per share, of the registrant outstanding.



INDEX
 
PART IFINANCIAL INFORMATION
Financial Statements (interim periods unaudited)

2


PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS

COGNEX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
 
 Three-months EndedSix-months Ended
June 28, 2020June 30, 2019June 28, 2020June 30, 2019
 (unaudited)(unaudited)
Revenue$169,097  $199,047  $336,332  $372,531  
Cost of revenue50,320  50,967  91,520  97,251  
Gross margin118,777  148,080  244,812  275,280  
Research, development, and engineering expenses30,397  28,079  66,343  58,321  
Selling, general, and administrative expenses60,153  68,245  129,291  135,056  
Restructuring charges (Note 16)14,798    14,798    
Intangible asset impairment charges (Note 8)19,571    19,571    
Operating income (loss)(6,142) 51,756  14,809  81,903  
Foreign currency gain (loss)336  140  (2,667) (108) 
Investment income3,291  5,223  8,520  10,128  
Other income (expense)203  (144) 20  783  
Income (loss) before income tax expense (benefit)(2,312) 56,975  20,682  92,706  
Income tax expense (benefit)(1,170) 8,226  1,347  10,853  
Net income (loss)$(1,142) $48,749  $19,335  $81,853  
Net income (loss) per weighted-average common and common-equivalent share:
Basic$(0.01) $0.28  $0.11  $0.48  
Diluted$(0.01) $0.28  $0.11  $0.47  
Weighted-average common and common-equivalent shares outstanding:
Basic172,283  171,318  172,345  171,209  
Diluted172,283  175,448  175,499  175,528  
Cash dividends per common share$0.055  $0.050  $0.110  $0.100  












 
The accompanying notes are an integral part of these consolidated financial statements.
3


COGNEX CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
 
 Three-months EndedSix-months Ended
June 28, 2020June 30, 2019June 28, 2020June 30, 2019
 (unaudited)(unaudited)
Net income (loss)$(1,142) $48,749  $19,335  $81,853  
Other comprehensive income, net of tax:
Available-for-sale investments:
Net unrealized gain (loss), net of tax of ($836) and $239 in the three-month periods and net of tax of ($1,788) and $507 in the six-month periods, respectively12,451  2,311  8,590  4,562  
Reclassification of credit (recovery) loss on investments into current operations(85)   75    
Reclassification of net realized (gain) loss into current operations(955) (382) (2,805) (422) 
Net change related to available-for-sale investments11,411  1,929  5,860  4,140  
Foreign currency translation adjustments:
Foreign currency translation adjustments1,903  (663) (5,462) (445) 
Net change related to foreign currency translation adjustments1,903  (663) (5,462) (445) 
Other comprehensive income, net of tax13,314  1,266  398  3,695  
Total comprehensive income$12,172  $50,015  $19,733  $85,548  
















The accompanying notes are an integral part of these consolidated financial statements.
4


COGNEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
June 28, 2020December 31, 2019
 (unaudited) 
ASSETS
Current assets:
Cash and cash equivalents$286,021  $171,431  
Current investments, amortized cost of $141,874 and $235,610 in 2020 and 2019, respectively, allowance for expected credit losses of $0 in 2020 and 2019143,084  240,470  
Accounts receivable, less reserves of $2,235 and $1,821 in 2020 and 2019, respectively111,671  103,447  
Unbilled revenue978  4,782  
Inventories52,953  60,261  
Prepaid expenses and other current assets51,768  26,840  
Total current assets646,475  607,231  
Non-current investments, amortized cost of $461,948 and $431,633 in 2020 and 2019, respectively, allowance for expected credit losses of $75 and $0 in 2020 and 2019, respectively467,087  433,452  
Property, plant, and equipment, net83,936  89,443  
Operating lease assets25,819  17,522  
Goodwill242,436  243,445  
Intangible assets, net17,337  39,490  
Deferred income taxes443,732  449,519  
Other assets8,042  5,833  
Total assets$1,934,864  $1,885,935  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$17,999  $17,866  
Accrued expenses66,264  52,199  
Accrued income taxes5,952  30,333  
Deferred revenue and customer deposits46,738  14,432  
Operating lease liabilities7,628  5,647  
Total current liabilities144,581  120,477  
Non-current operating lease liabilities21,208  12,326  
Deferred income taxes326,295  332,344  
Reserve for income taxes12,302  11,563  
Non-current accrued income taxes48,915  51,113  
Other liabilities5,085  2,402  
Total liabilities558,386  530,225  
Shareholders’ equity:
Preferred stock, $.01 par value – Authorized: 400 shares in 2020 and 2019, respectively, no shares issued and outstanding    
Common stock, $.002 par value – Authorized: 300,000 shares in 2020 and 2019, respectively, issued and outstanding: 173,047 and 172,440 shares in 2020 and 2019, respectively346  345  
Additional paid-in capital710,412  639,372  
Retained earnings702,597  753,268  
Accumulated other comprehensive loss, net of tax(36,877) (37,275) 
Total shareholders’ equity1,376,478  1,355,710  
Total liabilities and shareholders' equity$1,934,864  $1,885,935  

The accompanying notes are an integral part of these consolidated financial statements.
5


COGNEX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 Six-months Ended
June 28, 2020June 30, 2019
 (unaudited)
Cash flows from operating activities:
Net income$19,335  $81,853  
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense22,808  23,248  
Depreciation of property, plant, and equipment11,162  10,537  
Amortization of intangible assets2,582  1,538  
Intangible asset impairment charges19,571    
Excess and obsolete inventory charges8,783  1,713  
Operating lease asset impairment charges2,534    
Amortization of discounts or premiums on investments328  (342) 
Realized gain on sale of investments(2,805) (422) 
Credit loss on investments75    
Revaluation of contingent consideration(114) (863) 
Change in deferred income taxes1,395  (1,311) 
Change in operating assets and liabilities:
Accounts receivable(8,957) 11,383  
Unbilled revenue3,804  (1,989) 
Inventories(1,664) 8,681  
Prepaid expenses and other current assets(25,461) (463) 
Accounts payable143  (4,528) 
Accrued expenses15,806  (12,270) 
Accrued income taxes(25,411) (4,000) 
Deferred revenue and customer deposits32,586  8,575  
Other2,520  (1,190) 
Net cash provided by operating activities79,020  120,150  
Cash flows from investing activities:
Purchases of investments(317,540) (664,896) 
Maturities and sales of investments387,765  587,175  
Purchases of property, plant, and equipment(6,985) (8,969) 
Net cash provided by (used in) investing activities63,240  (86,690) 
Cash flows from financing activities:
Issuance of common stock under stock plans48,235  26,417  
Repurchase of common stock(51,036) (61,690) 
Payment of dividends(18,972) (17,146) 
Payment of contingent consideration(1,039)   
Net cash provided by (used in) financing activities(22,812) (52,419) 
Effect of foreign exchange rate changes on cash and cash equivalents(4,858) (149) 
Net change in cash and cash equivalents114,590  (19,108) 
Cash and cash equivalents at beginning of period171,431  108,212  
Cash and cash equivalents at end of period$286,021  $89,104  


The accompanying notes are an integral part of these consolidated financial statements.
6


COGNEX CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands)
 Common StockAdditional
Paid-in Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
 SharesPar Value
Balance as of March 29, 2020171,688  $344  $664,132  $713,208  $(50,191) $1,327,493  
Issuance of common stock under stock plans1,359  2  38,262  —  —  38,264  
Repurchase of common stock    —    —    
Stock-based compensation expense—  —  8,018  —  —  8,018  
Payment of dividends—  —  —  (9,469) —  (9,469) 
Net income (loss)—  —  —  (1,142) —  (1,142) 
Net unrealized gain (loss) on available-for-sale investments, net of tax of ($836)—  —  —  —  12,451  12,451  
Reclassification of credit (recovery) loss on investments —  —  —  —  (85) (85) 
Reclassification of net realized (gain) loss on the sale of available-for-sale investments—  —  —  —  (955) (955) 
Foreign currency translation adjustment—  —  —  —  1,903  1,903  
Balance as of June 28, 2020 (unaudited)173,047  $346  $710,412  $702,597  $(36,877) $1,376,478  
 
 Common StockAdditional
Paid-in Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
 SharesPar Value
Balance as of March 31, 2019171,537  $343  $555,834  $670,754  $(38,072) $1,188,859  
Issuance of common stock under stock plans522  1  12,070  —  —  12,071  
Repurchase of common stock(1,398) (3) —  (61,687) —  (61,690) 
Stock-based compensation expense—  —  10,967  —  —  10,967  
Payment of dividends—  —  —  (8,582) —  (8,582) 
Net income—  —  —  48,749  —  48,749  
Net unrealized gain (loss) on available-for-sale investments, net of tax of $239—  —  —  —  2,311  2,311  
Reclassification of net realized (gain) loss on the sale of available-for-sale investments—  —  —  —  (382) (382) 
Foreign currency translation adjustment—  —  —  —  (663) (663) 
Balance as of June 30, 2019 (unaudited)170,661  $341  $578,871  $649,234  $(36,806) $1,191,640  





The accompanying notes are an integral part of these consolidated financial statements.
7



COGNEX CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands)
 Common StockAdditional
Paid-in Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
 SharesPar Value
Balance as of December 31, 2019172,440  $345  $639,372  $753,268  $(37,275) $1,355,710  
Issuance of common stock under stock plans1,822  3  48,232  —  —  48,235  
Repurchase of common stock(1,215) (2) —  (51,034) —  (51,036) 
Stock-based compensation expense—  —  22,808  —  —  22,808  
Payment of dividends—  —  —  (18,972) —  (18,972) 
Net income—  —  —  19,335  —  19,335  
Net unrealized gain (loss) on available-for-sale investments, net of tax of ($1,788)—  —  —  —  8,590  8,590  
Reclassification of credit loss on investments—  —  —  —  75  75  
Reclassification of net realized (gain) loss on the sale of available-for-sale investments—  —  —  —  (2,805) (2,805) 
Foreign currency translation adjustment—  —  —  —  (5,462) (5,462) 
Balance as of June 28, 2020 (unaudited)173,047  $346  $710,412  $702,597  $(36,877) $1,376,478  

 Common StockAdditional
Paid-in Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
 SharesPar Value
Balance as of December 31, 2018170,820  $342  $529,208  $646,214  $(40,501) $1,135,263  
Issuance of common stock under stock plans1,239  2  26,415  —  —  26,417  
Repurchase of common stock(1,398) (3) —  (61,687) —  (61,690) 
Stock-based compensation expense—  —  23,248  —  —  23,248  
Payment of dividends—  —  —  (17,146) —