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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 1, 2021 

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 No.: 001-35083

 

NOVANTA INC.

(Exact name of registrant as specified in its charter)

  

New Brunswick, Canada

 

98-0110412

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

125 Middlesex Turnpike

Bedford, Massachusetts, USA

 

01730

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (781) 266-5700

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

 

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 shares, no par value

 

NOVT

 

The Nasdaq Global Select Market

 

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.

 

 

 

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 October 27, 2021, there were 35,599,658 of the Registrant’s common shares, no par value, issued and outstanding.

 

 

 


 

 

NOVANTA INC.

TABLE OF CONTENTS

 

Item No.

 

  

Page
No.

 

 

PART I — FINANCIAL INFORMATION

  

1

 

 

 

ITEM 1.

  

FINANCIAL STATEMENTS

  

1

 

 

 

 

  

CONSOLIDATED BALANCE SHEETS (unaudited)

  

1

 

 

 

 

  

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

  

2

 

 

 

 

  

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

  

3

 

 

 

 

 

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)

 

4

 

 

 

 

 

 

  

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

  

5

 

 

 

 

  

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

  

6

 

 

 

ITEM 2.

  

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

  

31

 

 

 

ITEM 3.

  

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

  

44

 

 

 

ITEM 4.

  

CONTROLS AND PROCEDURES

  

44

 

 

PART II — OTHER INFORMATION

  

45

 

 

 

ITEM 1.

  

LEGAL PROCEEDINGS

  

45

 

 

 

ITEM 1A.

  

RISK FACTORS

  

45

 

 

 

ITEM 2.

  

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

  

45

 

 

 

ITEM 3.

  

DEFAULTS UPON SENIOR SECURITIES

  

45

 

 

 

ITEM 4.

  

MINE SAFETY DISCLOSURES

  

45

 

 

 

ITEM 5.

  

OTHER INFORMATION

  

45

 

 

 

ITEM 6.

  

EXHIBITS

  

46

 

 

SIGNATURES

  

48

 

 

 

 


 

 

 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

NOVANTA INC.

CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars or shares)

(Unaudited)

 

 

October 1,

 

 

December 31,

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

102,395

 

 

$

125,054

 

Accounts receivable, net of allowance of $498 and $274, respectively

 

112,080

 

 

 

75,054

 

Inventories

 

119,422

 

 

 

92,737

 

Prepaid income taxes and income taxes receivable

 

7,252

 

 

 

3,203

 

Prepaid expenses and other current assets

 

12,163

 

 

 

8,125

 

Total current assets

 

353,312

 

 

 

304,173

 

Property, plant and equipment, net

 

86,279

 

 

 

78,676

 

Operating lease assets

 

43,459

 

 

 

34,444

 

Deferred tax assets

 

411

 

 

 

10,491

 

Other assets

 

2,809

 

 

 

2,894

 

Intangible assets, net

 

231,027

 

 

 

148,521

 

Goodwill

 

492,940

 

 

 

285,980

 

Total assets

$

1,210,237

 

 

$

865,179

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Current portion of long-term debt

$

5,207

 

 

$

5,508

 

Accounts payable

 

65,012

 

 

 

42,966

 

Income taxes payable

 

5,674

 

 

 

5,787

 

Current portion of operating lease liabilities

 

7,575

 

 

 

6,188

 

Accrued expenses and other current liabilities

 

104,506

 

 

 

53,780

 

Total current liabilities

 

187,974

 

 

 

114,229

 

Long-term debt

 

441,831

 

 

 

194,927

 

Operating lease liabilities

 

40,850

 

 

 

32,802

 

Deferred tax liabilities

 

21,936

 

 

 

24,134

 

Income taxes payable

 

5,789

 

 

 

5,112

 

Other liabilities

 

11,744

 

 

 

17,166

 

Total liabilities

 

710,124

 

 

 

388,370

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Preferred shares, no par value; Authorized shares: 7,000;

   No shares issued and outstanding

 

 

 

 

 

Common shares, no par value; Authorized shares: unlimited;

   Issued and outstanding: 35,600 and 35,163, respectively

 

423,856

 

 

 

423,856

 

Additional paid-in capital

 

48,489

 

 

 

58,992

 

Retained earnings

 

42,779

 

 

 

6,202

 

Accumulated other comprehensive loss

 

(15,011

)

 

 

(12,241

)

Total stockholders' equity

 

500,113

 

 

 

476,809

 

Total liabilities and stockholders’ equity

$

1,210,237

 

 

$

865,179

 

 

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


1


 

 

NOVANTA INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars or shares, except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

October 1,

 

 

October 2,

 

 

October 1,

 

 

October 2,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

$

177,726

 

 

$

142,929

 

 

$

507,833

 

 

$

443,125

 

Cost of revenue

 

101,428

 

 

 

83,824

 

 

 

290,389

 

 

 

260,873

 

Gross profit

 

76,298

 

 

 

59,105

 

 

 

217,444

 

 

 

182,252

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development and engineering

 

17,468

 

 

 

15,231

 

 

 

53,104

 

 

 

45,005

 

Selling, general and administrative

 

31,296

 

 

 

26,788

 

 

 

94,189

 

 

 

82,451

 

Amortization of purchased intangible assets

 

4,139

 

 

 

3,533

 

 

 

11,300

 

 

 

10,388

 

Restructuring, acquisition and related costs

 

8,120

 

 

 

1,687

 

 

 

16,485

 

 

 

5,591

 

Total operating expenses

 

61,023

 

 

 

47,239

 

 

 

175,078

 

 

 

143,435

 

Operating income

 

15,275

 

 

 

11,866

 

 

 

42,366

 

 

 

38,817

 

Interest income (expense), net

 

(1,710

)

 

 

(1,698

)

 

 

(4,496

)

 

 

(5,077

)

Foreign exchange transaction gains (losses), net

 

34

 

 

 

(136

)

 

 

(299

)

 

 

(164

)

Other income (expense), net

 

(71

)

 

 

(14

)

 

 

(238

)

 

 

47

 

Income before income taxes

 

13,528

 

 

 

10,018

 

 

 

37,333

 

 

 

33,623

 

Income tax provision (benefit)

 

(75

)

 

 

1,760

 

 

 

756

 

 

 

1,758

 

Consolidated net income

$

13,603

 

 

$

8,258

 

 

$

36,577

 

 

$

31,865

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share (Note 5):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.38

 

 

$

0.23

 

 

$

1.03

 

 

$

0.91

 

Diluted

$

0.38

 

 

$

0.23

 

 

$

1.02

 

 

$

0.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding—basic

 

35,447

 

 

 

35,142

 

 

 

35,366

 

 

 

35,144

 

Weighted average common shares outstanding—diluted

 

35,764

 

 

 

35,688

 

 

 

35,771

 

 

 

35,609

 

 

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

 

 


2


 

 

NOVANTA INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands of U.S. dollars)

(Unaudited)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

October 1,

 

 

October 2,

 

 

October 1,

 

 

October 2,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Consolidated net income

$

13,603

 

 

$

8,258

 

 

$

36,577

 

 

$

31,865

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of tax (1)

 

(3,248

)

 

 

4,302

 

 

 

(3,602

)

 

 

(1,006

)

Pension liability adjustments, net of tax (2)

 

448

 

 

 

(68

)

 

 

832

 

 

 

769

 

Total other comprehensive income (loss)

 

(2,800

)

 

 

4,234

 

 

 

(2,770

)

 

 

(237

)

Total consolidated comprehensive income

$

10,803

 

 

$

12,492

 

 

$

33,807

 

 

$

31,628

 

 

(1) 

The tax effect on this component of comprehensive income (loss) was nominal for all periods presented.

(2) 

The tax effect on this component of comprehensive income (loss) was nominal for all periods presented. See Note 4 for the total amount of pension liability adjustments reclassified out of accumulated other comprehensive income (loss).

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

 

 

3


 

 

NOVANTA INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands of U.S. dollars or shares)

(Unaudited)

 

 

Common Shares

 

 

Additional Paid-In

 

 

Retained

 

 

Accumulated Other Comprehensive

 

 

 

 

 

 

# of Shares

 

 

Amount

 

 

Capital

 

 

Earning (Deficit)

 

 

Loss

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended October 1, 2021

 

Balance at July 2, 2021

 

35,489

 

 

$

423,856

 

 

$

52,243

 

 

$

29,176

 

 

$

(12,211

)

 

$

493,064

 

Consolidated net income

 

 

 

 

 

 

 

 

 

 

13,603

 

 

 

 

 

 

13,603

 

Common shares issued under stock plans

 

199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares withheld for taxes on vested stock awards

 

(88

)

 

 

 

 

 

(12,244

)

 

 

 

 

 

 

 

 

(12,244

)

Share-based compensation

 

 

 

 

 

 

 

8,490

 

 

 

 

 

 

 

 

 

8,490

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,800

)

 

 

(2,800

)

Balance at October 1, 2021

 

35,600

 

 

$

423,856

 

 

$

48,489

 

 

$

42,779

 

 

$

(15,011

)

 

$

500,113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended October 1, 2021

 

Balance at December 31, 2020

 

35,163

 

 

$

423,856

 

 

$

58,992

 

 

$

6,202

 

 

$

(12,241

)

 

$

476,809

 

Consolidated net income

 

 

 

 

 

 

 

 

 

 

36,577

 

 

 

 

 

 

36,577

 

Common shares issued under stock plans

 

658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares withheld for taxes on vested stock awards

 

(221

)

 

 

 

 

 

(30,672

)

 

 

 

 

 

 

 

 

(30,672

)

Share-based compensation

 

 

 

 

 

 

 

20,169

 

 

 

 

 

 

 

 

 

20,169

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,770

)

 

 

(2,770

)

Balance at October 1, 2021

 

35,600

 

 

$

423,856

 

 

$

48,489

 

 

$

42,779

 

 

$

(15,011

)

 

$

500,113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended October 2, 2020

 

Balance at July 3, 2020

 

35,155

 

 

$

423,856

 

 

$

45,338

 

 

$

(14,712

)

 

$

(22,584

)

 

$

431,898

 

Consolidated net income

 

 

 

 

 

 

 

 

 

 

8,258

 

 

 

 

 

 

8,258

 

Common shares issued under stock plans

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares withheld for taxes on vested stock awards

 

(3

)

 

 

 

 

 

(366

)

 

 

 

 

 

 

 

 

(366

)

Share-based compensation

 

 

 

 

 

 

 

7,225

 

 

 

 

 

 

 

 

 

7,225

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

4,234

 

 

 

4,234

 

Balance at October 2, 2020

 

35,160

 

 

$

423,856

 

 

$

52,197

 

 

$

(6,454

)

 

$

(18,350

)

 

$

451,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended October 2, 2020

 

Balance at December 31, 2019

 

35,052

 

 

$

423,856

 

 

$

49,748

 

 

$

(38,319

)

 

$

(18,113

)

 

$

417,172

 

Consolidated net income

 

 

 

 

 

 

 

 

 

 

31,865

 

 

 

 

 

 

31,865

 

Common shares issued under stock plans

 

264

 

 

 

 

 

 

179

 

 

 

 

 

 

 

 

 

179

 

Common shares withheld for taxes on vested stock awards

 

(91

)

 

 

 

 

 

(8,302

)

 

 

 

 

 

 

 

 

(8,302

)

Repurchases of common shares

 

(65

)

 

 

 

 

 

(5,500

)