Company Quick10K Filing
Novanta
Price83.62 EPS1
Shares36 P/E94
MCap2,976 P/FCF107
Net Debt166 EBIT39
TEV3,142 TEV/EBIT80
TTM 2019-09-27, in MM, except price, ratios
10-Q 2020-07-03 Filed 2020-08-06
10-Q 2020-04-03 Filed 2020-05-12
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-27 Filed 2019-11-05
10-Q 2019-06-28 Filed 2019-08-06
10-Q 2019-03-29 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-28 Filed 2018-11-06
10-Q 2018-06-29 Filed 2018-08-08
10-Q 2018-03-30 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-29 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-03-06
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-07-01 Filed 2016-08-02
10-Q 2016-04-01 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-02
10-Q 2015-10-02 Filed 2015-11-04
10-Q 2015-07-03 Filed 2015-08-05
10-Q 2015-04-03 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-03-09
10-Q 2014-09-26 Filed 2014-11-05
10-Q 2014-06-27 Filed 2014-08-06
10-Q 2014-03-28 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-03-13
10-Q 2013-09-27 Filed 2013-11-05
10-Q 2013-06-28 Filed 2013-08-06
10-Q 2013-03-29 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-18
10-Q 2012-09-28 Filed 2012-11-07
10-Q 2012-06-29 Filed 2012-08-07
10-Q 2012-03-30 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-03-14
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-07-01 Filed 2011-08-11
10-Q 2011-04-01 Filed 2011-05-16
10-K 2010-12-31 Filed 2011-03-30
10-Q 2010-10-01 Filed 2010-12-13
10-Q 2010-07-02 Filed 2010-12-13
10-Q 2010-04-02 Filed 2010-12-13
10-K 2009-12-31 Filed 2010-10-01
10-Q 2009-10-02 Filed 2010-10-01
10-Q 2009-07-03 Filed 2010-10-01
10-Q 2009-04-03 Filed 2010-10-01
10-K 2008-12-31 Filed 2010-04-13
10-Q 2008-09-26 Filed 2010-04-13
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-06-22
8-K 2020-05-26
8-K 2020-05-12
8-K 2020-05-08
8-K 2020-04-08
8-K 2020-03-27
8-K 2020-02-26
8-K 2020-01-07
8-K 2019-12-31
8-K 2019-11-05
8-K 2019-08-06
8-K 2019-07-31
8-K 2019-05-09
8-K 2019-05-07
8-K 2019-02-27
8-K 2019-01-08
8-K 2018-11-06
8-K 2018-09-27
8-K 2018-08-24
8-K 2018-08-08
8-K 2018-05-10
8-K 2018-05-08
8-K 2018-02-28
8-K 2018-01-09

NOVT 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
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-10.1 novt-ex101_10.htm
EX-31.1 novt-ex311_9.htm
EX-31.2 novt-ex312_7.htm
EX-32.1 novt-ex321_6.htm
EX-32.2 novt-ex322_8.htm

Novanta Earnings 2020-07-03

Balance SheetIncome StatementCash Flow
0.90.70.50.40.20.02012201420172020
Assets, Equity
0.20.10.10.0-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

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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 July 3, 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 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 July 31, 2020, there were 35,155,466 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

  

29

 

 

 

ITEM 3.

  

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

  

43

 

 

 

ITEM 4.

  

CONTROLS AND PROCEDURES

  

43

 

 

PART II — OTHER INFORMATION

  

44

 

 

 

ITEM 1.

  

LEGAL PROCEEDINGS

  

44

 

 

 

ITEM 1A.

  

RISK FACTORS

  

44

 

 

 

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

  

47

 

 

 


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

NOVANTA INC.

CONSOLIDATED BALANCE SHEETS

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

(Unaudited)

 

 

July 3,

 

 

December 31,

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

97,494

 

 

$

78,944

 

Accounts receivable, net of allowance of $415 and $297, respectively

 

88,360

 

 

 

91,078

 

Inventories

 

107,380

 

 

 

116,618

 

Prepaid income taxes and income taxes receivable

 

6,720

 

 

 

5,905

 

Prepaid expenses and other current assets

 

10,423

 

 

 

11,967

 

Total current assets

 

310,377

 

 

 

304,512

 

Property, plant and equipment, net

 

75,276

 

 

 

77,556

 

Operating lease assets

 

34,300

 

 

 

35,180

 

Deferred tax assets

 

12,092

 

 

 

8,890

 

Other assets

 

2,995

 

 

 

2,713

 

Intangible assets, net

 

152,170

 

 

 

166,175

 

Goodwill

 

273,817

 

 

 

274,710

 

Total assets

$

861,027

 

 

$

869,736

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Current portion of long-term debt

$

5,054

 

 

$

5,031

 

Accounts payable

 

46,427

 

 

 

52,585

 

Income taxes payable

 

4,790

 

 

 

1,861

 

Current portion of operating lease liabilities

 

4,875

 

 

 

5,043

 

Accrued expenses and other current liabilities

 

68,131

 

 

 

70,326

 

Total current liabilities

 

129,277

 

 

 

134,846

 

Long-term debt

 

211,946

 

 

 

215,334

 

Operating lease liabilities

 

33,400

 

 

 

34,108

 

Deferred tax liabilities

 

26,028

 

 

 

26,676

 

Income taxes payable

 

5,143

 

 

 

4,713

 

Other liabilities

 

23,335

 

 

 

36,887

 

Total liabilities

 

429,129

 

 

 

452,564

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

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

   Issued and outstanding: 35,155 and 35,052, respectively

 

423,856

 

 

 

423,856

 

Additional paid-in capital

 

45,338

 

 

 

49,748

 

Accumulated deficit

 

(14,712

)

 

 

(38,319

)

Accumulated other comprehensive loss

 

(22,584

)

 

 

(18,113

)

Total stockholders' equity

 

431,898

 

 

 

417,172

 

Total liabilities and stockholders’ equity

$

861,027

 

 

$

869,736

 

 

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

 

 

Six Months Ended

 

 

July 3,

 

 

June 28,

 

 

July 3,

 

 

June 28,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

$

144,728

 

 

$

155,145

 

 

$

300,196

 

 

$

312,331

 

Cost of revenue

 

86,026

 

 

 

89,363

 

 

 

177,049

 

 

 

180,260

 

Gross profit

 

58,702

 

 

 

65,782

 

 

 

123,147

 

 

 

132,071

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development and engineering

 

14,440

 

 

 

13,388

 

 

 

29,774

 

 

 

27,385

 

Selling, general and administrative

 

24,908

 

 

 

29,204

 

 

 

55,663

 

 

 

61,051

 

Amortization of purchased intangible assets

 

3,410

 

 

 

3,772

 

 

 

6,855

 

 

 

7,770

 

Restructuring, acquisition, and related costs

 

2,243

 

 

 

4,313

 

 

 

3,904

 

 

 

6,367

 

Total operating expenses

 

45,001

 

 

 

50,677

 

 

 

96,196

 

 

 

102,573

 

Operating income

 

13,701

 

 

 

15,105

 

 

 

26,951

 

 

 

29,498

 

Interest income (expense), net

 

(1,701

)

 

 

(2,160

)

 

 

(3,379

)

 

 

(4,204

)

Foreign exchange transaction gains (losses), net

 

(282

)

 

 

27

 

 

 

(28

)

 

 

68

 

Other income (expense), net

 

(22

)

 

 

(70

)

 

 

61

 

 

 

(138

)

Income before income taxes

 

11,696

 

 

 

12,902

 

 

 

23,605

 

 

 

25,224

 

Income tax provision (benefit)

 

36

 

 

 

2,522

 

 

 

(2

)

 

 

2,591

 

Consolidated net income

$

11,660

 

 

$

10,380

 

 

$

23,607

 

 

$

22,633

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share (Note 5):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.33

 

 

$

0.30

 

 

$

0.67

 

 

$

0.65

 

Diluted

$

0.33

 

 

$

0.29

 

 

$

0.66

 

 

$

0.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding—basic

 

35,137

 

 

 

34,998

 

 

 

35,145

 

 

 

34,981

 

Weighted average common shares outstanding—diluted

 

35,579

 

 

 

35,503

 

 

 

35,570

 

 

 

35,491

 

 

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

 

 

Six Months Ended

 

 

July 3,

 

 

June 28,

 

 

July 3,

 

 

June 28,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Consolidated net income

$

11,660

 

 

$

10,380

 

 

$

23,607

 

 

$

22,633

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of tax (1)

 

1,498

 

 

 

(2,662

)

 

 

(5,308

)

 

 

(323

)

Pension liability adjustments, net of tax (2)

 

100

 

 

 

553

 

 

 

837

 

 

 

570

 

Total other comprehensive income (loss)

 

1,598

 

 

 

(2,109

)

 

 

(4,471

)

 

 

247

 

Total consolidated comprehensive income (loss)

$

13,258

 

 

$

8,271

 

 

$

19,136

 

 

$

22,880

 

 

(1) 

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

(2) 

The tax effect on this component of comprehensive income 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

 

 

Accumulated

 

 

Accumulated Other Comprehensive

 

 

 

 

 

 

# of Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended July 3, 2020

 

Balance at April 3, 2020

 

35,122

 

 

$

423,856

 

 

$

39,801

 

 

$

(26,372

)

 

$

(24,182

)

 

$

413,103

 

Consolidated net income

 

 

 

 

 

 

 

 

 

 

11,660

 

 

 

 

 

 

11,660

 

Common shares issued under stock plans

 

34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares withheld for taxes on vested stock awards

 

(1

)

 

 

 

 

 

(111

)

 

 

 

 

 

 

 

 

(111

)

Share-based compensation

 

 

 

 

 

 

 

5,648

 

 

 

 

 

 

 

 

 

5,648

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

1,598

 

 

 

1,598

 

Balance at July 3, 2020

 

35,155

 

 

$

423,856

 

 

$

45,338

 

 

$

(14,712

)

 

$

(22,584

)

 

$

431,898

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended July 3, 2020

 

Balance at December 31, 2019

 

35,052

 

 

$

423,856

 

 

$

49,748

 

 

$

(38,319

)

 

$

(18,113

)

 

$

417,172

 

Consolidated net income

 

 

 

 

 

 

 

 

 

 

23,607

 

 

 

 

 

 

23,607

 

Common shares issued under stock plans

 

256

 

 

 

 

 

 

179

 

 

 

 

 

 

 

 

 

179

 

Common shares withheld for taxes on vested stock awards

 

(88

)

 

 

 

 

 

(7,936

)

 

 

 

 

 

 

 

 

(7,936

)

Repurchases of common shares

 

(65

)

 

 

 

 

 

(5,500

)

 

 

 

 

 

 

 

 

(5,500

)

Share-based compensation

 

 

 

 

 

 

 

8,847

 

 

 

 

 

 

 

 

 

8,847

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,471

)

 

 

(4,471

)

Balance at July 3, 2020

 

35,155

 

 

$

423,856

 

 

$

45,338

 

 

$

(14,712

)

 

$

(22,584

)

 

$

431,898

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 28, 2019

 

Balance at March 29, 2019

 

34,998

 

 

$

423,856

 

 

$

42,855

 

 

$

(66,839

)

 

$

(20,171

)

 

$

379,701

 

Consolidated net income

 

 

 

 

 

 

 

 

 

 

10,380

 

 

 

 

 

 

10,380

 

Common shares issued under stock plans

 

23