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Table of Contents
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 October 1, 2022
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. 001-39110
ONTO INNOVATION INC.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
94-2276314 |
|
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification Number) |
16 Jonspin Road, Wilmington, Massachusetts 01887
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (978) 253-6200
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 Stock, $0.001 par value per share |
ONTO |
New York Stock Exchange (NYSE) |
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 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 ☒
The number of outstanding shares of the Registrant’s Common Stock on October 18, 2022 was 49,516,929.
Table of Contents
TABLE OF CONTENTS
|
|
|
|
Item No. |
|
Page |
|
|
PART I FINANCIAL INFORMATION |
|
|
|
|
|
|
Item 1. |
Financial Statements (unaudited) |
1 |
|
|
Condensed Consolidated Statements of Operations for the three and nine months ended October 1, 2022 and September 25, 2021 |
1 |
|
|
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 1, 2022 and September 25, 2021 |
2 |
|
|
Condensed Consolidated Balance Sheets at October 1, 2022 and January 1, 2022 |
3 |
|
|
Condensed Consolidated Statements of Cash Flows for the nine months ended October 1, 2022 and September 25, 2021 |
4 |
|
|
Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended October 1, 2022 and September 25, 2021 |
5 |
|
|
Notes to Condensed Consolidated Financial Statements |
7 |
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
18 |
|
Item 3. |
Quantitative and Qualitative Disclosures about Market Risk |
24 |
|
Item 4. |
Controls and Procedures |
24 |
|
|
|
|
|
|
PART II OTHER INFORMATION |
|
|
|
|
|
|
Item 1. |
Legal Proceedings |
24 |
|
Item 1A. |
Risk Factors |
24 |
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
40 |
|
Item 3. |
Defaults Upon Senior Securities |
41 |
|
Item 4. |
Mine Safety Disclosures |
41 |
|
Item 5. |
Other Information |
41 |
|
Item 6. |
Exhibits |
41 |
Signatures
Table of Contents
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
ONTO INNOVATION INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
October 1, |
|
|
September 25, |
|
|
October 1, |
|
|
September 25, |
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
Revenue |
|
$ |
254,253 |
|
|
$ |
200,589 |
|
|
$ |
751,913 |
|
|
$ |
563,255 |
|
|
Cost of revenue |
|
|
115,404 |
|
|
|
91,231 |
|
|
|
349,914 |
|
|
|
257,972 |
|
|
Gross profit |
|
|
138,849 |
|
|
|
109,358 |
|
|
|
401,999 |
|
|
|
305,283 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
32,150 |
|
|
|
23,811 |
|
|
|
84,128 |
|
|
|
71,282 |
|
|
Sales and marketing |
|
|
16,769 |
|
|
|
12,880 |
|
|
|
49,314 |
|
|
|
41,413 |
|
|
General and administrative |
|
|
16,801 |
|
|
|
16,548 |
|
|
|
51,594 |
|
|
|
48,362 |
|
|
Amortization |
|
|
13,822 |
|
|
|
12,993 |
|
|
|
41,461 |
|
|
|
37,674 |
|
|
Total operating expenses |
|
|
79,542 |
|
|
|
66,232 |
|
|
|
226,497 |
|
|
|
198,731 |
|
|
Operating income |
|
|
59,307 |
|
|
|
43,126 |
|
|
|
175,502 |
|
|
|
106,552 |
|
|
Interest income, net |
|
|
1,516 |
|
|
|
234 |
|
|
|
2,554 |
|
|
|
899 |
|
|
Other expense, net |
|
|
(962 |
) |
|
|
(291 |
) |
|
|
(2,025 |
) |
|
|
(1,824 |
) |
|
Income before provision for income taxes |
|
|
59,861 |
|
|
|
43,069 |
|
|
|
176,031 |
|
|
|
105,627 |
|
|
Provision for income taxes |
|
|
7,646 |
|
|
|
6,621 |
|
|
|
18,911 |
|
|
|
10,015 |
|
|
Net income |
|
$ |
52,215 |
|
|
$ |
36,448 |
|
|
$ |
157,120 |
|
|
$ |
95,612 |
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.05 |
|
|
$ |
0.74 |
|
|
$ |
3.17 |
|
|
$ |
1.94 |
|
|
Diluted |
|
$ |
1.05 |
|
|
$ |
0.73 |
|
|
$ |
3.15 |
|
|
$ |
1.92 |
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
49,680 |
|
|
|
49,361 |
|
|
|
49,582 |
|
|
|
49,190 |
|
|
Diluted |
|
|
49,949 |
|
|
|
49,762 |
|
|
|
49,928 |
|
|
|
49,684 |
|
The accompanying notes are an integral part of these financial statements.
1
Table of Contents
ONTO INNOVATION INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
October 1, |
|
|
September 25, |
|
|
October 1, |
|
|
September 25, |
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
Net income |
|
$ |
52,215 |
|
|
$ |
36,448 |
|
|
$ |
157,120 |
|
|
$ |
95,612 |
|
|
Other comprehensive loss, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in net unrealized gains (losses) on
available-for-sale marketable securities |
|
|
(1,007 |
) |
|
|
461 |
|
|
|
(3,456 |
) |
|
|
(237 |
) |
|
Change in currency translation adjustments |
|
|
(4,119 |
) |
|
|
55 |
|
|
|
(13,665 |
) |
|
|
(1,307 |
) |
|
Total other comprehensive loss, net of tax |
|
|
(5,126 |
) |
|
|
516 |
|
|
|
(17,121 |
) |
|
|
(1,544 |
) |
|
Total comprehensive income |
|
$ |
47,089 |
|
|
$ |
36,964 |
|
|
$ |
139,999 |
|
|
$ |
94,068 |
|
The accompanying notes are an integral part of these financial statements.
2
Table of Contents
ONTO INNOVATION INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
|
|
|
October 1,
2022 |
|
|
January 1,
2022 |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
200,383 |
|
|
$ |
169,602 |
|
|
Marketable securities |
|
|
352,329 |
|
|
|
341,741 |
|
|
Accounts receivable, less allowance of $1,182 and $1,303 |
|
|
235,527 |
|
|
|
177,205 |
|
|
|
Inventories, net |
|
|
307,864 |
|
|
|
243,108 |
|
|
Prepaid expenses and other current assets |
|
|
26,533 |
|
|
|
16,433 |
|
|
Total current assets |
|
|
1,122,636 |
|
|
|
948,089 |
|
|
Property, plant and equipment, net |
|
|
84,253 |
|
|
|
82,094 |
|
|
Goodwill |
|
|
315,811 |
|
|
|
315,811 |
|
|
Identifiable intangible assets, net |
|
|
235,970 |
|
|
|
277,281 |
|
|
Deferred income taxes |
|
|
4,287 |
|
|
|
4,822 |
|
|
Other assets |
|
|
24,810 |
|
|
|
21,716 |
|
|
Total assets |
|
$ |
1,787,767 |
|
|
$ |
1,649,813 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
63,951 |
|
|
$ |
53,345 |
|
|
Accrued liabilities |
|
|
45,346 |
|
|
|
43,042 |
|
|
Deferred revenue |
|
|
28,778 |
|
|
|
29,979 |
|
|
Other current liabilities |
|
|
31,478 |
|
|
|
28,160 |
|
|
Total current liabilities |
|
|
169,553 |
|
|
|
154,526 |
|
|
Deferred income taxes |
|
|
15,504 |
|
|
|
40,281 |
|
|
Other non-current liabilities |
|
|
33,336 |
|
|
|
28,951 |
|
|
Total liabilities |
|
|
218,393 |
|
|
|
223,758 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
50 |
|
|
|
49 |
|
|
Additional paid-in capital |
|
|
1,259,498 |
|
|
|
1,256,179 |
|
|
Accumulated other comprehensive (loss) income |
|
|
(15,805 |
) |
|
|
1,316 |
|
|
Retained earnings |
|
|
325,631 |
|
|
|
168,511 |
|
|
Total stockholders’ equity |
|
|
1,569,374 |
|
|
|
1,426,055 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
1,787,767 |
|
|
$ |
1,649,813 |
|
The accompanying notes are an integral part of these financial statements.
3
Table of Contents
ONTO INNOVATION INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
|
|
Nine Months Ended |
|
|
|
|
October 1, |
|
|
September 25, |
|
|
|
|
2022 |
|
|
2021 |
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
157,120 |
|
|
$ |
95,612 |
|
|
Adjustments to reconcile net income to net cash and cash equivalents provided by
operating activities: |
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
|
41,461 |
|
|
|
37,674 |
|
|
Depreciation |
|
|
6,980 |
|
|
|
11,044 |
|
|
Share-based compensation |
|
|
18,929 |
|
|
|
15,107 |
|
|
Write-off of acquired in-process research and development |
|
|
4,406 |
|
|
|
— |
|
|
Acquired inventory step-up amortization |
|
|
— |
|
|
|
253 |
|
|
Provision for inventory valuation |
|
|
7,175 |
|
|
|
6,262 |
|
|
Deferred income taxes |
|
|
(24,560 |
) |
|
|
— |
|
|
Other, net |
|
|
2,742 |
|
|
|
893 |
|
|
Changes in operating assets and liabilities, net of effects of business acquired |
|
|
(127,045 |
) |
|
|
(40,565 |
) |
|
Net cash and cash equivalents provided by operating activities |
|
|
87,208 |
|
|
|
126,280 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of marketable securities |
|
|
(289,504 |
) |
|
|
(250,486 |
) |
|
Proceeds from maturities and sales of marketable securities |
|
|
274,636 |
|
|
|
177,529 |
|
|
Acquisitions, net of cash acquired |
|
|
(4,572 |
) |
|
|
(26,795 |
) |
|
Purchases of property, plant and equipment |
|
|
(9,786 |
) |
|
|
(11,176 |
) |
|
Net cash and cash equivalents used in investing activities |
|
|
(29,226 |
) |
|
|
(110,928 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Purchases and retirement of common stock |
|
|
(11,540 |
) |
|
|
— |
|
|
Tax payments related to shares withheld for share-based compensation plans |
|
|
(8,569 |
) |
|
|
(6,780 |
) |
|
Payment of contingent consideration for acquired business |
|
|
(2,287 |
) |
|
|
— |
|
|
Issuance of shares through share-based compensation plans |
|
|
4,499 |
|
|
|
6,409 |
|
|
Net cash and cash equivalents used in financing activities |
|
|
(17,897 |
) |
|
|
(371 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(9,304 |
) |
|
|
506 |
|
|
Net increase in cash and cash equivalents |
|
|
30,781 |
|
|
|
15,487 |
|
|
Cash and cash equivalents at beginning of period |
|
|
169,602 |
|
|
|
136,720 |
|
|
Cash and cash equivalents at end of period |
|
$ |
200,383 |
|
|
$ |
152,207 |
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Income taxes paid (net of refunds) |
|
$ |
47,107 |
|
|
$ |
16,524 |
|
The accompanying notes are an integral part of these financial statements.
4
Table of Contents
ONTO INNOVATION INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
|
|
|
Common Stock |
|
|
Additional Paid-in |
|
|
Accumulated
Other
Comprehensive |
|
|
Retained |
|
|
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Loss |
|
|
Earnings |
|
|
Total |
|
|
Balance at January 1, 2022 |
|
|
49,300 |
|
|
$ |
49 |
|
|
$ |
1,256,179 |
|
|
$ |
1,316 |
|
|
$ |
168,511 |
|
|
$ |
1,426,055 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
53,330 |
|
|
|
53,330 |
|
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
4,832 |
|
|
|
— |
|
|
|
— |
|
|
|
4,832 |
|
|
Issuance of shares through share-based
compensation plans |
|
|
184 |
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
Share-based compensation plan
withholdings |
|
|
(46 |
) |
|
|
— |
|
|
|
(5,289 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,289 |
) |
|
Currency translation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,612 |
) |
|
|
— |
|
|
|
(3,612 |
) |
|
Unrealized loss on investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,001 |
) |
|
|
— |
|
|
|
(3,001 |
) |
|
Balance at April 2, 2022 |
|
|
49,438 |
|
|
$ |
49 |
|
|
$ |
1,255,728 |
|
|
$ |
(5,297 |
) |
|
$ |
221,841 |
|
|
$ |
1,472,321 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
51,575 |
|
|
|
51,575 |
|
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
7,983 |
|
|
|
— |
|
|
|
— |
|
|
|
7,983 |
|
|
Issuance of shares through share-based
compensation plans, net |
|
|
219 |
|
|
|
1 |
|
|
|
4,493 |
|
|
|
— |
|
|
|
— |
|
|
|
4,494 |
|
|
Share-based compensation plan
withholdings |
|
|
(53 |
) |
|
|
— |
|
|
|
(3,048 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,048 |
) |
|
Currency translation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,934 |
) |
|
|
— |
|
|
|
(5,934 |
) |
|
Unrealized gain on investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
552 |
|
|
|
— |
|
|
|
552 |
|
|
Balance at July 2, 2022 |
|
|
49,604 |
|
|
$ |
50 |
|
|
$ |
1,265,156 |
|
|
$ |
(10,679 |
) |
|
$ |
273,416 |
|
|
$ |
1,527,943 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
52,215 |
|
|
|
52,215 |
|
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
6,114 |
|
|
|
— |
|
|
|
— |
|
|
|
6,114 |
|
|
Issuance of shares through share-based
compensation plans, net |
|
|
86 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Purchases and retirement of common stock |
|
|
(172 |
) |
|
|
— |
|
|
|
(11,540 |
) |
|
|
— |
|
|
|
— |
|
|
|
(11,540 |
) |
|
Share-based compensation plan
withholdings |
|
|
(3 |
) |
|
|
— |
|
|
|
(232 |
) |
|
|
— |
|
|
|
— |
|
|
|
(232 |
) |
|
Currency translation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,119 |
) |
|
|
— |
|
|
|
(4,119 |
) |
|
Unrealized loss on investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,007 |
) |
|
|
— |
|
|
|
(1,007 |
) |
|
Balance at October 1, 2022 |
|
|
49,515 |
|
|
$ |
50 |
|
|
$ |
1,259,498 |
|
|
$ |
(15,805 |
) |
|
$ |
325,631 |
|
|
$ |
1,569,374 |
|
5
Table of Contents
|
|
|
Common Stock |
|
|
Additional Paid-in |
|
|
Accumulated
Other
Comprehensive |
|
|
Retained |
|
|
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Income |
|
|
Earnings |
|
|
Total |
|
|
Balance at December 26, 2020 |
|
|
48,758 |
|
|
$ |
49 |
|
|
$ |
1,233,967 |
|
|
$ |
4,568 |
|
|
$ |
26,162 |
|
|
$ |
1,264,746 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24,113 |
|
|
|
|