Company Quick10K Filing
Rudolph Technologies
Price25.65 EPS1
Shares31 P/E29
MCap807 P/FCF32
Net Debt-140 EBIT30
TEV667 TEV/EBIT22
TTM 2019-09-30, in MM, except price, ratios
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-15
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-10-31
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-16
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-04
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-03-05
8-K 2019-10-25 M&A, Shareholder Rights, Control, Officers, Amend Bylaw, Exhibits
8-K 2019-10-24 Shareholder Vote
8-K 2019-10-11 Other Events
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-06-24 Other Events, Exhibits
8-K 2019-06-21 Enter Agreement, Officers, Amend Bylaw, Other Events, Exhibits
8-K 2019-05-15 Shareholder Vote
8-K 2019-05-06 Earnings, Exhibits
8-K 2018-12-31 Earnings, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-10-29 Exhibits
8-K 2018-10-03 Other Events, Exhibits
8-K 2018-08-05 Other Events, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-07-26 Officers
8-K 2018-05-16 Officers, Shareholder Vote, Exhibits
8-K 2018-03-31 Earnings, Exhibits
8-K 2017-12-31 Earnings, Exhibits

RTEC 10Q Quarterly Report

Part I Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Business Combination
Note 3. Fair Value Measurements
Note 4. Marketable Securities
Note 5. Derivative Instruments and Hedging Activities
Note 6. Leasing Arrangements
Note 7. Purchased Intangible Assets
Note 8. Convertible Notes Receivable
Note 9. Balance Sheet Details
Note 10. Commitments and Contingencies
Note 11. Revenue
Note 12. Share-Based Compensation
Note 13. Other Income, Net
Note 14. Income Taxes
Note 15. Earnings per Share
Note 16. Accumulated Other Comprehensive Loss
Note 17. Segment Reporting and Geographic Information
Note 18. Share Repurchase Authorization
Note 19. Subsequent Event
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 rtec-ex311_7.htm
EX-31.2 rtec-ex312_6.htm
EX-32.1 rtec-ex321_9.htm
EX-32.2 rtec-ex322_8.htm

Rudolph Technologies Earnings 2019-09-30

Balance SheetIncome StatementCash Flow
4553642731829102012201420172020
Assets, Equity
8063462912-42012201420172020
Rev, G Profit, Net Income
55329-14-37-602012201420172020
Ops, Inv, Fin

rtec-10q_20190930.htm
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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 September 30, 2019

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. 001-36226

 

RUDOLPH TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

22-3531208

(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

RTEC*

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 22, 2019 was 31,123,763.

* Upon the completion of the previously announced merger of equals with Nanometrics Incorporated, shares of common stock of Rudolph (NYSE: RTEC) ceased trading on the New York Stock Exchange as of market close on October 25, 2019.  Each share of common stock of Rudolph was converted into 0.8042 shares of Onto Innovation common stock (NYSE: ONTO) at the effective time of the merger.

 


 

Table of Contents

TABLE OF CONTENTS

 

Item No.

 

Page

 

PART I    FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements (unaudited)

3

 

Condensed Consolidated Balance Sheets at September 30, 2019 and December 31, 2018

3

 

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018

4

 

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018

5

 

Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2019 and 2018

6

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018

8

 

Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

23

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

28

Item 4.

Controls and Procedures

28

 

 

 

 

PART II    OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

29

Item 1A.

Risk Factors

29

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

31

Item 3.

Defaults Upon Senior Securities

32

Item 4.

Mine Safety Disclosures

32

Item 5.

Other Information

32

Item 6.

Exhibits

32

 

 

 

 


 

Table of Contents

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

RUDOLPH TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

September 30,

2019

 

 

December 31,

2018

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

139,702

 

 

$

112,388

 

Marketable securities

 

 

53,436

 

 

 

62,684

 

Accounts receivable, less allowance of $578 and $691

 

 

63,337

 

 

 

64,194

 

Inventories, net

 

 

104,132

 

 

 

96,820

 

Income taxes receivable

 

 

 

 

 

6,111

 

Prepaid expenses and other current assets

 

 

11,571

 

 

 

8,710

 

Total current assets

 

 

372,178

 

 

 

350,907

 

Property, plant and equipment, net

 

 

19,052

 

 

 

18,874

 

Operating lease right-of-use assets

 

 

12,697

 

 

 

 

Goodwill

 

 

22,495

 

 

 

22,495

 

Identifiable intangible assets, net

 

 

6,337

 

 

 

7,448

 

Other assets

 

 

18,408

 

 

 

18,316

 

Total assets

 

$

451,167

 

 

$

418,040

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

25,597

 

 

$

30,681

 

Deferred revenue

 

 

6,101

 

 

 

6,767

 

Current operating lease obligations

 

 

2,264

 

 

 

 

Other current liabilities

 

 

11,588

 

 

 

7,543

 

Total current liabilities

 

 

45,550

 

 

 

44,991

 

Non-current operating lease obligations

 

 

11,663

 

 

 

 

Other non-current liabilities

 

 

8,481

 

 

 

11,161

 

Total liabilities

 

 

65,694

 

 

 

56,152

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock

 

 

31

 

 

 

31

 

Additional paid-in capital

 

 

374,073

 

 

 

369,893

 

Accumulated other comprehensive loss

 

 

(1,520

)

 

 

(1,263

)

Retained earnings (accumulated deficit)

 

 

12,889

 

 

 

(6,773

)

Total stockholders’ equity

 

 

385,473

 

 

 

361,888

 

Total liabilities and stockholders’ equity

 

$

451,167

 

 

$

418,040

 

 

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

3


 

Table of Contents

RUDOLPH TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

62,935

 

 

$

60,432

 

 

$

185,338

 

 

$

211,004

 

Cost of revenue

 

 

31,424

 

 

 

28,978

 

 

 

89,897

 

 

 

95,393

 

Gross profit

 

 

31,511

 

 

 

31,454

 

 

 

95,441

 

 

 

115,611

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

12,759

 

 

 

12,313

 

 

 

38,533

 

 

 

36,829

 

Selling, general and administrative

 

 

13,075

 

 

 

11,128

 

 

 

37,431

 

 

 

35,867

 

Amortization

 

 

387

 

 

 

384

 

 

 

1,161

 

 

 

1,147

 

Total operating expenses

 

 

26,221

 

 

 

23,825

 

 

 

77,125

 

 

 

73,843

 

Operating income

 

 

5,290

 

 

 

7,629

 

 

 

18,316

 

 

 

41,768

 

Interest income, net

 

 

1,001

 

 

 

607

 

 

 

2,667

 

 

 

1,474

 

Other income, net

 

 

617

 

 

 

132

 

 

 

841

 

 

 

90

 

Income before income taxes

 

 

6,908

 

 

 

8,368

 

 

 

21,824

 

 

 

43,332

 

Provision for income taxes

 

 

348

 

 

 

1,181

 

 

 

2,162

 

 

 

6,318

 

Net income

 

$

6,560

 

 

$

7,187

 

 

$

19,662

 

 

$

37,014

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.21

 

 

$

0.23

 

 

$

0.63

 

 

$

1.16

 

Diluted

 

$

0.21

 

 

$

0.22

 

 

$

0.63

 

 

$

1.14

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

31,185

 

 

 

31,901

 

 

 

31,101

 

 

 

31,807

 

Diluted

 

 

31,466

 

 

 

32,408

 

 

 

31,402

 

 

 

32,387

 

 

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

4


 

Table of Contents

RUDOLPH TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

6,560

 

 

$

7,187

 

 

$

19,662

 

 

$

37,014

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in net unrealized gains on marketable securities, net of tax

 

 

 

 

 

(68

)

 

 

209

 

 

 

62

 

Change in currency translation adjustments

 

 

(264

)

 

 

(202

)

 

 

(466

)

 

 

(425

)

Total comprehensive income

 

$

6,296

 

 

$

6,917

 

 

$

19,405

 

 

$

36,651

 

 

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

 


5


 

Table of Contents

RUDOLPH TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

 

Common Stock

 

 

Additional Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Retained Earnings (Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit)

 

 

Total

 

Balance at December 31, 2018

 

 

30,906

 

 

$

31

 

 

$

369,893

 

 

$

(1,263

)

 

$

(6,773

)

 

$

361,888

 

Issuance of shares through share-based

   compensation plans, net

 

 

103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(37

)

 

 

 

 

 

(744

)

 

 

 

 

 

 

 

 

(744

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,576

 

 

 

7,576

 

Share-based compensation

 

 

 

 

 

 

 

 

2,163

 

 

 

 

 

 

 

 

 

2,163

 

Share-based compensation plan

    withholdings

 

 

(27

)

 

 

 

 

 

(598

)

 

 

 

 

 

 

 

 

(598

)

Currency translation

 

 

 

 

 

 

 

 

 

 

 

(518

)

 

 

 

 

 

(518

)

Unrealized gain on investments

 

 

 

 

 

 

 

 

 

 

 

95

 

 

 

 

 

 

95

 

Balance at March 31, 2019

 

 

30,945

 

 

$

31

 

 

$

370,714

 

 

$

(1,686

)

 

$

803

 

 

$

369,862

 

Issuance of shares through share-based

   compensation plans, net

 

 

177

 

 

 

 

 

 

160

 

 

 

 

 

 

 

 

 

160

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,526

 

 

 

5,526

 

Share-based compensation

 

 

 

 

 

 

 

 

1,673

 

 

 

 

 

 

 

 

 

1,673

 

Share-based compensation plan

    withholdings

 

 

(6

)

 

 

 

 

 

(151

)

 

 

 

 

 

 

 

 

(151

)

Currency translation

 

 

 

 

 

 

 

 

 

 

 

316

 

 

 

 

 

 

316

 

Unrealized gain on investments

 

 

 

 

 

 

 

 

 

 

 

114

 

 

 

 

 

 

114

 

Balance at June 30, 2019

 

 

31,116

 

 

$

31

 

 

$

372,396

 

 

$

(1,256

)

 

$

6,329

 

 

$

377,500

 

Issuance of shares through share-based

   compensation plans, net

 

 

1

 

 

 

 

 

 

123

 

 

 

 

 

 

 

 

 

123

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,560

 

 

 

6,560

 

Share-based compensation

 

 

 

 

 

 

 

 

1,555

 

 

 

 

 

 

 

 

 

1,555

 

Share-based compensation plan

    withholdings

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

(1

)

Currency translation

 

 

 

 

 

 

 

 

 

 

 

(264

)

 

 

 

 

 

(264

)

Balance at September 30, 2019

 

 

31,117

 

 

$

31

 

 

$

374,073

 

 

$

(1,520

)

 

$

12,889

 

 

$

385,473

 

 

 

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

 


6


 

Table of Contents

RUDOLPH TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)

(In thousands)

(Unaudited)

 

 

 

Common Stock

 

 

Additional Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Total

 

Balance at December 31, 2017

 

 

31,604

 

 

$

32

 

 

$

386,196

 

 

$

(1,205

)

 

$

(51,869

)

 

$

333,154

 

Issuance of shares through share-based

   compensation plans, net

 

 

169

 

 

 

 

 

 

122

 

 

 

 

 

 

 

 

 

122

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,130

 

 

 

15,130

 

Share-based compensation

 

 

 

 

 

 

 

 

1,507

 

 

 

 

 

 

 

 

 

1,507

 

Share-based compensation plan

    withholdings

 

 

(31

)

 

 

 

 

 

(839

)

 

 

 

 

 

 

 

 

(839

)

Currency translation

 

 

 

 

 

 

 

 

 

 

 

632

 

 

 

 

 

 

632

 

Unrealized gain on investments

 

 

 

 

 

 

 

 

 

 

 

23

 

 

 

 

 

 

23

 

Balance at March 31, 2018

 

 

31,742

 

 

$

32

 

 

$

386,986

 

 

$

(550

)

 

$

(36,739

)

 

$

349,729

 

Issuance of shares through share-based

   compensation plans, net

 

 

164

 

 

 

 

 

 

368

 

 

 

 

 

 

 

 

 

368