2022 Q2 Form 10-Q Financial Statement

#000085120522000014 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q2
Revenue $282.4M $239.0M
YoY Change 18.15% 41.35%
Cost Of Revenue $78.79M $54.05M
YoY Change 45.79% 7.4%
Gross Profit $203.6M $185.0M
YoY Change 10.07% 55.74%
Gross Profit Margin 72.1% 77.39%
Selling, General & Admin $80.84M $72.42M
YoY Change 11.61% 20.4%
% of Gross Profit 39.7% 39.15%
Research & Development $36.05M $34.11M
YoY Change 5.71% 12.2%
% of Gross Profit 17.71% 18.44%
Depreciation & Amortization $4.117M $4.259M
YoY Change -3.33% -37.37%
% of Gross Profit 2.02% 2.3%
Operating Expenses $116.9M $106.5M
YoY Change 9.73% 17.65%
Operating Profit $86.73M $78.45M
YoY Change 10.55% -1377.32%
Interest Expense $1.024M $500.0K
YoY Change 104.8% -86.11%
% of Operating Profit 1.18% 0.64%
Other Income/Expense, Net -$48.00K -$168.0K
YoY Change -71.43% -182.76%
Pretax Income $87.70M $78.83M
YoY Change 11.26% -3509.65%
Income Tax $20.37M $8.983M
% Of Pretax Income 23.23% 11.4%
Net Earnings $67.33M $69.85M
YoY Change -3.6% -6216.29%
Net Earnings / Revenue 23.84% 29.22%
Basic Earnings Per Share $0.39
Diluted Earnings Per Share $0.38 $0.39
COMMON SHARES
Basic Shares Outstanding 174.1M shares 176.3M shares
Diluted Shares Outstanding 176.7M shares 180.0M shares

Balance Sheet

Concept 2022 Q2 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $314.7M $385.9M
YoY Change -18.45% -10.06%
Cash & Equivalents $165.8M $242.7M
Short-Term Investments $149.0M $143.2M
Other Short-Term Assets $61.63M $45.30M
YoY Change 36.06% -9.04%
Inventory $136.7M $61.39M
Prepaid Expenses
Receivables $155.1M $128.8M
Other Receivables $2.940M $2.500M
Total Short-Term Assets $672.9M $625.6M
YoY Change 7.56% -3.23%
LONG-TERM ASSETS
Property, Plant & Equipment $77.87M $77.08M
YoY Change 1.02% -8.17%
Goodwill $241.2M $243.0M
YoY Change -0.76% 0.25%
Intangibles
YoY Change
Long-Term Investments $479.4M $490.4M
YoY Change -2.24% 4.99%
Other Assets $7.158M $7.692M
YoY Change -6.94% -4.35%
Total Long-Term Assets $1.261B $1.283B
YoY Change -1.73% -0.39%
TOTAL ASSETS
Total Short-Term Assets $672.9M $625.6M
Total Long-Term Assets $1.261B $1.283B
Total Assets $1.934B $1.909B
YoY Change 1.32% -1.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.73M $20.97M
YoY Change 113.32% 16.51%
Accrued Expenses $63.12M $60.42M
YoY Change 4.47% -8.82%
Deferred Revenue $54.46M $51.66M
YoY Change 5.41% 10.53%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $195.1M $159.7M
YoY Change 22.2% 10.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $15.22M $9.453M
YoY Change 60.96% 85.9%
Total Long-Term Liabilities $15.22M $9.453M
YoY Change 60.96% 85.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $195.1M $159.7M
Total Long-Term Liabilities $15.22M $9.453M
Total Liabilities $575.4M $552.0M
YoY Change 4.24% -1.15%
SHAREHOLDERS EQUITY
Retained Earnings $488.5M $540.7M
YoY Change -9.65% -23.04%
Common Stock $933.5M $854.5M
YoY Change 9.24% 20.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.359B $1.357B
YoY Change
Total Liabilities & Shareholders Equity $1.934B $1.909B
YoY Change 1.32% -1.34%

Cashflow Statement

Concept 2022 Q2 2021 Q2
OPERATING ACTIVITIES
Net Income $67.33M $69.85M
YoY Change -3.6% -6216.29%
Depreciation, Depletion And Amortization $4.117M $4.259M
YoY Change -3.33% -37.37%
Cash From Operating Activities $49.52M $98.64M
YoY Change -49.8% 480.23%
INVESTING ACTIVITIES
Capital Expenditures $4.585M $2.436M
YoY Change 88.22% -162.46%
Acquisitions
YoY Change
Other Investing Activities $73.82M -$138.4M
YoY Change -153.34% -1921.05%
Cash From Investing Activities $69.24M -$140.8M
YoY Change -149.18% -3905.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $130.4M $6.479M
YoY Change 1912.73%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$138.1M $17.67M
YoY Change -881.63% -36.44%
NET CHANGE
Cash From Operating Activities $49.52M $98.64M
Cash From Investing Activities $69.24M -$140.8M
Cash From Financing Activities -$138.1M $17.67M
Net Change In Cash -$20.39M -$26.39M
YoY Change -22.71% -154.4%
FREE CASH FLOW
Cash From Operating Activities $49.52M $98.64M
Capital Expenditures $4.585M $2.436M
Free Cash Flow $44.93M $96.20M
YoY Change -53.29% 360.3%

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P6Y8M23D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
233406000 USD
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4332000 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
43.39
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y6M21D
CY2022Q2 cgnx Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableAggregateIntrinsicValue
151220000 USD
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
7901000 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
50.34
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y7M13D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
224117000 USD
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.019
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.013
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0040
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0027
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.37
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.39
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y2M12D
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y8M12D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
22.45
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
33.63
CY2022Q2 cgnx Shares Based Compensation Arrangement By Shares Based Payment Award Options Exercisable Intrinsic Value
SharesBasedCompensationArrangementBySharesBasedPaymentAwardOptionsExercisableIntrinsicValue
2165000 USD
CY2022Q2 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
3187000 USD
CY2022Q2 cgnx Share Based Compensation Arrangement By Share Based Payment Award Options Vested Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedFairValue
25535000 USD
CY2021Q2 cgnx Share Based Compensation Arrangement By Share Based Payment Award Options Vested Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedFairValue
35600000 USD
CY2022Q2 cgnx Number Of Groups Within Employee Population
NumberOfGroupsWithinEmployeePopulation
2 group
CY2022Q2 cgnx Estimated Forfeiture Rate For Unvested Options For Senior Management
EstimatedForfeitureRateForUnvestedOptionsForSeniorManagement
0.07
CY2022Q2 cgnx Estimated Forfeiture Rate For Unvested Options For All Non Senior Management
EstimatedForfeitureRateForUnvestedOptionsForAllNonSeniorManagement
0.12
CY2022Q2 cgnx Increase In Compensation Expense Due To Revised Estimated Forfeiture Rates
IncreaseInCompensationExpenseDueToRevisedEstimatedForfeitureRates
1536000 USD
CY2021Q2 cgnx Increase In Compensation Expense Due To Revised Estimated Forfeiture Rates
IncreaseInCompensationExpenseDueToRevisedEstimatedForfeitureRates
255000 USD
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
81239000 USD
CY2022Q2 cgnx Employee Service Sharebased Compensation Nonvested Awards Compensation Notyet Recognized Periodfor Recognition
EmployeeServiceSharebasedCompensationNonvestedAwardsCompensationNotyetRecognizedPeriodforRecognition
P1Y9M18D
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15056000 USD
CY2022Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2319000 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12009000 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1813000 USD
CY2021Q4 cgnx Employee Service Share Based Compensation Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationRecognizedPeriodCostsCapitalizedAmount
0 USD
CY2022Q2 cgnx Employee Service Share Based Compensation Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationRecognizedPeriodCostsCapitalizedAmount
0 USD
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15056000 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12009000 USD
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.23
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.11
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
5207000 USD
CY2022Q2 us-gaap Income Tax Reconciliation Tax Settlements
IncomeTaxReconciliationTaxSettlements
1417000 USD
CY2022Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1734000 USD
CY2022Q2 cgnx Income Tax Examination Years Under Examination Other Entities
IncomeTaxExaminationYearsUnderExaminationOtherEntities
2016 through 2021
CY2022Q2 cgnx Effective Income Tax Rate Reconciliation Excluding Discrete Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteItemsPercent
0.16
CY2021Q2 cgnx Effective Income Tax Rate Reconciliation Excluding Discrete Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteItemsPercent
0.18
CY2022Q2 cgnx Liability For Uncertain Tax Positions
LiabilityForUncertainTaxPositions
15678000 USD
CY2022Q2 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
15110000 USD
CY2022Q2 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
568000 USD
CY2022Q2 cgnx Taxyearsopentoexaminationby Internal Revenue Service
TaxyearsopentoexaminationbyInternalRevenueService
2017 through 2020
CY2022Q2 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
2400000 USD
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
174146000 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
176288000 shares
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2522000 shares
CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3683000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
176668000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
179971000 shares

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