$NOVT
NOVANTA INC

2023 Q2 Form 10-Q Financial Statement

#000095017023019206 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q2
Revenue $229.5M $219.1M $204.2M
YoY Change 12.36% 25.61%
Cost Of Revenue $125.3M $121.5M $113.9M
YoY Change 10.01% 21.41%
Gross Profit $104.1M $97.63M $90.28M
YoY Change 15.34% 31.33%
Gross Profit Margin 45.38% 44.55% 44.21%
Selling, General & Admin $42.19M $40.92M $39.35M
YoY Change 7.2% 24.14%
% of Gross Profit 40.52% 41.92% 43.59%
Research & Development $23.38M $22.83M $20.93M
YoY Change 11.71% 12.03%
% of Gross Profit 22.45% 23.38% 23.18%
Depreciation & Amortization $11.94M $11.73M $14.04M
YoY Change -15.0% 42.59%
% of Gross Profit 11.46% 12.02% 15.56%
Operating Expenses $70.69M $71.32M $20.93M
YoY Change 237.77% 12.03%
Operating Profit $33.43M $26.31M $24.28M
YoY Change 37.68% 118.79%
Interest Expense -$6.736M -$6.332M -$3.040M
YoY Change 121.58% 78.82%
% of Operating Profit -20.15% -24.07% -12.52%
Other Income/Expense, Net -$191.0K -$166.0K -$545.0K
YoY Change -64.95% 445.0%
Pretax Income $25.27M $19.74M $20.70M
YoY Change 22.09% 120.19%
Income Tax $4.392M $1.472M $1.878M
% Of Pretax Income 17.38% 7.46% 9.07%
Net Earnings $20.88M $18.27M $18.82M
YoY Change 10.94% 66.4%
Net Earnings / Revenue 9.1% 8.34% 9.22%
Basic Earnings Per Share $0.58 $0.51 $0.53
Diluted Earnings Per Share $0.58 $0.51 $0.53
COMMON SHARES
Basic Shares Outstanding 35.81M 35.74M 35.54M
Diluted Shares Outstanding 36.03M 36.00M 35.78M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $91.33M $82.68M $98.81M
YoY Change -7.57% -13.02%
Cash & Equivalents $91.33M $82.68M $98.81M
Short-Term Investments
Other Short-Term Assets $12.13M $12.31M $12.65M
YoY Change -4.12% 36.01%
Inventory $162.9M $166.7M $139.2M
Prepaid Expenses
Receivables $144.8M $141.5M $123.8M
Other Receivables $3.144M $1.669M $1.000M
Total Short-Term Assets $414.3M $404.8M $375.4M
YoY Change 10.38% 21.44%
LONG-TERM ASSETS
Property, Plant & Equipment $147.1M $104.0M $136.4M
YoY Change 7.86% 24.87%
Goodwill $483.4M $482.5M $475.8M
YoY Change 1.6% 68.95%
Intangibles $161.0M $168.8M $208.5M
YoY Change -22.79% 49.59%
Long-Term Investments
YoY Change
Other Assets $26.93M $5.542M $10.17M
YoY Change 164.75% -21.75%
Total Long-Term Assets $818.4M $821.0M $830.8M
YoY Change -1.49% 52.94%
TOTAL ASSETS
Total Short-Term Assets $414.3M $404.8M $375.4M
Total Long-Term Assets $818.4M $821.0M $830.8M
Total Assets $1.233B $1.226B $1.206B
YoY Change 2.2% 41.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.65M $66.01M $72.04M
YoY Change -10.25% 38.53%
Accrued Expenses $38.53M $35.14M $76.53M
YoY Change -49.65% 101.92%
Deferred Revenue $6.373M $6.935M $7.254M
YoY Change -12.15% 37.07%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.607M $4.904M $4.975M
YoY Change 12.7% -5.65%
Total Short-Term Liabilities $136.0M $142.4M $183.0M
YoY Change -25.68% 55.86%
LONG-TERM LIABILITIES
Long-Term Debt $407.9M $418.5M $412.5M
YoY Change -1.12% 121.61%
Other Long-Term Liabilities $46.66M $5.839M $7.303M
YoY Change 538.85% -49.06%
Total Long-Term Liabilities $454.5M $424.4M $419.8M
YoY Change 8.27% 109.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $136.0M $142.4M $183.0M
Total Long-Term Liabilities $454.5M $424.4M $419.8M
Total Liabilities $606.7M $627.8M $671.5M
YoY Change -9.65% 78.54%
SHAREHOLDERS EQUITY
Retained Earnings $169.7M $148.8M
YoY Change
Common Stock $481.3M $475.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $626.0M $598.0M $534.7M
YoY Change
Total Liabilities & Shareholders Equity $1.233B $1.226B $1.206B
YoY Change 2.2% 41.52%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q2
OPERATING ACTIVITIES
Net Income $20.88M $18.27M $18.82M
YoY Change 10.94% 66.4%
Depreciation, Depletion And Amortization $11.94M $11.73M $14.04M
YoY Change -15.0% 42.59%
Cash From Operating Activities $26.20M $10.25M $11.35M
YoY Change 130.87% -51.23%
INVESTING ACTIVITIES
Capital Expenditures $3.326M $3.620M $6.308M
YoY Change -47.27% 93.02%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$137.0K
YoY Change -100.0% -93.77%
Cash From Investing Activities -$3.326M -$3.620M -$6.821M
YoY Change -51.24% 24.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.75M -25.07M -22.03M
YoY Change -28.49% -23.87%
NET CHANGE
Cash From Operating Activities 26.20M 10.25M 11.35M
Cash From Investing Activities -3.326M -3.620M -6.821M
Cash From Financing Activities -15.75M -25.07M -22.03M
Net Change In Cash 7.118M -17.43M -18.59M
YoY Change -138.29% 61.75%
FREE CASH FLOW
Cash From Operating Activities $26.20M $10.25M $11.35M
Capital Expenditures $3.326M $3.620M $6.308M
Free Cash Flow $22.87M $6.625M $5.039M
YoY Change 353.88% -74.81%

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<p style="margin-left:2.507%;text-indent:-2.123%;padding-left:2.027%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Estimates and assumptions are reviewed on an on-going basis and the effects of revisions are reflected in the period in which such revisions are deemed to be necessary. The Company evaluates its estimates based on historical experience, current conditions, and various other assumptions that it believes are reasonable under the circumstances. Actual results could differ significantly from these estimates.</span></p>
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0464
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0554
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0554
CY2023Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
71000
CY2022Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
79000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1988000
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1985000
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
156000
CY2022Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
148000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
142000
CY2022Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
787000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
6954000
CY2023Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
710000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
8974000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
954000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8413000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
954000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7225000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
979000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6366000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
1003000
CY2023Q1 novt Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
20537000
CY2023Q1 novt Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
1505000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
58469000
CY2023Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
6105000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11234000
CY2023Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
945000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
47235000
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
5160000
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
7000000.0
CY2021Q2 us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
one vote per share
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6466000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6774000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.075
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.082
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.091
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.03
CY2023Q1 us-gaap Restructuring Costs
RestructuringCosts
2471000
CY2022Q2 us-gaap Restructuring Costs
RestructuringCosts
622000
CY2023Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
5000
CY2022Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
-2252000
CY2023Q1 novt Restructuring Charges And Acquisition Related Costs
RestructuringChargesAndAcquisitionRelatedCosts
2476000
CY2022Q2 novt Restructuring Charges And Acquisition Related Costs
RestructuringChargesAndAcquisitionRelatedCosts
-1630000
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
2410000
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
2471000
CY2023Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
1320000
CY2023Q1 us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
34000
CY2023Q1 us-gaap Restructuring Reserve
RestructuringReserve
3595000
CY2022Q2 novt Reductions In Fair Values Of Prior Year Acquisition Contingent Considerations
ReductionsInFairValuesOfPriorYearAcquisitionContingentConsiderations
-2300000
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
219126000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
204216000
CY2023Q1 us-gaap Gross Profit
GrossProfit
97628000
CY2022Q2 us-gaap Gross Profit
GrossProfit
90276000
CY2023Q1 novt Gross Margin Percentage
GrossMarginPercentage
0.446
CY2022Q2 novt Gross Margin Percentage
GrossMarginPercentage
0.442
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
26312000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
24283000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11731000
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14044000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
219126000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
204216000
CY2023Q1 novt Number Of Primary End Market Segments
NumberOfPrimaryEndMarketSegments
2
CY2023Q1 novt Percentage Of Revenue By End Market
PercentageOfRevenueByEndMarket
1
CY2022Q2 novt Percentage Of Revenue By End Market
PercentageOfRevenueByEndMarket
1

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