$NOVT
NOVANTA INC

2024 Q2 Form 10-Q Financial Statement

#000095017024054007 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $235.9M $230.9M
YoY Change 2.79% 5.38%
Cost Of Revenue $132.2M $130.5M
YoY Change 5.45% 7.41%
Gross Profit $103.7M $100.4M
YoY Change -0.42% 2.86%
Gross Profit Margin 43.96% 43.49%
Selling, General & Admin $44.79M $43.53M
YoY Change 6.18% 6.37%
% of Gross Profit 43.2% 43.35%
Research & Development $23.73M $23.25M
YoY Change 1.5% 1.83%
% of Gross Profit 22.89% 23.15%
Depreciation & Amortization $14.12M $12.93M
YoY Change 18.25% 10.21%
% of Gross Profit 13.61% 12.88%
Operating Expenses $77.97M $74.81M
YoY Change 10.3% 4.9%
Operating Profit $25.72M $25.61M
YoY Change -23.08% -2.68%
Interest Expense -$8.266M -$8.254M
YoY Change 22.71% 30.35%
% of Operating Profit -32.14% -32.23%
Other Income/Expense, Net -$55.00K -$116.0K
YoY Change -71.2% -30.12%
Pretax Income $17.13M $16.92M
YoY Change -32.21% -14.29%
Income Tax $3.375M $2.240M
% Of Pretax Income 19.7% 13.24%
Net Earnings $13.76M $14.68M
YoY Change -34.12% -19.65%
Net Earnings / Revenue 5.83% 6.36%
Basic Earnings Per Share $0.38 $0.41
Diluted Earnings Per Share $0.38 $0.41
COMMON SHARES
Basic Shares Outstanding 35.89M 35.85M
Diluted Shares Outstanding 36.09M 36.13M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.47M $93.52M
YoY Change 7.82% 13.12%
Cash & Equivalents $98.47M $93.52M
Short-Term Investments
Other Short-Term Assets $11.90M $15.28M
YoY Change -1.91% 24.21%
Inventory $160.0M $161.4M
Prepaid Expenses
Receivables $145.0M $150.9M
Other Receivables $9.360M $7.730M
Total Short-Term Assets $424.8M $428.8M
YoY Change 2.52% 5.93%
LONG-TERM ASSETS
Property, Plant & Equipment $114.8M $113.5M
YoY Change -21.98% 9.13%
Goodwill $587.0M $589.9M
YoY Change 21.44% 22.24%
Intangibles $206.9M $215.1M
YoY Change 28.57% 27.4%
Long-Term Investments
YoY Change
Other Assets $5.684M $5.473M
YoY Change -78.9% -1.25%
Total Long-Term Assets $973.8M $981.8M
YoY Change 18.99% 19.58%
TOTAL ASSETS
Total Short-Term Assets $424.8M $428.8M
Total Long-Term Assets $973.8M $981.8M
Total Assets $1.399B $1.411B
YoY Change 13.45% 15.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $71.04M $71.40M
YoY Change 9.89% 8.17%
Accrued Expenses $40.23M $38.41M
YoY Change 4.41% 9.31%
Deferred Revenue $7.144M $6.315M
YoY Change 12.1% -8.94%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.813M $4.847M
YoY Change -14.16% -1.16%
Total Short-Term Liabilities $153.5M $151.4M
YoY Change 12.86% 6.36%
LONG-TERM LIABILITIES
Long-Term Debt $477.1M $508.9M
YoY Change 16.97% 21.58%
Other Long-Term Liabilities $5.459M $5.768M
YoY Change -88.3% -1.22%
Total Long-Term Liabilities $482.6M $514.6M
YoY Change 6.17% 21.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $153.5M $151.4M
Total Long-Term Liabilities $482.6M $514.6M
Total Liabilities $696.6M $728.9M
YoY Change 14.82% 16.1%
SHAREHOLDERS EQUITY
Retained Earnings $231.9M $218.1M
YoY Change 36.63% 46.55%
Common Stock $497.5M $491.7M
YoY Change 3.35% 3.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $702.0M $681.7M
YoY Change
Total Liabilities & Shareholders Equity $1.399B $1.411B
YoY Change 13.45% 15.07%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $13.76M $14.68M
YoY Change -34.12% -19.65%
Depreciation, Depletion And Amortization $14.12M $12.93M
YoY Change 18.25% 10.21%
Cash From Operating Activities $41.10M $32.83M
YoY Change 56.87% 220.44%
INVESTING ACTIVITIES
Capital Expenditures $4.937M $6.415M
YoY Change 48.44% 77.21%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$191.2M
YoY Change
Cash From Investing Activities -$4.937M -$197.6M
YoY Change 48.44% 5358.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -32.02M 153.5M
YoY Change 103.28% -712.24%
NET CHANGE
Cash From Operating Activities 41.10M 32.83M
Cash From Investing Activities -4.937M -197.6M
Cash From Financing Activities -32.02M 153.5M
Net Change In Cash 4.135M -11.53M
YoY Change -41.91% -33.84%
FREE CASH FLOW
Cash From Operating Activities $41.10M $32.83M
Capital Expenditures $4.937M $6.415M
Free Cash Flow $36.16M $26.41M
YoY Change 58.1% 298.7%

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CY2024Q1 us-gaap Use Of Estimates
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<p style="margin-left:2.507%;text-indent:-2.123%;padding-left:2.027%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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 at 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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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8104000
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1003000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5533000
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
1003000
CY2024Q1 novt Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
21373000
CY2024Q1 novt Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
502000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
63578000
CY2024Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
5156000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11412000
CY2024Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
680000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
52166000
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
7000000.0
CY2021Q2 us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
one vote per share
CY2024Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q1 us-gaap Gross Profit
GrossProfit
97628000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6077000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6466000
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.132
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.068
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
CY2024Q1 us-gaap Restructuring Costs
RestructuringCosts
548000
CY2023Q1 us-gaap Restructuring Costs
RestructuringCosts
2471000
CY2024Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1735000
CY2023Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
5000
CY2024Q1 novt Restructuring Charges And Acquisition Related Costs
RestructuringChargesAndAcquisitionRelatedCosts
2283000
CY2023Q1 novt Restructuring Charges And Acquisition Related Costs
RestructuringChargesAndAcquisitionRelatedCosts
2476000
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
2850000
CY2024Q1 us-gaap Restructuring Charges
RestructuringCharges
548000
CY2024Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
1113000
CY2024Q1 us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
-39000
CY2024Q1 us-gaap Restructuring Reserve
RestructuringReserve
2246000
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
230916000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
219126000
CY2024Q1 us-gaap Gross Profit
GrossProfit
100416000
CY2024Q1 novt Gross Margin Percentage
GrossMarginPercentage
0.435
CY2023Q1 novt Gross Margin Percentage
GrossMarginPercentage
0.446
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
25607000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
26312000
CY2024Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12929000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11731000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
230916000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
219126000
CY2024Q1 novt Number Of Primary End Market Segments
NumberOfPrimaryEndMarketSegments
2
CY2024Q1 novt Percentage Of Revenue By End Market
PercentageOfRevenueByEndMarket
1
CY2023Q1 novt Percentage Of Revenue By End Market
PercentageOfRevenueByEndMarket
1
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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