$NOVT
NOVANTA INC

2017 Q2 Form 10-Q Financial Statement

#000156459017015146 Filed on August 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q3
Revenue $119.1M $97.73M
YoY Change 31.9% 1.29%
Cost Of Revenue $65.61M $56.24M
YoY Change 22.82% 1.97%
Gross Profit $53.49M $41.50M
YoY Change 44.99% 0.37%
Gross Profit Margin 44.91% 42.46%
Selling, General & Admin $23.80M $20.20M
YoY Change 12.33% -3.46%
% of Gross Profit 44.5% 48.67%
Research & Development $9.004M $8.016M
YoY Change 11.82% 2.24%
% of Gross Profit 16.83% 19.32%
Depreciation & Amortization $7.094M $5.164M
YoY Change 21.66% 11.7%
% of Gross Profit 13.26% 12.44%
Operating Expenses $9.004M $28.21M
YoY Change -73.75% -9.08%
Operating Profit $15.75M $13.28M
YoY Change 508.7% 28.76%
Interest Expense -$1.435M -$500.0K
YoY Change 30.45% -103.23%
% of Operating Profit -9.11% -3.76%
Other Income/Expense, Net -$119.0K $300.0K
YoY Change -116.02% -98.07%
Pretax Income $14.68M $7.400M
YoY Change 558.84% -71.34%
Income Tax $4.689M $2.500M
% Of Pretax Income 31.94% 33.78%
Net Earnings $9.402M $4.871M
YoY Change 393.28% -75.02%
Net Earnings / Revenue 7.89% 4.98%
Basic Earnings Per Share $0.16
Diluted Earnings Per Share $0.16 $0.14
COMMON SHARES
Basic Shares Outstanding 34.73M
Diluted Shares Outstanding 34.89M

Balance Sheet

Concept 2017 Q2 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.10M $60.50M
YoY Change 31.22% -25.4%
Cash & Equivalents $89.13M $64.74M
Short-Term Investments
Other Short-Term Assets $6.700M $4.900M
YoY Change 45.65% -58.12%
Inventory $76.80M $60.00M
Prepaid Expenses
Receivables $69.10M $57.60M
Other Receivables $4.000M $4.500M
Total Short-Term Assets $245.7M $187.5M
YoY Change 25.74% -11.82%
LONG-TERM ASSETS
Property, Plant & Equipment $36.50M $37.60M
YoY Change 0.83% -0.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.90M $16.50M
YoY Change -19.46% 21.52%
Total Long-Term Assets $303.9M $226.4M
YoY Change 37.45% 3.01%
TOTAL ASSETS
Total Short-Term Assets $245.7M $187.5M
Total Long-Term Assets $303.9M $226.4M
Total Assets $549.6M $413.9M
YoY Change 31.96% -4.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.80M $25.90M
YoY Change 40.52% -3.72%
Accrued Expenses $23.30M $28.90M
YoY Change -4.12% 107.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.400M $7.400M
YoY Change 0.0% -1.33%
Total Short-Term Liabilities $83.30M $63.80M
YoY Change 38.14% 2.9%
LONG-TERM LIABILITIES
Long-Term Debt $112.1M $87.80M
YoY Change 17.14% -19.3%
Other Long-Term Liabilities $13.70M $12.70M
YoY Change 7.87% -48.37%
Total Long-Term Liabilities $125.8M $100.5M
YoY Change 16.05% -24.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.30M $63.80M
Total Long-Term Liabilities $125.8M $100.5M
Total Liabilities $245.1M $164.3M
YoY Change 44.77% -16.94%
SHAREHOLDERS EQUITY
Retained Earnings -$127.6M
YoY Change -31.99%
Common Stock $454.8M
YoY Change 0.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $304.5M $249.6M
YoY Change
Total Liabilities & Shareholders Equity $549.6M $413.9M
YoY Change 31.95% -4.28%

Cashflow Statement

Concept 2017 Q2 2016 Q3
OPERATING ACTIVITIES
Net Income $9.402M $4.871M
YoY Change 393.28% -75.02%
Depreciation, Depletion And Amortization $7.094M $5.164M
YoY Change 21.66% 11.7%
Cash From Operating Activities $16.70M $15.50M
YoY Change 101.25% 80.23%
INVESTING ACTIVITIES
Capital Expenditures -$1.300M -$3.000M
YoY Change -155.53% 150.0%
Acquisitions
YoY Change
Other Investing Activities $100.0K -$9.300M
YoY Change -98.18% -129.52%
Cash From Investing Activities -$1.200M -$12.30M
YoY Change -137.88% -140.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.200M -9.500M
YoY Change 108.76% 33.8%
NET CHANGE
Cash From Operating Activities 16.70M 15.50M
Cash From Investing Activities -1.200M -12.30M
Cash From Financing Activities -7.200M -9.500M
Net Change In Cash 8.300M -6.300M
YoY Change 3.53% -119.75%
FREE CASH FLOW
Cash From Operating Activities $16.70M $15.50M
Capital Expenditures -$1.300M -$3.000M
Free Cash Flow $18.00M $18.50M
YoY Change 202.17% 88.78%

Facts In Submission

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us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.53%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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. The Company evaluates its estimates based on historical experience, current conditions and various other assumptions that it believes are reasonable under the circumstances. Estimates and assumptions are reviewed on an on-going basis and the effects of revisions are reflected in the period in which they are deemed to be necessary. Actual results could differ significantly from those estimates. </p></div>
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CostOfGoodsSoldAmortization
1696000
CY2016Q3 us-gaap Cost Of Goods Sold Amortization
CostOfGoodsSoldAmortization
985000
us-gaap Cost Of Goods Sold Amortization
CostOfGoodsSoldAmortization
3337000
us-gaap Cost Of Goods Sold Amortization
CostOfGoodsSoldAmortization
2169000
CY2017Q2 novt Amortization Of Intangible Assets Including Cost Of Goods Sold Amortization
AmortizationOfIntangibleAssetsIncludingCostOfGoodsSoldAmortization
5043000
novt Amortization Of Intangible Assets Including Cost Of Goods Sold Amortization
AmortizationOfIntangibleAssetsIncludingCostOfGoodsSoldAmortization
6256000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
9027000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
15888000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
12856000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
9882000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
8552000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
31761000
CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
8012000
CY2017Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
14288000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9647000
CY2017Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
782000
CY2016Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1371000
CY2017Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1366000
CY2016Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1237000
CY2017Q2 us-gaap Customer Deposits Current
CustomerDepositsCurrent
2297000
CY2016Q4 us-gaap Customer Deposits Current
CustomerDepositsCurrent
1164000
CY2017Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8355000
CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
7612000
CY2015Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3335000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1408000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
639000
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
419000
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
23000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1101000
novt Effective Income Tax Rate Reconciliation Deductions Deferred Tax Liability Write Off
EffectiveIncomeTaxRateReconciliationDeductionsDeferredTaxLiabilityWriteOff
0.189
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
797000
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
92000
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-21000
CY2016Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3179000
CY2017Q2 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
7902000
CY2016Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
8111000
CY2017Q2 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
5551000
CY2016Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
5957000
CY2017Q2 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
1901000
CY2016Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
2264000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1318000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1055000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2787000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2397000
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.319
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.116
novt Deferred Tax Liability Write Off
DeferredTaxLiabilityWriteOff
1400000
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.339
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.294
us-gaap Dividend Income Securities Operating Tax Exempt
DividendIncomeSecuritiesOperatingTaxExempt
2300000
us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.044
CY2017Q2 us-gaap Restructuring Costs
RestructuringCosts
163000
CY2016Q3 us-gaap Restructuring Costs
RestructuringCosts
1972000
us-gaap Restructuring Costs
RestructuringCosts
200000
us-gaap Restructuring Costs
RestructuringCosts
4684000
CY2017Q2 novt Business Combination Acquisition Related Cost Benefit
BusinessCombinationAcquisitionRelatedCostBenefit
1418000
CY2016Q3 novt Business Combination Acquisition Related Cost Benefit
BusinessCombinationAcquisitionRelatedCostBenefit
1733000
novt Business Combination Acquisition Related Cost Benefit
BusinessCombinationAcquisitionRelatedCostBenefit
2198000
novt Business Combination Acquisition Related Cost Benefit
BusinessCombinationAcquisitionRelatedCostBenefit
1979000
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
1736000
us-gaap Restructuring Charges
RestructuringCharges
200000
us-gaap Payments For Restructuring
PaymentsForRestructuring
781000
novt Restructuring Reserve Settled Without Cash And Other Adjustments
RestructuringReserveSettledWithoutCashAndOtherAdjustments
-97000
CY2017Q2 us-gaap Restructuring Reserve
RestructuringReserve
1058000
CY2017Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1400000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2200000
us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
21582000
us-gaap Temporary Equity Foreign Currency Translation Adjustments
TemporaryEquityForeignCurrencyTranslationAdjustments
1448000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2017Q2 novt Gross Margin Percentage
GrossMarginPercentage
0.449
CY2016Q3 novt Gross Margin Percentage
GrossMarginPercentage
0.425
novt Gross Margin Percentage
GrossMarginPercentage
0.437
novt Gross Margin Percentage
GrossMarginPercentage
0.417
CY2017Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7094000
CY2016Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4938000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
13576000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10769000

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