$NOVT
NOVANTA INC

2021 Q4 Form 10-Q Financial Statement

#000156459021055480 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2020 Q4
Revenue $177.7M $142.9M
YoY Change 24.35% -10.5%
Cost Of Revenue $101.4M $83.80M
YoY Change 21.04% -10.57%
Gross Profit $76.30M $59.11M
YoY Change 29.09% -10.45%
Gross Profit Margin 42.93% 41.35%
Selling, General & Admin $31.30M $26.80M
YoY Change 16.78% -8.84%
% of Gross Profit 41.02% 45.34%
Research & Development $17.47M $15.20M
YoY Change 14.92% 2.7%
% of Gross Profit 22.89% 25.72%
Depreciation & Amortization $10.89M $9.596M
YoY Change 13.48% -6.83%
% of Gross Profit 14.27% 16.24%
Operating Expenses $52.90M $45.60M
YoY Change 16.02% -5.59%
Operating Profit $15.28M $11.87M
YoY Change 28.73% -32.96%
Interest Expense -$1.676M -$1.800M
YoY Change -6.89% -47.06%
% of Operating Profit -10.97% -15.17%
Other Income/Expense, Net -$71.00K $0.00
YoY Change -100.0%
Pretax Income $13.53M $10.00M
YoY Change 35.28% 4.17%
Income Tax -$75.00K $1.800M
% Of Pretax Income -0.55% 18.0%
Net Earnings $13.60M $8.258M
YoY Change 64.73% -10.24%
Net Earnings / Revenue 7.65% 5.78%
Basic Earnings Per Share $0.38 $0.23
Diluted Earnings Per Share $0.38 $0.23
COMMON SHARES
Basic Shares Outstanding 35.45M 35.14M
Diluted Shares Outstanding 35.76M 35.69M

Balance Sheet

Concept 2021 Q4 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.4M $106.6M
YoY Change -3.94% 35.11%
Cash & Equivalents $117.4M $125.1M
Short-Term Investments
Other Short-Term Assets $12.16M $7.500M
YoY Change 62.17% -37.5%
Inventory $125.7M $92.74M
Prepaid Expenses
Receivables $115.6M $75.05M
Other Receivables $7.252M $4.900M
Total Short-Term Assets $373.8M $304.2M
YoY Change 22.9% -0.11%
LONG-TERM ASSETS
Property, Plant & Equipment $87.44M $78.68M
YoY Change 11.14% 1.44%
Goodwill $479.5M $286.0M
YoY Change 67.67% 4.1%
Intangibles $221.0M $148.5M
YoY Change 48.79% -10.62%
Long-Term Investments
YoY Change
Other Assets $5.586M $2.894M
YoY Change 93.02% 6.67%
Total Long-Term Assets $854.1M $561.0M
YoY Change 52.24% -0.75%
TOTAL ASSETS
Total Short-Term Assets $373.8M $304.2M
Total Long-Term Assets $854.1M $561.0M
Total Assets $1.228B $865.2M
YoY Change 41.92% -0.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $68.51M $42.97M
YoY Change 59.46% -18.29%
Accrued Expenses $88.12M $56.70M
YoY Change 55.41% 5.19%
Deferred Revenue $6.995M $6.173M
YoY Change 13.32% 91.77%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.097M $5.508M
YoY Change -7.46% 9.48%
Total Short-Term Liabilities $183.9M $114.2M
YoY Change 61.03% -15.29%
LONG-TERM LIABILITIES
Long-Term Debt $429.4M $194.9M
YoY Change 120.27% -9.48%
Other Long-Term Liabilities $9.638M $17.17M
YoY Change -43.85% -53.46%
Total Long-Term Liabilities $439.0M $212.1M
YoY Change 106.98% -15.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $183.9M $114.2M
Total Long-Term Liabilities $439.0M $212.1M
Total Liabilities $706.6M $388.4M
YoY Change 81.94% -14.18%
SHAREHOLDERS EQUITY
Retained Earnings $56.53M $6.202M
YoY Change 811.53% -116.19%
Common Stock $477.6M $482.8M
YoY Change -1.08% 1.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $521.3M $476.8M
YoY Change
Total Liabilities & Shareholders Equity $1.228B $865.2M
YoY Change 41.92% -0.52%

Cashflow Statement

Concept 2021 Q4 2020 Q4
OPERATING ACTIVITIES
Net Income $13.60M $8.258M
YoY Change 64.73% -10.24%
Depreciation, Depletion And Amortization $10.89M $9.596M
YoY Change 13.48% -6.83%
Cash From Operating Activities $13.90M $42.10M
YoY Change -66.99% 18.93%
INVESTING ACTIVITIES
Capital Expenditures -$6.116M -$2.600M
YoY Change 135.23% -3.7%
Acquisitions
YoY Change
Other Investing Activities -$285.2M $0.00
YoY Change
Cash From Investing Activities -$291.3M -$2.500M
YoY Change 11551.88% -7.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 246.3M -32.20M
YoY Change -864.86% 97.55%
NET CHANGE
Cash From Operating Activities 13.90M 42.10M
Cash From Investing Activities -291.3M -2.500M
Cash From Financing Activities 246.3M -32.20M
Net Change In Cash -31.11M 7.400M
YoY Change -520.47% -54.88%
FREE CASH FLOW
Cash From Operating Activities $13.90M $42.10M
Capital Expenditures -$6.116M -$2.600M
Free Cash Flow $20.01M $44.70M
YoY Change -55.23% 17.32%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.53%;text-indent:-2.03%;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;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, including estimated economic implications of the COVID-19 pandemic, and various other assumptions that it believes are reasonable under the circumstances. The accounting estimates assessed included, but were not limited to, the Company’s allowance for doubtful accounts and credit losses, inventory and related reserves and the carrying value of goodwill and other long-lived assets. While there was not a material change to the consolidated financial statements related to these estimates as of and for the nine months ended October 1, 2021, the Company’s future assessment of the magnitude and duration of the COVID-19 pandemic, as well as other factors, could result in material impacts to the Company’s consolidated financial statements in future reporting periods. </p>
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FinanceLeaseRightOfUseAssetAmortization
253000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
451000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
748000
CY2021Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
85000
CY2020Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
108000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
257000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
326000
CY2021Q4 us-gaap Variable Lease Cost
VariableLeaseCost
275000
CY2020Q4 us-gaap Variable Lease Cost
VariableLeaseCost
320000
us-gaap Variable Lease Cost
VariableLeaseCost
834000
us-gaap Variable Lease Cost
VariableLeaseCost
1043000
CY2021Q4 us-gaap Lease Cost
LeaseCost
2927000
CY2020Q4 us-gaap Lease Cost
LeaseCost
2467000
us-gaap Lease Cost
LeaseCost
7755000
us-gaap Lease Cost
LeaseCost
7810000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
43459000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
34444000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7575000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6188000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
40850000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
32802000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
48425000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
38990000
CY2021Q4 novt Finance Lease Right Of Use Asset Gross
FinanceLeaseRightOfUseAssetGross
9582000
CY2020Q4 novt Finance Lease Right Of Use Asset Gross
FinanceLeaseRightOfUseAssetGross
19819000
CY2021Q4 novt Finance Lease Right Of Use Asset Accumulated Depreciation
FinanceLeaseRightOfUseAssetAccumulatedDepreciation
4918000
CY2020Q4 novt Finance Lease Right Of Use Asset Accumulated Depreciation
FinanceLeaseRightOfUseAssetAccumulatedDepreciation
4934000
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
4664000
CY2020Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
14885000
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
590000
CY2020Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
9720000
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
5461000
CY2020Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
5908000
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
6051000
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
15628000
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0496
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0550
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0554
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0300
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
257000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
357000
us-gaap Operating Lease Payments
OperatingLeasePayments
5562000
us-gaap Operating Lease Payments
OperatingLeasePayments
5088000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
9166000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1034000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
15340000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3050000
novt Payments To Acquire Buildings Under Finance Lease
PaymentsToAcquireBuildingsUnderFinanceLease
8700000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2141000
CY2021Q4 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
227000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9539000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
907000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8241000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
930000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7230000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
954000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6967000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
954000
CY2021Q4 novt Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
27090000
CY2021Q4 novt Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
3486000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
61208000
CY2021Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
7458000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12783000
CY2021Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1407000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
48425000
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
6051000
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
7000000.0
CY2021Q2 us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
one vote per share
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000.0
CY2020Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000.0
CY2021Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.006
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.020
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.145
CY2020Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.176
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.052
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.079
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.033
CY2021Q4 us-gaap Restructuring Costs
RestructuringCosts
5185000
CY2020Q4 us-gaap Restructuring Costs
RestructuringCosts
1074000
us-gaap Restructuring Costs
RestructuringCosts
7896000
us-gaap Restructuring Costs
RestructuringCosts
2427000
CY2021Q4 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2935000
CY2020Q4 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
613000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
8589000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
3164000
CY2021Q4 novt Restructuring Acquisition And Related Costs
RestructuringAcquisitionAndRelatedCosts
8120000
CY2020Q4 novt Restructuring Acquisition And Related Costs
RestructuringAcquisitionAndRelatedCosts
1687000
novt Restructuring Acquisition And Related Costs
RestructuringAcquisitionAndRelatedCosts
16485000
novt Restructuring Acquisition And Related Costs
RestructuringAcquisitionAndRelatedCosts
5591000
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
1800000
us-gaap Restructuring Charges
RestructuringCharges
7896000
us-gaap Payments For Restructuring
PaymentsForRestructuring
2333000
us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
-3486000
CY2021Q4 us-gaap Restructuring Reserve
RestructuringReserve
3877000
CY2021Q4 us-gaap Legal Fees
LegalFees
100000
us-gaap Legal Fees
LegalFees
1900000
CY2020Q4 us-gaap Legal Fees
LegalFees
400000
us-gaap Legal Fees
LegalFees
1000000.0
CY2021Q4 us-gaap Purchase Obligation
PurchaseObligation
17900000
CY2021Q3 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
0
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
177726000
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
142929000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
507833000
CY2021Q4 us-gaap Gross Profit
GrossProfit
76298000
CY2020Q4 us-gaap Gross Profit
GrossProfit
59105000
us-gaap Gross Profit
GrossProfit
217444000
us-gaap Gross Profit
GrossProfit
182252000
CY2021Q4 novt Gross Margin Percentage
GrossMarginPercentage
0.429
CY2020Q4 novt Gross Margin Percentage
GrossMarginPercentage
0.414
novt Gross Margin Percentage
GrossMarginPercentage
0.428
novt Gross Margin Percentage
GrossMarginPercentage
0.411
CY2021Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
15275000
CY2020Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
11866000
us-gaap Operating Income Loss
OperatingIncomeLoss
42366000
us-gaap Operating Income Loss
OperatingIncomeLoss
38817000
CY2021Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10890000
CY2020Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
9596000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
30613000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
28363000
CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
177726000
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
142929000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
507833000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
443125000
novt Number Of Primary End Market Segments
NumberOfPrimaryEndMarketSegments
2
CY2021Q4 novt Percentage Of Revenue By End Market
PercentageOfRevenueByEndMarket
1
CY2020Q4 novt Percentage Of Revenue By End Market
PercentageOfRevenueByEndMarket
1
novt Percentage Of Revenue By End Market
PercentageOfRevenueByEndMarket
1
novt Percentage Of Revenue By End Market
PercentageOfRevenueByEndMarket
1

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