$ONTO
ONTO INNOVATION INC.

2016 Q3 Form 10-Q Financial Statement

#000156459016026436 Filed on October 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q4 2015 Q3
Revenue $58.70M $42.70M $45.68M
YoY Change 28.51% 7.56% 68.35%
Cost Of Revenue $28.30M $21.90M $23.46M
YoY Change 20.64% -2.23% 49.26%
Gross Profit $30.40M $20.80M $22.22M
YoY Change 36.82% 20.23% 94.63%
Gross Profit Margin 51.79% 48.71% 48.64%
Selling, General & Admin $13.50M $12.70M $12.35M
YoY Change 9.31% 1.6% 1.48%
% of Gross Profit 44.41% 61.06% 55.58%
Research & Development $7.900M $7.800M $8.579M
YoY Change -7.91% -3.7% 6.74%
% of Gross Profit 25.99% 37.5% 38.61%
Depreciation & Amortization $1.700M $2.300M $1.800M
YoY Change -5.56% 109.09% 5.88%
% of Gross Profit 5.59% 11.06% 8.1%
Operating Expenses $21.30M $20.50M $20.96M
YoY Change 1.65% 0.0% -4.86%
Operating Profit $9.100M $300.0K $1.264M
YoY Change 619.94% -109.38% -111.91%
Interest Expense -$100.0K $0.00 $86.00K
YoY Change -216.28% -100.0% -4.44%
% of Operating Profit -1.1% 0.0% 6.8%
Other Income/Expense, Net $200.0K $100.0K $346.0K
YoY Change -42.2% -66.67% -707.02%
Pretax Income $9.200M -$1.000M $1.531M
YoY Change 500.91% -72.22% -114.25%
Income Tax $1.300M $800.0K $713.0K
% Of Pretax Income 14.13% 46.57%
Net Earnings $7.900M -$1.800M $818.0K
YoY Change 865.77% -60.87% -102.85%
Net Earnings / Revenue 13.46% -4.22% 1.79%
Basic Earnings Per Share $0.03
Diluted Earnings Per Share $312.3K -$74.38K $0.03
COMMON SHARES
Basic Shares Outstanding 24.19M shares 24.15M shares
Diluted Shares Outstanding 24.35M shares

Balance Sheet

Concept 2016 Q3 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.5M $83.10M $84.60M
YoY Change 40.07% -1.07% 0.24%
Cash & Equivalents $37.40M $38.15M $41.56M
Short-Term Investments $81.10M $44.90M $43.10M
Other Short-Term Assets $5.800M $6.600M $8.100M
YoY Change -28.4% -38.89% -34.15%
Inventory $43.70M $47.75M $48.40M
Prepaid Expenses
Receivables $41.20M $37.83M $37.57M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $209.2M $178.1M $180.2M
YoY Change 16.07% 12.84% 13.37%
LONG-TERM ASSETS
Property, Plant & Equipment $44.30M $44.49M $45.94M
YoY Change -3.58% -10.36% -9.44%
Goodwill $9.415M $9.678M
YoY Change -10.28% -12.33%
Intangibles $2.403M
YoY Change -54.27%
Long-Term Investments
YoY Change
Other Assets $1.800M $533.0K $497.0K
YoY Change 262.17% -4.65% -16.19%
Total Long-Term Assets $56.40M $57.43M $58.91M
YoY Change -4.26% -12.18% -13.35%
TOTAL ASSETS
Total Short-Term Assets $209.2M $178.1M $180.2M
Total Long-Term Assets $56.40M $57.43M $58.91M
Total Assets $265.6M $235.5M $239.1M
YoY Change 11.07% 5.51% 5.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.600M $11.68M $15.88M
YoY Change -45.85% 14.47% 167.01%
Accrued Expenses $17.30M $15.30M $15.30M
YoY Change 13.07% 14.18% 26.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $45.90M $45.21M $47.55M
YoY Change -3.47% 18.35% 65.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.400M $878.0K $1.018M
YoY Change 135.76% -31.35% -39.15%
Total Long-Term Liabilities $2.400M $878.0K $1.018M
YoY Change 135.76% -31.35% -39.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.90M $45.21M $47.55M
Total Long-Term Liabilities $2.400M $878.0K $1.018M
Total Liabilities $49.00M $48.21M $51.34M
YoY Change -4.55% 10.33% 38.67%
SHAREHOLDERS EQUITY
Retained Earnings -$66.21M -$64.40M
YoY Change -4.2% -0.12%
Common Stock $268.6M $258.7M $24.00K
YoY Change 1118870.83% 1077979.17% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $216.6M $187.3M $187.8M
YoY Change
Total Liabilities & Shareholders Equity $265.6M $235.5M $239.1M
YoY Change 11.07% 5.51% 5.36%

Cashflow Statement

Concept 2016 Q3 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income $7.900M -$1.800M $818.0K
YoY Change 865.77% -60.87% -102.85%
Depreciation, Depletion And Amortization $1.700M $2.300M $1.800M
YoY Change -5.56% 109.09% 5.88%
Cash From Operating Activities $20.90M -$700.0K $9.500M
YoY Change 120.0% -107.87% -293.88%
INVESTING ACTIVITIES
Capital Expenditures -$800.0K -$400.0K -$400.0K
YoY Change 100.0% -86.67% -140.0%
Acquisitions
YoY Change
Other Investing Activities -$45.20M -$2.100M $5.200M
YoY Change -969.23% 90.91% 642.86%
Cash From Investing Activities -$46.00M -$2.500M $4.900M
YoY Change -1038.78% -39.02% 188.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.200M 0.000 900.0K
YoY Change 144.44% -100.0% -35.71%
NET CHANGE
Cash From Operating Activities 20.90M -700.0K 9.500M
Cash From Investing Activities -46.00M -2.500M 4.900M
Cash From Financing Activities 2.200M 0.000 900.0K
Net Change In Cash -22.90M -3.200M 15.30M
YoY Change -249.67% 433.33% -950.0%
FREE CASH FLOW
Cash From Operating Activities $20.90M -$700.0K $9.500M
Capital Expenditures -$800.0K -$400.0K -$400.0K
Free Cash Flow $21.70M -$300.0K $9.900M
YoY Change 119.19% -102.52% -267.8%

Facts In Submission

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us-gaap Fiscal Period
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<div> <p style="margin-top:12pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Fiscal Period<font style="font-style:normal;"> &#8211; The Company uses a </font><font style="font-style:normal;">52/53 week fiscal year ending on the last Saturday of the calendar year. All references to the quarter refer to Nanometrics&#8217; fiscal quarter. The fiscal quarters reported herein are 13 week periods.</font></p></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-top:6pt;margin-bottom:0pt;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Upgrade Revenue and Related Cost <font style="font-family:Calibri;">- </font><font style="font-style:normal;color:#000000;">Beginning the first quarter of 2016, revenues associated with upgrade sales are now included under Products Revenues, and the related costs in Cost of Products Revenue. This change was due to the types of upgrades currently being sold, which are primarily system software and hardware performance upgrades to extend the features and functionality of a product. Previously upgrades consisted of a group of parts and/or software that change the existing configuration of a product. For the three months ended September 26, 2015, $0.8 million related to upgrade sales, and $0.1 million of costs, are included in Service Revenues and Costs of Service Revenues, respectively, in the accompanying Condensed Consolidated Statement of Operations.&nbsp;&nbsp;For the nine months ended September 26, 2015, $7.6 million related to upgrade sales, and $2.9 million of costs, are included in Service Revenues and Costs of Service Revenues, respectively, in the accompanying Condensed Consolidated Statement of Operations.</font></p></div>
us-gaap Use Of Estimates
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AccruedProfessionalFeesCurrent
481000
CY2016Q3 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
1029000
CY2015Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
437000
CY2016Q3 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
814000
CY2015Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
945000
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2110000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2255000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
250000
CY2016Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
29982000
CY2016Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
29430000
CY2015Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
29721000
CY2016Q3 nano Amortization Expense Finite Lived Intangible Assets
AmortizationExpenseFiniteLivedIntangibleAssets
400000
CY2015Q3 nano Amortization Expense Finite Lived Intangible Assets
AmortizationExpenseFiniteLivedIntangibleAssets
500000
nano Amortization Expense Finite Lived Intangible Assets
AmortizationExpenseFiniteLivedIntangibleAssets
1300000
nano Amortization Expense Finite Lived Intangible Assets
AmortizationExpenseFiniteLivedIntangibleAssets
1600000
CY2016Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2015Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
140000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
206000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
140000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
66000
nano Product Warranty Period
ProductWarrantyPeriod
P12M
CY2016Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4556000
CY2015Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3792000
CY2014Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2953000
CY2016Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1100000
CY2015Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2288000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
3529000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
6240000
CY2016Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1471000
CY2015Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1789000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3848000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4902000
CY2015Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4291000
us-gaap Restructuring Charges
RestructuringCharges
0
us-gaap Payments For Restructuring
PaymentsForRestructuring
256000
CY2016Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
0
CY2014Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
997000
us-gaap Payments For Restructuring
PaymentsForRestructuring
712000
CY2015Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
341000
CY2016Q3 nano Intellectual Property Indemnification Obligations
IntellectualPropertyIndemnificationObligations
0
CY2015Q4 nano Intellectual Property Indemnification Obligations
IntellectualPropertyIndemnificationObligations
0
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
207000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
429000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
337000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1051867
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
352996
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
166849
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
532022
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
480462
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.60
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
13.33
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
15.79
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.06
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
14.91
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y5M16D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y3M26D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y1M24D
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1916000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3849000
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
3546000
CY2016Q3 nano Share Based Compensation Arrangements By Share Based Payment Award Options Share Closing Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsShareClosingPrice
22.29
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
500000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1900000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1400000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2000000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1682000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5432000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4664000
CY2016Q3 us-gaap Increase In Unrecognized Tax Benefits Is Reasonably Possible
IncreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
100000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2016Q3 us-gaap Noncurrent Assets
NoncurrentAssets
44324000
CY2015Q4 us-gaap Noncurrent Assets
NoncurrentAssets
44493000

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