$ONTO
ONTO INNOVATION INC.

2022 Q2 Form 10-Q Financial Statement

#000156459022017529 Filed on May 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q1
Revenue $241.4M $225.6M $169.3M
YoY Change 24.8% 33.3% 20.98%
Cost Of Revenue $110.3M $101.8M $78.80M
YoY Change 25.47% 29.24% 1.94%
Gross Profit $131.0M $123.8M $90.50M
YoY Change 24.24% 36.8% 44.5%
Gross Profit Margin 54.29% 54.87% 53.46%
Selling, General & Admin $32.12M $35.42M $28.70M
YoY Change 1.37% 23.41% -13.6%
% of Gross Profit 24.51% 28.61% 31.71%
Research & Development $26.34M $24.84M $22.00M
YoY Change 3.27% 12.89% 5.13%
% of Gross Profit 20.1% 20.06% 24.31%
Depreciation & Amortization $16.19M $17.08M $3.618M
YoY Change 0.12% 372.17% 16.6%
% of Gross Profit 12.35% 13.8% 4.0%
Operating Expenses $72.28M $73.95M $63.00M
YoY Change 3.98% 17.38% -7.19%
Operating Profit $58.74M $49.86M $27.50M
YoY Change 63.45% 81.29% -624.21%
Interest Expense $163.0K $47.00K -$900.0K
YoY Change -779.17% -105.22% -174.38%
% of Operating Profit 0.28% 0.09% -3.27%
Other Income/Expense, Net -$204.0K $153.0K -$1.244M
YoY Change -29.41% -112.3% -3987.5%
Pretax Income $58.92M $50.06M $26.60M
YoY Change 63.86% 88.16% -764.39%
Income Tax $5.587M $3.318M $2.489M
% Of Pretax Income 9.48% 6.63% 9.36%
Net Earnings $53.33M $46.74M $24.11M
YoY Change 52.15% 93.82% -647.52%
Net Earnings / Revenue 22.1% 20.71% 14.24%
Basic Earnings Per Share $1.08 $0.49
Diluted Earnings Per Share $1.07 $937.4K $0.49
COMMON SHARES
Basic Shares Outstanding 49.44M 49.00M
Diluted Shares Outstanding 49.92M 49.57M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $541.9M $511.3M $392.9M
YoY Change 31.9% 30.15% 34.58%
Cash & Equivalents $172.5M $169.6M $126.5M
Short-Term Investments $369.4M $341.7M $266.5M
Other Short-Term Assets $20.63M $16.43M $19.20M
YoY Change 7.73% -14.41% -28.36%
Inventory $263.0M $243.1M $200.9M
Prepaid Expenses
Receivables $206.7M $177.2M $141.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.032B $948.1M $754.8M
YoY Change 27.18% 25.6% 20.1%
LONG-TERM ASSETS
Property, Plant & Equipment $81.69M $82.09M $87.68M
YoY Change -7.19% -6.37% -9.58%
Goodwill $315.8M $313.9M
YoY Change 0.61% 2.04%
Intangibles $263.5M $277.3M $318.2M
YoY Change -13.85% -12.86% -11.17%
Long-Term Investments
YoY Change
Other Assets $24.48M $21.72M $26.78M
YoY Change -1.31% -18.91% 13.23%
Total Long-Term Assets $690.2M $701.7M $748.9M
YoY Change -6.08% -6.3% -4.95%
TOTAL ASSETS
Total Short-Term Assets $1.032B $948.1M $754.8M
Total Long-Term Assets $690.2M $701.7M $748.9M
Total Assets $1.722B $1.650B $1.504B
YoY Change 11.38% 9.72% 6.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $70.76M $53.35M $45.62M
YoY Change 51.56% 16.93% 41.68%
Accrued Expenses $37.74M $43.04M $28.93M
YoY Change -7.85% 48.81% -1.6%
Deferred Revenue $29.98M $21.42M
YoY Change 39.93%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $184.7M $154.5M $126.4M
YoY Change 38.68% 22.24% 34.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $32.01M $28.95M $28.74M
YoY Change 14.76% 0.74% -4.18%
Total Long-Term Liabilities $32.01M $28.95M $28.74M
YoY Change 14.76% 0.74% -4.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $184.7M $154.5M $126.4M
Total Long-Term Liabilities $32.01M $28.95M $28.74M
Total Liabilities $250.1M $223.8M $211.4M
YoY Change 15.28% 5.84% 10.92%
SHAREHOLDERS EQUITY
Retained Earnings $168.5M $50.28M
YoY Change 235.18%
Common Stock $1.256B $1.239B
YoY Change 1.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.472B $1.426B $1.292B
YoY Change
Total Liabilities & Shareholders Equity $1.722B $1.650B $1.504B
YoY Change 11.38% 9.72% 6.16%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $53.33M $46.74M $24.11M
YoY Change 52.15% 93.82% -647.52%
Depreciation, Depletion And Amortization $16.19M $17.08M $3.618M
YoY Change 0.12% 372.17% 16.6%
Cash From Operating Activities $45.46M $49.00M $51.00M
YoY Change 78.76% -3.92% 473.15%
INVESTING ACTIVITIES
Capital Expenditures -$2.494M -$863.0K $3.875M
YoY Change -55.92% -122.27% 288.67%
Acquisitions $26.80M
YoY Change
Other Investing Activities -$30.81M -$30.00M -$56.50M
YoY Change 197.93% -46.9% 3431.25%
Cash From Investing Activities -$33.30M -$30.87M -$60.35M
YoY Change 106.86% -48.86% 2221.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.570M 3.041M 593.0K
YoY Change 94.9% 412.82% -101.69%
NET CHANGE
Cash From Operating Activities 45.46M 49.00M 51.00M
Cash From Investing Activities -33.30M -30.87M -60.35M
Cash From Financing Activities -7.570M 3.041M 593.0K
Net Change In Cash 4.586M 21.18M -10.27M
YoY Change -15.79% -306.2% -65.01%
FREE CASH FLOW
Cash From Operating Activities $45.46M $49.00M $51.00M
Capital Expenditures -$2.494M -$863.0K $3.875M
Free Cash Flow $47.95M $49.86M $47.12M
YoY Change 54.25% 5.81% 496.43%

Facts In Submission

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CY2022Q2 us-gaap Use Of Estimates
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<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:5.27%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management include the allowance for credit losses, excess and obsolete inventory, fair value of assets acquired and liabilities assumed in a business combination, recoverability and useful lives of property, plant and equipment and identifiable intangible assets, recoverability of goodwill, recoverability of deferred tax assets, liabilities for product warranty, contingencies, including litigation reserves and share-based payments and liabilities for tax uncertainties. Actual results could differ from those estimates.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:5.27%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These estimates and assumptions are based on historical experience and on various other factors which the Company believes to be reasonable under the circumstances. The Company may engage third-party valuation specialists to assist with estimates related to the valuation of financial instruments, assets and stock awards associated with various contractual arrangements. Such estimates often require the selection of appropriate valuation methodologies and significant judgment. Actual results could differ from these estimates under different assumptions or circumstances and such differences could be material.</p>
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CY2022Q2 onto Intellectual Property Indemnification Obligations
IntellectualPropertyIndemnificationObligations
0
CY2022Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
9682000
CY2020Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6485000
CY2022Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
3619000
CY2021Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2652000
CY2021Q1 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
407000
CY2022Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2726000
CY2021Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2039000
CY2022Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
10575000
CY2021Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
7505000
CY2022Q2 onto Maximum Borrowing Capacity Percentage Of Eligible Securities Held At Line Of Credit Accessed
MaximumBorrowingCapacityPercentageOfEligibleSecuritiesHeldAtLineOfCreditAccessed
0.70
CY2022Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
128700000
CY2022Q2 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.020
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
241350000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
169279000
CY2022Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
2137000
CY2022Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
1693000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
31672000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
15626000
CY2021Q1 us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
385000
CY2022Q2 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress
23500000
CY2021Q1 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress
19232000
CY2022Q2 onto Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
16573000
CY2021Q1 onto Contract With Customer Liability Revenue Recognized Including Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingAdditions
12814000
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
38599000
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
22429000
CY2022Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-214000
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1271000
CY2022Q2 onto Other Expense Income
OtherExpenseIncome
10000
CY2021Q1 onto Other Expense Income
OtherExpenseIncome
27000
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-204000
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1244000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
58917000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
26602000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5587000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2489000
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.09
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.09
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10948000
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10948000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
53330000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
24113000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49437000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49000000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49915000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49572000
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.08
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.07
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
169279000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
241350000
CY2022Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
241350000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
169279000
CY2022Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0
CY2022Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
100000000

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