– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
NATICK, Mass.--(BUSINESS WIRE)--Cognex Corporation (NASDAQ: CGNX) today reported financial results for the first quarter of 2022. Table 1 below shows selected financial data for Q1-22 compared with Q1-21 and Q4-21.
Table 1 |
||||
(Dollars in thousands, except per share amounts) |
||||
|
Revenue |
Net Income |
Net Income
|
Non-GAAP
|
Quarterly Comparisons |
|
|
|
|
Current quarter: Q1-22 |
$282,407 |
$67,333 |
$0.38 |
$0.42 |
Prior year’s quarter: Q1-21 |
$239,027 |
$69,848 |
$0.39 |
$0.36 |
Change: Q1-21 to Q1-22 |
18% |
(4)% |
(3)% |
17% |
Prior quarter: Q4-21 |
$244,065 |
$53,535 |
$0.30 |
$0.30 |
Change: Q4-21 to Q1-22 |
16% |
26% |
27% |
40% |
*Non-GAAP net income per diluted share excludes discrete tax adjustments. A reconciliation from GAAP to Non-GAAP is shown in Exhibit 2 of this news release. |
||||
“Overall, I am pleased with our first quarter results,” said Robert J. Willett, Chief Executive Officer of Cognex. “Revenue was the second highest of any quarter in our company’s 41-year history and operating margin was above our 30% long-term target. This solid start to the year was driven by the increasing adoption of machine vision technology and the hard work of Cognoids through difficult conditions around the world to support our customers, manage our supply chain, and continue our product development efforts.”
Mr. Willett continued, “While our Q1 results were good, we believe growth momentum is slowing. We are currently hearing from customers that automation projects are taking longer to deploy, and some are being delayed, because of supply chain challenges and staffing shortages.”
Details of the Quarter
Statement of Operations Highlights – First Quarter of 2022
Balance Sheet Highlights – April 3, 2022
Financial Outlook – Q2 2022
Non-GAAP Financial Measures
Analyst Conference Call and Simultaneous Webcast
About Cognex Corporation
Cognex Corporation designs, develops, manufactures, and markets a wide range of image-based products, all of which use artificial intelligence (AI) techniques that give them the human-like ability to make decisions on what they see. Cognex products include machine vision systems, machine vision sensors, and barcode readers that are used in factories and distribution centers around the world where they eliminate production and shipping errors.
Cognex is the world's leader in the machine vision industry, having shipped more than 3 million image-based products, representing over $9 billion in cumulative revenue, since the company's founding in 1981. Headquartered in Natick, Massachusetts, USA, Cognex has offices and distributors located throughout the Americas, Europe, and Asia. For details, visit Cognex online at www.cognex.com.
Certain statements made in this news release, which do not relate solely to historical matters, are forward-looking statements. These statements can be identified by use of the words “expects,” “anticipates,” “estimates,” “believes,” “projects,” “intends,” “plans,” “will,” “may,” “shall,” “could,” “should,” and similar words and other statements of a similar sense. These statements are based on our current estimates and expectations as to prospective events and circumstances, which may or may not be in our control and as to which there can be no firm assurances given. These forward-looking statements, which include statements regarding business and market trends, future financial performance and financial targets, the expected impact of the COVID-19 pandemic on our assets, business and results of operations, customer demand and order rates and timing of related revenue, managing supply shortages, delivery lead times, future product mix, research and development activities, sales and marketing activities, new product offerings and product development activities, capital expenditures, investments, liquidity, dividends and stock repurchases, strategic and growth plans, and estimated tax benefits and expenses and other tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the reliance on key suppliers to manufacture and deliver quality products; (2) the inability to obtain components for our products; (3) the failure to effectively manage product transitions or accurately forecast customer demand; (4) the inability to manage disruptions to our distribution centers; (5) the inability to design and manufacture high-quality products; (6) the impact, duration, and severity of the COVID-19 pandemic, including the availability and effectiveness of vaccines; (7) the loss of, or curtailment of purchases by, large customers in the logistics industry; (8) information security breaches; (9) the inability to protect our proprietary technology and intellectual property; (10) the inability to attract and retain skilled employees and maintain our unique corporate culture; (11) the technological obsolescence of current products and the inability to develop new products; (12) the failure to properly manage the distribution of products and services; (13) the impact of competitive pressures; (14) the challenges in integrating and achieving expected results from acquired businesses; (15) potential disruptions in our business systems; (16) potential impairment charges with respect to our investments or acquired intangible assets; (17) exposure to additional tax liabilities; (18) fluctuations in foreign currency exchange rates and the use of derivative instruments; (19) unfavorable global economic conditions, including high inflation rates; (20) business disruptions from natural or man-made disasters or public health issues; (21) economic, political, and other risks associated with international sales and operations, including the impact of the war in Ukraine; and (22) our involvement in time-consuming and costly litigation; and the other risks detailed in Cognex reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2021 and Form 10-Q for the fiscal quarter ended April 3, 2022. You should not place undue reliance upon any such forward-looking statements, which speak only as of the date made. Cognex disclaims any obligation to update forward-looking statements after the date of such statements.
Exhibit 1 |
|||||||||||
COGNEX CORPORATION |
|||||||||||
Statements of Operations |
|||||||||||
(Unaudited) |
|||||||||||
Dollars in thousands, except per share amounts |
|||||||||||
|
Three-months Ended |
||||||||||
|
Apr. 3, 2022 |
|
Dec. 31, 2021 |
|
Apr. 4, 2021 |
||||||
|
|
|
|
|
|
||||||
Revenue |
$ |
282,407 |
|
|
$ |
244,065 |
|
|
$ |
239,027 |
|
Cost of revenue (1) |
|
78,790 |
|
|
|
69,082 |
|
|
|
54,045 |
|
Gross margin |
|
203,617 |
|
|
|
174,983 |
|
|
|
184,982 |
|
Percentage of revenue |
|
72 |
% |
|
|
72 |
% |
|
|
77 |
% |
Research, development, and engineering expenses (1) |
|
36,054 |
|
|
|
35,489 |
|
|
|
34,105 |
|
Percentage of revenue |
|
13 |
% |
|
|
15 |
% |
|
|
14 |
% |
Selling, general, and administrative expenses (1) |
|
80,835 |
|
|
|
82,974 |
|
|
|
72,424 |
|
Percentage of revenue |
|
29 |
% |
|
|
34 |
% |
|
|
30 |
% |
Operating income |
|
86,728 |
|
|
|
56,520 |
|
|
|
78,453 |
|
Percentage of revenue |
|
31 |
% |
|
|
23 |
% |
|
|
33 |
% |
Foreign currency gain (loss) |
|
(444 |
) |
|
|
(37 |
) |
|
|
(1,008 |
) |
Investment and other income |
|
1,420 |
|
|
|
1,464 |
|
|
|
1,386 |
|
Income before income tax expense |
|
87,704 |
|
|
|
57,947 |
|
|
|
78,831 |
|
Income tax expense |
|
20,371 |
|
|
|
4,412 |
|
|
|
8,983 |
|
Net income |
$ |
67,333 |
|
|
$ |
53,535 |
|
|
$ |
69,848 |
|
Percentage of revenue |
|
24 |
% |
|
|
22 |
% |
|
|
29 |
% |
|
|
|
|
|
|
||||||
Net income per weighted-average common and common-equivalent share: |
|
|
|
|
|
||||||
Basic |
$ |
0.39 |
|
|
$ |
0.30 |
|
|
$ |
0.40 |
|
Diluted |
$ |
0.38 |
|
|
$ |
0.30 |
|
|
$ |
0.39 |
|
|
|
|
|
|
|
||||||
Weighted-average common and common-equivalent shares outstanding: |
|
|
|
|
|
||||||
Basic |
|
174,146 |
|
|
|
176,123 |
|
|
|
176,288 |
|
Diluted |
|
176,668 |
|
|
|
179,322 |
|
|
|
179,971 |
|
|
|
|
|
|
|
||||||
Cash dividends per common share |
$ |
0.065 |
|
|
$ |
0.065 |
|
|
$ |
0.060 |
|
Cash and investments per common share |
$ |
4.57 |
|
|
$ |
5.17 |
|
|
$ |
4.96 |
|
Book value per common share |
$ |
7.82 |
|
|
$ |
8.15 |
|
|
$ |
7.68 |
|
|
|
|
|
|
|
||||||
(1) Amounts include stock-based compensation expense, as follows: |
|
|
|
|
|
||||||
Cost of revenue |
$ |
563 |
|
|
$ |
380 |
|
|
$ |
248 |
|
Research, development, and engineering |
|
4,448 |
|
|
|
3,377 |
|
|
|
4,003 |
|
Selling, general, and administrative |
|
10,045 |
|
|
|
6,664 |
|
|
|
7,758 |
|
Total stock-based compensation expense |
$ |
15,056 |
|
|
$ |
10,421 |
|
|
$ |
12,009 |
|
|
|
|
|
|
|
||||||
Exhibit 2 |
|||||||||||
COGNEX CORPORATION |
|||||||||||
Reconciliation of Selected Items from GAAP to Non-GAAP |
|||||||||||
(Unaudited) |
|||||||||||
Dollars in thousands, except per share amounts |
|||||||||||
|
|||||||||||
|
Three-months Ended |
||||||||||
|
Apr. 3, 2022 |
|
Dec. 31, 2021 |
|
Apr. 4, 2021 |
||||||
Discrete tax adjustments reconciliation |
|
|
|||||||||
Income before income tax expense (GAAP) |
$ |
87,704 |
|
|
$ |
57,947 |
|
|
$ |
78,831 |
|
|
|
|
|
|
|
||||||
Income tax expense (GAAP) |
$ |
20,371 |
|
|
$ |
4,412 |
|
|
$ |
8,983 |
|
Effective tax rate (GAAP) |
|
23 |
% |
|
|
8 |
% |
|
|
11 |
% |
|
|
|
|
|
|
||||||
Discrete tax benefit (expense) related to stock-based compensation |
|
(117 |
) |
|
|
1,148 |
|
|
|
5,207 |
|
Discrete tax benefit (expense) related to tax return filings and other |
|
(6,221 |
) |
|
|
(1,173 |
) |
|
|
— |
|
Total discrete tax adjustments |
$ |
(6,338 |
) |
|
$ |
(25 |
) |
|
$ |
5,207 |
|
|
|
|
|
|
|
||||||
Income tax expense (Non-GAAP) |
$ |
14,033 |
|
|
$ |
4,387 |
|
|
$ |
14,190 |
|
Effective tax rate (Non-GAAP) |
|
16 |
% |
|
|
8 |
% |
|
|
18 |
% |
|
|
|
|
|
|
||||||
Net income (Non-GAAP) |
$ |
73,671 |
|
|
$ |
53,560 |
|
|
$ |
64,641 |
|
Percentage of revenue (Non-GAAP) |
|
26 |
% |
|
|
22 |
% |
|
|
27 |
% |
|
|
|
|
|
|
||||||
Net income per diluted weighted-average common and common-equivalent share (GAAP) |
$ |
0.38 |
|
|
$ |
0.30 |
|
|
$ |
0.39 |
|
Per share impact of discrete tax adjustments identified above |
|
0.04 |
|
|
|
— |
|
|
|
(0.03 |
) |
Net income per diluted weighted-average common and common-equivalent share (Non-GAAP) |
$ |
0.42 |
|
|
$ |
0.30 |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
||||||
Diluted weighted-average common and common-equivalent shares outstanding (GAAP) |
|
176,668 |
|
|
|
179,322 |
|
|
|
179,971 |
|
|
|
|
|
|
|
||||||
Exhibit 3 |
|||||
COGNEX CORPORATION |
|||||
Balance Sheets |
|||||
(Unaudited) |
|||||
Dollars in thousands |
|||||
|
Apr. 3, 2022 |
|
Dec. 31, 2021 |
||
Assets |
|
|
|
||
Cash and investments |
$ |
794,164 |
|
$ |
907,364 |
Accounts receivable |
|
155,065 |
|
|
130,348 |
Inventories |
|
136,660 |
|
|
113,102 |
Property, plant, and equipment |
|
77,870 |
|
|
77,546 |
Operating lease assets |
|
32,217 |
|
|
23,157 |
Goodwill and intangible assets |
|
252,228 |
|
|
253,601 |
Deferred tax assets |
|
412,333 |
|
|
418,570 |
Other assets |
|
73,578 |
|
|
79,974 |
|
|
|
|
||
Total assets |
$ |
1,934,115 |
|
$ |
2,003,662 |
|
|
|
|
||
Liabilities and Shareholders' Equity |
|
|
|
||
Accounts payable and accrued expenses |
$ |
107,855 |
|
$ |
136,483 |
Deferred revenue and customer deposits |
|
54,455 |
|
|
35,743 |
Operating lease liabilities |
|
34,530 |
|
|
25,581 |
Income taxes |
|
83,585 |
|
|
66,517 |
Deferred tax liabilities |
|
279,729 |
|
|
293,769 |
Other liabilities |
|
15,216 |
|
|
15,476 |
Shareholders' equity |
|
1,358,745 |
|
|
1,430,093 |
|
|
|
|
||
Total liabilities and shareholders' equity |
$ |
1,934,115 |
|
$ |
2,003,662 |
НАТИК, Массачусетс.--(BUSINESS WIRE)--Корпорация Cognex (NASDAQ: CGNX) сегодня сообщила о финансовых результатах за первый квартал 2022 года. В таблице 1 ниже приведены отдельные финансовые данные за 1-22 квартал по сравнению с 1-21 кварталом и 4-21 кварталом.
Table 1 |
||||
(Dollars in thousands, except per share amounts) |
||||
|
Revenue |
Net Income |
Net Income
|
Non-GAAP
|
Quarterly Comparisons |
|
|
|
|
Current quarter: Q1-22 |
$282,407 |
$67,333 |
$0.38 |
$0.42 |
Prior year’s quarter: Q1-21 |
$239,027 |
$69,848 |
$0.39 |
$0.36 |
Change: Q1-21 to Q1-22 |
18% |
(4)% |
(3)% |
17% |
Prior quarter: Q4-21 |
$244,065 |
$53,535 |
$0.30 |
$0.30 |
Change: Q4-21 to Q1-22 |
16% |
26% |
27% |
40% |
*Non-GAAP net income per diluted share excludes discrete tax adjustments. A reconciliation from GAAP to Non-GAAP is shown in Exhibit 2 of this news release. |
||||
“В целом я доволен нашими результатами за первый квартал”, - сказал Роберт Дж. Уиллетт, главный исполнительный директор Cognex. “Выручка была второй по величине за любой квартал за 41-летнюю историю нашей компании, а операционная маржа превысила наш долгосрочный целевой показатель в 30%. Столь уверенное начало года было обусловлено растущим внедрением технологий машинного зрения и напряженной работой Cognoids в сложных условиях по всему миру, направленной на поддержку наших клиентов, управление нашей цепочкой поставок и продолжение наших усилий по разработке продуктов”.
Г-н Уиллетт продолжил: “Хотя наши результаты в первом квартале были хорошими, мы считаем, что темпы роста замедляются. В настоящее время мы слышим от клиентов, что развертывание проектов автоматизации занимает больше времени, а некоторые из них откладываются из-за проблем с цепочкой поставок и нехватки персонала ”.
Подробная информация о квартале
Основные показатели отчета о деятельности – Первый квартал 2022 года
Основные данные бухгалтерского баланса – 3 апреля 2022 г.
Финансовый прогноз – 2 квартал 2022 года
Финансовые показатели, Не относящиеся к ОПБУ
Конференц-связь аналитика и Одновременная веб-трансляция
О корпорации Cognex
Корпорация Cognex разрабатывает, производит и продает широкий спектр продуктов на основе изображений, все из которых используют методы искусственного интеллекта (ИИ), которые дают им человеческую способность принимать решения на основе того, что они видят. Продукты Cognex включают системы машинного зрения, датчики машинного зрения и считыватели штрих-кодов, которые используются на заводах и в распределительных центрах по всему миру, где они устраняют ошибки при производстве и доставке.
Cognex является мировым лидером в индустрии машинного зрения, поставив более 3 миллионов продуктов на основе изображений, что составляет более 9 миллиардов долларов совокупного дохода с момента основания компании в 1981 году. Штаб-квартира Cognex находится в Натике, штат Массачусетс, США. Офисы и дистрибьюторы Cognex расположены по всей Америке, Европе и Азии. Для получения более подробной информации посетите Cognex онлайн по адресу www.Cognex.com .
Некоторые заявления, сделанные в этом пресс-релизе, которые не относятся исключительно к историческим вопросам, являются прогнозными заявлениями. Эти утверждения могут быть идентифицированы с помощью слов “ожидает”, “ожидает”, “оценивает”, “полагает”, “проектирует”, “намеревается”, “планирует”, “будет”, “может”, “должен”, “мог бы”, “должен” и подобных слова и другие утверждения аналогичного смысла. Эти заявления основаны на наших текущих оценках и ожиданиях в отношении будущих событий и обстоятельств, которые могут находиться или не находиться под нашим контролем и в отношении которых не может быть никаких твердых гарантий. Эти прогнозные заявления, которые включают заявления относительно бизнеса и рыночных тенденций, будущих финансовых показателей и финансовых целей, ожидаемого влияния пандемии COVID-19 на наши активы, бизнес и результаты операций, потребительский спрос и количество заказов, а также сроки получения соответствующих доходов, управление нехваткой поставок, сроки выполнения заказов, будущий ассортимент продукции, исследования и разработки, продажи и маркетинговая деятельность, предложения новых продуктов и деятельность по разработке продуктов, капитальные затраты, инвестиции, ликвидность, дивиденды и выкуп акций, стратегические планы и планы роста, а также предполагаемые налоговые льготы и расходы и другие налоговые вопросы связаны с известными и неизвестными рисками и неопределенностями, которые могут вызвать фактические результаты будут существенно отличаться от прогнозируемых. К таким рискам и неопределенностям относятся: (1) зависимость от ключевых поставщиков в производстве и поставке качественной продукции; (2) невозможность получить компоненты для наших продуктов; (3) неспособность эффективно управлять переходом продуктов или точно прогнозировать потребительский спрос; (4) неспособность управлять сбоями в работе наших распределительных центров; (5) неспособность разрабатывать и производить высококачественную продукцию; (6) воздействия, продолжительности и тяжести COVID-19 пандемией, в том числе наличие и эффективность вакцин; (7) потеря или ограничение закупок, крупных клиентов в сфере логистики; (8) нарушения информационной безопасности; (9) невозможность защиты нашей проприетарной технологии и интеллектуальная собственность; (10) невозможность привлечения и удержания квалифицированных сотрудников и сохранить нашу уникальную корпоративную культуру; (11) технологическое устаревание существующих продуктов и отсутствие возможности разработки новых продуктов; (12) неспособность правильно управлять распределением товаров и услуг; (13) воздействие низким давлением; (14) трудности в интеграции и достижение ожидаемых результатов от приобретенных компаний; (15) возможных перебоев в наших бизнес-систем; (16) потенциального обесценения в отношении инвестиций или приобретенных нематериальных активов; (17) воздействия дополнительных налоговых обязательств; (18) колебания валютных курсов и использование производных финансовых инструментов; (19) неблагоприятной мировой экономической конъюнктуры, в том числе высокие темпы инфляции; (20) бизнес нарушений из-за природных или техногенных катастроф или вопросов здравоохранения; (21) экономических, политических и прочих рисков, связанных с международным продажам и операциям, в том числе о влиянии войны на Украине; и (22) наше участие в трудоемких и затратных судебных разбирательств; и другие риски, подробно описанные в Cognex отчетов поданных в SEC, включая форму 10-К за финансовый год, закончившийся 31 декабря 2021 года и форму 10-Q за финансовый квартал, завершившийся 3 апреля 2022,. Вы не должны чрезмерно полагаться на любые такие прогнозные заявления, которые относятся только к сделанной дате. Cognex отказывается от каких-либо обязательств по обновлению прогнозных заявлений после даты таких заявлений.
Exhibit 1 |
|||||||||||
Cognex CORPORATION |
|||||||||||
Statements of Operations |
|||||||||||
(Unaudited) |
|||||||||||
Dollars in thousands, except per share amounts |
|||||||||||
|
Three-months Ended |
||||||||||
|
Apr. 3, 2022 |
|
Dec. 31, 2021 |
|
Apr. 4, 2021 |
||||||
|
|
|
|
|
|
||||||
Revenue |
$ |
282,407 |
|
|
$ |
244,065 |
|
|
$ |
239,027 |
|
Cost of revenue (1) |
|
78,790 |
|
|
|
69,082 |
|
|
|
54,045 |
|
Gross margin |
|
203,617 |
|
|
|
174,983 |
|
|
|
184,982 |
|
Percentage of revenue |
|
72 |
% |
|
|
72 |
% |
|
|
77 |
% |
Research, development, and engineering expenses (1) |
|
36,054 |
|
|
|
35,489 |
|
|
|
34,105 |
|
Percentage of revenue |
|
13 |
% |
|
|
15 |
% |
|
|
14 |
% |
Selling, general, and administrative expenses (1) |
|
80,835 |
|
|
|
82,974 |
|
|
|
72,424 |
|
Percentage of revenue |
|
29 |
% |
|
|
34 |
% |
|
|
30 |
% |
Operating income |
|
86,728 |
|
|
|
56,520 |
|
|
|
78,453 |
|
Percentage of revenue |
|
31 |
% |
|
|
23 |
% |
|
|
33 |
% |
Foreign currency gain (loss) |
|
(444 |
) |
|
|
(37 |
) |
|
|
(1,008 |
) |
Investment and other income |
|
1,420 |
|
|
|
1,464 |
|
|
|
1,386 |
|
Income before income tax expense |
|
87,704 |
|
|
|
57,947 |
|
|
|
78,831 |
|
Income tax expense |
|
20,371 |
|
|
|
4,412 |
|
|
|
8,983 |
|
Net income |
$ |
67,333 |
|
|
$ |
53,535 |
|
|
$ |
69,848 |
|
Percentage of revenue |
|
24 |
% |
|
|
22 |
% |
|
|
29 |
% |
|
|
|
|
|
|
||||||
Net income per weighted-average common and common-equivalent share: |
|
|
|
|
|
||||||
Basic |
$ |
0.39 |
|
|
$ |
0.30 |
|
|
$ |
0.40 |
|
Diluted |
$ |
0.38 |
|
|
$ |
0.30 |
|
|
$ |
0.39 |
|
|
|
|
|
|
|
||||||
Weighted-average common and common-equivalent shares outstanding: |
|
|
|
|
|
||||||
Basic |
|
174,146 |
|
|
|
176,123 |
|
|
|
176,288 |
|
Diluted |
|
176,668 |
|
|
|
179,322 |
|
|
|
179,971 |
|
|
|
|
|
|
|
||||||
Cash dividends per common share |
$ |
0.065 |
|
|
$ |
0.065 |
|
|
$ |
0.060 |
|
Cash and investments per common share |
$ |
4.57 |
|
|
$ |
5.17 |
|
|
$ |
4.96 |
|
Book value per common share |
$ |
7.82 |
|
|
$ |
8.15 |
|
|
$ |
7.68 |
|
|
|
|
|
|
|
||||||
(1) Amounts include stock-based compensation expense, as follows: |
|
|
|
|
|
||||||
Cost of revenue |
$ |
563 |
|
|
$ |
380 |
|
|
$ |
248 |
|
Research, development, and engineering |
|
4,448 |
|
|
|
3,377 |
|
|
|
4,003 |
|
Selling, general, and administrative |
|
10,045 |
|
|
|
6,664 |
|
|
|
7,758 |
|
Total stock-based compensation expense |
$ |
15,056 |
|
|
$ |
10,421 |
|
|
$ |
12,009 |
|
|
|
|
|
|
|
||||||
Exhibit 2 |
|||||||||||
Cognex CORPORATION |
|||||||||||
Reconciliation of Selected Items from GAAP to Non-GAAP |
|||||||||||
(Unaudited) |
|||||||||||
Dollars in thousands, except per share amounts |
|||||||||||
|
|||||||||||
|
Three-months Ended |
||||||||||
|
Apr. 3, 2022 |
|
Dec. 31, 2021 |
|
Apr. 4, 2021 |
||||||
Discrete tax adjustments reconciliation |
|
|
|||||||||
Income before income tax expense (GAAP) |
$ |
87,704 |
|
|
$ |
57,947 |
|
|
$ |
78,831 |
|
|
|
|
|
|
|
||||||
Income tax expense (GAAP) |
$ |
20,371 |
|
|
$ |
4,412 |
|
|
$ |
8,983 |
|
Effective tax rate (GAAP) |
|
23 |
% |
|
|
8 |
% |
|
|
11 |
% |
|
|
|
|
|
|
||||||
Discrete tax benefit (expense) related to stock-based compensation |
|
(117 |
) |
|
|
1,148 |
|
|
|
5,207 |
|
Discrete tax benefit (expense) related to tax return filings and other |
|
(6,221 |
) |
|
|
(1,173 |
) |
|
|
— |
|
Total discrete tax adjustments |
$ |
(6,338 |
) |
|
$ |
(25 |
) |
|
$ |
5,207 |
|
|
|
|
|
|
|
||||||
Income tax expense (Non-GAAP) |
$ |
14,033 |
|
|
$ |
4,387 |
|
|
$ |
14,190 |
|
Effective tax rate (Non-GAAP) |
|
16 |
% |
|
|
8 |
% |
|
|
18 |
% |
|
|
|
|
|
|
||||||
Net income (Non-GAAP) |
$ |
73,671 |
|
|
$ |
53,560 |
|
|
$ |
64,641 |
|
Percentage of revenue (Non-GAAP) |
|
26 |
% |
|
|
22 |
% |
|
|
27 |
% |
|
|
|
|
|
|
||||||
Net income per diluted weighted-average common and common-equivalent share (GAAP) |
$ |
0.38 |
|
|
$ |
0.30 |
|
|
$ |
0.39 |
|
Per share impact of discrete tax adjustments identified above |
|
0.04 |
|
|
|
— |
|
|
|
(0.03 |
) |
Net income per diluted weighted-average common and common-equivalent share (Non-GAAP) |
$ |
0.42 |
|
|
$ |
0.30 |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
||||||
Diluted weighted-average common and common-equivalent shares outstanding (GAAP) |
|
176,668 |
|
|
|
179,322 |
|
|
|
179,971 |
|
|
|
|
|
|
|
||||||
Exhibit 3 |
|||||
Cognex CORPORATION |
|||||
Balance Sheets |
|||||
(Unaudited) |
|||||
Dollars in thousands |
|||||
|
Apr. 3, 2022 |
|
Dec. 31, 2021 |
||
Assets |
|
|
|
||
Cash and investments |
$ |
794,164 |
|
$ |
907,364 |
Accounts receivable |
|
155,065 |
|
|
130,348 |
Inventories |
|
136,660 |
|
|
113,102 |
Property, plant, and equipment |
|
77,870 |
|
|
77,546 |
Operating lease assets |
|
32,217 |
|
|
23,157 |
Goodwill and intangible assets |
|
252,228 |
|
|
253,601 |
Deferred tax assets |
|
412,333 |
|
|
418,570 |
Other assets |
|
73,578 |
|
|
79,974 |
|
|
|
|
||
Total assets |
$ |
1,934,115 |
|
$ |
2,003,662 |
|
|
|
|
||
Liabilities and Shareholders' Equity |
|
|
|
||
Accounts payable and accrued expenses |
$ |
107,855 |
|
$ |
136,483 |
Deferred revenue and customer deposits |
|
54,455 |
|
|
35,743 |
Operating lease liabilities |
|
34,530 |
|
|
25,581 |
Income taxes |
|
83,585 |
|
|
66,517 |
Deferred tax liabilities |
|
279,729 |
|
|
293,769 |
Other liabilities |
|
15,216 |
|
|
15,476 |
Shareholders' equity |
|
1,358,745 |
|
|
1,430,093 |
|
|
|
|
||
Total liabilities and shareholders' equity |
$ |
1,934,115 |
|
$ |
2,003,662 |
