[July 31, 2017] |
|
Cognex Reports Record Results for the Second Quarter of 2017
Cognex
Corporation (NASDAQ: CGNX) today announced its financial results for
the second quarter of 2017 (ended July 2, 2017). Table 1 below shows
selected financial data for Q2-17 compared to Q2-16, Q1-17 and the first
six months of 2017 compared to the first six months of 2016. A
reconciliation of certain financial measures from GAAP to non-GAAP is
shown in Exhibit 2 of this news release.
Table 1* (Dollars in thousands, except per share
amounts)
|
|
|
|
|
Revenue
|
|
|
Net Income from Continuing Operations
|
|
|
Net Income from Continuing Operations
per Diluted Share
|
Quarterly Comparisons
|
|
|
|
|
|
|
|
|
|
Current quarter: Q2-17
|
|
|
$172,904
|
|
|
$56,072
|
|
|
$0.63
|
Prior year's quarter: Q2-16
|
|
|
$147,274
|
|
|
$43,014
|
|
|
$0.50
|
Change from Q2-16 to Q2-17
|
|
|
17%
|
|
|
30%
|
|
|
26%
|
Prior quarter: Q1-17
|
|
|
$134,942
|
|
|
$45,655
|
|
|
$0.51
|
Change from Q1-17 to Q2-17
|
|
|
28%
|
|
|
23%
|
|
|
24%
|
Year-to-Date Comparisons
|
|
|
|
|
|
|
|
|
|
Six months ended July 2, 2017
|
|
|
$307,846
|
|
|
$101,727
|
|
|
$1.14
|
Six months ended July 3, 2016
|
|
|
$243,479
|
|
|
$57,899
|
|
|
$0.67
|
Change from first six months of 2016 to first six months of 2017
|
|
|
26%
|
|
|
76%
|
|
|
70%
|
*Table 1 excludes the results of discontinued operations, which relate
to the company's Surface Inspection Systems Division (SISD) that was
sold on July 6, 2015.
"What a great quarter!" exclaimed Dr.
Robert J. Shillman, Founder and Chairman of Cognex. "The highest
quarterly revenue in Cognex's 36-year history came from growth across
the broad factory automation market. Equally important is that we also
set a new, and ridiculously high, level of profit."
"Activity at Cognex is at a higher level now than ever before," said Robert
J. Willett, Chief Executive Officer of Cognex. "We are seeing strong
demand across a broad range of geographies and markets. It is very
gratifying to see that our investments in engineering and sales continue
to pay off."
Details of the Quarter
Statement of Operations Highlights - Second Quarter of 2017
-
Revenue for Q2-17 grew 17% from Q2-16 and 28% from Q1-17. Growth
year-on-year across a number of industries was partially offset by
lower revenue from the consumer electronics industry. On a sequential
basis, the largest contributions came from consumer electronics and
logistics.
-
Gross margin was 78% for Q2-17, 76% for Q2-16 and 79% for Q1-17. Gross
margin increased year-on-year due to cost efficiencies related to
higher sales volume and an inventory charge in Q2-16 that did not
repeat.
-
Research, Development & Engineering (RD&E) expenses increased 19% from
Q2-16 and 3% from Q1-17. RD&E increased both year-on-year and
sequentially due to higher employee-related costs, including the
addition of new engineering personnel from the company's recent
acquisitions.
-
Selling, General & Administrative (SG&A) expenses increased 23% from
Q2-16 and 13% from Q1-17. SG&A increased both year-on-year and
sequentially primarily due to higher personnel-related costs.
Investments were principally in the sales organization, but also
included additions to G&A to support future growth. Commissions, bonus
accrual and travel costs increased as a result of higher headcount and
growth in the business. Higher stock option expense and spending
related to the new ERP system also contributed to the year-on-year
increase.
-
Investment and other income was $1,969,000 in Q2-17, $1,669,000 in
Q2-16 and $2,282,000 in Q1-17. Investment income increased both
year-on-year and sequentially, primarily as a result of higher yields
on invested balances. Offsetting the increase in Q2-17 is an expense
associated with changes to the fair value of contingent consideration
related to recent acquisitions. In Q2-16 and Q1-17, the change in fair
value generated income.
-
The effective tax rate was 9% in Q2-17, 17% in Q2-16 and (16%) in
Q1-17. Excluding discrete tax items, the rate was 18% in all periods
presented (tax adjustments are summarized in Exhibit 2). Notably,
Q1-17 and Q2-17 included a discrete tax benefit of $13 million ($0.15
per share) and $6 million ($0.07 per share), respectively, related to
the exercise of employee stock options.
Balance Sheet Highlights - July 2, 2017
-
Cognex's financial position as of July 2, 2017 was very strong, with
$765 million in cash and investments and no debt. Cash and investments
increased by $20 million from the end of 2016, mainly as the result of
$91 million in cash generated from operations and $35 million in cash
received from the exercise of employee stock options. Offsetting those
increases were $14 million in dividends paid to shareholders, payments
of $26 million for recent acquisitions and $62 million spent to
repurchase 732,000 shares of Cognex's common stock. Cognex intends to
continue to repurchase shares of its common stock in Q3-17, subject to
market conditions and other relevant factors.
-
Accounts receivable as of July 2, 2017 increased by $23 million, or
42%, from the end of 2016 due to the substantial revenue increase in
Q2-17.
-
Inventories increased by $9.5 million, or 35%, from the end of 2016 to
support future expected growth.
-
The increases as of July 2, 2017 in deferred costs (which are included
in Other Assets on the balance sheet in Exhibit 3) and deferred
revenue were due to the company's progress in fulfilling certain
purchase orders that are expected to be recognized as revenue largely
in Q3.
Financial Outlook - Third Quarter of 2017
-
Revenue for Q3-17 is expected to be between $250 million and $260
million. This range represents a substantial increase both
year-on-year and sequentially due to higher anticipated revenue from
the consumer electronics industry. Cognex believes that the majority
of larger consumer electronics orders in 2017 will be recognized as
revenue in Q3 as compared to 2016, when they were more evenly split
between Q2 and Q3.
-
Gross margin is expected to be in the mid-to-high 70% range, closer to
the midpoint of the range as compared to the higher end reported in
Q2-17.
-
Operating expenses are expected to increase by approximately 10% on a
sequential basis due to continued investments in growth activities and
costs associated with the company's recent acquisitions.
-
The effective tax rate is expected to be 18% before discrete tax items.
Non-GAAP Financial Measures
-
Exhibit 2 of this news release includes a reconciliation of certain
financial measures from GAAP to non-GAAP. Cognex believes these
non-GAAP financial measures are helpful because they allow investors
to more accurately compare Cognex results over multiple periods using
the same methodology that management employs in its budgeting process
and in its review of Cognex's operating results. In particular,
non-GAAP presentations exclude the following: (1) stock option expense
for the purpose of calculating non-GAAP adjusted operating income, net
income and earnings per share (because these expenses have no current
effect on cash or the future uses of cash, and they fluctuate as a
result of changes in Cognex's stock price), and (2) certain one-time
discrete events, such as tax adjustments. Cognex does not intend for
non-GAAP financial measures to be considered in isolation, or as a
substitute for financial information provided in accordance with GAAP.
-
The tax effect of items identified in the reconciliation is estimated
by applying the effective tax rate to the pre-tax amount. However, if
a specific tax rate or tax treatment is required because of the nature
of the item and/or the tax jurisdiction where the item was recorded,
the tax effect is estimated by applying the relevant specific tax rate
or tax treatment, rather than the effective tax rate.
Analyst Conference Call and Simultaneous Webcast
-
Cognex will host a conference call today at 5:00 p.m. Eastern Time
(ET). The telephone number is (877) 704-4573 (or (201) 389-0911 if
outside the United States). A replay will begin at 8:00 p.m. ET today
and will be available until 11:59 p.m. ET on Thursday, August 3, 2017.
The telephone number for the replay is (877) 660-6853 (or (201)
612-7415 if outside the United States) and the access code is 13665687.
-
Internet users can listen to a real-time audio broadcast of the
conference call or an archived recording on the Cognex Investor
Relations website: http://www.cognex.com/Investor.
About Cognex Corporation
Cognex Corporation designs, develops, manufactures and markets a range
of products, all of which incorporate sophisticated machine vision
technology that gives them the ability to "see." Cognex products include
barcode readers, machine vision sensors and machine vision systems that
are used in factories, warehouses and distribution centers around the
world to guide, gauge, inspect, identify and assure the quality of items
during the manufacturing and distribution process. Cognex is the world's
leader in the machine vision industry, having shipped more than 1.5
million vision-based products, representing over $5 billion in
cumulative revenue, since the company's founding in 1981. Headquartered
in Natick, Massachusetts, USA, Cognex has regional offices and
distributors located throughout the Americas, Europe and Asia. For
details visit Cognex online at http://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 forward-looking statements, which
include statements regarding business and market trends, future
financial performance, customer order rates, the timing for recognition
of revenue, expected areas of growth, emerging markets, future product
mix, research and development activities, the impact of acquisitions,
further stock repurchases, the Company's new Enterprise Resource
Planning (ERP) system, investments, and strategic plans, 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 loss of a large customer; (2) current and
future conditions in the global economy; (3) the reliance on revenue
from the consumer electronics or automotive industries; (4) the
inability to penetrate new markets; (5) the inability to achieve
significant international revenue; (6) fluctuations in foreign currency
exchange rates and the use of derivative instruments; (7) information
security breaches or business system disruptions; (8) the inability to
attract and retain skilled employees; (9) the reliance upon key
suppliers to manufacture and deliver critical components for our
products; (10) the failure to effectively manage product transitions or
accurately forecast customer demand; (11) the inability to design and
manufacture high-quality products; (12) the technological obsolescence
of current products and the inability to develop new products; (13) the
failure to properly manage the distribution of products and services;
(14) the inability to protect our proprietary technology and
intellectual property; (15) our involvement in time-consuming and costly
litigation; (16) the impact of competitive pressures; (17) the
challenges in integrating and achieving expected results from acquired
businesses; (18) potential impairment charges with respect to our
investments or for acquired intangible assets or goodwill; (19) exposure
to additional tax liabilities; and (20) the other risks detailed in
Cognex reports filed with the SEC, including its Form 10-K for the
fiscal year ended December 31, 2016. 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
|
|
|
Six-months Ended
|
|
|
|
July 2, 2017
|
|
|
April 2, 2017
|
|
|
July 3, 2016
|
|
|
July 2, 2017
|
|
|
July 3, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
172,904
|
|
|
|
$
|
134,942
|
|
|
|
$
|
147,274
|
|
|
|
$
|
307,846
|
|
|
|
$
|
243,479
|
|
Cost of revenue (1)
|
|
|
37,471
|
|
|
|
28,225
|
|
|
|
35,213
|
|
|
|
|
65,696
|
|
|
|
|
56,181
|
|
Gross margin
|
|
|
135,433
|
|
|
|
106,717
|
|
|
|
112,061
|
|
|
|
|
242,150
|
|
|
|
|
187,298
|
|
Percentage of revenue
|
|
|
78
|
%
|
|
|
79
|
%
|
|
|
76
|
%
|
|
|
|
79
|
%
|
|
|
|
77
|
%
|
Research, development, and engineering expenses (1)
|
|
|
23,377
|
|
|
|
22,770
|
|
|
|
19,671
|
|
|
|
|
46,147
|
|
|
|
|
40,226
|
|
Percentage of revenue
|
|
|
14
|
%
|
|
|
17
|
%
|
|
|
13
|
%
|
|
|
|
15
|
%
|
|
|
|
17
|
%
|
Selling, general, and administrative expenses (1)
|
|
|
52,518
|
|
|
|
46,521
|
|
|
|
42,715
|
|
|
|
|
99,039
|
|
|
|
|
81,053
|
|
Percentage of revenue
|
|
|
30
|
%
|
|
|
34
|
%
|
|
|
29
|
%
|
|
|
|
32
|
%
|
|
|
|
33
|
%
|
Operating income
|
|
|
59,538
|
|
|
|
37,426
|
|
|
|
49,675
|
|
|
|
|
96,964
|
|
|
|
|
66,019
|
|
Percentage of revenue
|
|
|
34
|
%
|
|
|
28
|
%
|
|
|
34
|
%
|
|
|
|
31
|
%
|
|
|
|
27
|
%
|
Foreign currency gain (loss)
|
|
|
(184
|
)
|
|
|
(263
|
)
|
|
|
330
|
|
|
|
|
(447
|
)
|
|
|
|
230
|
|
Investment and other income
|
|
|
1,969
|
|
|
|
2,282
|
|
|
|
1,669
|
|
|
|
|
4,251
|
|
|
|
|
3,013
|
|
Income before income tax expense
|
|
|
61,323
|
|
|
|
39,445
|
|
|
|
51,674
|
|
|
|
|
100,768
|
|
|
|
|
69,262
|
|
Income tax expense (benefit)
|
|
|
5,251
|
|
|
|
(6,210
|
)
|
|
|
8,660
|
|
|
|
|
(959
|
)
|
|
|
|
11,363
|
|
Net income from continuing operations
|
|
|
$
|
56,072
|
|
|
|
$
|
45,655
|
|
|
|
$
|
43,014
|
|
|
|
$
|
101,727
|
|
|
|
$
|
57,899
|
|
Percentage of revenue
|
|
|
32
|
%
|
|
|
34
|
%
|
|
|
29
|
%
|
|
|
|
33
|
%
|
|
|
|
24
|
%
|
Net loss from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
(255
|
)
|
|
|
|
-
|
|
|
|
|
(255
|
)
|
Net income
|
|
|
$
|
56,072
|
|
|
|
$
|
45,655
|
|
|
|
$
|
42,759
|
|
|
|
$
|
101,727
|
|
|
|
$
|
57,644
|
|
Percentage of revenue
|
|
|
32
|
%
|
|
|
34
|
%
|
|
|
29
|
%
|
|
|
|
33
|
%
|
|
|
|
24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per weighted-average common and common-equivalent
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
|
$
|
0.65
|
|
|
|
$
|
0.53
|
|
|
|
$
|
0.51
|
|
|
|
$
|
1.18
|
|
|
|
$
|
0.68
|
|
Net loss from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.01
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
Net income
|
|
|
$
|
0.65
|
|
|
|
$
|
0.53
|
|
|
|
$
|
0.50
|
|
|
|
$
|
1.18
|
|
|
|
$
|
0.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per weighted-average common and common-equivalent
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
|
$
|
0.63
|
|
|
|
$
|
0.51
|
|
|
|
$
|
0.50
|
|
|
|
$
|
1.14
|
|
|
|
$
|
0.67
|
|
Net loss from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.01
|
)
|
|
|
|
-
|
|
|
|
|
(0.01
|
)
|
Net income
|
|
|
$
|
0.63
|
|
|
|
$
|
0.51
|
|
|
|
$
|
0.49
|
|
|
|
$
|
1.14
|
|
|
|
$
|
0.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common and common-equivalent shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
86,639
|
|
|
|
86,323
|
|
|
|
85,107
|
|
|
|
|
86,480
|
|
|
|
|
85,024
|
|
Diluted
|
|
|
89,614
|
|
|
|
89,177
|
|
|
|
86,806
|
|
|
|
|
89,452
|
|
|
|
|
86,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends per common share
|
|
|
$
|
0.085
|
|
|
|
$
|
0.075
|
|
|
|
$
|
0.075
|
|
|
|
$
|
0.160
|
|
|
|
$
|
0.145
|
|
Cash and investments per common share
|
|
|
$
|
8.84
|
|
|
|
$
|
9.02
|
|
|
|
$
|
7.72
|
|
|
|
$
|
8.84
|
|
|
|
$
|
7.72
|
|
Book value per common share
|
|
|
$
|
12.15
|
|
|
|
$
|
11.67
|
|
|
|
$
|
10.42
|
|
|
|
$
|
12.15
|
|
|
|
$
|
10.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts include stock option expense, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
$
|
454
|
|
|
|
$
|
430
|
|
|
|
$
|
229
|
|
|
|
$
|
884
|
|
|
|
$
|
522
|
|
Research, development, and engineering
|
|
|
2,715
|
|
|
|
2,610
|
|
|
|
1,397
|
|
|
|
|
5,325
|
|
|
|
|
3,576
|
|
Selling, general, and administrative
|
|
|
4,677
|
|
|
|
4,443
|
|
|
|
2,831
|
|
|
|
|
9,120
|
|
|
|
|
7,163
|
|
Total stock option expense
|
|
|
$
|
7,846
|
|
|
|
$
|
7,483
|
|
|
|
$
|
4,457
|
|
|
|
$
|
15,329
|
|
|
|
$
|
11,261
|
|
|
Exhibit 2
|
|
|
COGNEX CORPORATION Reconciliation of Selected Items
from GAAP to Non-GAAP (Unaudited) Dollars
in thousands
|
|
|
|
|
|
|
|
|
|
|
|
Three-months Ended
|
|
|
Six-months Ended
|
|
|
|
July 2, 2017
|
|
|
April 2, 2017
|
|
|
July 3, 2016
|
|
|
July 2, 2017
|
|
|
July 3, 2016
|
Adjustment for stock option expense and tax benefit for stock
option exercises
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (GAAP)
|
|
|
$
|
59,538
|
|
|
|
$
|
37,426
|
|
|
|
$
|
49,675
|
|
|
|
$
|
96,964
|
|
|
|
$
|
66,019
|
|
Stock option expense
|
|
|
7,846
|
|
|
|
7,483
|
|
|
|
4,457
|
|
|
|
15,329
|
|
|
|
11,261
|
|
Operating income (Non-GAAP)
|
|
|
$
|
67,384
|
|
|
|
$
|
44,909
|
|
|
|
$
|
54,132
|
|
|
|
$
|
112,293
|
|
|
|
$
|
77,280
|
|
Percentage of revenue (Non-GAAP)
|
|
|
39
|
%
|
|
|
33
|
%
|
|
|
37
|
%
|
|
|
36
|
%
|
|
|
32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations (GAAP)
|
|
|
$
|
56,072
|
|
|
|
$
|
45,655
|
|
|
|
$
|
43,014
|
|
|
|
$
|
101,727
|
|
|
|
$
|
57,899
|
|
Stock option expense
|
|
|
7,846
|
|
|
7,483
|
|
|
4,457
|
|
|
15,329
|
|
|
11,261
|
|
Tax effect on stock option expense
|
|
|
(2,583
|
)
|
|
|
(2,439
|
)
|
|
|
(1,459
|
)
|
|
|
(5,022
|
)
|
|
|
(3,687
|
)
|
Discrete tax benefit related to employee stock option exercises
|
|
|
(5,787
|
)
|
|
|
(13,167
|
)
|
|
|
(745
|
)
|
|
|
(18,954
|
)
|
|
|
|
(1,208
|
)
|
Net income from continuing operations (Non-GAAP)
|
|
|
$
|
55,548
|
|
|
|
$
|
37,532
|
|
|
|
$
|
45,267
|
|
|
|
$
|
93,080
|
|
|
|
$
|
64,265
|
|
Percentage of revenue (Non-GAAP)
|
|
|
32
|
%
|
|
|
28
|
%
|
|
|
31
|
%
|
|
|
30
|
%
|
|
|
26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations per diluted weighted-average
common and common-equivalent share (GAAP)
|
|
|
$
|
0.63
|
|
|
|
$
|
0.51
|
|
|
|
$
|
0.50
|
|
|
|
$
|
1.14
|
|
|
|
$
|
0.67
|
|
Share impact of non-GAAP adjustments identified above
|
|
|
(0.01
|
)
|
|
|
(0.09
|
)
|
|
|
0.02
|
|
|
|
(0.10
|
)
|
|
|
0.07
|
|
Net income from continuing operations per diluted weighted-average
common and common-equivalent share (Non-GAAP)
|
|
|
$
|
0.62
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.52
|
|
|
|
$
|
1.04
|
|
|
|
$
|
0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average common and common-equivalent shares
outstanding (GAAP)
|
|
|
89,614
|
|
|
|
89,177
|
|
|
|
86,806
|
|
|
|
89,452
|
|
|
|
86,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exclusion of tax adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense (GAAP)
|
|
|
$
|
61,323
|
|
|
|
$
|
39,445
|
|
|
|
$
|
51,674
|
|
|
|
$
|
100,768
|
|
|
|
$
|
69,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (benefit) (GAAP)
|
|
|
$
|
5,251
|
|
|
|
$
|
(6,210
|
)
|
|
|
$
|
8,660
|
|
|
|
$
|
(959
|
)
|
|
|
$
|
11,363
|
|
Effective tax rate (GAAP)
|
|
|
9
|
%
|
|
|
(16
|
)%
|
|
|
17
|
%
|
|
|
(1
|
)%
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discrete tax benefit related to employee stock option exercises
|
|
|
(5,787
|
)
|
|
|
(13,167
|
)
|
|
|
(745
|
)
|
|
|
(18,954
|
)
|
|
|
(1,208
|
)
|
Other discrete tax events
|
|
|
-
|
|
|
|
(143
|
)
|
|
|
104
|
|
|
|
(143
|
)
|
|
|
104
|
|
Income tax expense excluding tax adjustments (Non-GAAP)
|
|
|
$
|
11,038
|
|
|
|
$
|
7,100
|
|
|
|
$
|
9,301
|
|
|
|
$
|
18,138
|
|
|
|
$
|
12,467
|
|
Effective tax rate (Non-GAAP)
|
|
|
18
|
%
|
|
|
18
|
%
|
|
|
18
|
%
|
|
|
18
|
%
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations excluding tax adjustments
(Non-GAAP)
|
|
|
$
|
50,285
|
|
|
|
$
|
32,345
|
|
|
|
$
|
42,373
|
|
|
|
$
|
82,630
|
|
|
|
$
|
56,795
|
|
Percentage of revenue (Non-GAAP)
|
|
|
29
|
%
|
|
|
24
|
%
|
|
|
29
|
%
|
|
|
27
|
%
|
|
|
23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations per diluted weighted-average
common and common-equivalent share (GAAP)
|
|
|
$
|
0.63
|
|
|
|
$
|
0.51
|
|
|
|
$
|
0.50
|
|
|
|
$
|
1.14
|
|
|
|
$
|
0.67
|
|
Share impact of non-GAAP adjustments identified above
|
|
|
(0.07
|
)
|
|
|
(0.15
|
)
|
|
|
(0.01
|
)
|
|
|
(0.22
|
)
|
|
|
(0.02
|
)
|
Net income from continuing operations per diluted weighted-average
common and common-equivalent share (Non-GAAP)
|
|
|
$
|
0.56
|
|
|
|
$
|
0.36
|
|
|
|
$
|
0.49
|
|
|
|
$
|
0.92
|
|
|
|
$
|
0.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average common and common-equivalent shares
outstanding (GAAP)
|
|
|
89,614
|
|
|
89,177
|
|
|
86,806
|
|
|
89,452
|
|
|
|
86,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 3
|
|
COGNEX CORPORATION Balance Sheets (Unaudited) Dollars
in thousands
|
|
|
|
|
|
|
|
|
|
|
July 2, 2017
|
|
|
December 31, 2016
|
Assets
|
|
|
|
|
|
|
Cash and investments
|
|
|
$
|
765,326
|
|
|
|
$
|
745,170
|
Accounts receivable
|
|
|
78,593
|
|
|
|
55,438
|
Unbilled revenue
|
|
|
5,939
|
|
|
|
2,217
|
Inventories
|
|
|
36,491
|
|
|
|
26,984
|
Property, plant, and equipment
|
|
|
61,196
|
|
|
|
53,992
|
Goodwill and intangible assets
|
|
|
130,315
|
|
|
|
103,592
|
Other assets
|
|
|
83,138
|
|
|
|
51,211
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
1,160,998
|
|
|
|
$
|
1,038,604
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
$
|
65,436
|
|
|
|
$
|
52,369
|
Deferred revenue and customer deposits
|
|
|
18,011
|
|
|
|
8,211
|
Income taxes
|
|
|
16,294
|
|
|
|
10,554
|
Other liabilities
|
|
|
9,281
|
|
|
|
4,871
|
Shareholders' equity
|
|
|
1,051,976
|
|
|
|
962,599
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
$
|
1,160,998
|
|
|
|
$
|
1,038,604
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 4
|
|
COGNEX CORPORATION Additional Information Schedule (Unaudited) Dollars
in thousands
|
|
|
|
|
|
|
|
|
|
|
Three-months Ended
|
|
|
Six-months Ended
|
|
|
|
July 2, 2017
|
|
|
April 2, 2017
|
|
|
July 3, 2016
|
|
|
July 2, 2017
|
|
|
July 3, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
172,904
|
|
|
|
$
|
134,942
|
|
|
|
$
|
147,274
|
|
|
|
$
|
307,846
|
|
|
|
$
|
243,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by geography:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
36
|
%
|
|
|
31
|
%
|
|
|
48
|
%
|
|
|
34
|
%
|
|
|
43
|
%
|
Americas
|
|
|
33
|
%
|
|
|
31
|
%
|
|
|
28
|
%
|
|
|
32
|
%
|
|
|
32
|
%
|
Greater China
|
|
|
14
|
%
|
|
|
16
|
%
|
|
|
13
|
%
|
|
|
15
|
%
|
|
|
13
|
%
|
Other Asia
|
|
|
17
|
%
|
|
|
22
|
%
|
|
|
11
|
%
|
|
|
19
|
%
|
|
|
12
|
%
|
Total
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by market:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Factory automation
|
|
|
96
|
%
|
|
|
95
|
%
|
|
|
96
|
%
|
|
|
95
|
%
|
|
|
95
|
%
|
Semiconductor and electronics capital equipment
|
|
|
4
|
%
|
|
|
5
|
%
|
|
|
4
|
%
|
|
|
5
|
%
|
|
|
5
|
%
|
Total
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170731005969/en/
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