We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cognex Corporation | NASDAQ:CGNX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 43.79 | 35.07 | 59.50 | 0 | 09:00:05 |
☒ | Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended April 4, 2021 or |
☐ | Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from __________ to __________ |
(Exact name of registrant as specified in its charter) |
Massachusetts | 04-2713778 | |||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
(Address, including zip code, and telephone number, including area code, of principal executive offices) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $.002 per share | CGNX | The NASDAQ Stock Market LLC |
Yes | ☒ | No | ☐ |
Yes | ☒ | No | ☐ |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||||||
Emerging growth company | ☐ | ||||||||||||||||||||||
Yes | ☐ | No | ☒ |
PART I | FINANCIAL INFORMATION | |||||||
Financial Statements (interim periods unaudited) | ||||||||
Three-months Ended | |||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Net income | $ | 69,848 | $ | 20,477 | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Available-for-sale investments: | |||||||||||||||||||||||
Net unrealized gain (loss), net of tax of ($585) and ($952) in the three-month periods, respectively | (1,958) | (3,861) | |||||||||||||||||||||
Reclassification of credit loss (recovery) on investments into current operations | — | 160 | |||||||||||||||||||||
Reclassification of net realized (gain) loss on the sale of available-for-sale investments into current operations | — | (1,850) | |||||||||||||||||||||
Net change related to available-for-sale investments | (1,958) | (5,551) | |||||||||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||||||||
Foreign currency translation adjustments | (2,770) | (7,365) | |||||||||||||||||||||
Net change related to foreign currency translation adjustments | (2,770) | (7,365) | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | (4,728) | (12,916) | |||||||||||||||||||||
Total comprehensive income | $ | 65,120 | $ | 7,561 |
April 4, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 242,688 | $ | 269,073 | |||||||
Current investments, amortized cost of $142,469 and $102,258 in 2021 and 2020, respectively, allowance for credit losses of $0 in 2021 and 2020 | 143,233 | 103,240 | |||||||||
Accounts receivable, allowance for credit losses of $798 and $831 in 2021 and 2020, respectively
|
128,822 | 125,696 | |||||||||
Unbilled revenue | 1,663 | 5,632 | |||||||||
Inventories | 61,392 | 60,830 | |||||||||
Prepaid expenses and other current assets | 47,773 | 37,220 | |||||||||
Total current assets | 625,571 | 601,691 | |||||||||
Non-current investments, amortized cost of $487,978 and $390,417 in 2021 and 2020, respectively, allowance for credit losses of $0 in 2021 and 2020 | 490,363 | 395,125 | |||||||||
Property, plant, and equipment, net | 77,081 | 79,173 | |||||||||
Operating lease assets | 20,784 | 22,582 | |||||||||
Goodwill | 243,036 | 244,078 | |||||||||
Intangible assets, net | 14,628 | 15,555 | |||||||||
Deferred income taxes | 429,801 | 434,704 | |||||||||
Other assets | 7,692 | 7,794 | |||||||||
Total assets | $ | 1,908,956 | $ | 1,800,702 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 20,970 | $ | 16,270 | |||||||
Accrued expenses | 60,422 | 77,264 | |||||||||
Accrued income taxes | 18,823 | 9,379 | |||||||||
Deferred revenue and customer deposits | 51,660 | 21,274 | |||||||||
Operating lease liabilities | 7,805 | 8,110 | |||||||||
Total current liabilities | 159,680 | 132,297 | |||||||||
Non-current operating lease liabilities | 16,223 | 18,120 | |||||||||
Deferred income taxes | 310,884 | 314,952 | |||||||||
Reserve for income taxes | 14,752 | 14,257 | |||||||||
Non-current accrued income taxes | 40,963 | 48,915 | |||||||||
Other liabilities | 9,453 | 9,959 | |||||||||
Total liabilities | 551,955 | 538,500 | |||||||||
Shareholders’ equity: | |||||||||||
Preferred stock, $.01 par value – Authorized: 400 shares in 2021 and 2020, respectively, no shares issued and outstanding
|
— | — | |||||||||
Common stock, $.002 par value – Authorized: 300,000 shares in 2021 and 2020, respectively, issued and outstanding: 176,608 and 175,790 shares in 2021 and 2020, respectively
|
353 | 352 | |||||||||
Additional paid-in capital | 854,491 | 807,739 | |||||||||
Retained earnings | 540,686 | 487,912 | |||||||||
Accumulated other comprehensive loss, net of tax | (38,529) | (33,801) | |||||||||
Total shareholders’ equity | 1,357,001 | 1,262,202 | |||||||||
Total liabilities and shareholders' equity | $ | 1,908,956 | $ | 1,800,702 |
Three-months Ended | |||||||||||
April 4, 2021 | March 29, 2020 | ||||||||||
(unaudited) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 69,848 | $ | 20,477 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Stock-based compensation expense | 12,009 | 14,790 | |||||||||
Depreciation of property, plant, and equipment | 4,259 | 5,631 | |||||||||
Loss (gain) on disposal of property, plant, and equipment | 3 | 2 | |||||||||
Amortization of intangible assets | 927 | 1,388 | |||||||||
Excess and obsolete inventory charges | 705 | 1,065 | |||||||||
Amortization of discounts or premiums on investments | 586 | 106 | |||||||||
Realized gain on sale of investments | — | (1,850) | |||||||||
Credit loss on investments | — | 160 | |||||||||
Change in deferred income taxes | 1,250 | (1,826) | |||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable | (3,495) | 2,182 | |||||||||
Unbilled revenue | 3,958 | (703) | |||||||||
Inventories | (1,323) | 3,889 | |||||||||
Prepaid expenses and other current assets | (10,882) | (9,788) | |||||||||
Accounts payable | 4,760 | (1,613) | |||||||||
Accrued expenses | (15,973) | 12,720 | |||||||||
Accrued income taxes | 1,651 | 7,650 | |||||||||
Deferred revenue and customer deposits | 30,641 | 11,961 | |||||||||
Other | (285) | (4,206) | |||||||||
Net cash provided by operating activities | 98,639 | 62,035 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of investments | (298,911) | (199,530) | |||||||||
Maturities and sales of investments | 160,552 | 262,126 | |||||||||
Purchases of property, plant, and equipment | (2,436) | (3,074) | |||||||||
Net cash provided by (used in) investing activities | (140,795) | 59,522 | |||||||||
Cash flows from financing activities: | |||||||||||
Net proceeds from issuance of common stock under stock plans | 34,744 | 9,971 | |||||||||
Repurchase of common stock | (6,479) | (51,036) | |||||||||
Payment of dividends | (10,595) | (9,503) | |||||||||
Net cash provided by (used in) financing activities | 17,670 | (50,568) | |||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | (1,899) | (3,223) | |||||||||
Net change in cash and cash equivalents | (26,385) | 67,766 | |||||||||
Cash and cash equivalents at beginning of period | 269,073 | 171,431 | |||||||||
Cash and cash equivalents at end of period | $ | 242,688 | $ | 239,197 |
Common Stock |
Additional
Paid-in Capital |
Retained Earnings |
Accumulated
Other Comprehensive Loss |
Total
Shareholders’ Equity |
|||||||||||||||||||||||||||||||
Shares | Par Value | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 175,790 | $ | 352 | $ | 807,739 | $ | 487,912 | $ | (33,801) | $ | 1,262,202 | ||||||||||||||||||||||||
Net issuance of common stock under stock plans | 898 | 1 | 34,743 | — | — | 34,744 | |||||||||||||||||||||||||||||
Repurchase of common stock | (80) | — | — | (6,479) | — | (6,479) | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 12,009 | — | — | 12,009 | |||||||||||||||||||||||||||||
Payment of dividends ($0.060 per common share) | — | — | — | (10,595) | — | (10,595) | |||||||||||||||||||||||||||||
Net income | — | — | — | 69,848 | — | 69,848 | |||||||||||||||||||||||||||||
Net unrealized gain (loss) on available-for-sale investments, net of tax of ($585) | — | — | — | — | (1,958) | (1,958) | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | (2,770) | (2,770) | |||||||||||||||||||||||||||||
Balance as of April 4, 2021 (unaudited) | 176,608 | $ | 353 | $ | 854,491 | $ | 540,686 | $ | (38,529) | $ | 1,357,001 |
Common Stock |
Additional
Paid-in Capital |
Retained Earnings |
Accumulated
Other Comprehensive Loss |
Total
Shareholders’ Equity |
|||||||||||||||||||||||||||||||
Shares | Par Value | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 172,440 | $ | 345 | $ | 639,372 | $ | 753,268 | $ | (37,275) | $ | 1,355,710 | ||||||||||||||||||||||||
Net issuance of common stock under stock plans | 463 | 1 | 9,970 | — | — | 9,971 | |||||||||||||||||||||||||||||
Repurchase of common stock | (1,215) | (2) | — | (51,034) | — | (51,036) | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 14,790 | — | — | 14,790 | |||||||||||||||||||||||||||||
Payment of dividends ($0.055 per common share) | — | — | — | (9,503) | — | (9,503) | |||||||||||||||||||||||||||||
Net income | — | — | — | 20,477 | — | 20,477 | |||||||||||||||||||||||||||||
Net unrealized gain (loss) on available-for-sale investments, net of tax of ($952) | — | — | — | — | (3,861) | (3,861) | |||||||||||||||||||||||||||||
Reclassification of credit loss (recovery) on investments | — | — | — | — | 160 | 160 | |||||||||||||||||||||||||||||
Reclassification of net realized (gain) loss on the sale of available-for-sale investments | — | — | — | — | (1,850) | (1,850) | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | (7,365) | (7,365) | |||||||||||||||||||||||||||||
Balance as of March 29, 2020 (unaudited) | 171,688 | $ | 344 | $ | 664,132 | $ | 713,208 | $ | (50,191) | $ | 1,327,493 |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Unobservable Inputs (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Money market instruments | $ | 25,375 | $ | — | $ | — | |||||||||||
Corporate bonds | — | 384,761 | — | ||||||||||||||
Treasury bills | — | 131,409 | — | ||||||||||||||
Asset-backed securities | — | 79,400 | — | ||||||||||||||
Agency bonds | — | 18,961 | — | ||||||||||||||
Sovereign bonds | — | 12,050 | — | ||||||||||||||
Commercial paper | — | 10,000 | — | ||||||||||||||
Municipal bonds | — | 7,015 | — | ||||||||||||||
Economic hedge forward contracts | — | 8 | — | ||||||||||||||
Liabilities: | |||||||||||||||||
Economic hedge forward contracts | — | 124 | — | ||||||||||||||
April 4, 2021 | December 31, 2020 | ||||||||||
Cash | $ | 207,313 | $ | 266,609 | |||||||
Commercial paper | 10,000 | — | |||||||||
Money market instruments | 25,375 | 2,464 | |||||||||
Cash and cash equivalents | 242,688 | 269,073 | |||||||||
Treasury bills | 66,261 | 35,403 | |||||||||
Corporate bonds | 50,410 | 32,714 | |||||||||
Asset-backed securities | 16,645 | 25,160 | |||||||||
Sovereign bonds | 8,621 | 8,660 | |||||||||
Municipal bonds | 1,296 | 1,303 | |||||||||
Current investments | 143,233 | 103,240 | |||||||||
Corporate bonds | 334,351 | 203,428 | |||||||||
Treasury bills | 65,148 | 96,458 | |||||||||
Asset-backed securities | 62,755 | 67,058 | |||||||||
Agency bonds | 18,961 | 19,006 | |||||||||
Municipal bonds | 5,719 | 5,735 | |||||||||
Sovereign bonds | 3,429 | 3,440 | |||||||||
Non-current investments | 490,363 | 395,125 | |||||||||
$ | 876,284 | $ | 767,438 |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair Value | ||||||||||||||||||||
Current: | |||||||||||||||||||||||
Treasury bills | $ | 65,830 | $ | 431 | $ | — | $ | 66,261 | |||||||||||||||
Corporate bonds | 50,164 | 261 | (15) | 50,410 | |||||||||||||||||||
Asset-backed securities | 16,587 | 64 | (6) | 16,645 | |||||||||||||||||||
Sovereign bonds | 8,592 | 29 | — | 8,621 | |||||||||||||||||||
Municipal bonds | 1,296 | — | — | 1,296 | |||||||||||||||||||
Non-current: | |||||||||||||||||||||||
Corporate bonds | 333,094 | 1,962 | (705) | 334,351 | |||||||||||||||||||
Treasury bills | 64,506 | 642 | — | 65,148 | |||||||||||||||||||
Asset-backed securities | 62,368 | 393 | (6) | 62,755 | |||||||||||||||||||
Agency bonds | 18,917 | 44 | — | 18,961 | |||||||||||||||||||
Municipal bonds | 5,714 | 18 | (13) | 5,719 | |||||||||||||||||||
Sovereign bonds | 3,379 | 50 | — | 3,429 | |||||||||||||||||||
$ | 630,447 | $ | 3,894 | $ | (745) | $ | 633,596 |
Unrealized Loss Position For: | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||||||||||||
Fair Value |
Unrealized
Losses |
Fair Value |
Unrealized
Losses |
Fair Value |
Unrealized
Losses |
||||||||||||||||||||||||||||||
Corporate bonds | $ | 176,773 | $ | (720) | $ | — | $ | — | $ | 176,773 | $ | (720) | |||||||||||||||||||||||
Municipal bonds | 5,257 | (13) | — | — | 5,257 | (13) | |||||||||||||||||||||||||||||
Asset-backed securities | 4,533 | (12) | — | — | 4,533 | (12) | |||||||||||||||||||||||||||||
$ | 186,563 | $ | (745) | $ | — | $ | — | $ | 186,563 | $ | (745) |
<1 year | 1-2 Years | 2-3 Years | 3-4 Years | 4-5 Years | Total | ||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 50,410 | $ | 130,867 | $ | 143,430 | $ | 58,992 | $ | 1,062 | $ | 384,761 | |||||||||||||||||||||||||||||
Treasury bills | 66,261 | 64,035 | 1,113 | — | — | 131,409 | |||||||||||||||||||||||||||||||||||
Asset-backed securities | 16,645 | 42,114 | 20,159 | 482 | — | 79,400 | |||||||||||||||||||||||||||||||||||
Agency bonds | — | 2,800 | 16,161 | — | — | 18,961 | |||||||||||||||||||||||||||||||||||
Sovereign bonds | 8,621 | — | 3,429 | — | — | 12,050 | |||||||||||||||||||||||||||||||||||
Municipal bonds | 1,296 | 5,068 | 651 | — | — | 7,015 | |||||||||||||||||||||||||||||||||||
$ | 143,233 | $ | 244,884 | $ | 184,943 | $ | 59,474 | $ | 1,062 | $ | 633,596 |
April 4, 2021 | December 31, 2020 | ||||||||||
Raw materials | $ | 22,124 | $ | 26,800 | |||||||
Work-in-process | 4,389 | 4,780 | |||||||||
Finished goods | 34,879 | 29,250 | |||||||||
$ | 61,392 | $ | 60,830 |
Year Ended December 31, | Amount | |||||||
Remainder of fiscal 2021 | $ | 6,546 | ||||||
2022 | 6,711 | |||||||
2023 | 4,948 | |||||||
2024 | 2,046 | |||||||
2025 | 1,280 | |||||||
2026 | 968 | |||||||
Thereafter | 3,815 | |||||||
$ | 26,314 |
Balance as of December 31, 2020 | $ | 244,078 | ||||||
Foreign exchange rate changes | (1,042) | |||||||
Balance as of April 4, 2021 | $ | 243,036 |
Gross
Carrying Value |
Accumulated
Amortization |
Net
Carrying Value |
|||||||||||||||
Distribution networks | $ | 38,060 | $ | 38,060 | $ | — | |||||||||||
Completed technologies | 24,217 | 13,116 | 11,101 | ||||||||||||||
Customer relationships | 10,578 | 7,340 | 3,238 | ||||||||||||||
Non-compete agreements | 710 | 450 | 260 | ||||||||||||||
Trademarks | 110 | 81 | 29 | ||||||||||||||
Balance as of April 4, 2021 | $ | 73,675 | $ | 59,047 | $ | 14,628 | |||||||||||
Gross
Carrying Value |
Accumulated
Amortization |
Net
Carrying Value |
|||||||||||||||
Distribution networks | $ | 38,060 | $ | 38,060 | $ | — | |||||||||||
Completed technologies | 24,217 | 12,397 | 11,820 | ||||||||||||||
Customer relationships | 10,578 | 7,160 | 3,418 | ||||||||||||||
Non-compete agreements | 710 | 436 | 274 | ||||||||||||||
Trademarks | 110 | 67 | 43 | ||||||||||||||
Balance as of December 31, 2020 | $ | 73,675 | $ | 58,120 | $ | 15,555 |
Year Ended December 31, | Amount | |||||||
Remainder of fiscal 2021 | $ | 2,729 | ||||||
2022 | 3,286 | |||||||
2023 | 2,594 | |||||||
2024 | 2,080 | |||||||
2025 | 1,757 | |||||||
2026 | 1,452 | |||||||
Thereafter | 730 | |||||||
$ | 14,628 |
Balance as of December 31, 2020 | $ | 5,406 | |||
Provisions for warranties issued during the period | 771 | ||||
Fulfillment of warranty obligations | (691) | ||||
Balance as of April 4, 2021 | $ | 5,486 |
April 4, 2021 | December 31, 2020 | ||||||||||||||||||||||
Currency |
Notional
Value |
USD
Equivalent |
Notional
Value |
USD
Equivalent |
|||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||
Euro | 25,000 | $ | 29,431 | 50,000 | $ | 61,342 | |||||||||||||||||
Chinese Renminbi | 170,000 | 25,587 | — | — | |||||||||||||||||||
Mexican Peso | 150,000 | 7,350 | 155,000 | 7,776 | |||||||||||||||||||
Japanese Yen | 600,000 | 5,419 | 600,000 | 5,808 | |||||||||||||||||||
Hungarian Forint | 1,415,000 | 4,608 | 1,330,000 | 4,494 | |||||||||||||||||||
British Pound | 2,000 | 2,765 | 1,675 | 2,287 | |||||||||||||||||||
Taiwanese Dollar | 37,600 | 1,324 | 38,035 | 1,362 | |||||||||||||||||||
Canadian Dollar | 1,260 | 1,004 | 1,285 | 1,010 | |||||||||||||||||||
Singapore Dollar | 1,300 | 966 | 1,465 | 1,110 | |||||||||||||||||||
Korean Won | — | — | 6,925,000 | 6,377 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||
Balance | Fair Value | Balance | Fair Value | ||||||||||||||||||||||||||||||||
Sheet
Location |
April 4, 2021 | December 31, 2020 |
Sheet
Location |
April 4, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments:
|
|||||||||||||||||||||||||||||||||||
Economic hedge forward contracts | Prepaid expenses and other current assets | $ | 8 | $ | 265 | Accrued expenses | $ | 124 | $ | 38 |
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||
April 4, 2021 | December 31, 2020 | April 4, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||
Gross amounts of recognized assets | $ | 8 | $ | 265 | Gross amounts of recognized liabilities | $ | 124 | $ | 38 | |||||||||||||||||||||||
Gross amounts offset | — | — | Gross amounts offset | — | — | |||||||||||||||||||||||||||
Net amount of assets presented | $ | 8 | $ | 265 | Net amount of liabilities presented | $ | 124 | $ | 38 |
Location in Financial Statements | Three-months Ended | ||||||||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||||||
Gains (losses) recognized in current operations | Foreign currency gain (loss) | $ | 2,893 | $ | (8,240) |
Three-months Ended | ||||||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | |||||||||||||||||||||||||
Americas | $ | 107,836 | $ | 60,247 | ||||||||||||||||||||||
Europe | 57,048 | 48,582 | ||||||||||||||||||||||||
Greater China | 38,238 | 26,403 | ||||||||||||||||||||||||
Other Asia | 35,905 | 32,003 | ||||||||||||||||||||||||
$ | 239,027 | $ | 167,235 |
Three-months Ended | ||||||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | |||||||||||||||||||||||||
Standard products and services | $ | 222,326 | $ | 152,854 | ||||||||||||||||||||||
Application-specific customer solutions | 16,701 | 14,381 | ||||||||||||||||||||||||
$ | 239,027 | $ | 167,235 |
Balance as of December 31, 2020 | $ | 831 | |||
Increases to the allowance for credit losses | — | ||||
Write-offs | (33) | ||||
Foreign exchange rate changes | — | ||||
Balance as of April 4, 2021 | $ | 798 |
Balance as of December 31, 2020 | $ | 21,274 | |||
Deferral of revenue billed in the current period, net of recognition | 38,380 | ||||
Recognition of revenue deferred in prior periods | (7,757) | ||||
Foreign exchange rate changes | (237) | ||||
Balance as of April 4, 2021 | $ | 51,660 |
Shares
(in thousands) |
Weighted-
Average Exercise Price |
Weighted-
Average Remaining Contractual Term (in years) |
Aggregate
Intrinsic Value (in thousands) |
||||||||||||||||||||
Outstanding as of December 31, 2020 | 8,970 | $ | 44.73 | ||||||||||||||||||||
Granted | 421 | 90.50 | |||||||||||||||||||||
Exercised | (897) | 38.82 | |||||||||||||||||||||
Forfeited or expired | (42) | 48.68 | |||||||||||||||||||||
Outstanding as of April 4, 2021 | 8,452 | $ | 47.62 | 7.11 | $ | 312,675 | |||||||||||||||||
Exercisable as of April 4, 2021 | 3,824 | $ | 38.18 | 5.92 | $ | 176,405 | |||||||||||||||||
Options vested or expected to vest as of April 4, 2021 (1) | 7,733 | $ | 46.78 | 7.00 | $ | 292,344 |
Three-months Ended | |||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Risk-free rate | 1.3 | % | 1.6 | % | |||||||||||||||||||
Expected dividend yield | 0.27 | % | 0.43 | % | |||||||||||||||||||
Expected volatility | 39 | % | 37 | % | |||||||||||||||||||
Expected term (in years) | 5.7 | 6.0 |
Shares
(in thousands) |
Weighted-Average
Grant Date Fair Value |
||||||||||
Nonvested as of December 31, 2020 | 554 | $ | 51.27 | ||||||||
Granted | 245 | 89.86 | |||||||||
Vested | (2) | 50.94 | |||||||||
Forfeited or expired | (15) | 52.22 | |||||||||
Nonvested as of April 4, 2021 | 782 | $ | 63.33 |
Three-months Ended | |||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Cost of revenue | $ | 248 | $ | 354 | |||||||||||||||||||
Research, development, and engineering | 4,003 | 5,366 | |||||||||||||||||||||
Selling, general, and administrative | 7,758 | 9,070 | |||||||||||||||||||||
$ | 12,009 | $ | 14,790 |
Three-months Ended | |||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Income tax expense at U.S. federal statutory corporate tax rate | 21 | % | 21 | % | |||||||||||||||||||
State income taxes, net of federal benefit | 2 | % | 1 | % | |||||||||||||||||||
Foreign tax rate differential | (5) | % | (6) | % | |||||||||||||||||||
Tax credit | (1) | % | (1) | % | |||||||||||||||||||
Discrete tax benefit related to stock options | (7) | % | (7) | % | |||||||||||||||||||
Other discrete adjustments | — | % | 1 | % | |||||||||||||||||||
Other | 1 | % | 2 | % | |||||||||||||||||||
Income tax expense | 11 | % | 11 | % |
Three-months Ended | |||||||||||||||||||||||
April 4, 2021 | March 29, 2020 | ||||||||||||||||||||||
Basic weighted-average common shares outstanding | 176,288 | 172,408 | |||||||||||||||||||||
Effect of dilutive equity awards | 3,683 | 3,194 | |||||||||||||||||||||
Weighted-average common and common-equivalent shares outstanding | 179,971 | 175,602 | |||||||||||||||||||||
One-time Termination Benefits | Contract Termination Costs | Other Associated Costs | Total | ||||||||||||||||||||
Balance as of December 31, 2020 | $ | 1,624 | $ | 750 | $ | 15 | $ | 2,389 | |||||||||||||||
Cash payments | (951) | (68) | (15) | (1,034) | |||||||||||||||||||
Foreign exchange rate changes | (1) | (4) | — | (5) | |||||||||||||||||||
Balance as of April 4, 2021 | $ | 672 | $ | 678 | $ | — | $ | 1,350 | |||||||||||||||
Three-month period | |||||||||||||||||
RD&E expenses in 2020 | $ | 35,946 | |||||||||||||||
Stock-based compensation expense | (1,568) | ||||||||||||||||
Personnel-related costs | (1,287) | ||||||||||||||||
Foreign currency exchange rate changes | 1,350 | ||||||||||||||||
Other | (336) | ||||||||||||||||
RD&E expenses in 2021 | $ | 34,105 |
Three-month period | |||||||||||||||||
SG&A expenses in 2020 | $ | 69,138 | |||||||||||||||
Incentive compensation | 5,147 | ||||||||||||||||
Foreign currency exchange rate changes | 2,867 | ||||||||||||||||
Travel expenses | (1,944) | ||||||||||||||||
Personnel-related costs | (1,624) | ||||||||||||||||
Stock-based compensation expense | (1,514) | ||||||||||||||||
Other | 354 | ||||||||||||||||
SG&A expenses in 2021 | $ | 72,424 |
Total
Number of Shares Purchased |
Average
Price Paid per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs (1) |
Approximate
Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) |
||||||||||||||||||||
January 1, 2021 - January 31, 2021 | — | $ | — | — | $ | 278,652,000 | |||||||||||||||||
February 1, 2021 - February 28, 2021 | 6,000 | 82.84 | 6,000 | 278,172,000 | |||||||||||||||||||
March 1, 2021 - April 4, 2021 | 74,000 | 80.46 | 74,000 | 272,173,000 | |||||||||||||||||||
Total | 80,000 | $ | 80.63 | 80,000 | $ | 272,173,000 |
Date: | May 6, 2021 | COGNEX CORPORATION | ||||||||||||
By: | /s/ Robert J. Willett | |||||||||||||
Robert J. Willett | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
By: | /s/ Paul D. Todgham | |||||||||||||
Paul D. Todgham | ||||||||||||||
Senior Vice President of Finance and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
1 Year Cognex Chart |
1 Month Cognex Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions