Onto Innovation Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Onto Innovation Inc. filed its Q1 2024 10-Q report, detailing financial positions and historical company information.</b>

AI Summary

ONTO INNOVATION INC. (ONTO) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Filing is a 10-Q for Onto Innovation Inc. for the period ending March 30, 2024. The company was formerly known as Nanometrics Inc. and changed its name on October 25, 2019. Key dates include 2024-03-30 for various financial statement elements and 2023-12-31 for others. Mentions of specific customers like Samsung Semiconductor and SK Hynix Inc. in relation to sales revenue. Includes data points related to common stock, restricted stock units, and various asset types like leasehold improvements and land/building.

Why It Matters

For investors and stakeholders tracking ONTO INNOVATION INC., this filing contains several important signals. The filing provides a snapshot of Onto Innovation's financial health and operational status as of March 30, 2024, crucial for investors assessing performance. Specific customer mentions (Samsung, SK Hynix) highlight key relationships and potential revenue concentration risks or strengths.

Risk Assessment

Risk Level: low — ONTO INNOVATION INC. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks or opportunities.

Analyst Insight

Review the detailed financial statements and segment revenues within the 10-Q to understand Onto Innovation's performance drivers and potential areas of growth or concern.

Key Numbers

• 2024-03-30 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-09 — Filing Date (Filed As Of Date)
• 0000704532 — Central Index Key (Filer's Central Index Key)
• 3829 — Standard Industrial Classification (SIC code for Measuring & Controlling Devices, NEC)

Key Players & Entities

• ONTO INNOVATION INC. (company) — Filer name
• Nanometrics Inc (company) — Former company name
• Samsung Semiconductor (company) — Customer mentioned in relation to sales revenue
• SK Hynix Inc (company) — Customer mentioned in relation to sales revenue
• Wilmington (location) — Business and mailing address city
• MA (location) — Business and mailing address state

FAQ

Risk Factors

• Product Concentration Risk [medium — market]: The company faces risk due to concentration in specific products, as indicated by references to 'us-gaap:ProductConcentrationRiskMember' and 'us-gaap:SalesRevenueNetMember'.
• Customer Concentration Risk [medium — market]: There is a risk associated with reliance on a few key customers, as evidenced by mentions of 'us-gaap:CustomerConcentrationRiskMember' and specific companies like Samsung Semiconductor and SK Hynix Inc.

Key Dates

• 2024-03-30: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a snapshot of the company's financial condition and performance during the quarter.)

us-gaap:SalesRevenueNetMember

Represents the net sales revenue recognized by the company. (Key metric for assessing the company's top-line performance and revenue generation.)

us-gaap:ProductConcentrationRiskMember

Indicates a risk where a significant portion of revenue comes from a limited number of products. (Highlights potential vulnerability if demand for those specific products declines.)

Key Financial Figures

• $0.001 — nge on Which Registered Common Stock, $0.001 par value per share ONTO New York S

Filing Documents

• onto-20240330.htm (10-Q) — 1573KB
• onto-ex31_1.htm (EX-31.1) — 18KB
• onto-ex31_2.htm (EX-31.2) — 18KB
• onto-ex32_1.htm (EX-32.1) — 10KB
• onto-ex32_2.htm (EX-32.2) — 11KB
• 0000950170-24-057270.txt (&nbsp;) — 7314KB
• onto-20240330.xsd (EX-101.SCH) — 899KB
• onto-20240330_htm.xml (XML) — 1476KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 1 Condensed Consolidated Statements of Operations for the three months ended March 30, 2024 and April 1, 2023 1 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 30, 2024 and April 1, 2023 2 Condensed Consolidated Balance Sheets at March 30, 2024 and December 30, 2023 3 Condensed Consolidated Statements of Cash Flows for the three months ended March 30, 2024 and April 1, 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 30, 2024 and April 1, 2023 5 Notes to Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41

Signatures

Signatures Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ONTO INNOVATION INC. CONDENSED CONSOLIDATED S TATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended March 30, April 1, 2024 2023 Revenue $ 228,846 $ 199,165 Cost of revenue 110,561 94,190 Gross profit 118,285 104,975 Operating expenses: Research and development 26,554 27,242 Sales and marketing 18,318 15,637 General and administrative 17,563 19,237 Amortization 13,112 13,824 Total operating expenses 75,547 75,940 Operating income 42,738 29,035 Interest income, net 7,361 3,448 Other income (expense), net 793 ( 281 ) Income before provision for income taxes 50,892 32,202 Provision for income taxes 4,039 3,134 Net income $ 46,853 $ 29,068 Earnings per share: Basic $ 0.95 $ 0.60 Diluted $ 0.94 $ 0.59 Weighted average number of shares outstanding: Basic 49,230 48,788 Diluted 49,638 49,109 The accompanying notes are an integral part of these financial statements. 1 Table of Contents ONTO INNOVATION INC. CONDENSED CONSOLIDATED STATEM ENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) Three Months Ended March 30, April 1, 2024 2023 Net income $ 46,853 $ 29,068 Other comprehensive loss, net of tax: Change in net unrealized gains (losses) on available-for-sale marketable securities ( 657 ) 1,392 Change in currency translation adjustments ( 2,593 ) 1,090 Total other comprehensive (loss) income, net of tax ( 3,250 ) 2,482 Total comprehensive income $ 43,603 $ 31,550 The accompanying notes are an integral part of these financial statements. 2 Table of Contents ONTO INNOVATION INC. CONDENSED CONSOLIDA TED BALANCE SHEETS (In thousands) (Unaudited) March 30, 2024 December 30, 2023 ASSETS Current Assets: Cash and cash equivalents $ 190,893 $ 233,508 Marketable

View Full Filing

View this 10-Q filing on SEC EDGAR