Onto Innovation Files 10-Q for Q2 2024

TL;DR

**ONTO Q2 10-Q FILED: Financials and customer data updated. Check for revenue and risk details.**

AI Summary

Onto Innovation Inc. filed its 10-Q for the period ending June 29, 2024. The filing details financial performance and operational updates. Key financial data points and disclosures regarding customer concentration and revenue streams are presented, reflecting the company's ongoing business activities and financial position.

Why It Matters

This filing provides investors and analysts with a detailed look into Onto Innovation's financial health and operational performance during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing mentions customer concentration risk, indicating potential reliance on a few key clients.

Key Numbers

• 2024-06-29 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-08-08 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• ONTO INNOVATION INC. (company) — Filer
• 20240629 (date) — Reporting Period End Date
• Samsung Semiconductor (company) — Significant Customer Mentioned
• 9782536200 (dollar_amount) — Business Phone Number

FAQ

Key Financial Figures

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

Filing Documents

• onto-20240629.htm (10-Q) — 1977KB
• onto-ex10_1.htm (EX-10.1) — 234KB
• 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
• 0000950170-24-094193.txt ( ) — 8822KB
• onto-20240629.xsd (EX-101.SCH) — 921KB
• onto-20240629_htm.xml (XML) — 1861KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 1 Condensed Consolidated Statements of Operations for the three and six months ended June 29, 2024 and July 1, 2023 1 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 29, 2024 and July 1, 2023 2 Condensed Consolidated Balance Sheets at June 29, 2024 and December 30, 2023 3 Condensed Consolidated Statements of Cash Flows for the six months ended June 29, 2024 and July 1, 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 29, 2024 and July 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 23 Item 4.

Controls and Procedures

Controls and Procedures 23

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 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 42 Item 6. Exhibits 42

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 Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Revenue $ 242,327 $ 190,662 $ 471,172 $ 389,827 Cost of revenue 114,091 90,201 224,651 184,391 Gross profit 128,236 100,461 246,521 205,436 Operating expenses: Research and development 27,044 27,043 53,599 54,285 Sales and marketing 18,976 16,024 37,295 31,661 General and administrative 20,271 18,762 37,833 37,999 Amortization 13,112 13,825 26,224 27,649 Total operating expenses 79,403 75,654 154,951 151,594 Operating income 48,833 24,807 91,570 53,842 Interest income, net 8,496 4,758 15,857 8,206 Other (expense) income, net ( 60 ) ( 1,710 ) 734 ( 1,991 ) Income before provision for income taxes 57,269 27,855 108,161 60,057 Provision for income taxes 4,320 1,959 8,359 5,093 Net income $ 52,949 $ 25,896 $ 99,802 $ 54,964 Earnings per share: Basic $ 1.07 $ 0.53 $ 2.02 $ 1.12 Diluted $ 1.07 $ 0.53 $ 2.01 $ 1.12 Weighted average number of shares outstanding: Basic 49,342 48,976 49,286 48,865 Diluted 49,674 49,274 49,656 49,175 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 Six Months Ended June 29, July 1, June 29, July 1, 2024 2023 2024 2023 Net income $ 52,949 $ 25,896 $ 99,802 $ 54,964 Other comprehensive loss, net of tax: Change in net unrealized (losses) gains on available-for-sale marketable securities ( 201 ) ( 163 ) ( 858 ) 1,229 Change i

View Full Filing

View this 10-Q filing on SEC EDGAR