ONTO INNOVATION INC
For the period ended Jun 29, 2024. Filed Aug 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 29, 2024 · Filed Aug 8, 2024
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-30; filed 2024-05-09.
0000950170-24-057270
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-29; filed 2024-08-08.
0000950170-24-094193
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 28 previous paragraphs and 28 current paragraphs.
23 unchanged; 5 reworded; 0 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Reworded paragraphs (5)
Previous wording
In the fiscal quarter ended March 30, 2024 (the “March 2024 quarter”), revenue increased 5% compared to the fiscal quarter ended December 30, 2023 (the “December 2023 quarter”), primarily due to an increase in sales to foundry and DRAM customers in both advanced nodes applications and specialty devices and advanced packaging. These increases are partially offset by a decrease in sales to wafer manufacturing and power customers in specialty devices and advanced packaging.
Current wording
In the fiscal quarter ended June 29, 2024 (the “June 2024 quarter”), revenue increased 6.0% compared to the fiscal quarter ended March 30, 2024 (the “March 2024 quarter”), primarily due to increases in sales to NAND customers in advanced nodes applications and sales to power and logic customers in specialty devices and advanced packaging. These increases were partially offset by decline in sales to foundry and DRAM customers during the June 2024 quarter.
Previous wording
Gross profit as a percentage of revenue in the March 2024 quarter compared to the December 2023 quarter was primarily due to restructuring costs related the exit of older product lines in the December 2023 quarter.
Current wording
Gross profit as a percentage of revenue in the June 2024 quarter increased by 1% compared to the March 2024 quarter primarily due to increased volume and change in product mix.
Previous wording
Operating expenses in the March 2024 quarter decreased by 5% compared to the December 2023 quarter primarily due to a litigation settlement in the December 2023 quarter, partially offset by cost containment initiatives implemented in the year.
Current wording
Operating expenses in the June 2024 quarter increased by 5% compared to the March 2024 quarter primarily due to an increase in compensation cost and restructuring expenses.
Previous wording
Our cash, cash equivalents and marketable securities balance increased to $741 million as of March 30, 2024 compared to $698 million as of December 30, 2023. This increase was primarily the result of $57.1 million of cash generated from operating activities, partially offset by cash used for capital expenditures of $7.0 million and $9.1 million for tax payments related to net share settlement of employee stock-based compensation plans. Employee headcount as of March 30, 2024 was approximately 1500.
Current wording
Our cash, cash equivalents and marketable securities balance increased to $786.0 million at June 29, 2024, compared to $697.8 million at December 30, 2023. This increase was primarily the result of $122.4 million of cash generated from operating activities, partially offset by cash used for capital expenditures of $19.2 million and $18.0 million for tax payments related to net share settlement of employee stock-based compensation plans. Employee headcount at June 29, 2024 was approximately 1,520.
Previous wording
In 2022 and 2023, the United States government implemented additional export regulations for U.S. semiconductor technology sold in China. We have applied for export licenses to continue doing business with our customers that are affected by the new export rules. However, the new export controls have continued to negatively impact our net sales in China for the first quarter 2024.
Current wording
In 2022 and 2023, the United States government implemented additional export regulations for U.S. semiconductor technology sold in China. We have applied for, and in some cases received, export licenses to continue doing business with our customers that are affected by the new export rules. However, the new export controls have continued to negatively impact our net sales in China for the first and second fiscal quarters of 2024.