ONTO INNOVATION INC

For the period ended Sep 28, 2024. Filed Oct 31, 2024.

About 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.

Sep 28, 2024 · Filed Oct 31, 2024

ONTO$173.28+11.1%Stored close · as of Nov 6, 2026

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Contents

Item No. · Page
PART I FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	1
	Condensed Consolidated Statements of Operations for the three and nine months ended September 28, 2024 and September 30, 2023	1
	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 28, 2024 and September 30, 2023	2
	Condensed Consolidated Balance Sheets at September 28, 2024 and December 30, 2023	3
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 28, 2024 and September 30, 2023	4
	Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 28, 2024 and September 30, 2023	5
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	24
Item 4.	Controls and Procedures	24
PART II OTHER INFORMATION
Item 1.	Legal Proceedings	25
Item 1A.	Risk Factors	25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	43

Signatures

PART I FINANCIAL INFORMATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

	Three Months Ended		Nine Months Ended
	September 28,	September 30,	September 28,	September 30,
	2024	2023	2024	2023
Revenue	$252,210	$207,185	$723,382	$597,012
Cost of revenue	115,831	100,333	340,482	284,724
Gross profit	136,379	106,852	382,900	312,288
Operating expenses:
Research and development	28,277	26,136	81,876	80,421
Sales and marketing	19,451	14,755	56,746	46,416
General and administrative	22,465	18,131	60,298	56,130
Amortization	13,114	13,824	39,338	41,473
Total operating expenses	83,307	72,846	238,258	224,440
Operating income	53,072	34,006	144,642	87,848
Interest income, net	8,667	5,694	24,524	13,900
Other (expense) income, net	(724)	(1,001)	10	(2,992)
Income before provision for income taxes	61,015	38,699	169,176	98,756
Provision for income taxes	7,964	2,813	16,323	7,906
Net income	$53,051	$35,886	$152,853	$90,850
Earnings per share:
Basic	$1.07	$0.73	$3.10	$1.86
Diluted	$1.07	$0.73	$3.08	$1.84
Weighted average number of shares outstanding:
Basic	49,426	49,043	49,333	48,933
Diluted	49,694	49,401	49,669	49,259

CONDENSED CONSOLIDATED STATEM ENTS OF COMPREHENSIVE INCOME

	Three Months Ended		Nine Months Ended
	September 28,	September 30,	September 28,	September 30,
	2024	2023	2024	2023
Net income	$53,051	$35,886	$152,853	$90,850
Other comprehensive income (loss), net of tax:
Change in net unrealized gains on available-for-sale marketable securities	2,162	672	1,304	1,901
Change in currency translation adjustments	4,859	(2,761)	270	(4,669)
Total other comprehensive income (loss), net of tax	7,021	(2,089)	1,574	(2,768)
Total comprehensive income	$60,072	$33,797	$154,427	$88,082

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