Novanta (NOVT) FY2020 results: revenue $591 million, down 5.7% on the year
Novanta Inc. (NOVT) reported revenue of $591 million for fiscal 2020, the year ended 31 December 2020, down 5.7% on the year before. Net income was $45 million, up 9.2%, and diluted earnings per share $1.25. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$591 million
-5.7% on the year
FY2013FY2020
Operating margin
9.5%
8.8% a year earlier
FY2013FY2020
Net income
$45 million
+9.2% on the year
FY2013FY2020
Diluted EPS
$1.25
+8.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
591
626
614
-5.7%
Cost of revenue
346
364
353
-4.9%
Gross profit
245
262
262
-6.7%
Gross margin
41.4%
41.9%
42.6%
Research and development
61.0
56.0
51.0
+9.0%
Selling, general and administrative
110
118
116
-7.2%
Operating income
55.9
55.3
71.0
+1.1%
Operating margin
9.5%
8.8%
11.6%
Interest expense
6.6
8.5
9.8
-22.7%
Pre-tax income
48.4
45.8
61.3
+5.8%
Income tax
3.9
5.0
10.2
-22.3%
Effective tax rate
8.0%
10.9%
16.7%
Net income
44.5
40.8
49.1
+9.2%
Net margin
7.5%
6.5%
8.0%
Diluted EPS
$1.25
$1.15
$1.43
+8.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
140
63.2
89.6
+121.7%
Capital expenditure
10.5
10.7
14.7
-2.0%
Free cash flow
130
52.5
75.0
+147.1%
Free cash flow margin
22.0%
8.4%
12.2%
Cash from investing
-13.2
-63.8
-45.6
Cash from financing
-84.4
-3.9
-60.2
Depreciation and amortisation
38.3
38.3
37.1
+0.0%
Share-based compensation
23.1
9.3
7.7
+147.5%
Buybacks
5.5
10.0
5.8
-45.0%
Diluted shares, weighted
36m
36m
35m
+0.3%
Shares outstanding at period end
35m
35m
35m
+0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
477
417
368
+14.3%
Debt
200
220
207
-9.0%
Operating lease liabilities
32.8
34.1
n/a
-3.8%
Finance lease liabilities
5.9
14.8
7.3
-60.2%
Other liabilities
149
183
137
-18.6%
Total liabilities and equity
865
870
720
-0.5%
Fixed assets
78.7
77.6
65.5
+1.4%
Goodwill
286
275
218
+4.1%
Intangible assets
149
166
143
-10.6%
Cash and equivalents
125
78.9
82.0
+58.4%
Receivables
75.1
91.1
84.0
-17.6%
Inventory
92.7
117
105
-20.5%
Other assets
59.2
64.7
22.8
-8.5%
Total assets
865
870
720
-0.5%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.