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The Company has never declared or paid cash dividends on its common shares and does not anticipate paying any cash dividends in the foreseeable future.
+Added: Recent Sales of Unregistered Securities
Purchases of Equity Securities by the Issuer and Affiliated Purchaser
−Removed: In October 2018, the Company’s Board of Directors authorized a share repurchase plan (the “2018 Repurchase Plan”) for the repurchase of up to an aggregate of $25.0 million of the Company’s common shares.
−Removed: The 2018 Repurchase Plan does not obligate the Company to acquire any particular amount of our common shares.
−Removed: No time limit was set for the completion of the 2018 Repurchase Plan, and the plan may be suspended or discontinued at any time.
−Removed: Since the adoption of the 2018 Repurchase Plan, the Company has repurchased 185 thousand shares for an aggregate purchase price of $15.5 million at an average price of $83.97 per share.
−Removed: We had $9.5 million available for share repurchases under the 2018 Repurchase Plan as of December 31, 2020.
−Removed: In February 2020, the Company’s Board of Directors authorized a new share repurchase plan for the repurchase of up to an additional $50.0 million of the Company’s common shares (the “2020 Repurchase Plan”), to be commenced following the completion of the 2018 Repurchase Plan.
−Removed: While the 2020 Repurchase Plan is intended to generally offset dilution from equity awards to the Company’s employees and directors, the plan does not obligate the Company to acquire any particular amount of our common shares.
−Removed: No time limit was set for the completion of the 2020 Repurchase Plan, and the plan may be suspended or discontinued at any time.
−Removed: In an effort to preserve cash in light of the economic slowdown caused by the COVID-19 pandemic, we have temporarily suspended repurchases under our share repurchase plans since April 2020.
+Added: In October 2018, the Company’s Board of Directors approved a share repurchase plan (the “2018 Repurchase Plan”), authorizing the repurchase of up to $25.0 million worth of the Company’s common shares.
+Added: In February 2020, the Company’s Board of Directors approved a new share repurchase plan (the “2020 Repurchase Plan”), authorizing the repurchase of up to an additional $50.0 million worth of the Company’s common shares.
+Added: While these share repurchase plans are intended to generally offset dilutions from equity awards granted to our employees and directors, we are not obligated to acquire any particular amount of our common shares.
+Added: No time limit was set for the completion of these share repurchase plans, and the plans may be suspended or discontinued at any time.
+Added: As of December 31, 2021, the Company had $59.5 million available for future share repurchases under these share repurchase plans.
+Added: The Company did not repurchase any shares during the quarter ended December 31, 2021.
Performance Graph
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All rights reserved.
−Removed: Selected Financial Data
−Removed: The selected financial data set forth below is not necessarily indicative of results of future operations, and should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 and the consolidated financial statements and related notes thereto in Item 8 of this Annual Report on Form 10-K to fully understand factors that may affect the comparability of the information presented below.
−Removed: The selected consolidated financial data in this section is not intended to replace the consolidated financial statements.
−Removed: The consolidated statement of operations data for the years ended December 31, 2020, 2019 and 2018 and the consolidated balance sheet data as of December 31, 2020 and 2019 are derived from our audited consolidated financial statements included in this Annual Report on Form 10-K.
−Removed: The consolidated statement of operations data for the years ended December 31, 2017 and 2016 and the consolidated balance sheet data as of December 31, 2018, 2017 and 2016 are derived from our audited consolidated financial statements that are not included in this Annual Report on Form 10-K.
−Removed: Year Ended December 31,
−Removed: (In thousands, except per share data)
−Removed: Consolidated Statement of Operations Data:
−Removed: Operating expenses
−Removed: Operating income
−Removed: Income before income taxes (2)
−Removed: Income tax provision
−Removed: Consolidated net income
−Removed: Net income attributable to noncontrolling interest
−Removed: Net income attributable to Novanta Inc.
−Removed: Earnings per common share attributable to Novanta Inc.
−Removed: Weighted average common shares outstanding—basic
−Removed: Weighted average common shares outstanding—diluted
−Removed: In 2017, the Company completed the acquisitions of WOM, Laser Quantum and ThingMagic businesses, which contributed a total of $102.7 million in revenue for the year ended December 31, 2017.
−Removed: The operating results of these businesses have been included in the consolidated statement of operations since their respective acquisition dates.
−Removed: In 2017, the Company acquired an additional approximately 35% of the outstanding shares of Laser Quantum and recorded a non-taxable gain of $26.4 million, representing the excess of the fair value of the Company’s previously-held equity interest in Laser Quantum over its carrying value upon gaining control.
−Removed: In the computation of earnings per common share attributable to Novanta Inc., net income attributable to Novanta Inc.
−Removed: included $1.8 million and ($20.2) million of redeemable noncontrolling interest redemption value adjustment for the years ended December 31, 2018 and 2017, respectively.
−Removed: (in thousands)
−Removed: Consolidated Balance Sheet Data:
−Removed: Cash and cash equivalents
−Removed: Total assets (1)
−Removed: Debt, current portion of long-term debt
−Removed: Debt, long-term
−Removed: Long-term liabilities, excluding debt (1)
−Removed: Redeemable noncontrolling interest (3)
−Removed: Total stockholders’ equity
−Removed: In 2019, the Company adopted ASU 2016-02, “Leases (Topic 842),” using the modified retrospective approach.
−Removed: ASU 2016-02 requires a lessee to recognize on the balance sheet a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for both finance and operating leases.
−Removed: The Company reported operating lease right-of-use (“ROU”) assets and operating lease liabilities of approximately $35.2 million and $39.2 million, respectively, as of December 31, 2019.
−Removed: In 2017, the Company completed the acquisitions of WOM, Laser Quantum and ThingMagic businesses.
−Removed: Total assets acquired amounted to $284.4 million as of the acquisition date.
−Removed: The acquisitions were financed with borrowings under the revolving credit facility in the aggregate amount of $176.8 million.
−Removed: In 2017, the Company acquired an additional approximately 35% of the outstanding shares of Laser Quantum, which increased our ownership position in Laser Quantum from approximately 41% to approximately 76%.
−Removed: The noncontrolling interest was considered a redeemable equity instrument and was presented as temporary equity on the consolidated balance sheet at the greater of the carrying value or the estimated redemption value of the noncontrolling interest.
−Removed: In 2018, the Company acquired the remaining approximately 24% of the outstanding shares of Laser Quantum from the noncontrolling interest shareholders.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.