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Market Information
−Removed: The Company’s common shares, no par value, are traded on the Nasdaq Global Select Market under the symbol “NOVT”.
+Added: The Company’s common shares, no par value, are traded on the Nasdaq Global Select Market under the ticker symbol “NOVT”.
As of the close of business on February 22, 2021, there were approximately 33 holders of record of the Company’s common shares.
6 unchanged sentences
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 share repurchase plan, the Company repurchased 119 thousand shares for an aggregate purchase price of $10.0 million at an average price of $83.71 per share.
−Removed: In February 2020, the Company’s Board of Directors authorized a new share repurchase plan for the repurchase of up to an aggregate of $50.0 million of the Company’s common shares (the “2020 Repurchase Plan”), following the completion of the 2018 Repurchase Plan.
+Added: 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.
+Added: We had $9.5 million available for share repurchases under the 2018 Repurchase Plan as of December 31, 2020.
+Added: 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.
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.
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: The following table sets forth certain information with respect to repurchases of the Company’s common shares under the 2018 Repurchase Plan for the periods indicated.
−Removed: Total Number of Shares Purchased
−Removed: Average Price Paid Per Share
−Removed: Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
−Removed: Approximate Dollar Value That May Yet Be Purchased Under the Plans or Programs
−Removed: September 28 - November 1, 2019
−Removed: November 2 - November 29, 2019
−Removed: November 30 - December 31, 2019
+Added: 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.
Performance Graph
The following graph compares the cumulative total return on the Company’s common shares with the cumulative total return on the Nasdaq Composite Index and the Russell 2000 Index for the period from December 31, 2015 through December 31, 2020.
−Removed: The comparison assumes an investment of $100 is made on December 31, 2014 in the Company’s common shares and in each of the indices and, in the case of the indices, it also assumes reinvestment of all dividends.
+Added: The comparison assumes an investment of $100 was made on December 31, 2015 in the Company’s common shares and in each of the indices and, in the case of the indices, it also assumes reinvestment of all dividends.
The performance shown is not necessarily indicative of future performance.
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Operating expenses
−Removed: Operating income from continuing operations (2)
−Removed: Income from continuing operations before income taxes (3) (4)
+Added: Operating income
+Added: Income before income taxes (2)
Income tax provision
−Removed: Income from continuing operations
−Removed: Loss from discontinued operations, net of tax
Consolidated net income
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Net income attributable to Novanta Inc.
−Removed: Earnings per common share from continuing operations.
Earnings per common share attributable to Novanta Inc.
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The operating results of these businesses have been included in the consolidated statement of operations since their respective acquisition dates.
−Removed: In 2018, the Company adopted Accounting Standards Update (“ASU”) 2017-07, “Compensation – Retirement Benefits (Topic 715):
−Removed: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” ASU 2017-07 requires employers that offer or maintain defined benefit plans to disaggregate the service component from the other components of net periodic benefit cost and provides guidance on the presentation of the service component and the other components of net periodic benefit cost in the statement of operations.
−Removed: Amounts prior to 2018 have been retrospectively revised to conform with this presentation.
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 2015, the Company sold its JK Lasers business and recorded a gain on disposal of $19.6 million.
In the computation of earnings per common share attributable to Novanta Inc., net income attributable to Novanta Inc.
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Total assets (1)
−Removed: Debt, current
+Added: Debt, current portion of long-term debt
Debt, long-term
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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.