Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Our common stock, $0.01 par value per share, is quoted on the New York Stock Exchange (“NYSE”) under the symbol “ONTO.” As of February 3, 2024, there were approximately 88 stockholders of record. Set forth below is a line graph comparing the annual percentage change in the cumulative return to the stockholders of the Company’s common stock with the cumulative return of the NYSE Composite Index and an industry specific index, the PHLX Semiconductor Index, for the period commencing on December 31, 2019 and ending on December 31, 2024.
The information contained in the performance graph shall not be deemed to be “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates it by reference into such filing.
The graph assumes that $100 was invested on December 31, 2019 in the Company’s common stock and in each index. Stockholder returns over the indicated period should not be considered indicative of future stockholder returns.
Prepared by Zacks Investment Research, Inc. Used with permission. All rights reserved. Copyright 1980-2024.
12/19
12/20
12/21
12/22
12/23
12/24
Onto Innovation Inc.
100.0
130.1
277.0
186.3
418.2
455.8
NYSE Composite
100.0
107.0
129.1
117.0
133.2
154.2
PHLX Semiconductor
100.0
153.7
219.5
142.9
238.7
287.3
We have never declared or paid a cash dividend on our common stock and we currently do not intend to do so. The declaration of any future dividends by us is within the discretion of our Board of Directors and will be dependent on our earnings, financial condition and capital requirements as well as any other factors deemed relevant by our Board of Directors.
In February 2024, the Onto Innovation Board of Directors approved a share repurchase authorization, which allows us to repurchase up to $200 million worth of shares of our common stock. Repurchases may be made through both public market and private transactions from time to time with shares purchased being subsequently retired. During the three and twelve months ended December 28, 2024, we repurchased 157 thousand shares of our common stock under this repurchase authorization. The amount paid to repurchase the shares in excess of par value, including transaction costs, is recorded directly as a decrease to additional paid-in capital and accumulated earnings. At December 28, 2024, there was $174.9 million available for future share repurchases under the share repurchase authorization.
31
Table of Contents
For further information, see Note 17 in the accompanying Notes to the Consolidated Financial Statements included in this Form 10-K.
In addition to our share repurchase program, we withhold common stock shares associated with net share settlements to cover tax withholding obligations upon the vesting of restricted stock unit awards under the Company’s equity incentive program. During the three and twelve months ended December 28, 2024, we withheld 3 thousand and 102 thousand shares through net share settlements, respectively. For the three and twelve month periods ended December 28, 2024, net share settlements cost $0.6 million and $19.1 million, respectively. Please refer to Note 11 of the Notes to the Consolidated Financial Statements included in this Form 10-K for further discussion regarding our equity incentive plan.
The following table provides details of common stock purchased during the three-month period ended December 28, 2024:
Period
Total Number
of Shares
Purchased (1)
Average
Price
Paid per
Share
Total Number
of Shares
Purchased as
Part of Publicly
Announced
Program
Maximum
Approximate Dollar Value of
Shares that
May Yet Be
Purchased Under
the Program
(in thousands, except for per share data)
September 29, 2024 - October 28, 2024
2
$
205.36
—
$
200,000
October 29, 2024 - November 28, 2024
158
$
159.21
157
$
174,935
November 29, 2024 - December 28, 2024
1
$
166.29
—
$
174,935
Three Months Ended December 28, 2024
161
157
1 Includes shares withheld through net share settlements.
Item 6. [Reserved]
32
Table of Contents