4 unchanged sentences
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 25,
−Removed: September 26,
−Removed: September 25,
−Removed: September 26,
Cost of revenue
16 unchanged sentences
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 25,
−Removed: September 26,
−Removed: September 25,
−Removed: September 26,
−Removed: Other comprehensive gain (loss), net of tax:
−Removed: Change in net unrealized gains (losses) on
+Added: Other comprehensive loss, net of tax:
+Added: Change in net unrealized losses on
available-for-sale marketable securities
Change in currency translation adjustments
−Removed: Total other comprehensive gain (loss), net of tax
+Added: Total other comprehensive loss, net of tax
Total comprehensive income
3 unchanged sentences
(In thousands)
−Removed: September 25,
Current Assets:
21 unchanged sentences
Additional paid-in capital
−Removed: Accumulated other comprehensive income
+Added: Accumulated other comprehensive (loss) income
Retained earnings
5 unchanged sentences
(In thousands)
−Removed: Nine Months Ended
−Removed: September 25,
−Removed: September 26,
+Added: Three Months Ended
Cash flows from operating activities:
5 unchanged sentences
Provision for inventory valuation
+Added: Deferred income taxes
Changes in operating assets and liabilities, net of effects of business acquired
2 unchanged sentences
Purchases of marketable securities
−Removed: Proceeds from sales of marketable securities
−Removed: Cash received from convertible note receivable
+Added: Proceeds from maturities and sales of marketable securities
Purchase of business, net of cash acquired
2 unchanged sentences
Cash flows from financing activities:
−Removed: Purchase of common stock
Tax payments related to shares withheld for share-based compensation plans
14 unchanged sentences
Comprehensive
−Removed: Balance at December 26, 2020
+Added: Balance at January 1, 2022
Share-based compensation
4 unchanged sentences
Unrealized loss on investments
−Removed: Balance at March 27, 2021
−Removed: Share-based compensation
−Removed: Issuance of shares through share-based
−Removed: compensation plans, net
−Removed: Share-based compensation plan
−Removed: Currency translation
−Removed: Unrealized loss on investments
−Removed: Balance at June 26, 2021
−Removed: Share-based compensation
−Removed: Issuance of shares through share-based
−Removed: compensation plans, net
−Removed: Share-based compensation plan
−Removed: Currency translation
−Removed: Unrealized loss on investments
−Removed: Balance at September 25, 2021
+Added: Balance at April 2, 2022
Additional Paid-in
1 unchanged sentence
Balance at December 26, 2020
−Removed: Repurchase of common stock
Share-based compensation
5 unchanged sentences
Balance at March 27, 2021
−Removed: Issuance of shares through share-based
−Removed: compensation plans, net
−Removed: Repurchase of common stock
−Removed: Share-based compensation
−Removed: Share-based compensation plan
−Removed: Currency translation
−Removed: Unrealized gain on investments
−Removed: Balance at June 27, 2020
−Removed: Issuance of shares through share-based
−Removed: compensation plans, net
−Removed: Share-based compensation
−Removed: Share-based compensation plan
−Removed: Currency translation
−Removed: Unrealized loss on investments
−Removed: Balance at September 26, 2020
The accompanying notes are an integral part of these financial statements.
4 unchanged sentences
The Company operates on a 52- or 53-week fiscal year ending on the Saturday closest to December 31 st .
−Removed: Our fiscal year ending January 1, 2022 (“fiscal year 2021”) is a 53-week fiscal year.
−Removed: The first quarter of the Company’s fiscal year 2021 ended on March 27, 2021, the second quarter ended on June 26, 2021 and the third quarter ended on September 25, 2021.
−Removed: Our fiscal year ended December 26, 2020 was a 52-week fiscal year.
+Added: Our fiscal year ending December 31, 2022 (“fiscal year 2022”) is a 52-week fiscal year.
+Added: The first quarter of the Company’s fiscal year 2022 ended on April 2, 2022, the second quarter ends on July 1, 2022 and the third quarter ends on October 1, 2022.
+Added: Our fiscal year ended January 1, 2022 was a 53-week fiscal year.
The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared by Onto Innovation Inc.
2 unchanged sentences
Actual amounts could differ materially from reported amounts.
−Removed: The interim results for the three and nine months ended September 25, 2021 are not necessarily indicative of results to be expected for the entire year or any future periods.
−Removed: This interim financial information should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 26, 2020 (the “2020 Form 10-K”) filed with the Securities and Exchange Commission (“SEC”) on February 19, 2021.
−Removed: The accompanying Condensed Consolidated Balance Sheet at December 26, 2020 has been derived from the audited consolidated financial statements included in the 2020 Form 10-K.
+Added: The interim results for the three months ended April 2, 2022 are not necessarily indicative of results to be expected for the entire year or any future periods.
+Added: This interim financial information should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 1, 2022 (the “2021 Form 10-K”) filed with the Securities and Exchange Commission (“SEC”) on February 25, 2022.
+Added: The accompanying Condensed Consolidated Balance Sheet at January 1, 2022 has been derived from the audited consolidated financial statements included in the 2021 Form 10-K.
Use of Estimates
−Removed: The preparation of financial statements in conformity with U.S.
−Removed: GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.
−Removed: Significant estimates made by management that are evaluated on an ongoing basis include the allowances for credit losses, excess and obsolete inventory, fair value of assets acquired and liabilities assumed in a business combination, recoverability and useful lives of property, plant and equipment and identifiable intangible assets, recoverability of goodwill, recoverability of deferred tax assets, liabilities for product warranty and contingencies, including litigation reserves, share-based payments and liabilities for tax uncertainties.
+Added: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.
+Added: Significant estimates made by management include the allowance for credit losses, excess and obsolete inventory, fair value of assets acquired and liabilities assumed in a business combination, recoverability and useful lives of property, plant and equipment and identifiable intangible assets, recoverability of goodwill, recoverability of deferred tax assets, liabilities for product warranty, contingencies, including litigation reserves and share-based payments and liabilities for tax uncertainties.
Actual results could differ from those estimates.
These estimates and assumptions are based on historical experience and on various other factors which the Company believes to be reasonable under the circumstances.
−Removed: The Company may engage third-party valuation specialists to assist with estimates related to the valuation of financial instruments, fair value of assets acquired, and liabilities assumed in a business combination and stock awards.
+Added: The Company may engage third-party valuation specialists to assist with estimates related to the valuation of financial instruments, assets and stock awards associated with various contractual arrangements.
Such estimates often require the selection of appropriate valuation methodologies and significant judgment.
Actual results could differ from these estimates under different assumptions or circumstances and such differences could be material.
−Removed: The Company also assessed the impacts of COVID-19 on the above accounting matters as of September 25, 2021 and through the date of this report.
−Removed: While there was not a material impact as of and for the quarter ended September 25, 2021 and through the date of this report, future actual magnitude and duration of the COVID-19 pandemic, as well as other associated factors, could result in material negative impacts to the Company’s condensed consolidated financial statements in future reporting periods.
−Removed: Recent Accounting Pronouncements
−Removed: Recently Adopted
−Removed: Effective December 27, 2020, the Company adopted Accounting Standards Update (“ASU”) No.
−Removed: 2019-12, “Income Taxes (Topic 740):
−Removed: Simplifying the Accounting for Income Taxes.” This standard simplified the accounting for income taxes by eliminating certain exceptions to the guidance in Topic 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences.
−Removed: The new guidance also simplified aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarified the accounting for transactions that resulted in a step-up in the tax basis of goodwill and allocating consolidated income taxes to separate financial statements of entities not subject to income tax.
−Removed: The adoption of ASU No.
−Removed: 2019-12 did not have a significant impact on the Company’s consolidated financial position, results of operations, and cash flows.
+Added: Adoption of Accounting Standards
+Added: There have been no recent accounting pronouncements or changes in accounting pronouncements during the three months ended April 2, 2022, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 2022, that are of significance, or potential significance to the Company.
Business Combination
Inspectrology, LLC
−Removed: On December 31, 2020 , the Company acquired Inspectrology, LLC (“Inspectrology”), a leading supplier of overlay metrology for controlling lithography and etch processes in the compound semiconductor market for $ 27,015 in cash and a potential earnout of $ 10,000 , subject to achievement of certain revenue targets earned for fiscal year 2021 and fiscal year 2022.
−Removed: As of September 25, 2021, the Company does not believe the earnout criteria will be met.
+Added: During the first quarter of 2021, the Company acquired Inspectrology, LLC (“Inspectrology”), a supplier of overlay metrology for controlling lithography and etch processes in the compound semiconductor market for $ 24,015 in cash and an earnout subject to achievement of certain revenue targets earned for fiscal year 2021 and fiscal year 2022.
+Added: As of January 1, 2022, $ 2,287 of the earnout has been achieved and was recorded in operating expenses.
+Added: There is potential earnout for up to an additional payment of $ 5,000 based on fiscal 2022 results.
+Added: As of April 2, 2022, the Company has accrued $ 1,873 for the potential earnout.
Certain payments, including the earnout, are subject to the principals remaining with the Company for a period of one to three years .
−Removed: The following table summarizes the preliminary fair values of assets acquired and liabilities assumed at the date of acquisition:
−Removed: Cash and cash equivalents
−Removed: Account receivables
−Removed: Prepaid expenses and other current assets
−Removed: Property, plant and equipment
−Removed: Identifiable intangible assets
−Removed: Total assets acquired
−Removed: Accounts payable
−Removed: Payroll and related expenses
−Removed: Deferred revenue
−Removed: Other current liabilities
−Removed: Net assets acquired
−Removed: Total purchase consideration
Fair Value Measurements
10 unchanged sentences
A financial asset’s or liability’s fair value measurement classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.
−Removed: The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at September 25, 2021 and December 26, 2020:
+Added: The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at April 2, 2022 and January 1, 2022:
Fair Value Measurements Using
5 unchanged sentences
Unobservable Inputs
−Removed: September 25, 2021
+Added: April 2, 2022
Available-for-sale debt securities:
5 unchanged sentences
Foreign currency forward contracts
+Added: Contingent consideration - acquisitions
Total liabilities
−Removed: December 26, 2020
+Added: January 1, 2022
Available-for-sale debt securities:
9 unchanged sentences
Investment prices are obtained from third party pricing providers, which model prices utilizing the above observable inputs, for each asset class.
+Added: Level 3 investments consisted of contingent consideration related to an acquisition for which the Company uses revenue projections to value this liability.
See Note 4 for additional discussion regarding the fair value of the Company’s marketable securities.
Marketable Securities
−Removed: At September 25, 2021 and December 26, 2020, marketable securities are categorized as follows:
+Added: At April 2, 2022 and January 1, 2022, marketable securities are categorized as follows:
Amortized Cost
1 unchanged sentence
Gross Unrealized Holding Losses
−Removed: September 25, 2021
+Added: April 2, 2022
Municipal notes and bonds
4 unchanged sentences
Total marketable securities
−Removed: December 26, 2020
+Added: January 1, 2022
Municipal notes and bonds
4 unchanged sentences
Total marketable securities
−Removed: The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheets classification, is as follows at September 25, 2021 and December 26, 2020:
−Removed: September 25, 2021
−Removed: December 26, 2020
+Added: The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheets classification, is as follows at April 2, 2022 and January 1, 2022:
+Added: April 2, 2022
+Added: January 1, 2022
Amortized Cost
4 unchanged sentences
Total marketable securities
−Removed: The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at September 25, 2021 and December 26, 2020:
+Added: The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at April 2, 2022 and January 1, 2022:
In Unrealized Loss Position For
4 unchanged sentences
Gross Unrealized Losses
−Removed: September 25, 2021
+Added: April 2, 2022
Municipal notes and bonds
+Added: Asset-backed securities
+Added: Certificates of deposit
Commercial paper
Corporate bonds
−Removed: December 26, 2020
+Added: January 1, 2022
Municipal notes and bonds
+Added: Certificates of deposit
Commercial paper
3 unchanged sentences
The Company, when it considers it to be appropriate, enters into forward contracts to hedge the economic exposures arising from foreign currency denominated transactions.
−Removed: At September 25, 2021 and December 26, 2020, these contracts
−Removed: included the future sale of British pound sterling, euro, Israeli shekel, Japanese yen, Korean won, Singapore dollar, Taiwanese dollar, and Chinese renminbi to purchase U.S.
+Added: At April 2, 2022 and January 1, 2022, these contracts included the future sale of euro, Israeli shekel, Korean won, Singapore dollar, Taiwanese dollar, and Chinese renminbi to purchase U.S.
Foreign currency forward contracts are not designated as hedges for accounting purposes and therefore, the change in fair value is recorded in “Other expense, net,” in the Condensed Consolidated Statements of Operations.
1 unchanged sentence
The dollar equivalent of the U.S.
−Removed: dollar forward contracts and related fair values as of September 25, 2021 and December 26, 2020 were as follows:
−Removed: September 25,
+Added: dollar forward contracts and related fair values as of April 2, 2022 and January 1, 2022 were as follows:
+Added: January 1, 2022
Notional amount
Fair value of liability
−Removed: Goodwill and Purchased Intangible Assets
−Removed: The changes in the carrying amount of goodwill are as follows:
−Removed: Balance at December 26, 2020
−Removed: Goodwill from Inspectrology acquisition (Note 2)
−Removed: Balance at September 25, 2021
+Added: Purchased Intangible Assets
Intangible Assets
−Removed: Purchased intangible assets as of September 25, 2021 and December 26, 2020 are as follows:
+Added: Purchased intangible assets as of April 2, 2022 and January 1, 2022 are as follows:
Gross Carrying Amount
Accumulated Amortization
−Removed: September 25, 2021
+Added: April 2, 2022
Finite-lived intangibles:
2 unchanged sentences
Trademarks and trade names
−Removed: Total finite-lived intangible assets
−Removed: In-process research and development
Total identifiable intangible assets
−Removed: December 26, 2020
+Added: January 1, 2022
Finite-lived intangibles:
2 unchanged sentences
Trademarks and trade names
−Removed: Total finite-lived intangible assets
−Removed: In-process research and development
Total identifiable intangible assets
4 unchanged sentences
Inventories, net are comprised of the following:
−Removed: September 25, 2021
−Removed: December 26, 2020
+Added: April 2, 2022
+Added: January 1, 2022
Work-in-process
3 unchanged sentences
Property, plant and equipment, net is comprised of the following:
−Removed: September 25, 2021
−Removed: December 26, 2020
+Added: April 2, 2022
+Added: January 1, 2022
Machinery and equipment
6 unchanged sentences
Other assets is comprised of the following:
−Removed: September 25, 2021
−Removed: December 26, 2020
+Added: April 2, 2022
+Added: January 1, 2022
Operating lease right-of-use assets
2 unchanged sentences
Accrued liabilities is comprised of the following:
−Removed: September 25, 2021
−Removed: December 26, 2020
+Added: April 2, 2022
+Added: January 1, 2022
Payroll and related expenses
2 unchanged sentences
Other current liabilities is comprised of the following:
−Removed: September 25, 2021
−Removed: December 26, 2020
+Added: April 2, 2022
+Added: January 1, 2022
Customer deposits
5 unchanged sentences
Other non-current liabilities is comprised of the following:
−Removed: September 25, 2021
−Removed: December 26, 2020
+Added: April 2, 2022
+Added: January 1, 2022
Non-current operating lease obligations
4 unchanged sentences
The Company maintains arrangements under which eligible accounts receivable in Japan are sold without recourse to unrelated third-party financial institutions.
−Removed: The Company sold $ 14,850 of receivables during the nine months ended September 25, 2021.
+Added: The Company sold $ 8,755 of receivables during the three months ended April 2, 2022.
These receivables were not included in the Condensed Consolidated Balance Sheets as the criteria for sale treatment had been met.
There were no material gains or losses on the sale of such receivables.
−Removed: There were no amounts due from such third-party financial institutions at September 25, 2021.
+Added: There were no amounts due from such third-party financial institutions at April 2, 2022.
Intellectual Property Indemnification Obligations
2 unchanged sentences
The nature of the intellectual property indemnification obligations prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay to its customers.
−Removed: Historically, the Company has not made any indemnification payments under such agreements, and no amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification guarantees.
+Added: Historically, the Company has not made any indemnification payments under such agreements and no amount has been accrued in the accompanying Condensed Consolidated Financial Statements with respect to these indemnification guarantees.
Warranty Reserves
6 unchanged sentences
Changes in the Company’s warranty reserves are as follows:
−Removed: Nine Months Ended
−Removed: September 25,
−Removed: September 26,
+Added: Three Months Ended
Balance, beginning of the period
24 unchanged sentences
OSI filed a Second Amended Complaint on March 29, 2019.
−Removed: Nanometrics filed a motion to dismiss OSI’s Second Amended Complaint on May 31, 2019.
+Added: Nanometrics filed a motion to
+Added: dismiss OSI’s Second Amended Complaint on May 31, 2019.
In October 2019, Nanometrics was renamed Onto Innovation Inc.
9 unchanged sentences
This matter is currently in discovery.
−Removed: The Northern District of California granted a joint stipulation that discovery cutoff is September 3, 2022 and the trial date is set for December 4, 2023.
+Added: The Northern District of California granted a joint stipulation that the discovery cutoff is November 1, 2022 and the trial date is set for December 4, 2023.
At this time, the loss contingency in this matter is remote and the Company does not anticipate the outcome of the matter to have a material impact on its financial position, results of operations, or cash flows.
2 unchanged sentences
The Company is permitted to borrow up to 70 % of the value of eligible securities held at the time the line of credit is accessed.
−Removed: The available line of credit as of September 25, 2021 was approximately $ 110.9 million with an available interest rate of 1.8 %.
+Added: The available line of credit as of April 2, 2022 was approximately $ 128.7 million with an available interest rate of 2.0 %.
The credit agreement is available to the Company until such time that either party terminates the arrangement at their discretion.
2 unchanged sentences
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 25,
−Removed: September 26,
−Removed: September 25,
−Removed: September 26,
Point-in-time
2 unchanged sentences
Contract Liabilities
−Removed: The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations.
−Removed: These amounts are recorded as deferred revenue in the Condensed Consolidated Balance Sheets.
+Added: The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations primarily related to service contracts and installation.
+Added: For contracts that have a duration of one year or less, these amounts are recorded as current deferred revenue in the Condensed Consolidated Balance Sheets.
+Added: As of April 2, 2022 and January 1, 2022, the Company carried a long-term deferred revenue balance of $ 2,137 and $ 1,693 , respectively, in other non-current liabilities on the Condensed Consolidated Balance Sheets.
Changes in deferred revenue were as follows:
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 25,
−Removed: September 26,
−Removed: September 25,
−Removed: September 26,
Balance, beginning of the period
5 unchanged sentences
Restricted Stock Unit Activity
−Removed: A summary of the Company’s restricted stock unit activity with respect to the nine months ended September 25, 2021 is as follows:
+Added: A summary of the Company’s restricted stock unit activity with respect to the three months ended April 2, 2022 is as follows:
Number of Shares
1 unchanged sentence
Grant Date Fair Value
−Removed: Nonvested at December 26, 2020
+Added: Nonvested at January 1, 2022
Nonvested at September 25, 2021
−Removed: As of September 25, 2021 and December 26, 2020, there was $ 23,747 and $ 19,135 of total unrecognized compensation cost related to restricted stock units granted under the Company’s stock plans, respectively.
−Removed: That cost is expected to be recognized over a weighted average period of 1.6 years and 1.7 years for September 25, 2021 and December 26, 2020, respectively.
+Added: Of the 680 nonvested shares outstanding at April 2, 2022, 581 are service-based RSUs and 99 are market-based PRSUs.
+Added: The fair value of the Company’s service-based RSUs was calculated based on the fair market value of the Company’s stock at the date of grant.
+Added: The fair value of the Company’s market-based PRSUs granted during fiscal years 2022 and 2021 was calculated using a Monte Carlo simulation model at the date of the grant, resulting in a weighted average grant-date fair value per share of $ 85.49 and $ 80.04 , respectively.
+Added: As of April 2, 2022 and January 1 2022, there was $ 25,196 and $ 21,019 of total unrecognized compensation cost related to restricted stock units granted under the Company’s stock plans, respectively.
+Added: That cost is expected to be recognized over a weighted average period of 1.4 years and 1.5 years for April 2, 2022 and January 1, 2022, respectively.
Other Expense, Net
1 unchanged sentence
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 25,
−Removed: September 26,
−Removed: September 25,
−Removed: September 26,
Foreign currency exchange losses, net
2 unchanged sentences
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 25,
−Removed: September 26,
−Removed: September 25,
−Removed: September 26,
Income before income taxes
1 unchanged sentence
Effective tax rate
−Removed: The income tax provision for the three and nine months ended September 25, 2021 was computed based on the Company’s annual forecast of profit by jurisdiction and forecasted effective tax rate for the year.
−Removed: The increase in the Company’s income tax provision for the three months ended September 25, 2021 as compared to the three months ended September 26, 2020 is primarily due to an increase in quarterly earnings, a decrease to the estimated tax benefit of the R&D and foreign tax credits, offset by an increase in the Foreign Derived Intangible Income (“FDII”) deduction and an increase in the excess tax benefit associated with equity compensation.
+Added: The income tax provision for the three months ended April 2, 2022 was computed based on the Company’s annual forecast of profit by jurisdiction and forecasted effective tax rate for the year.
+Added: The income tax provision in the 2022 period reflected the impact of a change in U.S.
+Added: tax law effective January 1, 2022, which requires the capitalization and amortization of research and development expenditures incurred after December 31, 2021.
+Added: The increase in the Company’s income tax provision for the three months ended April 2, 2022 as compared to the three months ended March 27, 2021 is primarily due to an increase in quarterly earnings, offset by an increase in the Foreign Derived Intangible Income (“FDII”) deduction, and an increase in the excess tax benefit associated with equity compensation.
The Company’s recorded effective tax rate is less than the U.S.
−Removed: statutory rate primarily due to projected FDII deductions and federal research and development tax credits.
+Added: statutory rate primarily due to projected FDII deductions, federal research and development tax credits, and excess tax benefits associated with equity compensation.
The Company currently has a partial valuation allowance recorded against certain foreign and state net operating loss and credit carryforwards where the realizability of such deferred tax assets is substantially in doubt.
4 unchanged sentences
The Company continues to monitor available evidence and may reverse some or all of its remaining valuation allowance in future periods, if appropriate.
−Removed: The Company has a recorded valuation allowance against a certain portion of its deferred tax assets of $ 14,244 and $ 14,238 as of September 25, 2021 and December 26, 2020, respectively.
+Added: The Company has a recorded valuation allowance against a certain portion of its deferred tax assets of $ 10,948 for both April 2, 2022 and January 1, 2022.
Earnings Per Share
3 unchanged sentences
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 25,
−Removed: September 26,
−Removed: September 25,
−Removed: September 26,
Basic earnings per share - weighted average shares
4 unchanged sentences
Earnings per share:
−Removed: Accumulated Other Comprehensive Income
−Removed: The components of accumulated other comprehensive income, net of tax, at September 25, 2021, as well as the activity for the nine months ended September 25, 2021, were as follows:
+Added: Accumulated Other Comprehensive Income (Loss)
+Added: The components of accumulated other comprehensive loss, net of tax, at April 2, 2022, as well as the activity for the three months ended April 2, 2022, were as follows:
Foreign currency
−Removed: Net unrealized gains (losses) on
+Added: Net unrealized losses on
available-for-sale marketable
Accumulated other
−Removed: comprehensive income
−Removed: Balance at December 26, 2020
+Added: comprehensive income (loss)
+Added: Balance at January 1, 2022
Net current period other comprehensive loss
Reclassifications
−Removed: Balance at September 25, 2021
+Added: Balance at April 2, 2022
Segment Reporting and Geographic Information
7 unchanged sentences
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 25,
−Removed: September 26,
−Removed: September 25,
−Removed: September 26,
Systems and software
4 unchanged sentences
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 25,
−Removed: September 26,
−Removed: September 25,
−Removed: September 26,
Revenue from third parties:
3 unchanged sentences
The following customers accounted for 10% or more of total revenue for the indicated periods:
−Removed: Nine Months Ended
−Removed: September 25,
−Removed: September 26,
+Added: Three Months Ended
+Added: SK Hynix Inc.
Taiwan Semiconductor Manufacturing Co.
1 unchanged sentence
Share Repurchase Authorization
−Removed: In November 2020, the Onto Innovation Board of Directors approved a new share repurchase authorization, which allows the Company to repurchase up to $ 100,000 worth of shares of its common stock.
+Added: In November 2020, the Onto Innovation Board of Directors approved a share repurchase authorization, which allows the Company to repurchase up to $ 100 million worth of shares of its common stock.
Repurchases may be made through both public market and private transactions from time to time with shares purchased being subsequently retired.
−Removed: At September 25, 2021, there was $ 100,000 available for future share repurchases under this share repurchase authorization.
−Removed: The following table summarizes the Company’s share repurchases for the periods indicated:
−Removed: Three Months Ended
−Removed: Nine Months Ended
−Removed: September 25,
−Removed: September 26,
−Removed: September 25,
−Removed: September 26,
−Removed: Shares of common stock repurchased
−Removed: Cost of shares repurchased
−Removed: Average price paid per share
+Added: No shares were purchased in the three months ended April 2, 2022.
+Added: At April 2, 2022, there was $ 100 million available for future share repurchases under this share repurchase authorization.
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.