RUDOLPH TECHNOLOGIES INC

CIK:0001094392|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Consolidated Statements Of Operations [Abstract]
Revenue	$ 62,935	$ 60,432	$ 185,338	$ 211,004
Cost of revenue	31,424	28,978	89,897	95,393
Gross profit	31,511	31,454	95,441	115,611
Operating expenses:
Research and development	12,759	12,313	38,533	36,829
Selling, general and administrative	13,075	11,128	37,431	35,867
Amortization	387	384	1,161	1,147
Total operating expenses	26,221	23,825	77,125	73,843
Operating income	5,290	7,629	18,316	41,768
Interest income, net	1,001	607	2,667	1,474
Other income, net	617	132	841	90
Income before income taxes	6,908	8,368	21,824	43,332
Provision for income taxes	348	1,181	2,162	6,318
Net income	$ 6,560	$ 7,187	$ 19,662	$ 37,014
Earnings per share:
Basic	$ 0.21	$ 0.23	$ 0.63	$ 1.16
Diluted	$ 0.21	$ 0.22	$ 0.63	$ 1.14
Weighted average shares outstanding:
Basic	31,185	31,901	31,101	31,807
Diluted	31,466	32,408	31,402	32,387

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 19,662	$ 37,014
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Amortization of intangibles	1,161	1,147
Depreciation	3,399	3,634
Foreign currency exchange (gain) loss	(774)	217
Change in fair value of contingent consideration	267	603
Share-based compensation	5,391	4,879
Provision for doubtful accounts and inventory valuation	1,921	3,105
Changes in operating assets and liabilities	(6,127)	(26,160)
Net cash and cash equivalents provided by operating activities	24,900	24,439
Cash flows from investing activities:
Purchases of marketable securities	(52,945)	(113,353)
Proceeds from sales of marketable securities	62,231	152,588
Cash advanced on convertible note receivable		(1,000)
Purchases of property, plant and equipment	(4,201)	(4,127)
Net cash and cash equivalents provided by investing activities	5,085	34,108
Cash flows from financing activities:
Purchase of common stock	(744)	(38)
Tax payments related to shares withheld for share-based compensation plans	(750)	(980)
Payment of contingent consideration for acquired business	(1,121)	(1,057)
Issuance of shares through share-based compensation plans	283	490
Net cash and cash equivalents used in financing activities	(2,332)	(1,585)
Effect of exchange rate changes on cash and cash equivalents	(339)	(398)
Net increase in cash and cash equivalents	27,314	56,564
Cash and cash equivalents at beginning of period	112,388	67,770
Cash and cash equivalents at end of period	139,702	124,334
Supplemental disclosure of cash flow information:
Income taxes (refunded) paid	$ (4,067)	$ 2,389

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 139,702	$ 112,388
Marketable securities	53,436	62,684
Accounts receivable, less allowance of $578 and $691	63,337	64,194
Inventories, net	104,132	96,820
Income taxes receivable		6,111
Prepaid expenses and other current assets	11,571	8,710
Total current assets	372,178	350,907
Property, plant and equipment, net	19,052	18,874
Operating lease right-of-use assets	12,697
Goodwill	22,495	22,495
Identifiable intangible assets, net	6,337	7,448
Other assets	18,408	18,316
Total assets	451,167	418,040
Current liabilities:
Accounts payable and accrued liabilities	25,597	30,681
Deferred revenue	6,101	6,767
Current operating lease obligations	2,264
Other current liabilities	11,588	7,543
Total current liabilities	45,550	44,991
Non-current operating lease obligations	11,663
Other non-current liabilities	8,481	11,161
Total liabilities	65,694	56,152
Commitments and contingencies
Stockholders’ equity:
Common stock	31	31
Additional paid-in capital	374,073	369,893
Accumulated other comprehensive loss	(1,520)	(1,263)
Retained earnings (accumulated deficit)	12,889	(6,773)
Total stockholders’ equity	385,473	361,888
Total liabilities and stockholders’ equity	$ 451,167	$ 418,040