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Feb 15, 2018

Cognex Reports Record Revenue, Earnings and EPS for 2017

NATICK, Mass.--(BUSINESS WIRE)-- Cognex Corporation (NASDAQ: CGNX) today announced financial results for the fourth-quarter and full-year of 2017. Table 1 below shows selected financial data for Q4-17 compared with Q4-16 and Q3-17, and the year ended December 31, 2017 compared with the year ended December 31, 2016. All periods presented reflect the two-for-one stock split paid in Q4-17.

In Q4-17, the Tax Cuts and Jobs Act of 2017 resulted in a one-time charge to tax expense of $83 million, or $0.46 per share. This amount includes the estimated U.S. tax on unrepatriated foreign earnings, the revaluation of deferred tax positions to the new lower U.S. tax rate, and the recharacterization of certain income under the law. Excluding the estimated impact of U.S. tax reform and other discrete tax items, Cognex set new fourth quarter records for revenue, net income and earnings per share, all from continuing operations.

                 

Table 1

 
       

 

 

 

Revenue

   

Income/(loss)
from
Continuing
Operations

   

Income/(loss)
per share from
Continuing
Operations

   

Non-GAAP
Income/(loss)
per share from
Continuing
Operations*

Quarterly Comparisons

                         
Current quarter: Q4-17       $180,365,000     ($26,897,000)     ($0.16)     $0.25
Prior year's quarter: Q4-16       $129,322,000     $38,253,000     $0.22     $0.20
Change: Q4-16 to Q4-17       39%     (170%)     (173%)     25%
Prior quarter: Q3-17       $259,739,000     $102,348,000     $0.57     $0.51
Change: Q3-17 to Q4-17       (31%)     (126%)     (128%)     (51%)

Annual Comparisons

                         
Year ended 12/31/2017       $747,950,000     $177,178,000     $0.99     $1.22
Year ended 12/31/2016       $520,753,000     $149,827,000     $0.86     $0.79
Change: 2016 to 2017       44%     18%     15%     54%

*Excludes tax adjustments. A reconciliation from GAAP to Non-GAAP is shown in Exhibit 2 of this news release.

"What a fantastic year for Cognex!" exclaimed Dr. Robert J. Shillman, Founder and Chairman of Cognex. "We set new records for annual revenue, net income and earnings per share, all from continuing operations. Our commitment to our long-term strategy continues to deliver impressive results."

"Our 2017 achievements reflect the hard work of Cognoids around the world and the entrepreneurial spirit that is an integral part of our corporate culture," said Robert J. Willett, Chief Executive Officer of Cognex. "We celebrate our success while staying focused on the long term. We believe the markets for our products continue to have significant growth potential as manufacturers look to automate a broadening range of industrial tasks."

Mr. Willett continued, "Market dynamics were strong in 2017 and that has continued into the first quarter of 2018. Even though Q1 will likely be the lowest revenue quarter of the year, we will invest in new product development, expand our sales force and develop our IT and other infrastructure so that we are ready for the growth we expect in the years to come."

Summary of the Year

For 2017, Cognex reported record financial results from continuing operations, even with the impact of U.S. tax reform. Each of the three largest industries contributing to revenue—consumer electronics, automotive and logistics—showed double-digit growth, as did all the company's major geographic regions. Operating income expanded to 35% of revenue from 31% for 2016, even as the company invested for future growth.

Details of the Quarter

Statement of Operations Highlights - Fourth Quarter of 2017

  • Cognex reported record fourth quarter revenue in 2017. Revenue increased 39% from Q4-16 and declined 31% from Q3-17. Year-on-year growth came from a variety of industries, including consumer electronics, logistics and automotive. The sequential decrease was due to the Q3-17 timing of large orders from the consumer electronics industry. Outside that industry, revenue increased by more than 10% on a sequential basis.
  • Gross margin was 77% for Q4-17 compared with 76% for Q3-17 and 79% for Q4-16. Gross margin decreased year-on-year due primarily to higher service revenue in Q4-17. The increase on a sequential basis is due to a higher margin on product sales than in Q3-17.
  • Research, Development & Engineering (RD&E) expenses increased 39% from Q4-16 and 3% from Q3-17. RD&E increased both year-on-year and sequentially due to additional engineering resources and product development costs.
  • Selling, General & Administrative (SG&A) expenses increased 41% from Q4-16 and decreased 1% from Q3-17. SG&A increased year-on-year due to investments in sales resources and higher employee-related costs, including commissions and travel. The sequential decrease was a result of the timing of marketing initiatives.
  • Cognex reported foreign currency losses of $1,027,000 in Q4-17 and $127,000 in Q3-17, and a foreign currency gain of $478,000 in Q4-16. The foreign currency loss in Q4-17 resulted primarily from the revaluation and settlement of accounts receivable balances reported in one currency and collected in another.
  • Investment and other income was $2,923,000 in Q4-17, $2,476,000 in Q4-16 and $2,030,000 in Q3-17. Investment income increased both year-on-year and sequentially because of higher yields and a higher average invested balance. Also contributing to the increase on a sequential basis was an expense in Q3-17 associated with changes to the fair value of contingent consideration related to recent acquisitions.
  • The effective tax rate was 150% in Q4-17, 11% in Q4-16 and 9% in Q3-17. Prior to the new U.S. tax law in December 2017, the tax rate was 18% in all periods presented, excluding tax adjustments (which are summarized in Exhibit 2). Notably, the Tax Cuts and Jobs Act of 2017 resulted in a tax adjustment in Q4-17 of $83 million. This amount includes estimated U.S. tax on unrepatriated foreign earnings, the revaluation of net deferred tax assets to the new lower U.S. tax rate, and the recharacterization of certain income under the law. The impact of U.S. tax reform may differ from this estimated tax adjustment, and the estimated charges may accordingly be adjusted over the course of 2018.

Balance Sheet Highlights - December 31, 2017

  • Cognex's financial position as of December 31, 2017, continued to be very strong, with $828 million in cash and investments and no debt. Cash and investments increased by $83 million from the end of 2016, mainly as the result of $224 million in cash generated from operations and $55 million in cash received from the exercise of employee stock options. Cash outflows included $124 million spent to repurchase Cognex common stock, $29 million in dividends paid to shareholders, $29 million for capital expenditures, and $26 million for acquisitions. Cognex intends to continue to repurchase shares of its common stock in Q1-18, subject to market conditions and other relevant factors.
  • Accounts receivable increased by $64 million, or 115%, from the end of 2016 due to the company's substantial revenue growth in 2017 and the timing of invoicing for a material customer.
  • Inventories increased by $41 million, or 152%, from the end of 2016 to support the company's higher business level and to build safety stock.
  • Accounts payable and accrued liabilities increased by $39 million, or 75%, from the end of 2016 due to higher accruals for company bonus and sales commissions, both resulting from the company's strong performance in 2017, and from increased headcount. The bonus and sales commissions will be paid in Q1-18.
  • Income taxes payable increased substantially from the end of 2016 primarily due to the one-time charge recorded in Q4-17 for estimated U.S. tax on unrepatriated foreign earnings. Cognex expects to pay that liability over the 8-year period allowed by the Tax Act.

Financial Outlook - Q1 2018

This financial outlook assumes the adoption of a new revenue recognition standard (ASC 606, "Revenue from Contracts with Customers") that became effective on January 1, 2018. Cognex does not believe this standard will have a material impact on total revenue. For a historical perspective, Exhibit 5 of this news release includes the company's quarterly Statement of Operations for 2017 adjusted for the impact of the new standard.

  • Revenue for Q1-18 is expected to be between $165 million and $175 million, which represents growth between 19% and 26% year-on-year. On a sequential basis, Cognex expects the typical seasonal decline from Q4 to Q1 in factory automation.
  • Gross margin is expected to be in the mid-70% range, which is within Cognex's target range for gross margin under the new revenue recognition standard.
  • Operating expenses are expected to increase by mid-single digits on a sequential basis due primarily to the company's investments in engineering and sales.
  • The effective tax rate is expected to be 14% before discrete tax items, reflecting the new U.S. corporate tax rate.

Non-GAAP Financial Measures

  • Exhibit 2 of this news release includes a reconciliation of certain financial measures from GAAP to non-GAAP. Cognex believes these non-GAAP financial measures are helpful because they allow investors to more accurately compare Cognex results over multiple periods using the same methodology that management employs in its budgeting process and in its review of Cognex's operating results. Non-GAAP presentations exclude the following: (1) stock option expense for calculating non-GAAP adjusted operating income and net income from continuing operations (because these expenses have no current effect on cash or the future uses of cash, and they fluctuate because of changes in Cognex's stock price), and (2) certain one-time discrete events, such as tax adjustments (because these costs are outside of Cognex's normal business operations). Cognex does not intend for non-GAAP financial measures to be considered in isolation, or as a substitute for financial information provided in accordance with GAAP.
  • The tax effect of items identified in the reconciliation is estimated by applying the effective tax rate to the pre-tax amount. However, if a specific tax rate or tax treatment is required because of the nature of the item and/or the tax jurisdiction where the item was recorded, the tax effect is estimated by applying the relevant specific tax rate or tax treatment, rather than the effective tax rate.

Analyst Conference Call and Simultaneous Webcast

  • Cognex will host a conference call today at 5:00 p.m. Eastern Time (ET). The telephone number is (877) 704-4573 (or (201) 389-0911 if outside the United States). A replay will begin at 8:00 p.m. ET today and will be available until 11:59 p.m. ET on Sunday, February 18, 2018. The telephone number for the replay is (877) 660-6853 (or (201) 612-7415 if outside the United States). The access code for both the live call and the replay is 13674455.
  • Internet users can listen to a real-time audio broadcast of the conference call or an archived recording on the Cognex Investor Relations website: http://www.cognex.com/Investor.

About Cognex Corporation

Cognex Corporation designs, develops, manufactures and markets a wide range of image-based products, all of which use artificial intelligence (AI) techniques that give them the human-like ability to make decisions on what they see. Cognex products include machine vision systems, machine vision sensors and barcode readers that are used in factories and distribution centers around the world where they eliminate production and shipping errors.

Cognex is the world's leader in the machine vision industry, having shipped more than 1.5 million vision-based products, representing over $5 billion in cumulative revenue, since the company's founding in 1981. Headquartered in Natick, Massachusetts, USA, Cognex has offices and distributors located throughout the Americas, Europe and Asia. For details visit Cognex online at www.cognex.com.

Certain statements made in this news release, which do not relate solely to historical matters, are forward-looking statements. These statements can be identified by use of the words "expects," "anticipates," "estimates," "believes," "projects," "intends," "plans," "will," "may," "shall," "could," "should," and similar words and other statements of a similar sense. These forward-looking statements, which include statements regarding business and market trends, future financial performance, customer order rates, expected areas of growth, anticipated tax rates, estimated impact of U.S. tax reform, future product mix, research and development activities, further stock repurchases, investments, and strategic plans, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the loss of a large customer; (2) current and future conditions in the global economy; (3) the reliance on revenue from the consumer electronics or automotive industries; (4) the inability to penetrate new markets; (5) the inability to achieve significant international revenue; (6) fluctuations in foreign currency exchange rates and the use of derivative instruments; (7) information security breaches or business system disruptions; (8) the inability to attract and retain skilled employees; (9) the failure to effectively manage our growth; (10) the reliance upon key suppliers to manufacture and deliver critical components for our products; (11) the failure to effectively manage product transitions or accurately forecast customer demand; (12) the inability to design and manufacture high-quality products; (13) the technological obsolescence of current products and the inability to develop new products; (14) the failure to properly manage the distribution of products and services; (15) the inability to protect our proprietary technology and intellectual property; (16) our involvement in time-consuming and costly litigation; (17) the impact of competitive pressures; (18) the challenges in integrating and achieving expected results from acquired businesses; (19) potential impairment charges with respect to our investments or for acquired intangible assets or goodwill; (20) exposure to additional tax liabilities; and (21) the other risks detailed in Cognex reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2017. You should not place undue reliance upon any such forward-looking statements, which speak only as of the date made. Cognex disclaims any obligation to update forward-looking statements after the date of such statements.

             

Exhibit 1

 

COGNEX CORPORATION

Statements of Operations

(Unaudited)

Dollars in thousands, except per share amounts

 
Three-months Ended Twelve-months Ended

December 31,
2017

   

October 1,
2017

   

December 31,
2016

December 31,
2017

     

December 31,
2016

 
Revenue $ 180,365 $ 259,739 $ 129,322 $ 747,950 $ 520,753
Cost of revenue (1) 40,642   62,360   26,660   168,698   115,590  
Gross margin 139,723 197,379 102,662 579,252 405,163
Percentage of revenue 77 % 76 % 79 % 77 % 78 %
Research, development, and engineering expenses (1) 26,980 26,078 19,440 99,205 78,269
Percentage of revenue 15 % 10 % 15 % 13 % 15 %
Selling, general, and administrative expenses (1) 60,635 61,054 42,985 220,728 166,110
Percentage of revenue 33 % 24 % 33 % 29 % 32 %
Operating income 52,108 110,247 40,237 259,319 160,784
Percentage of revenue 29 % 42 % 31 % 35

%

31 %
Foreign currency gain (loss) (1,027 ) (127 ) 478 (1,601 ) 101
Investment and other income 2,923   2,030   2,476   9,204   7,910  
Income before income tax expense 54,004 112,150 43,191 266,922 168,795
Income tax expense 80,901   9,802   4,938   89,744   18,968  
Net income (loss) from continuing operations $ (26,897 ) $ 102,348   $ 38,253   $ 177,178   $ 149,827  
Percentage of revenue (15 )% 39 % 30 % 24

%

29 %
Net loss from discontinued operations         (255 )
Net income (loss) $ (26,897 ) $ 102,348   $ 38,253   $ 177,178   $ 149,572  
Percentage of revenue (15 )% 39 % 30 % 24

%

29 %
 
Basic earnings per weighted-average common and common-equivalent share (2):
Net income (loss) from continuing operations $ (0.16 ) $ 0.59 $ 0.22 $ 1.02 $ 0.88
Net loss from discontinued operations          
Net income (loss) $ (0.16 ) $ 0.59   $ 0.22   $ 1.02   $ 0.88  
 
Diluted earnings per weighted-average common and common-equivalent share (2):
Net income (loss) from continuing operations $ (0.16 ) $ 0.57 $ 0.22 $ 0.99 $ 0.86
Net loss from discontinued operations          
Net income (loss) $ (0.16 ) $ 0.57   $ 0.22   $ 0.99   $ 0.86  
 
Weighted-average common and common-equivalent shares outstanding (2):
Basic 173,397   173,234   171,722   173,287   170,676  
Diluted 173,397   179,354   176,502   179,551   174,144  
 
Cash dividends per common share (2) $ 0.0450   $ 0.0425   $ 0.0375   $ 0.1675   $ 0.1475  
Cash and investments per common share (2) $ 4.77   $ 4.45   $ 4.34   $ 4.77   $ 4.34  
Book value per common share (2) $ 6.31   $ 6.55   $ 5.60   $ 6.31   $ 5.60  
 
(1) Amounts include stock option expense, as follows:
Cost of revenue $ 477 $ 520 $ 257 $ 1,881 $ 1,052
Research, development, and engineering 2,932 2,765 1,329 11,022 6,271
Selling, general, and administrative 5,178   4,741   3,089   19,039   13,235  
Total stock option expense $ 8,587   $ 8,026   $ 4,675   $ 31,942   $ 20,558  
 
(2) Prior periods share and per share amounts have been adjusted to reflect the 2-for-1 stock split of the Company's common stock that occurred in the fourth quarter of 2017.

                         

Exhibit 2

 

 

 

COGNEX CORPORATION

Reconciliation of Selected Items from GAAP to Non-GAAP

(Unaudited)

Dollars in thousands, except per share amounts

 
Three-months Ended Twelve-months Ended

December 31,
2017

     

October 1,
2017

     

December 31,
2016

December 31,
2017

   

December 31,
2016

Adjustment for stock option expense and tax benefit for stock option exercises                                
Operating income (GAAP) $ 52,108 $ 110,247 $ 40,237 $ 259,319     $ 160,784
Stock option expense 8,587   8,026   4,675   31,942   20,558  
Operating income (Non-GAAP) $ 60,695   $ 118,273   $ 44,912   $ 291,261   $ 181,342  
Percentage of revenue (Non-GAAP) 34 % 46 % 35 % 39 % 35 %
 
Net income (loss) from continuing operations (GAAP) $ (26,897 ) $ 102,348 $ 38,253 $ 177,178 $ 149,827
Stock option expense 8,587 8,026 4,675 31,942 20,558
Tax effect on stock option expense (2,812 ) (2,639 ) (1,540 ) (10,473 ) (6,747 )
Discrete tax benefit related to employee stock option exercises (10,995 ) (8,620 ) (4,643 ) (38,569 ) (11,889 )
Net income (loss) from continuing operations (Non-GAAP) $ (32,117 ) $ 99,115   $ 36,745   $ 160,078   $ 151,749  
Percentage of revenue (Non-GAAP) (18 )% 38 % 28 % 21 % 29 %
 
Net income (loss) from continuing operations per diluted weighted-average common and common-equivalent share (GAAP) (1) $ (0.16 ) $ 0.57 $ 0.22 $ 0.99 $ 0.86
Share impact of non-GAAP adjustments identified above (1) (0.03 ) (0.02 ) (0.01 ) (0.10 ) 0.01  
Net income (loss) from continuing operations per diluted weighted-average common and common-equivalent share (Non-GAAP) (1) $ (0.19 ) $ 0.55   $ 0.21   $ 0.89   $ 0.87  
 
Diluted weighted-average common and common-equivalent shares outstanding (GAAP) (1) 173,397   179,354   176,502   179,551   174,144  
                                         
 
Exclusion of tax adjustments                                        
Income before income tax expense (GAAP) $ 54,004   $ 112,150   $ 43,191   $ 266,922   $ 168,795  
 
Income tax expense (GAAP) $ 80,901 $ 9,802 $ 4,938 $ 89,744 $ 18,968
Effective tax rate (GAAP) 150 % 9 % 11 % 34 % 11 %
 
Tax adjustments:
Implications of the Tax Cuts and Jobs Act of 2017:
Transition tax on unrepatriated foreign earnings $ 101,379 $ 101,379
Remeasurement of deferred tax positions 12,523 12,523
Recharacterization of certain income (31,133 )     (31,133 )  
Subtotal $ 82,769 $ 82,769
Discrete tax benefit related to employee stock option exercises (10,995 ) (8,620 ) (4,643 ) (38,569 ) (11,889 )
Other discrete tax events (594 ) (1,765 ) 1,807   (2,502 ) 475  
Income tax expense excluding tax adjustments (Non-GAAP) $ 9,721   $ 20,187   $ 7,774   $ 48,046   $ 30,382  
Effective tax rate (Non-GAAP) 18 % 18 % 18 % 18 % 18 %
 
Net income from continuing operations excluding tax adjustments (Non-GAAP) $ 44,283   $ 91,963   $ 35,417   $ 218,876   $ 138,413  
Percentage of revenue (Non-GAAP) 25 % 35 % 27 % 29 % 27 %
 
Net income (loss) from continuing operations per diluted weighted-average common and common-equivalent share (GAAP) (1) $ (0.16 ) $ 0.57 $ 0.22 $ 0.99 $ 0.86
Share impact of non-GAAP adjustments identified above (1) 0.41   (0.06 ) (0.02 ) 0.23   (0.07 )
Net income from continuing operations per diluted weighted-average common and common-equivalent share (Non-GAAP) (1) $ 0.25   $ 0.51   $ 0.20   $ 1.22   $ 0.79  
 
Diluted weighted-average common and common-equivalent shares outstanding (GAAP) (1) (2) 180,542   179,354   176,502   179,551   174,144  
                                         

 

 

(1) Prior periods share and per share amounts have been adjusted to reflect the 2-for-1 stock split of the Company's common stock that occurred in the fourth quarter of 2017.
(2) For the fourth quarter of 2017, includes potential common stock equivalents of 7,145 that were excluded in the GAAP net loss per share calculation because they were anti-dilutive.

Exhibit 3

           
 

COGNEX CORPORATION

Balance Sheets

(Unaudited)

Dollars in thousands

 
December 31, 2017 December 31, 2016
Assets
Cash and investments $ 827,984 $ 745,170
Accounts receivable 119,388 55,438
Unbilled revenue 7,454 2,217
Inventories 67,923 26,984
Property, plant, and equipment 78,048 53,992
Goodwill and intangible assets 126,397 103,592
Other assets 60,676 51,211
   
Total assets $ 1,287,870   $ 1,038,604
 
Liabilities and Shareholders' Equity
Accounts payable and accrued expenses $ 91,712 $ 52,369
Deferred revenue and customer deposits 9,969 8,211
Income taxes 84,932 10,554
Other liabilities 5,904 4,871
Shareholders' equity 1,095,353 962,599
   
Total liabilities and shareholders' equity $ 1,287,870   $ 1,038,604

             

Exhibit 4

 

COGNEX CORPORATION

Additional Information Schedule

(Unaudited)

Dollars in thousands

 
Three-months Ended Twelve-months Ended

December 31,
2017

     

October 1,
2017

     

December 31,
2016

December 31,
2017

     

December 31,
2016

 
Revenue $ 180,365 $ 259,739 $ 129,322 $ 747,950 $ 520,753
 
Revenue by geography:
Europe 42 % 56 % 38 % 43 % 45 %
Americas 32 % 20 % 32 % 28 % 30 %
Greater China 13 % 13 % 12 % 14 % 12 %
Other Asia 13 % 11 % 18 % 15 % 13 %
Total 100 % 100 % 100 % 100 % 100 %
 
Revenue by market:
Factory automation 96 % 97 % 96 % 96 % 96 %
Semiconductor and electronics capital equipment 4 % 3 % 4 % 4 % 4 %
Total 100 % 100 % 100 % 100 % 100 %
 

     

Exhibit 5

 

COGNEX CORPORATION

Restated Statements of Operations under ASC 606 "Revenue from Contracts with Customers"

(Unaudited)

Dollars in thousands

Three-months Ended

April 2,
2017

     

 

July 2,
2017

     

October 1,
2017

     

December 31,
2017

 
Revenue $ 139,039 $ 178,080 $ 266,042 $ 182,922
Cost of revenue 32,532   42,164   68,061   44,532  
Gross margin 106,507 135,916 197,981 138,390
Percentage of revenue 77 % 76 % 74 % 76 %
Research, development, and engineering expenses 22,770 23,377 26,078 26,980
Percentage of revenue 16 % 13 % 10 % 15 %
Selling, general, and administrative expenses 46,521 52,518 61,054 60,635
Percentage of revenue 33 % 29 % 23 % 33 %
Operating income 37,216 60,021 110,849 50,775
Percentage of revenue 27 % 34 % 42 % 28 %
Foreign currency gain (loss) (263 ) (184 ) (127 ) (1,027 )
Investment and other income 2,282   1,969   2,030   2,923  
Income before income tax expense 39,235 61,806 112,752 52,671
Income tax expense (benefit) (6,236 ) 5,311   10,259   80,418  
Net income (loss) $ 45,471   $ 56,495   $ 102,493   $ (27,747 )
Percentage of revenue 33 % 32 % 39 % (15 )%
 
Earnings per weighted-average common and common-equivalent share (1):
Basic $ 0.26   $ 0.33   $ 0.59   $ (0.16 )
Diluted $ 0.25   $ 0.32   $ 0.57   $ (0.16 )
 
Weighted-average common and common-equivalent shares outstanding (1):
Basic 172,646   173,278   173,234   173,397  
Diluted 178,354   179,228   179,354   173,397  
 

(1) Prior periods share and per share amounts have been adjusted to reflect the 2-for-1 stock split of the Company's common stock that occurred in the fourth quarter of 2017.
Adjustments to certain financial data as a result of the implementation of ASC 606 "Revenue from Contracts with Customers" on Jan. 1, 2018.

      Three-months Ended

April 2,
2017

     

July 2,
2017

     

 

October 1,
2017

     

December 31,
2017

 
Revenue as reported $ 134,942 $ 172,904 $ 259,739 $ 180,365
Adjustments to revenue 4,097   5,176   6,303   2,557  
Revenue as restated $ 139,039   $ 178,080   $ 266,042   $ 182,922  
 
Cost of revenue as reported 28,225 37,471 62,360 40,642
Adjustments to cost of revenue 4,307   4,693   5,701   3,890  
Cost of revenue as restated $ 32,532   $ 42,164   $ 68,061   $ 44,532  
 
Gross margin as reported $ 106,717 $ 135,433 $ 197,379 $ 139,723
Adjustments to gross margin (210 ) 483   602   (1,333 )
Gross margin as restated $ 106,507   135,916   $ 197,981   $ 138,390  
 
Gross margin percentage as reported 79 % 78 % 76 % 77 %
Adjustments to gross margin percentage (2 )% (2 )% (2 )% (1 )%
Gross margin percentage as restated 77 % 76 % 74 % 76 %
 
Operating income as reported $ 37,426 $ 59,538 $ 110,247 $ 52,108
Adjustments to operating income (210 ) 483   602   (1,333 )
Operating income as restated $ 37,216   $ 60,021   $ 110,849   $ 50,775  
 
Operating margin as reported 28 % 34 % 42 % 29 %
Adjustments to operating margin (1 )% % % (1 )%
Operating margin as restated 27 % 34 % 42 % 28 %

Cognex Corporation
Susan Conway, 508-650-3353
Senior Director of Investor Relations
susan.conway@cognex.com

Source: Cognex Corporation

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Cognex Investor Relations

Susan Conway
Senior Director of Investor Relations
Tel: (508) 650-3353
susan.conway@cognex.com

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