Slide 1: Cognex Q2 2024 Financial Results
Cognex Q2 2024 Financial Results July 31, 2024 1 © 2024 Cognex Corporation
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements made in this presentation, as well as oral statements made by the Company from time to time, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Readers c
Slide 3: Q2 2024 Highlights
Q2 2024 Highlights Q2 2024 Revenue Q2 2024 Adj. Gross Margin ▪ Continue to operate in a challenging, yet $239 Million 70.3% stable environment, while making progress on strategic initiatives ▪ Revenue declined (1%) Y/Y as reported or (7%) Y/Y excluding Moritex and FX. Logistics & Semi grew. Auto, Co
Slide 4: AI Driving Product Innovation
AI Driving Product Innovation In-Sight L38 Modular Vision Tunnel ID Products and Sensors • World's First AI-Embedded 3D Industrial Vision System • AI-assisted decoding boosts speed and delivers industry- • New tuning algorithm in ID products that automatically • L38 win rate is >2x the win rate of p
Slide 5: Emerging Customer Initiative
Emerging Customer Initiative 2024 EXPECTATIONS Expanding Salesforce to Reach Underpenetrated ~80K >$50m ~$25m >75% Customers CUSTOMER VISITS INCREMENTAL Y/Y OPEX INCREASE GROSS MARGIN REVENUE ▪ Simplicity of new products driven by AI- enabled Edge Learning leading to On target to make or Monthly boo
Slide 6: Q2 2024 End Market Results (excluding Moritex)
Q2 2024 End Market Results (excluding Moritex) END MARKET % OF REVENUE DRIVERS FULL YEAR 2024 EXPECTATIONS as of FY2023 Headwinds in both base auto and ▪ Decline driven by EV battery project Automotive 25% EV Battery delays and base Auto weakness ▪ Strong double-digit growth in H1, Logistics 20% Bro
Slide 7: Q2 2024 Financial Highlights
Q2 2024 Financial Highlights Reported revenue declined (1%) Y/Y. FX was a 1. 1% headwind and Moritex added +7% Y/Y By geography, excluding Moritex, revenue growth All figures in $ million, except per share amounts Q2 2024 Q1 2024 Q2 2023 was mostly stable across all regions except Revenue 239 211 24
Slide 8: Q3 2024 Outlook
Q3 2024 Outlook Q3 2024 Q2 2024 Q3 2023 FULL YEAR 2024 EXPECTATIONS All figures in $ million, unless specified Guidance Expect typical seasonality with step down Revenue 225 – 240 239 197 1. in Consumer Electronics revenue from Q3 2024 to Q4 2024 Slightly Moritex expected to contribute 10–12% of Adj
Slide 9: CFO Priorities
CFO Priorities Creating shareholder value by driving three focus areas Drive Increase Enhance 1. Profitability 2. Capital Efficiency 3. 3. Investor Communication • Long-term revenue growth at • Formalize ROIC hurdle across • Message path to achieve STRATEGIC 15% CAGR investment decisions financial f
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including adjusted gross Beginning in the fourth quarter of 2023, we updated the margin, adjusted operating expense, adjusted operating income, adjusted EBITDA, adjusted net calculation of our non-GAAP measur
Slide 11: GAAP to Non-GAAP Tables
GAAP to Non-GAAP Tables USD $ in 000s unless noted as per share Three-months Ended Six-months Ended June 30, 2024 March 31, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Gross margin (GAAP) $ 166,599 $ 141,937 $ 179,683 $ 308,536 $ 323,423 Acquisition and integration costs 233 1,568 - 1,801 - Amortiz
Slide 12: GAAP to Non-GAAP Tables
GAAP to Non-GAAP Tables USD $ in 000s unless noted as per share Three-months Ended Six-months Ended June 30, 2024 March 31, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Net income (GAAP) $ 36,212 $ 12,022 $ 57,474 $ 48,234 $ 83,089 Loss (recovery) from fire - - (2,500) - (2,500) Acquisition and inte
Slide 13: Description of Certain Adjustments
Description of Certain Adjustments Depreciation: The company incurs expense related to its normal use of property, plant and equipment We estimate the tax effect of items identified in the reconciliation by applying the effective tax rate to the Loss (recovery) from fire: pre-tax amount. However, if