Table of Content UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2021 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . Commission File Number 001-34218 COGNEX CORPORATION (Exact name of registrant as specified in its charter) Massachusetts 04-2713778 (State or ...

Cognex Corporation (NASDAQ:CGNX) Q3 2021 Results Conference Call November 4, 2021 5:00 PM ET Company Participants Susan Conway - Senior Director-Investor Relations Rob Willett - President and Chief Executive Officer Paul Todgham - Chief Financial Officer Conference Call Participants Josh Pokrzywinski - Morgan Stanley Jacob Levinson - Melius Research Joe Ritchie - Goldman Sachs Joe Giordano - Cowen & Co Andrew Buscaglia - Berenberg Capital Markets Operator Greetings, and welcome to the Cognex Third Quarter 2 ...

Financial Data and Key Metrics Changes - Cognex reported record revenue of $269 million for Q2 2021, representing a 59% increase year-on-year and 35% above pre-COVID levels from Q2 2019 [19][20] - Gross margin was 75%, significantly improved year-on-year due to an $8 million excess inventory charge in Q2 2020, but declined sequentially due to revenue mix and supply chain cost increases [21][24] - Non-GAAP earnings per share were $0.43 in Q2 2021, compared to $0.18 in Q2 2020 and $0.36 in Q1 2021 [24] Business Line Data and Key Metrics Changes - Logistics remained the largest end market, achieving record revenue driven by strong e-commerce demand [8] - Consumer electronics contributed to growth but is expected to be modestly below last year's levels due to reduced investment in smartphone manufacturing [9] - Automotive set a new quarterly revenue record, recovering from previous lows, with significant contributions from various sectors including consumer products and food and beverage [10] Market Data and Key Metrics Changes - Revenue growth was broad-based across all regions, with Europe being the fastest-growing region, increasing by over 60% year-on-year [25] - The Americas saw more than 50% growth, primarily driven by logistics, automotive, and medical-related industries [26] - Asia also experienced over 50% growth, with significant contributions from consumer electronics and automotive sectors [26] Company Strategy and Development Direction - Cognex is focusing on new product development, including VisionPro 10 and SmartLine, to enhance its technology offerings and maintain competitive advantage [14][15] - The company is transitioning its logistics business from customized to standard solutions to improve scalability and gross margins [18] - Strategic investments are being made in high-potential customers, particularly in logistics, to drive future growth [32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging supply chain environment, which has led to longer lead times and increased backlog, estimating a potential 5% higher revenue without these issues [35] - For Q3 2021, revenue is expected to be between $275 million and $295 million, representing a year-on-year growth of about 14% [30] - Management anticipates some seasonal softness in consumer electronics and expects gross margins to be in the low to mid-70% range due to ongoing supply chain pressures [32] Other Important Information - Cognex maintains a strong cash position with $952 million in cash and investments and no debt, with plans for continued stock buybacks [27] - The company declared a quarterly cash dividend of $0.06 per share, payable on September 3 [27] Q&A Session Summary Question: Supply chain impact on sales - Management indicated that while sales are strong, they believe revenue could have been 5% higher without supply chain issues [35] Question: Margin normalization - Management noted that supply chain costs and a strategic investment in logistics are affecting margins, but they expect to maintain a long-term operating margin benchmark of around 75% [36] Question: Automation in pharmaceuticals - Management sees significant growth potential in the pharmaceutical distribution market, emphasizing the value of their technology in tracking and tracing products [38] Question: Deep learning advantages - Management highlighted that deep learning technology is opening up new inspection applications that were previously not cost-effective or reliable [44] Question: Sequential revenue drivers - The primary drivers for Q3 revenue growth are expected to be consumer electronics and logistics, with consumer electronics historically being the largest quarter [48] Question: Automotive growth context - Automotive was the fastest-growing market, with significant contributions from EV battery manufacturing and a shift in demand dynamics [53] Question: Semiconductor market demand - Management noted strong demand in the semiconductor sector, driven by capacity shortages and ongoing investments [74] Question: COVID impact on supply chain - Management expressed confidence in their Indonesian subcontractor's ability to manage COVID risks effectively, with no significant supply chain challenges reported [75]

COGNEX CORPORATION Investor Overview | Q1 2021 1 © 2021 Cognex Corporation FORWARD-LOOKING STATEMENTS Certain statements made in this presentation and oral statements made by Cognex® that 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 sta ...

Cognex Corporation (NASDAQ:CGNX) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ET Company Participants Susan Conway - Director of Investor Relations Rob Willett - President and Chief Executive Officer Paul Todgham - Senior Vice President of Finance and Chief Financial Officer Conference Call Participants Richard Eastman - Robert W. Baird & Co Joe Giordano - Cowen & Company Matt Summerville - D.A. Davidson Andrew Buscaglia - Berenberg Jairam Nathan - Daiwa Capital Markets Operator Greetings, and welco ...

Cognex Corporation (NASDAQ:CGNX) Q4 2020 Earnings Conference Call February 11, 2021 5:00 PM ET Company Participants Susan Conway - Senior Director, Investor Relations Bob Shillman - Chairman and Founder Rob Willett - President and Chief Executive Officer Paul Todgham - Senior Vice President and Chief Financial Officer Conference Call Participants James Ricchiuti - Needham & Co Josh Pokrzywinski - Morgan Stanley Richard Eastman - Robert W. Baird Joe Giordano - Cowen & Company Matt Summerville - D. A. David ...

Cognex Corporation (NASDAQ:CGNX) Q3 2020 Earnings Conference Call October 28, 2020 5:00 PM ET Company Participants Susan Conway - Senior Director, Investor Relations Bob Shillman - Chairman and Founder Rob Willett - President and Chief Executive Officer Paul Todgham - Senior Vice President and Chief Financial Officer Conference Call Participants Josh Pokrzywinski - Morgan Stanley Joe Giordano - Cowen and Company Richard Eastman - Robert W. Baird Karen Lau - Gordon Haskett Andrew Buscaglia - Berenberg Capita ...

Cognex Corporation (NASDAQ:CGNX) Q2 2020 Results Conference Call July 29, 2020 5:00 PM ET Company Participants Susan Conway - Senior Director, Investor Relations Dr. Bob Shillman - Chairman Rob Willett - President and CEO Paul Todgham - CFO Conference Call Participants Karen Lau - Gordon Haskett Andrew Buscaglia - Berenberg Capital Markets Joe Giordano - Cowen and Company Paul Coster - JP Morgan Richard Eastman - Robert W. Baird Jairam Nathan - Daiwa Capital Markets Karen Lau - Gordon Haskett Operator Greet ...

Financial Performance & Market Position - Cognex allocated over 16% of its revenue to Research and Development (R&D)[6] - Cognex estimates the served market to be $4.2 billion[13] - Cognex has a 30% share in the 2D Vision market[15] - Cognex's 10-year revenue Compound Annual Growth Rate (CAGR) is 11%[21] - Q1 2020 revenue was $167.235 million, a 4% decrease compared to $173.484 million in Q1 2019[22] - Q1 2020 net income was $20.951 million, a 31% decrease compared to $30.147 million in Q1 2019[22] Market & Technology - Machine vision can improve products and lower costs across all industries[12] - The company identifies logistics as a market undergoing rapid change, contributing to over 15% of the company's total revenue in 2019[16] - The company estimates long-term CAGR for logistics to be 15%[15] Balance Sheet - As of March 29, 2020, Cognex's total assets were approximately $1.885 billion[25] - Cash and investments totaled $845.353 million as of March 29, 2020[25]

Cognex Corporation (NASDAQ:CGNX) Q1 2020 Results Conference Call April 27, 2020 5:00 AM ET Company Participants | --- | |---------------------------------------------------------------------| | | | Susan Conway - Investor Relations | | Dr. Bob Shillman - Chairman | | Rob Willett - President and CEO | | Paul Todgham - CFO | | Conference Call Participants | | Jim Ricchiuti - Needham & Company | | Joe Ritchie - Goldman Sachs | | Karen Lau - Gordon Haskett | | Joe Giordano - Cowen | | Richard Eastman - Baird An ...