Onto Innovation Reports 2022 Fourth Quarter and Full Year Results

Source: Onto Innovation Inc.
ONTO-I

(Financial tables follow)

ONTO INNOVATION INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands) - (Unaudited)

 

 

 

December 31,

 

 

January 1,

 

 

 

2022

 

 

2022

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash, cash equivalents and marketable securities

 

$

547,784

 

 

$

511,343

 

Accounts receivable, net

 

 

241,395

 

 

 

177,205

 

Inventories

 

 

324,282

 

 

 

243,108

 

Prepaid and other assets

 

 

21,411

 

 

 

16,433

 

Total current assets

 

 

1,134,872

 

 

 

948,089

 

Net property, plant and equipment

 

 

91,980

 

 

 

82,094

 

Goodwill and intangibles, net

 

 

538,008

 

 

 

593,092

 

Other assets

 

 

30,003

 

 

 

26,538

 

Total assets

 

$

1,794,863

 

 

$

1,649,813

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

103,362

 

 

$

96,387

 

Other current liabilities

 

 

57,196

 

 

 

58,139

 

Total current liabilities

 

 

160,558

 

 

 

154,526

 

Other non-current liabilities

 

 

37,879

 

 

 

69,232

 

Total liabilities

 

 

198,437

 

 

 

223,758

 

Stockholders’ equity

 

 

1,596,426

 

 

 

1,426,055

 

Total liabilities and stockholders’ equity

 

$

1,794,863

 

 

$

1,649,813

 

 

ONTO INNOVATION INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts) - (Unaudited)

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

December 31,

 

 

January 1,

 

 

December 31,

 

 

January 1,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

Revenue

 

$

253,270

 

 

$

225,644

 

 

$

1,005,183

 

 

$

788,899

 

Cost of revenue

 

 

116,048

 

 

 

101,841

 

 

 

465,962

 

 

 

359,813

 

Gross profit

 

 

137,222

 

 

 

123,803

 

 

 

539,221

 

 

 

429,086

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

27,825

 

 

 

24,836

 

 

 

111,953

 

 

 

96,118

 

Sales and marketing

 

 

16,374

 

 

 

15,822

 

 

 

65,688

 

 

 

57,235

 

General and administrative

 

 

17,988

 

 

 

19,598

 

 

 

69,582

 

 

 

67,960

 

Amortization

 

 

13,823

 

 

 

13,692

 

 

 

55,284

 

 

 

51,366

 

Total operating expenses

 

 

76,010

 

 

 

73,948

 

 

 

302,507

 

 

 

272,679

 

Operating income

 

 

61,212

 

 

 

49,855

 

 

 

236,714

 

 

 

156,407

 

Interest income, net

 

 

2,457

 

 

 

264

 

 

 

5,011

 

 

 

1,163

 

Other income (expense), net

 

 

1,884

 

 

 

(64

)

 

 

(141

)

 

 

(1,888

)

Income before income taxes

 

 

65,553

 

 

 

50,055

 

 

 

241,584

 

 

 

155,682

 

Provision (benefit) for income taxes

 

 

(661

)

 

 

3,318

 

 

 

18,250

 

 

 

13,333

 

Net income

 

$

66,214

 

 

$

46,737

 

 

$

223,334

 

 

$

142,349

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.35

 

 

$

0.95

 

 

$

4.52

 

 

$

2.89

 

Diluted

 

$

1.34

 

 

$

0.94

 

 

$

4.49

 

 

$

2.86

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

49,092

 

 

 

49,386

 

 

 

49,424

 

 

 

49,242

 

Diluted

 

 

49,401

 

 

 

49,847

 

 

 

49,764

 

 

 

49,728

 

 

ONTO INNOVATION INC.

NON-GAAP FINANCIAL SUMMARY

(In thousands, except percentage and per share amounts) - (Unaudited)

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,
2022

 

January 1,
2022

 

December 31,
2022

 

January 1,
2022

 

Revenue

$

253,270

 

$

225,644

 

$

1,005,183

 

$

788,899

 

Gross profit

$

137,317

 

$

123,963

 

$

539,300

 

$

430,954

 

Gross margin as percentage of revenue

 

54

%

 

55

%

 

54

%

 

55

%

Operating expenses

$

61,235

 

$

54,927

 

$

237,606

 

$

211,482

 

Operating income

$

76,082

 

$

69,036

 

$

301,694

 

$

219,472

 

Operating margin as a percentage of revenue

 

30

%

 

31

%

 

30

%

 

28

%

Net income

$

77,544

 

$

61,218

 

$

274,667

 

$

192,169

 

Net income per diluted share

$

1.57

 

$

1.23

 

$

5.52

 

$

3.86

 

 

RECONCILIATION OF GAAP GROSS PROFIT,

OPERATING EXPENSES AND OPERATING INCOME TO NON-GAAP

GROSS PROFIT, OPERATING EXPENSES AND OPERATING INCOME

(In thousands, except percentages) - (Unaudited)

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,
2022

 

January 1,
2022

 

December 31,
2022

 

January 1,
2022

 

U.S. GAAP gross profit

$

137,222

 

$

123,803

 

$

539,221

 

$

429,086

 

Pre-tax non-GAAP items:

 

 

 

 

 

 

 

 

Merger and acquisition related expenses

 

95

 

 

160

 

 

79

 

 

428

 

Restructuring expenses

 

 

 

 

 

 

 

1,440

 

Non-GAAP gross profit

 

137,317

 

 

123,963

 

 

539,300

 

 

430,954

 

U.S. GAAP gross margin as a percentage of revenue

 

54

%

 

55

%

 

54

%

 

54

%

Non-GAAP gross margin as a percentage of revenue

 

54

%

 

55

%

 

54

%

 

55

%

U.S. GAAP operating expenses

$

76,010

 

$

73,948

 

$

302,507

 

$

272,679

 

Pre-tax non-GAAP items:

 

 

 

 

 

 

 

 

Merger and acquisition related expenses

 

347

 

 

4,624

 

 

5,682

 

 

8,268

 

Litigation expenses

 

605

 

 

705

 

 

3,935

 

 

1,563

 

Amortization of intangibles

 

13,823

 

 

13,692

 

 

55,284

 

 

51,366

 

Non-GAAP operating expenses

 

61,235

 

 

54,927

 

 

237,606

 

 

211,482

 

Non-GAAP operating income

$

76,082

 

$

69,036

 

$

301,694

 

$

219,472

 

GAAP operating margin as a percentage of revenue

 

24

%

 

22

%

 

24

%

 

20

%

Non-GAAP operating margin as a percentage of revenue

 

30

%

 

31

%

 

30

%

 

28

%

ONTO INNOVATION INC.

RECONCILIATION OF GAAP NET INCOME TO

NON-GAAP NET INCOME

(In thousands, except share and per share data) - (Unaudited)

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,
2022

 

January 1,
2022

 

December 31,
2022

 

January 1,
2022

 

U.S. GAAP net income

$

66,214

 

$

46,737

 

$

223,334

 

$

142,349

 

Pre-tax non-GAAP items:

 

 

 

 

 

 

 

 

Merger and acquisition related expenses

 

442

 

 

4,784

 

 

5,761

 

 

8,696

 

Restructuring expenses

 

 

 

 

 

 

 

1,440

 

Litigation expenses

 

605

 

 

705

 

 

3,935

 

 

1,563

 

Amortization of intangibles

 

13,823

 

 

13,692

 

 

55,284

 

 

51,366

 

Net tax provision adjustments

 

(3,540

)

 

(4,700

)

 

(13,647

)

 

(13,245

)

Non-GAAP net income

$

77,544

 

$

61,218

 

$

274,667

 

$

192,169

 

Non-GAAP net income per diluted share

$

1.57

 

$

1.23

 

$

5.52

 

$

3.86

 

   

ONTO INNOVATION INC

SUPPLEMENTAL INFORMATION - RECONCILIATION OF FIRST QUARTER 2023

GAAP TO NON-GAAP GUIDANCE

   

 

Low

 

High

 

Estimated GAAP net income per diluted share

$

0.54

 

$

0.69

 

Estimated non-GAAP items:

 

 

 

 

 

 

Amortization of intangibles

 

0.28

 

 

0.28

 

Merger and acquisition related expenses

 

0.01

 

 

0.01

 

Litigation expenses

 

0.02

 

 

0.02

 

Restructuring expenses

 

0.03

 

 

0.03

 

Net tax provision adjustments

 

(0.08

)

 

(0.08

)

Estimated non-GAAP net income per diluted share

$

0.80

 

$

0.95


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