Onto Innovation Reports 2024 Second Quarter Results

Source: Onto Innovation Inc.
ONTO-I

(Financial tables follow)

ONTO INNOVATION INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands) - (Unaudited)

 

 

 

June 29, 2024

 

 

December 30, 2023

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash, cash equivalents and marketable securities

 

$

786,032

 

 

$

697,811

 

Accounts receivable, net

 

 

237,830

 

 

 

226,556

 

Inventories

 

 

319,712

 

 

 

327,773

 

Prepaid and other assets

 

 

41,638

 

 

 

31,127

 

Total current assets

 

 

1,385,212

 

 

 

1,283,267

 

Net property, plant and equipment

 

 

115,467

 

 

 

103,611

 

Goodwill and intangibles, net

 

 

457,011

 

 

 

483,186

 

Other assets

 

 

47,726

 

 

 

39,648

 

Total assets

 

$

2,005,416

 

 

$

1,909,712

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

91,823

 

 

$

91,931

 

Other current liabilities

 

 

56,597

 

 

 

55,795

 

Total current liabilities

 

 

148,420

 

 

 

147,726

 

Other non-current liabilities

 

 

25,320

 

 

 

25,451

 

Total liabilities

 

 

173,740

 

 

 

173,177

 

Stockholders’ equity

 

 

1,831,676

 

 

 

1,736,535

 

Total liabilities and stockholders’ equity

 

$

2,005,416

 

 

$

1,909,712

 

ONTO INNOVATION INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 29, 2024

 

 

July 1, 2023

 

 

June 29, 2024

 

 

July 1, 2023

 

Revenue

 

$

242,327

 

 

$

190,662

 

 

$

471,172

 

 

$

389,827

 

Cost of revenue

 

 

114,091

 

 

 

90,201

 

 

 

224,651

 

 

 

184,391

 

Gross profit

 

 

128,236

 

 

 

100,461

 

 

 

246,521

 

 

 

205,436

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

27,044

 

 

 

27,043

 

 

 

53,599

 

 

 

54,285

 

Sales and marketing

 

 

18,976

 

 

 

16,024

 

 

 

37,295

 

 

 

31,661

 

General and administrative

 

 

20,271

 

 

 

18,762

 

 

 

37,833

 

 

 

37,999

 

Amortization

 

 

13,112

 

 

 

13,825

 

 

 

26,224

 

 

 

27,649

 

Total operating expenses

 

 

79,403

 

 

 

75,654

 

 

 

154,951

 

 

 

151,594

 

Operating income

 

 

48,833

 

 

 

24,807

 

 

 

91,570

 

 

 

53,842

 

Interest income, net

 

 

8,496

 

 

 

4,758

 

 

 

15,857

 

 

 

8,206

 

Other (expense) income, net

 

 

(60

)

 

 

(1,710

)

 

 

734

 

 

 

(1,991

)

Income before income taxes

 

 

57,269

 

 

 

27,855

 

 

 

108,161

 

 

 

60,057

 

Provision for income taxes

 

 

4,320

 

 

 

1,959

 

 

 

8,359

 

 

 

5,093

 

Net income

 

$

52,949

 

 

$

25,896

 

 

$

99,802

 

 

$

54,964

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.07

 

 

$

0.53

 

 

$

2.02

 

 

$

1.12

 

Diluted

 

$

1.07

 

 

$

0.53

 

 

$

2.01

 

 

$

1.12

 

Weighted average shares
outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

49,342

 

 

 

48,976

 

 

 

49,286

 

 

 

48,865

 

Diluted

 

 

49,674

 

 

 

49,274

 

 

 

49,656

 

 

 

49,175

 

ONTO INNOVATION INC.

NON-GAAP FINANCIAL SUMMARY

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

 

 

Three Months Ended

 

Six Months Ended

 

 

June 29, 2024

 

July 1, 2023

 

June 29, 2024

 

July 1, 2023

 

Revenue

$

242,327

 

$

190,662

 

$

471,172

 

$

389,827

 

Gross profit

$

128,974

 

$

100,501

 

$

248,082

 

$

207,795

 

Gross margin as percentage of
revenue

 

53

%

 

53

%

 

53

%

 

53

%

Operating expenses

$

64,444

 

$

59,936

 

$

126,253

 

$

118,335

 

Operating income

$

64,530

 

$

40,565

 

$

121,829

 

$

89,460

 

Operating margin as a
percentage of revenue

 

27

%

 

21

%

 

26

%

 

23

%

Net income

$

65,354

 

$

38,754

 

$

123,806

 

$

83,801

 

Net income per diluted share

$

1.32

 

$

0.79

 

$

2.49

 

$

1.70

 

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

 

Six Months Ended

 

 

June 29, 2024

 

July 1, 2023

 

June 29, 2024

 

July 1, 2023

 

U.S. GAAP gross profit

$

128,236

 

$

100,461

 

$

246,521

 

$

205,436

 

Pre-tax non-GAAP items:

 

 

 

 

 

 

 

 

Merger and acquisition related expenses

 

35

 

 

40

 

 

70

 

 

80

 

Restructuring expenses

 

703

 

 

 

 

1,491

 

 

2,279

 

Non-GAAP gross profit

$

128,974

 

$

100,501

 

$

248,082

 

$

207,795

 

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

 

53

%

 

53

%

 

52

%

 

53

%

Non-GAAP gross margin as a
percentage of revenue

 

53

%

 

53

%

 

53

%

 

53

%

U.S. GAAP operating expenses

$

79,403

 

$

75,654

 

$

154,951

 

$

151,594

 

Pre-tax non-GAAP items:

 

 

 

 

 

 

 

 

Merger and acquisition related expenses

 

1,229

 

 

393

 

 

1,568

 

 

1,401

 

Restructuring expenses

 

621

 

 

1,192

 

 

879

 

 

3,226

 

Litigation expenses

 

(3

)

 

308

 

 

27

 

 

983

 

Amortization of intangibles

 

13,112

 

 

13,825

 

 

26,224

 

 

27,649

 

Non-GAAP operating expenses

 

64,444

 

 

59,936

 

 

126,253

 

 

118,335

 

Non-GAAP operating income

$

64,530

 

$

40,565

 

$

121,829

 

$

89,460

 

GAAP operating margin as a
percentage of revenue

 

20

%

 

13

%

 

19

%

 

14

%

Non-GAAP operating margin
as a percentage of revenue

27

%

21

%

26

%

23

%

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

 

Six Months Ended

 

 

June 29, 2024

 

July 1, 2023

 

June 29, 2024

 

July 1, 2023

 

U.S. GAAP net income

$

52,949

 

$

25,896

 

$

99,802

 

$

54,964

 

Pre-tax non-GAAP items:

 

 

 

 

 

 

 

 

Merger and acquisition related expenses

 

1,264

 

 

434

 

 

1,638

 

 

1,482

 

Restructuring expenses

 

1,324

 

 

1,192

 

 

2,370

 

 

5,505

 

Litigation expenses

 

(3

)

 

308

 

 

27

 

 

983

 

Amortization of intangibles

 

13,112

 

 

13,825

 

 

26,224

 

 

27,649

 

Net tax provision adjustments

 

(3,292

)

 

(2,901

)

 

(6,255

)

 

(6,782

)

Non-GAAP net income

$

65,354

 

$

38,754

 

$

123,806

 

$

83,801

 

Non-GAAP net income per
diluted share

$

1.32

 

$

0.79

 

$

2.49

 

$

1.70

 

ONTO INNOVATION INC

SUPPLEMENTAL INFORMATION - RECONCILIATION OF THIRD QUARTER 2024

GAAP TO NON-GAAP GUIDANCE

 

 

Low

 

 

High

 

Estimated GAAP net income per diluted share

$

0.98

 

 

$

1.08

 

Estimated non-GAAP items:

 

 

 

 

 

Amortization of intangibles

 

0.27

 

 

 

0.27

 

Restructuring expenses

 

0.05

 

 

 

0.05

 

Net tax provision adjustments

 

(0.05

)

 

 

(0.05

)

Estimated non-GAAP net income per diluted share

$

1.25

 

 

$

1.35

 

 

 

 

 

 

 


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