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Press Release: Onto Innovation Reports 2020 -3-

· 02/04/2021 16:05
ONTO INNOVATION INC. RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (In thousands, except share and per share data) - (Unaudited) Three Months Ended Twelve Months Ended --------------------------------- ---------------------- December December September 31, December December 26, 2020 26, 2020 2019* 26, 2020 31, 2019* --------- ---------- -------- --------- ---------- U.S. GAAP net income (loss) $ 19,914 $ 8,091 $(17,752) $ 31,025 $ 1,910 Pre-tax non-GAAP items: Merger related expenses 2,152 630 25,255 16,630 30,149 Restructuring expense 8,104 228 9,060 11,503 9,060 Amortization of intangibles 12,666 13,646 9,284 53,747 10,445 Net tax benefit adjustments (7,281) (2,993) (7,782) (17,195) (9,717) -------- --------- ------- -------- ------ Non-GAAP net income $ 35,555 $ 19,602 $ 18,065 $ 95,710 $ 41,847 ======== ========= ======= ======== ====== Non-GAAP net income per diluted share $ 0.72 $ 0.40 $ 0.41 $ 1.93 $ 1.39RECONCILIATION OF U.S. 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 December September December December 31, 26, 2020 26, 2020 31, 2019* 26, 2020 2019* --------- ---------- ---------- --------- -------- U.S. GAAP gross profit $ 75,349 $ 68,888 $ 39,587 $ 278,453 $135,028 Pre-tax non-GAAP items: Merger related expenses 505 (15) 15,388 10,724 15,388 Restructuring expense 8,104 -- 5,945 8,104 5,945 -------- --------- ------ -------- ------- Non-GAAP gross profit 83,958 68,873 60,920 297,281 156,361 -------- --------- ------ -------- ------- U.S. GAAP gross margin as a percentage of revenue 49% 54% 33% 50% 44% Non-GAAP gross margin as a percentage of revenue 54% 54% 51% 53% 51% U.S. GAAP operating expenses $ 60,638 $ 59,606 $ 62,946 $ 251,776 $140,071 Pre-tax non-GAAP items: Merger related expenses 1,647 645 9,867 5,906 14,761 Restructuring expense -- 228 3,116 3,399 3,116 Amortization of intangibles 12,666 13,646 9,284 53,747 10,445 -------- --------- ------ -------- ------- Non-GAAP operating expenses 46,325 45,087 40,679 188,724 111,749 -------- --------- ------ -------- ------- Non-GAAP operating income $ 37,633 $ 23,786 $ 20,241 $ 108,557 $ 44,612 ======== ========= ====== ======== ======= GAAP operating margin as a percentage of revenue 9% 7% (19)% 5% (2)% Non-GAAP operating margin as a percentage of revenue 24% 19% 17% 20% 15%ONTO INNOVATION INC. NON-GAAP FINANCIAL SUMMARY (In thousands, except percentage and per share amounts) - (Unaudited) Three Months Ended Twelve Months Ended --------------------------------------- ----------------------- December December December September 31, December 31, 26, 2020 26, 2020 2019* 26, 2020 2019* --------- ---------- -------- --------- -------- Revenue $ 155,128 $ 126,492 $120,558 $ 556,496 $305,896 Gross profit $ 83,958 $ 68,873 $ 60,920 $ 297,281 $156,361 Gross margin as percentage of revenue 54% 54% 51% 53% 51% Operating expenses $ 46,325 $ 45,087 $ 40,679 $ 188,724 $111,749 Operating income $ 37,633 $ 23,786 $ 20,241 $ 108,557 $ 44,612 Operating margin as a percentage of revenue 24% 19% 17% 20% 15% Net income $ 35,555 $ 19,602 $ 18,065 $ 95,710 $ 41,847 Net income per diluted share $ 0.72 $ 0.40 $ 0.41 $ 1.93 $ 1.39CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) - (Unaudited) Three Months Ended Twelve Months Ended --------------------------------- -------------------- December September December December December 26, 26, 31, 26, 31, 2020 2020 2019* 2020 2019* --------- ---------- -------- --------- -------- Revenue $ 155,128 $ 126,492 $120,558 $ 556,496 $305,896 Cost of revenue 79,779 57,604 80,971 278,043 170,868 -------- --------- ------- -------- ------- Gross profit 75,349 68,888 39,587 278,453 135,028 -------- --------- ------- -------- ------- Operating expenses: Research and development 21,812 19,678 16,705 84,584 48,358 Sales and marketing 11,272 11,924 12,637 48,136 28,251 General and administrative 14,889 14,358 24,320 65,310 53,017 Amortization 12,665 13,646 9,284 53,746 10,445 -------- --------- ------- -------- ------- Total operating expenses 60,638 59,606 62,946 251,776 140,071 -------- --------- ------- -------- ------- Operating income (loss) 14,711 9,282 (23,359) 26,677 (5,043) Interest income, net 459 544 999 2,899 3,666 Other (expense) income, net (643) (899) (61) (2,708) 780 -------- --------- ------- -------- ------- Income (loss) before income taxes 14,527 8,927 (22,421) 26,868 (597) Provision (benefit) for income taxes (5,387) 836 (4,669) (4,157) (2,507) -------- --------- ------- -------- ------- Net income (loss) $ 19,914 $ 8,091 $(17,752) $ 31,025 $ 1,910 ======== ========= ======= ======== ======= Earnings (loss) per share: Basic $ 0.41 $ 0.17 $ (0.41) $ 0.63 $ 0.06 Diluted $ 0.40 $ 0.16 $ (0.41) $ 0.63 $ 0.06 Weighted average shares outstanding: Basic 48,931 48,900 43,609 49,136 29,729 Diluted 49,326 49,131 43,609 49,475 30,007

*The results for December 2019 include the results of Rudolph Technologies Inc. through October 25, 2019 and Onto Innovation from October 26 to December 31, 2019.

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*The results for December 2019 include the results of Rudolph Technologies Inc. through October 25, 2019 and Onto Innovation from October 26 to December 31, 2019.

*The results for December 2019 include the results of Rudolph Technologies Inc. through October 25, 2019 and Onto Innovation from October 26 to December 31, 2019.

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February 04, 2021 16:05 ET (21:05 GMT)