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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Onto Innovation Inc | NYSE:ONTO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-4.13 | -1.85% | 219.45 | 222.18 | 216.44 | 218.98 | 339,306 | 01:00:00 |
Process control equipment for AI packaging drives revenue to high end of guidance
Onto Innovation Inc. (NYSE: ONTO) (“Onto Innovation,” “Onto,” or the “Company”) today announced financial results for the first fiscal quarter of 2024.
First Quarter Financial Highlights
First Quarter Business Highlights
Michael Plisinski, chief executive officer of Onto Innovation, commented, “We are very proud of our longstanding partnerships with the market leaders enabling the new era of AI through their innovations in 3D and 2.5D packaging. The increasing complexity of advanced packaging is not only creating new opportunities for our Dragonfly systems, but we are also seeing adoption of our front-end metrology systems. High performance computing for AI is currently creating demand for our packaging inspection and metrology systems, and we are beginning to see increases in demand for advanced memory and new chiplet architectures, setting the stage for what we expect to be a stronger 2025.”
Onto Innovation Inc.
Key Quarterly Financial Data
(In thousands, except per share amounts)
US GAAP
March 30, 2024
December 30, 2023
April 1, 2023
Revenue
$
228,846
$
218,856
$
199,165
Gross profit margin
52
%
49
%
53
%
Operating income
$
42,738
$
28,230
$
29,035
Net income
$
46,853
$
30,309
$
29,068
Net income per diluted share
$
0.94
$
0.61
$
0.59
US NON-GAAP
March 30, 2024
December 30, 2023
April 1, 2023
Revenue
$
228,846
$
218,856
$
199,165
Gross profit margin
52
%
52
%
54
%
Operating income
$
57,300
$
56,391
$
48,895
Net income
$
58,452
$
52,443
$
45,047
Net income per diluted share
$
1.18
$
1.06
$
0.92
Outlook
For the second fiscal quarter ending June 29, 2024, the Company is providing the following guidance:
Webcast & Conference Call Details
Onto Innovation will host a conference call at 4:30 p.m. Eastern Time today, May 9, 2024, to discuss its first quarter 2024 financial results and other matters in greater detail. To participate in the call, please dial (888) 256-1007 or International: +1 (929) 477-0448 and reference conference ID 7501855 at least five (5) minutes prior to the scheduled start time. A live webcast will also be available at www.ontoinnovation.com.
To listen to the live webcast, please go to the website at least fifteen (15) minutes early to register, download and install any necessary audio software. There will be a replay of the conference call available for one year on the Company’s website at www.ontoinnovation.com.
Discussion of Non-GAAP Financial Measures
The Company has provided in this release non-GAAP financial measures, including non-GAAP gross margin as a percentage of revenue, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share and non-GAAP operating margin as a percentage of revenue, which exclude amortization of intangibles, merger and acquisition-related expenses and benefits, litigation expenses and restructuring costs. Non-GAAP gross margin as a percentage of revenue, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share and non-GAAP operating margin as a percentage of revenue can also exclude certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, tax provisions/benefits related to the previous items, and significant discrete tax events. We exclude the above items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.
We utilize several different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. More specifically, management adjusts for the excluded items for the following reasons:
Amortization of intangibles: we do not acquire businesses and assets on a predictable cycle. The amount of purchase price allocated to the purchased intangible assets and the term of amortization can vary significantly and are unique to each acquisition or purchase. We believe that excluding amortization of purchased intangible assets allows the users of our financial statements to better review and understand the historic and current results of our operations, and also facilitates comparisons to peer companies.
Merger or acquisition related expenses and benefits: we incur expenses or benefits with respect to certain items associated with our mergers and acquisitions, such as transaction and integration costs, change in control payments, adjustments to the fair value of assets, etc. We exclude such expenses or benefits as they are related to acquisitions and have no direct correlation to the operation of our on-going business.
Restructuring expenses: we incur restructuring and impairment charges on individual or groups of employed assets, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our on-going business. Although these events are reflected in our GAAP financials, these unique transactions may limit the comparability of our on-going operations with prior and future periods.
Litigation expenses: we may incur charges or benefits as well as legal costs in connection with litigation and other contingencies unrelated to our core operations. We exclude these charges or benefits, when significant, as well as legal costs associated with significant legal matters, because we do not believe they are reflective of on-going business and operating results.
Income tax expense: we estimate the tax effect of the items identified to determine a non-GAAP annual effective tax rate applied to the pretax amount to calculate the non-GAAP provision for income taxes. We also adjust for items for which the nature and/or tax jurisdiction requires the application of a specific tax rate or treatment.
From time to time in the future, there may be other items excluded if we believe that doing so is consistent with the goal of providing useful information to investors and management.
There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact on our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP in the United States. Investors should review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”) which include, but are not limited to, statements regarding Onto Innovation’s business momentum and future growth; technology development, product introduction and acceptance of our products and services; Onto Innovation’s manufacturing practices and ability to deliver both products and services consistent with our customers’ demands and expectations and strengthen its market position; Onto Innovation’s expectations regarding the semiconductor market outlook; Onto Innovation’s future quarterly financial outlook; as well as other matters that are not purely historical data. Onto Innovation wishes to take advantage of the “safe harbor” provided for by the Act and cautions that actual results may differ materially from those projected as a result of various factors, including risks and uncertainties, many of which are beyond Onto Innovation’s control. Such factors include, but are not limited to, the Company’s ability to leverage its resources to improve its position in its core markets; its ability to weather difficult economic environments; its ability to open new market opportunities and target high-margin markets; the strength/weakness of the back-end and/or front-end semiconductor market segments; fluctuations in customer capital spending; the Company’s ability to effectively manage its supply chain and adequately source components from suppliers to meet customer demand; the effects of political, economic, legal, and regulatory changes or conflicts on the Company's global operations; its ability to adequately protect its intellectual property rights and maintain data security; the effects of natural disasters or public health emergencies on the global economy and on the Company’s customers, suppliers, employees, and business; its ability to effectively maneuver global trade issues and changes in trade and export regulations and license policies; the Company’s ability to maintain relationships with its customers and manage appropriate levels of inventory to meet customer demands; and the Company’s ability to successfully integrate acquired businesses and technologies. Additional information and considerations regarding the risks faced by Onto Innovation are available in Onto Innovation’s Form 10-K report for the year ended December 30, 2023, and other filings with the Securities and Exchange Commission. As the forward-looking statements are based on Onto Innovation’s current expectations, the Company cannot guarantee any related future results, levels of activity, performance, or achievements. Onto Innovation does not assume any obligation to update the forward-looking information contained in this press release, except as required by law.
About Onto Innovation
Onto Innovation is a leader in process control, combining global scale with an expanded portfolio of leading-edge technologies that include: Un-patterned wafer quality; 3D metrology spanning chip features from nanometer scale transistors to large die interconnects; macro defect inspection of wafers and packages; elemental layer composition; overlay metrology; factory analytics; and lithography for advanced semiconductor packaging. Our breadth of offerings across the entire semiconductor value chain combined with our connected thinking approach results in a unique perspective to help solve our customers’ most difficult yield, device performance, quality, and reliability issues. Onto Innovation strives to optimize customers’ critical path of progress by making them smarter, faster and more efficient. With headquarters and manufacturing in the U.S., Onto Innovation supports customers with a worldwide sales and service organization. Additional information can be found at www.ontoinnovation.com.
Source: Onto Innovation Inc. ONTO-I
(Financial tables follow)
ONTO INNOVATION INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands) - (Unaudited)
March 30, 2024
December 30, 2023
ASSETS
Current assets
Cash, cash equivalents and marketable securities
$
740,931
$
697,811
Accounts receivable, net
231,865
226,556
Inventories
329,517
327,773
Prepaid and other assets
30,523
31,127
Total current assets
1,332,836
1,283,267
Net property, plant and equipment
106,795
103,611
Goodwill and intangibles, net
470,074
483,186
Other assets
43,666
39,648
Total assets
$
1,953,371
$
1,909,712
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities
$
91,170
$
91,931
Other current liabilities
55,883
55,795
Total current liabilities
147,053
147,726
Other non-current liabilities
24,767
25,451
Total liabilities
171,820
173,177
Stockholders’ equity
1,781,551
1,736,535
Total liabilities and stockholders’ equity
$
1,953,371
$
1,909,712
ONTO INNOVATION INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) - (Unaudited)
Three Months Ended
March 30, 2024
April 1, 2023
Revenue
$
228,846
$
199,165
Cost of revenue
110,561
94,190
Gross profit
118,285
104,975
Operating expenses:
Research and development
26,554
27,242
Selling, general and administrative
35,881
34,874
Amortization
13,112
13,824
Total operating expenses
75,547
75,940
Operating income
42,738
29,035
Interest income, net
7,361
3,448
Other income (expense), net
793
(281
)
Income before income taxes
50,892
32,202
Provision for income taxes
4,039
3,134
Net income
$
46,853
$
29,068
Earnings per share:
Basic
$
0.95
$
0.60
Diluted
$
0.94
$
0.59
Weighted average shares
outstanding:
Basic
49,230
48,788
Diluted
49,638
49,109
ONTO INNOVATION INC.
NON-GAAP FINANCIAL SUMMARY
(In thousands, except percentage and per share amounts) - (Unaudited)
Three Months Ended
March 30, 2024
April 1, 2023
Revenue
$
228,846
$
199,165
Gross profit
$
119,108
$
107,294
Gross margin as percentage of
revenue
52
%
54
%
Operating expenses
$
61,808
$
58,399
Operating income
$
57,300
$
48,895
Operating margin as a
percentage of revenue
25
%
25
%
Net income
$
58,452
$
45,047
Net income per diluted share
$
1.18
$
0.92
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
March 30, 2024
April 1, 2023
U.S. GAAP gross profit
$
118,285
$
104,975
Pre-tax non-GAAP items:
Merger and acquisition related expenses
35
40
Restructuring expenses
788
2,279
Non-GAAP gross profit
$
119,108
$
107,294
U.S. GAAP gross margin as a
percentage of revenue
52
%
53
%
Non-GAAP gross margin as a
percentage of revenue
52
%
54
%
U.S. GAAP operating expenses
$
75,547
$
75,940
Pre-tax non-GAAP items:
Merger and acquisition related expenses
339
1,008
Restructuring expenses
258
2,034
Litigation expenses
30
675
Amortization of intangibles
13,112
13,824
Non-GAAP operating expenses
61,808
58,399
Non-GAAP operating income
$
57,300
$
48,895
GAAP operating margin as a
percentage of revenue
19
%
15
%
Non-GAAP operating margin
as a percentage of revenue
25
%
25
%
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
March 30, 2024
April 1, 2023
U.S. GAAP net income
$
46,853
$
29,068
Pre-tax non-GAAP items:
Merger and acquisition related expenses
374
1,048
Restructuring expenses
1,046
4,313
Litigation expenses
30
675
Amortization of intangibles
13,112
13,824
Net tax provision adjustments
(2,963
)
(3,881
)
Non-GAAP net income
$
58,452
$
45,047
Non-GAAP net income per
diluted share
$
1.18
$
0.92
ONTO INNOVATION INC
SUPPLEMENTAL INFORMATION - RECONCILIATION OF SECOND QUARTER 2024
GAAP TO NON-GAAP GUIDANCE
Low
High
Estimated GAAP net income per diluted share
$
0.88
$
1.00
Estimated non-GAAP items:
Amortization of intangibles
0.27
0.27
Restructuring expenses
0.03
0.03
Net tax provision adjustments
(0.04
)
(0.04
)
Estimated non-GAAP net income per diluted share
$
1.14
$
1.26
View source version on businesswire.com: https://www.businesswire.com/news/home/20240509901554/en/
Michael Sheaffer +1.919.750.6732 Mike.Sheaffer@OntoInnovation.com
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