REHOVOT, Israel, Feb. 18, 2021 /PRNewswire/ -- Nova
(Nasdaq: NVMI) today announced financial results for the fourth
quarter and full year 2020.
Fourth Quarter 2020 Highlights:
- Quarterly record revenue of $76.3
million, up 18% year-over-year
- GAAP net income of $13.7 million,
or $0.47 per diluted share, up 9%
year-over-year on a per-share basis
- Non-GAAP net income of $15.9
million, or $0.55 per diluted
share, up 8% year-over-year on a per-share basis
- Initial revenues recognized from multiple customers for Nova
ELIPSON™, a newly launched materials metrology solution
- Record quarterly materials metrology revenue, driven by
expansion into leading Logic and Foundry customers
Full Year 2020 Highlights:
- Record annual revenue of $269.4
million, up 20% year-over-year
- GAAP net income of $47.9 million,
or $1.65 per diluted share, up 35%
year-over-year on a per-share basis
- Non-GAAP net income of $59.6
million, or $2.06 per diluted
share, up 30% year-over-year on a per-share basis
|
GAAP Results
($K)
|
|
Q4
2020
|
Q3
2020
|
Q4
2019
|
FY
2020
|
FY
2019
|
|
Revenues
|
$76,303
|
$69,485
|
$64,625
|
$269,396
|
$224,909
|
|
Net Income
|
$13,657
|
$13,896
|
$12,385
|
$47,907
|
$35,171
|
|
Earnings per Diluted
Share
|
$0.47
|
$0.48
|
$0.43
|
$1.65
|
$1.23
|
|
NON-GAAP Results
($K)
|
|
Q4
2020
|
Q3
2020
|
Q4
2019
|
FY
2020
|
FY
2019
|
|
Net Income
|
$15,872
|
$16,511
|
$14,561
|
$59,638
|
$45,523
|
|
Earnings per Diluted
Share
|
$0.55
|
$0.57
|
$0.51
|
$2.06
|
$1.59
|
A reconciliation between GAAP operating results and non-GAAP
operating results is provided following the financial statements
that are part of this release. Non-GAAP results exclude
amortization of acquired intangible assets, stock-based
compensation expenses, expense related to a transaction made by a
financial institution without Company authorization, facilities
transition costs, revaluation of operating lease liabilities,
amortization of debt discount and issuance costs and tax effect of
non-GAAP adjustment.
Management Comments
"Our robust fourth quarter financial results concluded a record
year for Nova, demonstrating the company's growing agility and
outstanding execution capabilities," commented Eitan Oppenhaim,
President and Chief Executive Officer. "This was a firm conclusion
to a well-performed year during which we continued to innovate and
expand our differentiated portfolio to support our customers' new
generation of devices. Our resilience amid the pandemic, led by our
global teams, drove our strong performance throughout the year.
With our new enhanced product offering and solid market position,
we enter 2021 with substantial momentum to continue our growth
across customers and territories."
2021 First Quarter Financial Outlook
Management provided an outlook for the first quarter, the period
ending March 31, 2021. Based on
current estimates, management expects:
- $76 million to $83 million in revenue
- $0.41 to $0.53 in diluted GAAP EPS
- $0.55 to $0.66 in diluted non-GAAP EPS
2020 Fourth Quarter Results
Total revenues for the fourth quarter of 2020 were $76.3 million, an increase of 9.8% compared with
the third quarter of 2020 and an increase of 18.1% compared with
the fourth quarter of 2019.
Gross margin for the fourth quarter of 2020 was 55.5%, compared
with a gross margin of 57.1% in the third quarter of 2020, and
compared with a gross margin of 53.6% in the fourth quarter of
2019.
Operating expenses in the fourth quarter of 2020 were
$25.5 million, compared with
$24.1 million in the third quarter of
2020 and compared with $20.1 million
in the fourth quarter of 2019.
On a GAAP basis, the Company reported net income of $13.7 million, or $0.47 per diluted share, in the fourth quarter of
2020. This is compared with net income of $13.9 million, or $0.48 per diluted share, in the third quarter of
2020, and compared with net income of $12.4
million, or $0.43 per diluted
share, in the fourth quarter of 2019.
On a non-GAAP basis, which excludes amortization of acquired
intangible assets, stock-based compensation expenses, one-time
expense related to a transaction made by a financial institution
without Company authorization, facilities transition costs,
revaluation of operating lease liabilities, amortization of debt
discount and issuance costs and tax effect of non-GAAP adjustment,
the Company reported net income of $15.9
million, or $0.55 per diluted
share, in the fourth quarter of 2020. This is compared with net
income of $16.5 million, or
$0.57 per diluted share, in the third
quarter of 2020, and compared with net income of $14.6 million, or $0.51 per diluted share, in the fourth quarter of
2019.
2020 Full Year Results
Total revenues for 2020 were $269.4
million, an increase of 19.8% compared to total revenues of
$224.9 million for 2019.
Gross margin in 2020 was 56.8%, compared with gross margin of
54.2% in 2019.
Operating expenses in 2020 were $97.4
million, compared with operating expenses of $85.4 in 2019.
On a GAAP basis, the Company reported net income of $47.9 million, or $1.65 per diluted share, in 2020. This is
compared with a net income of $35.2
million, or $1.23 per diluted
share, in 2019.
On a non-GAAP basis, which excludes amortization of acquired
intangible assets, stock-based compensation expenses, one-time
expense related to a transaction made by a financial institution
without Company authorization, facilities transition costs,
revaluation of operating lease liabilities, amortization of debt
discount and issuance costs and tax effect of non-GAAP adjustment,
the Company reported net income of $59.6
million, or $2.06 per diluted
share, in 2020. This is compared with net income of $45.5 million, or $1.59 per diluted share, in 2019.
Conference Call Information
Nova will host a conference call today, February 18, 2021, at 9
a.m. Eastern Time, to discuss the financial results and
outlook. To attend the conference call, please dial one of the
following teleconferencing numbers. Please begin by placing your
calls five minutes before the conference call commences. If you are
unable to connect using the toll-free numbers, please try the
international dial-in number.
U.S. TOLL-FREE Dial-in Number: 1-866-548-4713
ISRAEL TOLL-FREE Dial-in Number:
1-809-212-883
INTERNATIONAL Dial-in Number: 1-323-794-2093
At:
9 a.m. Eastern Time
6 a.m. Pacific Time
4 p.m. Israel Time
Please reference conference ID: 1340079
The conference call will also be webcast live from a link on
Nova's website at https://www.novami.com/investors/events/.
A replay of the conference call will be available from
February 18, 2021 at 12 p.m. Eastern Time to February 25, 2021 at 11:59
p.m. Eastern Time. To access the replay, please dial one of
the following numbers:
Replay Dial-in TOLL-FREE: 1-844-512-2921
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-6671
Replay Pin Number: 1340079
A replay will also be available for 90 days on Nova's website at
https://www.novami.com/investors/events/.
About Nova: Nova is a leading innovator and key provider
of metrology solutions for advanced process control used in
semiconductor manufacturing. Nova delivers continuous innovation by
providing state-of-the-art high-performance metrology solutions for
effective process control throughout the semiconductor fabrication
lifecycle. Nova's product portfolio, which combines high-precision
hardware and cutting-edge software, provides its customers with
deep insight into the development and production of the most
advanced semiconductor devices. Nova's unique capability to deliver
innovative x-ray and optical solutions enables its customers to
improve performance, enhance product yields and accelerate time to
market. Nova acts as a partner to semiconductor manufacturers from
its offices around the world. Additional information may be found
at www.novami.com.
Nova is traded on the NASDAQ & TASE under the symbol
NVMI.
This press release provides financial measures that exclude
amortization of acquired intangible assets, stock-based
compensation expenses, expense related to a transaction made by a
financial institution without Company authorization, facilities
transition costs, revaluation of operating lease liabilities,
amortization of debt discount and issuance costs and tax effect of
non-GAAP adjustment, as applicable, and are therefore not
calculated in accordance with generally accepted accounting
principles (GAAP). Management believes that these non-GAAP
financial measures provide meaningful supplemental information
regarding Nova's performance because they reflect our operational
results and enhance management's and investors' ability to evaluate
Nova's performance before charges or benefits considered by
management to be outside Nova's ongoing operating results. The
presentation of this non-GAAP financial information is not intended
to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP.
Management believes that it is in the best interest of its
investors to provide financial information that will facilitate
comparison of both historical and future results and allow greater
transparency to supplemental information used by management in its
financial and operational decision making. A reconciliation of each
GAAP to non-GAAP financial measure discussed in this press release
is contained in the accompanying financial tables.
This press release contains forward-looking statements within
the meaning of safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 relating to future events or our
future performance, such as statements regarding, but are not
limited to, anticipated growth opportunities and projections about
our business and its future revenues, expenses and profitability.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied in those forward-looking
statements. Factors that may affect our results, performance,
circumstances or achievements include, but are not limited to, the
following: our dependency on three product lines; our dependency on
a small number of large customers and small number of suppliers;
the highly cyclical and competitive nature of the markets we target
and we operate in; our inability to reduce spending during a
slowdown in the semiconductor industry; our ability to respond
effectively on a timely basis to rapid technological changes; our
dependency on PEMs; risks related to exclusivity obligations and
non-limited liability that may be included in our commercial
agreements and arrangements; our ability to retain our competitive
position despite the ongoing consolidation in our industry; risks
related to our dependence on our manufacturing facilities; risks
related to changes in our order backlog; risks related to efforts
to complete and integrate current and/or future acquisitions; risks
related to worldwide financial and economic instabilities,
including the implications of the ongoing novel coronavirus
(COVID-19) pandemic; risks related to our intellectual property;
new product offerings from our competitors; unanticipated
manufacturing or supply problems; risks related to government
programs we participate in; risks related to taxation; changes in
customer demand for our products; risks related to currency
fluctuations; risks related to technology security threats,
including data breaches, cyberattacks and system disruptions, and
changes in privacy laws; risks related to acquisitions we may
pursue and risks related to our operations in Israel. We cannot guarantee future results,
levels of activity, performance or achievements. The matters
discussed in this press release also involve risks and
uncertainties summarized under the heading "Risk Factors" in Nova's
Annual Report on Form 20-F for the year ended December 31, 2019 filed with the Securities and
Exchange Commission on March 12,
2020. These factors are updated from time to time through
the filing of reports and registration statements with the
Securities and Exchange Commission. Nova Measuring Instruments Ltd.
does not assume any obligation to update the forward-looking
information contained in this press release.
(Tables to Follow)
|
|
NOVA MEASURING
INSTRUMENTS LTD.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(U.S. dollars in
thousands) - (Unaudited)
|
|
|
As of December
31,
|
|
ASSETS
|
|
2020
|
|
2019
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
232,304
|
|
31,748
|
|
Short-term
interest-bearing bank deposits
|
|
191,567
|
|
154,533
|
|
Trade accounts
receivable, net
|
|
63,314
|
|
51,603
|
|
Inventories
|
|
61,734
|
|
48,362
|
|
Other current
assets
|
|
9,782
|
|
16,685
|
|
|
|
|
|
|
Total current
assets
|
|
558,701
|
|
302,931
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Interest-bearing bank
deposits
|
|
2,547
|
|
2,813
|
|
Restricted
interest-bearing bank deposits
|
|
1,476
|
|
2,000
|
|
Deferred tax
assets
|
|
2,869
|
|
4,554
|
|
Other long-term
assets
|
|
462
|
|
437
|
|
Severance pay
funds
|
|
1,281
|
|
1,210
|
|
Operating lease
right-of-use assets
|
|
29,109
|
|
28,256
|
|
Property and
equipment, net
|
|
34,168
|
|
30,566
|
|
Intangible assets,
net
|
|
5,059
|
|
7,562
|
|
Goodwill
|
|
20,114
|
|
20,114
|
|
|
|
|
|
|
Total non-current
assets
|
|
97,085
|
|
97,512
|
|
|
|
|
|
|
Total
assets
|
|
655,786
|
|
400,443
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Trade accounts
payable
|
|
24,096
|
|
20,706
|
|
Deferred
revenues
|
|
4,717
|
|
2,256
|
|
Operating lease
current liabilities
|
|
3,703
|
|
2,777
|
|
Other current
liabilities
|
|
28,418
|
|
20,493
|
|
|
|
|
|
|
Total current
liabilities
|
|
60,934
|
|
46,232
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Convertible senior
notes, net
|
|
178,808
|
|
-
|
|
Accrued severance
pay
|
|
3,719
|
|
3,294
|
|
Operating lease
long-term liabilities
|
|
31,905
|
|
30,536
|
|
Other long-term
liability
|
|
8,882
|
|
5,842
|
|
|
|
|
|
|
Total non-current
liabilities
|
|
223,314
|
|
39,672
|
|
|
|
|
|
|
Shareholders'
equity
|
|
371,538
|
|
314,539
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
655,786
|
|
400,443
|
|
NOVA MEASURING
INSTRUMENTS LTD.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(U.S. dollars in
thousands, except per share data) - (Unaudited)
|
|
|
Three months
ended
December
31,
|
|
Year
ended
December
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Products
|
61,741
|
|
47,015
|
|
209,320
|
|
167,200
|
|
Services
|
14,562
|
|
17,610
|
|
60,076
|
|
57,709
|
|
Total
revenues
|
76,303
|
|
64,625
|
|
269,396
|
|
224,909
|
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
Products
|
22,633
|
|
18,854
|
|
78,555
|
|
67,300
|
|
Services
|
11,347
|
|
11,138
|
|
37,918
|
|
35,789
|
|
Total cost of
revenues
|
33,980
|
|
29,992
|
|
116,473
|
|
103,089
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
42,323
|
|
34,633
|
|
152,923
|
|
121,820
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development, net
|
15,753
|
|
9,722
|
|
53,015
|
|
44,508
|
|
Sales and
marketing
|
8,089
|
|
7,270
|
|
29,321
|
|
28,213
|
|
General and
administrative
|
1,009
|
|
2,502
|
|
12,514
|
|
10,066
|
|
Amortization of
acquired intangible assets
|
626
|
|
656
|
|
2,503
|
|
2,625
|
|
Total operating
expenses
|
25,477
|
|
20,150
|
|
97,353
|
|
85,412
|
|
|
|
|
|
|
|
|
|
Operating
income
|
16,846
|
|
14,483
|
|
55,570
|
|
36,408
|
|
|
|
|
|
|
|
|
|
Financing income
(expense), net
|
(1,335)
|
|
826
|
|
926
|
|
3,078
|
|
|
|
|
|
|
|
|
|
Income before tax
on income
|
15,511
|
|
15,309
|
|
56,496
|
|
39,486
|
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
1,854
|
|
2,924
|
|
8,589
|
|
4,315
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
13,657
|
|
12,385
|
|
47,907
|
|
35,171
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
Basic
|
0.49
|
|
0.44
|
|
1.71
|
|
1.26
|
|
Diluted
|
0.47
|
|
0.43
|
|
1.65
|
|
1.23
|
|
|
|
|
|
|
|
|
|
Shares used for
calculation of earnings per share
(in thousands):
|
|
|
|
|
|
|
|
|
Basic
|
28,146
|
|
27,965
|
|
28,097
|
|
27,895
|
|
Diluted
|
28,999
|
|
28,689
|
|
28,950
|
|
28,574
|
|
|
NOVA MEASURING
INSTRUMENTS LTD.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(U.S. dollars in
thousands) - (Unaudited)
|
|
|
Three months
ended
December
31,
|
|
Year
ended
December
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income for the
period
|
13,657
|
|
12,385
|
|
47,907
|
|
35,171
|
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net income to net cash
provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,596
|
|
1,086
|
|
9,729
|
|
10,398
|
|
Share-based
compensation
|
2,231
|
|
1,430
|
|
6,949
|
|
5,092
|
|
Net effect of
exchange rate fluctuation
|
(1,187)
|
|
(106)
|
|
(1,584)
|
|
(510)
|
|
Amortization of debt
discount and issuance costs
|
868
|
|
-
|
|
868
|
|
-
|
|
Change in deferred
tax assets, net
|
535
|
|
73
|
|
(193)
|
|
(681)
|
|
Change in accrued
severance pay, net
|
162
|
|
100
|
|
354
|
|
470
|
|
Change in trade
accounts receivable
|
(22,217)
|
|
(4,549)
|
|
(11,711)
|
|
1,928
|
|
Change in
inventories
|
(1,219)
|
|
1,669
|
|
(16,271)
|
|
(7,518)
|
|
Change in other
current and long-term assets
|
1,655
|
|
(1,561)
|
|
6,878
|
|
(6,161)
|
|
Change in trade
accounts payable
|
1,228
|
|
2,117
|
|
3,255
|
|
1,691
|
|
Change in other
current and long-term liabilities
|
7,241
|
|
4,190
|
|
11,611
|
|
2,540
|
|
Change in short term
deferred revenues
|
926
|
|
(1,459)
|
|
2,461
|
|
(1,728)
|
|
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
6,476
|
|
15,375
|
|
60,253
|
|
40,692
|
|
|
|
|
|
|
|
|
|
Cash flow from
investment activities:
|
|
|
|
|
|
|
|
|
Change in short-term
and long-term interest-bearing bank
deposits
|
10,125
|
|
(4,392)
|
|
(36,016)
|
|
(4,181)
|
|
Purchase of property
and equipment
|
(1,570)
|
|
(5,648)
|
|
(6,443)
|
|
(21,269)
|
|
|
|
|
|
|
|
|
|
Net cash provided
by (used in) investment activities
|
8,555
|
|
(10,040)
|
|
(42,459)
|
|
(25,450)
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from the
issuance of convertible senior notes,
net of issuance costs
|
193,588
|
|
-
|
|
193,588
|
|
-
|
|
Purchases of treasury
shares
|
(10,000)
|
|
-
|
|
(12,549)
|
|
(7,159)
|
|
Shares issued upon
exercise of options
|
-
|
|
125
|
|
367
|
|
492
|
|
|
|
|
|
|
|
|
|
Net cash provided
by (used in) financing activities
|
183,588
|
|
125
|
|
181,406
|
|
(6,667)
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash and cash
equivalents
|
972
|
|
68
|
|
1,356
|
|
296
|
|
|
|
|
|
|
|
|
|
Increase in cash
and cash equivalents
|
199,591
|
|
5,528
|
|
200,556
|
|
8,871
|
|
Cash and cash
equivalents – beginning of period
|
32,713
|
|
26,220
|
|
31,748
|
|
22,877
|
|
Cash and cash
equivalents – end of period
|
232,304
|
|
31,748
|
|
232,304
|
|
31,748
|
|
|
|
|
|
|
|
|
|
NOVA MEASURING
INSTRUMENTS LTD.
|
|
RECONCILIATION OF
GAAP TO NON-GAAP RESULTS
|
|
(U.S. dollars in
thousands, except percentage and per share data) -
(Unaudited)
|
|
|
Three months
ended
|
|
December
31,
2020
|
|
September
30,
2020
|
|
December
31,
2019
|
|
GAAP gross
profit
|
42,323
|
|
39,657
|
|
34,633
|
|
Stock-based
compensation expenses *
|
415
|
|
414
|
|
269
|
|
Non-GAAP gross
profit
|
42,738
|
|
40,071
|
|
34,902
|
|
GAAP gross margin
as a percentage of revenues
|
55%
|
|
57%
|
|
54%
|
|
Non-GAAP gross
margin as a percentage of revenues
|
56%
|
|
58%
|
|
54%
|
|
|
|
|
|
|
|
GAAP operating
income
|
16,846
|
|
15,528
|
|
14,483
|
|
Stock-based
compensation expenses *
|
2,231
|
|
1,946
|
|
1,430
|
|
Amortization of
acquired intangible assets
|
626
|
|
625
|
|
656
|
|
One-time income
related to a transaction made by a
financial institution without Company authorization
|
(2,850)
|
|
-
|
|
-
|
|
Non-GAAP operating
income
|
16,853
|
|
18,099
|
|
16,569
|
|
GAAP operating
margin as a percentage of revenues
|
22%
|
|
22%
|
|
22%
|
|
Non-GAAP operating
margin as a percentage of revenues
|
22%
|
|
26%
|
|
26%
|
|
|
|
|
|
|
|
GAAP net
income
|
13,657
|
|
13,896
|
|
12,385
|
|
Stock-based
compensation expenses *
|
2,231
|
|
1,946
|
|
1,430
|
|
Amortization of
acquired intangible assets
|
626
|
|
625
|
|
656
|
|
Amortization of debt
discount and issuance costs
|
868
|
|
-
|
|
-
|
|
One-time income
related to a transaction made by a
financial institution without Company authorization
|
(2,850)
|
|
-
|
|
-
|
|
Revaluation of
operating lease liabilities
|
1,364
|
|
161
|
|
269
|
|
Tax effect of non-GAAP
adjustments
|
(24)
|
|
(117)
|
|
(179)
|
|
Non-GAAP net
income
|
15,872
|
|
16,511
|
|
14,561
|
|
|
|
|
|
|
|
GAAP basic earnings
per share
|
0.49
|
|
0.49
|
|
0.44
|
|
Non-GAAP basic
earnings per share
|
0.56
|
|
0.59
|
|
0.52
|
|
|
|
|
|
|
|
GAAP diluted earnings
per share
|
0.47
|
|
0.48
|
|
0.43
|
|
Non-GAAP diluted
earnings per share
|
0.55
|
|
0.57
|
|
0.51
|
|
|
|
|
|
|
|
Shares used for
calculation of earnings per share
(in
thousands):
|
|
|
|
|
|
|
Basic
|
28,146
|
|
28,168
|
|
27,965
|
|
Diluted
|
28,999
|
|
29,020
|
|
28,689
|
|
|
|
|
|
|
|
|
* Stock-based
compensation expenses for the three months ended December 31, 2020
included in – Cost of revenues
products – 292; Cost of revenues services – 123; Research and
development expenses, net – 904; Sales and marketing
expenses – 449; General and administrative expenses –
463
|
|
NOVA MEASURING
INSTRUMENTS LTD.
|
|
RECONCILIATION OF
GAAP TO NON-GAAP RESULTS
|
|
(U.S. dollars in
thousands, except percentage and per share data) -
(Unaudited)
|
|
|
Year ended
December 31,
|
|
2020
|
|
2019
|
|
GAAP gross
profit
|
152,923
|
|
121,820
|
|
Stock-based
compensation expenses *
|
1,364
|
|
1,003
|
|
Facilities transition
costs
|
-
|
|
703
|
|
Non-GAAP gross
profit
|
154,287
|
|
123,526
|
|
GAAP gross margin
as a percentage of revenues
|
57%
|
|
54%
|
|
Non-GAAP gross
margin as a percentage of revenues
|
57%
|
|
55%
|
|
|
|
|
|
GAAP operating
income
|
55,570
|
|
36,408
|
|
Stock-based
compensation expenses *
|
6,949
|
|
5,092
|
|
Amortization of
acquired intangible assets
|
2,503
|
|
2,625
|
|
One-time expense
related to a transaction made by a
financial institution without Company authorization,
net
|
150
|
|
-
|
|
Facilities transition
costs
|
-
|
|
2,329
|
|
Non-GAAP operating
income
|
65,172
|
|
46,454
|
|
GAAP operating
margin as a percentage of revenues
|
21%
|
|
16%
|
|
Non-GAAP operating
margin as a percentage of revenues
|
24%
|
|
21%
|
|
|
|
|
|
GAAP net
income
|
47,907
|
|
35,171
|
|
Stock-based
compensation expenses *
|
6,949
|
|
5,092
|
|
Amortization of
acquired intangible assets
|
2,503
|
|
2,625
|
|
Amortization of debt
discount and issuance costs
|
868
|
|
-
|
|
One-time expense
related to a transaction made by a
financial institution without Company authorization,
net
|
150
|
|
-
|
|
Facilities transition
costs
|
-
|
|
2,329
|
|
Revaluation of
operating lease liabilities
|
2,053
|
|
1,410
|
|
Tax effect of non-GAAP
adjustments
|
(792)
|
|
(1,104)
|
|
Non-GAAP net
income
|
59,638
|
|
45,523
|
|
|
|
|
|
GAAP basic earnings
per share
|
1.71
|
|
1.26
|
|
Non-GAAP basic
earnings per share
|
2.12
|
|
1.63
|
|
|
|
|
|
GAAP diluted earnings
per share
|
1.65
|
|
1.23
|
|
Non-GAAP diluted
earnings per share
|
2.06
|
|
1.59
|
|
|
|
|
|
Shares used for
calculation of earnings per share
(in
thousands):
|
|
|
|
|
Basic
|
28,097
|
|
27,895
|
|
Diluted
|
28,950
|
|
28,574
|
|
|
* Stock-based
compensation expenses for the year ended December 31, 2020 included
in – Cost of revenues products –
927; Cost of revenues services – 437; Research and development
expenses, net – 2,556; Sales and marketing expenses
– 1,531; General and administrative expenses – 1,498
|
|
|
|
NOVA MEASURING
INSTRUMENTS LTD.
|
|
SUPPLEMENTAL
INFORMATION - RECONCILIATION OF FISRT QUARTER 2021
|
|
GAAP TO NON-GAAP
GUIDANCE
|
|
(Unaudited)
|
|
|
Low
|
|
High
|
|
Estimated GAAP net
income per diluted share
|
0.41
|
|
0.53
|
|
Estimated non-GAAP
items:
|
|
|
|
|
Stock-based
compensation expenses
|
0.09
|
|
0.09
|
|
Amortization of
acquired intangible assets
|
0.02
|
|
0.02
|
|
Amortization of debt
discount and issuance costs
|
0.04
|
|
0.04
|
|
Tax effect of non-GAAP
adjustments
|
(0.01)
|
|
(0.02)
|
|
Estimated non-GAAP
net income per diluted share
|
0.55
|
|
0.66
|
|
Company
Contact:
Dror David, Chief
Financial Officer
Nova Measuring Instruments Ltd.
Tel: +972-73-229-5760
E-mail:
info@novami.com
www.novami.com
|
Investor Relations
Contact:
Miri Segal MS-IR
LLC
Tel:
+917-607-8654
E-mail:
msegal@ms-ir.com
|
View original
content:http://www.prnewswire.com/news-releases/nova-reports-fourth-quarter-and-full-year-2020-results-301230830.html
SOURCE Nova