REHOVOT, Israel, Feb. 24, 2022 /PRNewswire/ -- Nova
(Nasdaq: NVMI) today announced financial results for the fourth
quarter and full year 2021.
Fourth Quarter 2021 Highlights:
- Record quarterly revenue of $121.5
million, up 59% year over year
- GAAP net income of $22.2 million,
or $0.73 per diluted share, up 55%
year over year
on a per-share basis
- Non-GAAP net income of $32.8
million, or $1.08 per diluted
share, up 96% year over year on a per-share basis
- Revenues recognized from multiple customers for Nova
METRION®, a newly launched materials metrology
solution
- VERAFLEX® IV selection with multiple orders by a
leading global semiconductor manufacturer
- Record software revenues, led by Nova's advanced Nova FIT
machine learning solution
Full Year 2021 Highlights:
- Record annual revenue of $416.1
million, up 54% year over year
- GAAP net income of $93.1 million,
or $3.12 per diluted share, up 89%
year over year
on a per-share basis
- Non-GAAP net income of $114.7
million, or $3.85 per diluted
share, up 87% year over year
on a per-share basis
GAAP Results ($K)
|
Q4 2021
|
Q3
2021
|
Q4 2020
|
FY
2021
|
FY
2020
|
|
Revenues
|
$121,521
|
$112,713
|
$76,303
|
$416,113
|
$269,396
|
|
Net Income
|
$22,226
|
$30,335
|
$13,657
|
$93,101
|
$47,907
|
|
Earnings per Diluted
Share
|
$0.73
|
$1.02
|
$0.47
|
$3.12
|
$1.65
|
Non-GAAP Results ($K)
|
Q4
2021
|
Q3
2021
|
Q4 2020
|
FY
2021
|
FY
2020
|
|
Net Income
|
$32,752
|
$34,546
|
$15,872
|
$114,669
|
$59,638
|
|
Earnings per Diluted
Share
|
$1.08
|
$1.16
|
$0.55
|
$3.85
|
$2.06
|
A reconciliation between GAAP operating results and non-GAAP
operating results is provided following the financial statements
that are part of this release. See also "Use of Non-GAAP Adjusted
Financial Measures" section.
Management Comments
"We are very pleased with Nova's strong results for the fourth
quarter, which conclude another record year with significant growth
in both our product and service revenue. Against the backdrop of
the continuous pandemic and its influence on the supply chain, Nova
succeeded in outperforming the market, demonstrating the agility
and efficiency of its operational model," commented Eitan
Oppenhaim, President and Chief Executive Officer. "Our solid annual
results underscore the competitive advantages and differentiated
value in the marketplace. In addition to our growing organic
engines, Nova expanded its offering this quarter with new advanced
chemical metrology capabilities as part of the acquisition of
ancosys, a leading German metrology supplier. This strategic
transaction extends Nova's available markets and positions Nova for
another growth year in 2022."
2022 First Quarter Financial Outlook
Management provided an outlook for the first quarter, the period
ending March 31, 2022. Based on
current estimates, management expects:
- $122 million to $132 million in
revenue
- $0.78 to $0.96 in diluted GAAP EPS
- $0.96 to $1.14 in diluted non-GAAP EPS
2021 Fourth Quarter Results
Total revenues for the fourth quarter of 2021 were $121.5 million, an increase of 8% compared with
the third quarter of 2021 and an increase of 59% compared with the
fourth quarter of 2020.
Gross margin in the fourth quarter of 2021 was 56%, compared
with 58% in the third quarter of 2021 and 55% in the fourth
quarter of 2020.
Operating expenses in the fourth quarter of 2021 were
$38.4 million, compared with
$29.7 million in the third quarter of
2021 and $25.5 million in the fourth
quarter of 2020.
On a GAAP basis, the Company reported net income of $22.2 million, or $0.73 per diluted share, in the fourth quarter of
2021. This is compared with net income of $30.3
million, or $1.02 per diluted share,
in the third quarter of 2021, and net income of $13.7 million, or $0.47 per diluted share, in the fourth quarter of
2020.
On a non-GAAP basis, the Company reported net income of
$32.8 million, or $1.08 per diluted share, in the fourth quarter of
2021. This is compared with net income of $34.5 million, or $1.16 per diluted share, in the third quarter of
2021, and net income of $15.9
million, or $0.55 per diluted
share, in the fourth quarter of 2020.
2021 Full Year Results
Total revenues for 2021 were $416.1
million, an increase of 54% compared to total revenues of
$269.4 million for 2020.
Gross margin in 2021 was 57%, same as 2020.
Operating expenses in 2021 were $125
million, compared with operating expenses of $97.4 million in 2020.
On a GAAP basis, the Company reported net income of $93.1 million, or $3.12 per diluted share, in 2021. This is
compared with a net income of $47.9
million, or $1.65 per diluted
share, in 2020.
On a non-GAAP basis, the Company reported net income of
$114.7 million, or $3.85 per diluted share, in 2021. This is
compared with net income of $59.6
million, or $2.06 per diluted
share, in 2020.
Conference Call Information
Nova will host a conference call today, February 24, 2022, at 8:30
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: 1-855-327-6837
ISRAEL TOLL-FREE Dial-in Number:
1-809-458-327
INTERNATIONAL Dial-in Number: 1-631-891-4304
At:
8:30 a.m. Eastern
Time
5:30 a.m. Pacific Time
3:30 p.m. Israel Time
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 24, 2022, at 11:30 a.m. Eastern Time to March 3, 2022, 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: 10017625
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 material,
optical and chemical metrology solutions for advanced process
control 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 developing and
producing the most advanced semiconductor devices. Nova's unique
capability to deliver innovative 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 worldwide. Additional information may be found at
Nova's website link - https://www.novami.com/.
Nova is traded on Nasdaq & TASE, Nasdaq ticker symbol
NVMI.
Use of Non-GAAP Adjusted Financial Measures
This press release provides financial measures that exclude
amortization of acquired intangible assets, stock-based
compensation expenses, acquisition related expenses, expense
related to a transaction made by a financial institution without
Company authorization, revaluation of operating lease liabilities,
amortization of debt discount and issuance costs, tax effect of
non-GAAP adjustment and taxes attributed to one-time elective tax
settlement, 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.
Forward-Looking Statements
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 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: catastrophic events such as the outbreak of COVID-19;
increased information technology security threats and sophisticated
computer crime; foreign political and economic risks; changes in
U.S. trade policies; inability to protect intellectual property;
open source technology exposure; failure to compete effectively or
to respond to the rapid technological changes; consolidation in our
industry; difficulty to predict the length and strength of any
downturn or expansion period of the market we target; factors that
adversely affect the pricing and demand for our product lines;
dependency on a small number of large customers; dependency on a
single manufacturing facility per product line; dependency on a
limited number of suppliers; difficulty to integrate current
or future acquisitions; lengthy sales cycle and customer delays in
orders; political, economic, and military instability in
Israel; risks related to our
convertible notes; currency fluctuations; and quarterly
fluctuations in our operating results. 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, 2020 filed with the Securities and
Exchange Commission on March 1, 2021.
These factors are updated from time to time through the filing of
reports and registration statements with the Securities and
Exchange Commission. Nova Ltd. does not assume any obligation to
update the forward-looking information contained in this press
release.
Company Contact:
Dror David, Chief Financial
Officer
Tel: +972-73-229-5760
E-mail - investors@novami.com
Nova website link - https://www.novami.com/
Investor Relations Contact:
Miri Segal MS-IR LLC
Tel: +917-607-8654
E-mail - msegal@ms-ir.com
|
NOVA LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in
thousands) - (Unaudited)
|
|
|
As of
December 31,
|
|
ASSETS
|
2021
|
2020
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
126,698
|
232,304
|
|
Short-term
interest-bearing bank deposits
|
221,897
|
191,567
|
|
Marketable
securities
|
61,568
|
-
|
|
Trade accounts
receivable, net
|
68,446
|
63,314
|
|
Inventories
|
78,665
|
61,734
|
|
Other current
assets
|
9,242
|
9,782
|
|
Total current
assets
|
566,516
|
558,701
|
|
Non-current
assets
|
|
|
|
Marketable
securities
|
137,415
|
-
|
|
Interest-bearing bank
deposits
|
3,672
|
2,547
|
|
Restricted
interest-bearing bank deposits
|
1,600
|
1,476
|
|
Deferred tax
assets
|
6,161
|
2,869
|
|
Severance pay
funds
|
1,327
|
1,281
|
|
Operating lease
right-of-use assets
|
30,627
|
29,109
|
|
Property and
equipment, net
|
34,460
|
34,168
|
|
Intangible assets,
net
|
2,601
|
5,059
|
|
Goodwill
|
20,114
|
20,114
|
|
Other long-term
assets
|
661
|
462
|
|
Total non-current
assets
|
238,638
|
97,085
|
|
Total
assets
|
805,154
|
655,786
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Convertible senior
notes, net
|
183,037
|
-
|
|
Trade accounts
payable
|
36,218
|
24,096
|
|
Deferred
revenues
|
15,338
|
4,717
|
|
Operating lease
current liabilities
|
4,452
|
3,703
|
|
Other current
liabilities
|
48,885
|
28,418
|
|
Total current
liabilities
|
287,930
|
60,934
|
|
Non-current
liabilities
|
|
|
|
Convertible senior
notes, net
|
-
|
178,808
|
|
Accrued severance
pay
|
3,686
|
3,719
|
|
Operating lease
long-term liabilities
|
33,450
|
31,905
|
|
Other long-term
liabilities
|
6,334
|
8,882
|
|
Total non-current
liabilities
|
43,470
|
223,314
|
|
Shareholders'
equity
|
473,754
|
371,538
|
|
Total liabilities
and shareholders' equity
|
805,154
|
655,786
|
|
NOVA 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,
|
|
2021
|
2020
|
2021
|
2020
|
|
Revenues:
|
|
|
|
|
|
Products
|
99,898
|
61,741
|
337,026
|
209,320
|
|
Services
|
21,623
|
14,562
|
79,087
|
60,076
|
|
Total
revenues
|
121,521
|
76,303
|
416,113
|
269,396
|
|
Cost of
revenues
|
53,272
|
33,980
|
178,752
|
116,473
|
|
Gross
profit
|
68,249
|
42,323
|
237,361
|
152,923
|
|
Operating
expenses:
|
|
|
|
|
|
Research and
development, net
|
20,140
|
15,753
|
65,857
|
53,015
|
|
Sales and
marketing
|
11,219
|
8,089
|
39,336
|
29,321
|
|
General and
administrative
|
6,262
|
1,009
|
17,324
|
12,514
|
|
Amortization of
intangible assets
|
735
|
626
|
2,458
|
2,503
|
|
Total operating
expenses
|
38,356
|
25,477
|
124,975
|
97,353
|
|
Operating
income
|
29,893
|
16,846
|
112,386
|
55,570
|
|
Financing income
(expense), net
|
(1,518)
|
(1,335)
|
(3,133)
|
926
|
|
Income before
taxes on income
|
28,375
|
15,511
|
109,253
|
56,496
|
|
Income tax
expenses
|
6,149
|
1,854
|
16,152
|
8,589
|
|
Net income for the
period
|
22,226
|
13,657
|
93,101
|
47,907
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Basic
|
0.78
|
0.49
|
3.28
|
1.71
|
|
Diluted
|
0.73
|
0.47
|
3.12
|
1.65
|
|
|
|
|
|
|
Shares used in
calculation of earnings per share
(in thousands):
|
|
|
|
|
|
Basic
|
28,539
|
28,146
|
28,372
|
28,097
|
|
Diluted
|
30,285
|
28,999
|
29,816
|
28,950
|
|
NOVA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S.
dollars in thousands) - (Unaudited)
|
|
|
Three months ended
December 31,
|
Year ended
December 31,
|
|
2021
|
2020
|
2021
|
2020
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net
income
|
22,226
|
13,657
|
93,101
|
47,907
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation of property and
equipment
|
1,681
|
1,572
|
6,475
|
5,875
|
|
Amortization of intangible
assets
|
735
|
626
|
2,458
|
2,503
|
|
Amortization of premium and
accretion of discount on marketable securities, net
|
855
|
-
|
1,708
|
-
|
|
Amortization of debt
discount and issuance costs
|
1,075
|
868
|
4,229
|
868
|
|
Share-based
compensation
|
3,496
|
2,231
|
10,488
|
6,949
|
|
Net effect of exchange rate
fluctuation
|
(694)
|
(1,187)
|
(745)
|
(1,584)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
Trade accounts receivables,
net
|
(3,816)
|
(22,217)
|
(5,132)
|
(11,711)
|
|
Inventories
|
(5,964)
|
(1,219)
|
(18,457)
|
(16,271)
|
|
Other current and long-term
assets
|
1,076
|
1,655
|
192
|
6,878
|
|
Deferred tax assets,
net
|
(741)
|
535
|
(2,989)
|
(193)
|
|
Operating lease right-of-use
assets
|
489
|
395
|
1,680
|
1,351
|
|
Trade accounts
payables
|
6,799
|
1,228
|
11,697
|
3,255
|
|
Deferred revenues
|
(16,572)
|
926
|
10,621
|
2,461
|
|
Operating lease
liabilities
|
164
|
1,346
|
(904)
|
91
|
|
Other current and long-term
liabilities
|
9,587
|
5,898
|
17,919
|
11,520
|
|
Accrued severance pay,
net
|
(133)
|
162
|
(79)
|
354
|
|
Net cash provided
by operating activities
|
20,263
|
6,476
|
132,262
|
60,253
|
|
Cash flows from
investment activities:
|
|
|
|
|
|
Change in short-term
and long-term interest-bearing bank deposits
|
37,223
|
10,125
|
(31,456)
|
(36,016)
|
|
Investment in
marketable securities
|
(6,364)
|
-
|
(215,091)
|
-
|
|
Proceed from
maturities of marketable securities
|
5,141
|
-
|
12,862
|
-
|
|
Purchase of property
and equipment
|
(2,250)
|
(1,570)
|
(4,816)
|
(6,443)
|
|
Net cash provided
by (used in) investing activities
|
33,750
|
8,555
|
(238,501)
|
(42,459)
|
|
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)
|
|
Proceeds from
exercise of options
|
-
|
-
|
11
|
367
|
|
Net cash provided
by financing activities
|
-
|
183,588
|
11
|
181,406
|
|
Effect of exchange
rate fluctuations on cash and cash equivalents
|
558
|
972
|
622
|
1,356
|
|
Increase
(decrease) in cash and cash equivalents
|
54,571
|
199,591
|
(105,606)
|
200,556
|
|
Cash and cash
equivalents - beginning of period
|
72,127
|
32,713
|
232,304
|
31,748
|
|
Cash and cash
equivalents - end of period
|
126,698
|
232,304
|
126,698
|
232,304
|
|
NOVA 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,
2021
|
September
30,
2021
|
December 31,
2020
|
|
GAAP gross
profit
|
68,249
|
65,238
|
42,323
|
|
Stock-based
compensation*
|
803
|
557
|
415
|
|
Non-GAAP gross
profit
|
69,052
|
65,795
|
42,738
|
|
GAAP gross margin
as a percentage of revenues
|
56%
|
58%
|
55%
|
|
Non-GAAP gross
margin as a percentage of revenues
|
57%
|
58%
|
56%
|
|
|
|
|
|
GAAP
operating income
|
29,893
|
35,526
|
16,846
|
|
Stock-based
compensation*
|
3,496
|
2,642
|
2,231
|
|
Acquisition related
expenses
|
999
|
-
|
-
|
|
Amortization of
acquired intangible assets
|
735
|
574
|
626
|
|
Income related to a
transaction made by a financial institution without Company
authorization
|
-
|
-
|
(2,850)
|
|
Non-GAAP operating
income
|
35,123
|
38,742
|
16,853
|
|
GAAP operating
margin as a percentage of revenues
|
25%
|
32%
|
22%
|
|
Non-GAAP operating
margin as a percentage of revenues
|
29%
|
34%
|
22%
|
|
|
|
|
|
GAAP net
income
|
22,226
|
30,335
|
13,657
|
|
Stock-based
compensation*
|
3,496
|
2,642
|
2,231
|
|
Acquisition related
expenses
|
999
|
-
|
-
|
|
Amortization of
acquired intangible assets
|
735
|
574
|
626
|
|
Amortization of debt
discount and issuance costs
|
1,075
|
1,069
|
868
|
|
Income related to a
transaction made by a financial institution without Company
authorization
|
-
|
-
|
(2,850)
|
|
Revaluation of
operating lease liabilities
|
907
|
217
|
1,364
|
|
Tax effect of non-GAAP
adjustments
|
(402)
|
(291)
|
(24)
|
|
Taxes attributed to
one-time elective tax settlement
|
3,716
|
-
|
-
|
|
Non-GAAP net
income
|
32,752
|
34,546
|
15,872
|
|
|
|
|
|
GAAP basic earnings
per share
|
0.78
|
1.07
|
0.49
|
|
Non-GAAP basic
earnings per share
|
1.15
|
1.22
|
0.56
|
|
|
|
|
|
GAAP diluted earnings
per share
|
0.73
|
1.02
|
0.47
|
|
Non-GAAP diluted
earnings per share
|
1.08
|
1.16
|
0.55
|
|
|
|
|
|
Shares used for
calculation of earnings per share
(in thousands):
|
|
|
|
|
Basic
|
28,539
|
28,429
|
28,146
|
|
Diluted
|
30,285
|
29,858
|
28,999
|
|
|
|
|
|
* Stock-based compensation for the three months ended
December 31, 2021, included in – Cost
of revenues - 803; Research and development, net – 1,315; Sales and
marketing – 717; General and administrative – 661
|
NOVA LTD.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(U.S. dollars in
thousands, except percentage and per share data) -
(Unaudited)
|
|
|
Year ended
December 31,
|
|
2021
|
2020
|
|
GAAP gross
profit
|
237,361
|
152,923
|
|
Stock-based
compensation*
|
2,160
|
1,364
|
|
Non-GAAP gross
profit
|
239,521
|
154,287
|
|
GAAP gross margin
as a percentage of revenues
|
57%
|
57%
|
|
Non-GAAP gross
margin as a percentage of revenues
|
58%
|
57%
|
|
|
|
|
GAAP
operating income
|
112,386
|
55,570
|
|
Stock-based
compensation*
|
10,488
|
6,949
|
|
Acquisition related
expenses
|
999
|
-
|
|
Amortization of
acquired intangible assets
|
2,458
|
2,503
|
|
Expense related to a
transaction made by a financial institution without Company
authorization
|
-
|
150
|
|
Non-GAAP operating
income
|
126,331
|
65,172
|
|
GAAP operating
margin as a percentage of revenues
|
27%
|
21%
|
|
Non-GAAP operating
margin as a percentage of revenues
|
30%
|
24%
|
|
|
|
|
GAAP net
income
|
93,101
|
47,907
|
|
Stock-based
compensation*
|
10,488
|
6,949
|
|
Acquisition related
expenses
|
999
|
-
|
|
Amortization of
acquired intangible assets
|
2,458
|
2,503
|
|
Amortization of debt
discount and issuance costs
|
4,229
|
868
|
|
Expense related to a
transaction made by a financial institution without Company
authorization
|
-
|
150
|
|
Revaluation of
operating lease liabilities
|
818
|
2,053
|
|
Tax effect of non-GAAP
adjustments
|
(1,140)
|
(792)
|
|
Taxes attributed to
one-time elective tax settlement
|
3,716
|
-
|
|
Non-GAAP net
income
|
114,669
|
59,638
|
|
|
|
|
GAAP basic earnings
per share
|
3.28
|
1.71
|
|
Non-GAAP basic
earnings per share
|
4.04
|
2.12
|
|
|
|
|
GAAP diluted earnings
per share
|
3.12
|
1.65
|
|
Non-GAAP diluted
earnings per share
|
3.85
|
2.06
|
|
|
|
|
Shares used for
calculation of earnings per share
(in thousands):
|
|
|
|
Basic
|
28,372
|
28,097
|
|
Diluted
|
29,816
|
28,950
|
* Stock-based compensation for the year ended December 31, 2021, included in – Cost of revenues
- 2,160; Research and development, net – 3,994; Sales and marketing
– 2,221; General and administrative – 2,113
|
NOVA LTD.
SUPPLEMENTAL INFORMATION - RECONCILIATION OF FIRST QUARTER 2022
GAAP TO NON-GAAP GUIDANCE
(Unaudited)
|
|
|
Low
|
High
|
|
Estimated GAAP net
income per diluted share
|
0.78
|
0.96
|
|
Estimated non-GAAP
items:
|
|
|
|
Stock-based
compensation
|
0.12
|
0.12
|
|
Acquisition related
expenses
|
0.02
|
0.02
|
|
Amortization of
acquired intangible assets
|
0.06
|
0.06
|
|
Amortization of
issuance costs
|
0.01
|
0.01
|
|
Tax effect of non-GAAP
adjustments
|
(0.03)
|
(0.03)
|
|
Estimated non-GAAP
net income per diluted share
|
0.96
|
1.14
|
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SOURCE Nova
