NOVA LTD.
|
|
(Registrant)
|
|
By: /s/ Dror David
|
|
—————————————
|
|
Dror David
|
|
Chief Financial Officer
|
• |
Quarterly revenue of $134.2 million, up 4% QoQ, exceeding the high end of the guidance of $132 million.
|
• |
Record GAAP net income of $38.1 million, or $1.20 per diluted share, up 13% QoQ, exceeding the high end of the guidance of $1.11.
|
• |
Record Non-GAAP net income of $43.6 million, or $1.36 per diluted share, up 10% QoQ, exceeding the high end of the guidance of $1.31.
|
• |
Continued proliferation of materials and chemical metrology solutions across both Frontend and Backend markets.
|
• |
Expanding the adoption of optical metrology solutions among multiple DRAM customers for High Bandwidth Memory.
|
• |
Annual revenue of $517.9 million.
|
• |
GAAP net income of $136.3 million, or $4.28 per diluted share.
|
• |
Non-GAAP net income of $155.9 million, or $4.86 per diluted share.
|
• |
Solidifying Nova’s leadership position in materials process control.
|
• |
Multiple PRISM wins in Memory, Logic and Hybrid Bonding customers.
|
Q4 2023
|
Q3 2023
|
Q4 2022
|
FY 2023
|
FY 2022
|
|
Revenues
|
$134,219
|
$128,808
|
$151,238
|
$517,922
|
$570,729
|
Net Income
|
$38,068
|
$33,689
|
$36,098
|
$136,310
|
$140,213
|
Earnings per Diluted Share
|
$1.20
|
$1.06
|
$1.15
|
$4.28
|
$4.43
|
Q4 2023
|
Q3 2023
|
Q4 2022
|
FY 2023
|
FY 2022
|
|
Net Income
|
$43,597
|
$39,405
|
$40,778
|
$155,891
|
$161,509
|
Earnings per Diluted Share
|
$1.36
|
$1.23
|
$1.28
|
$4.86
|
$5.07
|
• |
$134 million to $140 million in revenue
|
• |
$1.00 to $1.12 in diluted GAAP EPS
|
• |
$1.21 to $1.33 in diluted non-GAAP EPS
|
As of December 31,
|
||||||||
2023
|
2022
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
107,574
|
111,121
|
||||||
Short-term interest-bearing bank deposits
|
119,850
|
95,305
|
||||||
Marketable securities
|
216,258
|
167,073
|
||||||
Trade accounts receivable, net
|
111,256
|
109,320
|
||||||
Inventories
|
138,198
|
116,600
|
||||||
Other current assets
|
17,084
|
13,527
|
||||||
Total current assets
|
710,220
|
612,946
|
||||||
Non-current assets
|
||||||||
Marketable securities
|
191,351
|
153,462
|
||||||
Interest-bearing bank deposits and restricted cash
|
6,254
|
2,083
|
||||||
Deferred tax assets
|
23,583
|
20,097
|
||||||
Operating lease right-of-use assets
|
41,856
|
44,885
|
||||||
Property plant and equipment, net
|
66,874
|
55,886
|
||||||
Intangible assets, net
|
39,184
|
43,586
|
||||||
Goodwill
|
50,080
|
49,009
|
||||||
Other long-term assets
|
4,405
|
2,151
|
||||||
Total non-current assets
|
423,587
|
371,159
|
||||||
Total assets
|
1,133,807
|
984,105
|
||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current liabilities
|
||||||||
Convertible senior notes, net
|
197,678
|
-
|
||||||
Trade accounts payable
|
35,158
|
42,732
|
||||||
Deferred revenues
|
41,978
|
30,543
|
||||||
Operating lease current liabilities
|
6,703
|
5,968
|
||||||
Other current liabilities
|
41,294
|
54,825
|
||||||
Total current liabilities
|
322,811
|
134,068
|
||||||
Non-current liabilities
|
||||||||
Convertible senior notes, net
|
-
|
196,394
|
||||||
Operating lease long-term liabilities
|
39,762
|
43,697
|
||||||
Long-term deferred tax liability
|
10,574
|
12,190
|
||||||
Other long-term liabilities
|
9,908
|
10,793
|
||||||
Total non-current liabilities
|
60,244
|
263,074
|
||||||
Shareholders' equity
|
750,752
|
586,963
|
||||||
Total liabilities and shareholders' equity
|
1,133,807
|
984,105
|
Three months ended
December 31,
|
Year ended
December 31,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Revenues:
|
||||||||||||||||
Products
|
104,108
|
123,486
|
405,037
|
464,152
|
||||||||||||
Services
|
30,111
|
27,752
|
112,885
|
106,577
|
||||||||||||
Total revenues
|
134,219
|
151,238
|
517,922
|
570,729
|
||||||||||||
Total cost of revenues
|
60,207
|
68,817
|
224,745
|
253,759
|
||||||||||||
Gross profit
|
74,012
|
82,421
|
293,177
|
316,970
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development, net
|
21,290
|
26,206
|
88,043
|
90,458
|
||||||||||||
Sales and marketing
|
13,580
|
14,214
|
52,467
|
52,729
|
||||||||||||
General and administrative
|
5,480
|
5,077
|
20,404
|
23,852
|
||||||||||||
Total operating expenses
|
40,350
|
45,497
|
160,914
|
167,039
|
||||||||||||
Operating income
|
33,662
|
36,924
|
132,263
|
149,931
|
||||||||||||
Financing income, net
|
7,283
|
2,157
|
22,436
|
8,478
|
||||||||||||
Income before taxes on income
|
40,945
|
39,081
|
154,699
|
158,409
|
||||||||||||
Income tax expenses
|
2,877
|
2,983
|
18,389
|
18,196
|
||||||||||||
Net income for the period
|
38,068
|
36,098
|
136,310
|
140,213
|
||||||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
1.31
|
1.26
|
4.73
|
4.89
|
||||||||||||
Diluted
|
1.20
|
1.15
|
4.28
|
4.43
|
||||||||||||
Shares used in calculation of earnings per share
(in thousands): |
||||||||||||||||
Basic
|
28,975
|
28,731
|
28,828
|
28,697
|
||||||||||||
Diluted
|
32,023
|
31,737
|
32,089
|
31,870
|
Three months ended
December 31,
|
Year ended
December 31,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net income
|
38,068
|
36,098
|
136,310
|
140,213
|
||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||||||
Depreciation of property and equipment
|
2,756
|
2,491
|
10,344
|
8,621
|
||||||||||||
Amortization of intangible assets
|
1,461
|
1,463
|
5,857
|
6,033
|
||||||||||||
Amortization of premium and accretion of discount on marketable securities, net
|
(1,134
|
)
|
(254
|
)
|
(3,001
|
)
|
1,666
|
|||||||||
Amortization of debt discount and issuance costs
|
324
|
322
|
1,284
|
1,282
|
||||||||||||
Share-based compensation
|
5,654
|
4,381
|
18,286
|
16,647
|
||||||||||||
Net effect of exchange rate fluctuation
|
(2,591
|
)
|
412
|
1,754
|
4,523
|
|||||||||||
Changes in assets and liabilities:
|
||||||||||||||||
Trade accounts receivable, net
|
(18,606
|
)
|
(9,421
|
)
|
(1,183
|
)
|
(31,634
|
)
|
||||||||
Inventories
|
2,851
|
(2,168
|
)
|
(26,000
|
)
|
(29,311
|
)
|
|||||||||
Other current and long-term assets
|
(361
|
)
|
5,926
|
(5,752
|
)
|
(4,223
|
)
|
|||||||||
Deferred taxes, net
|
(185
|
)
|
(6,598
|
)
|
(6,241
|
)
|
(13,740
|
)
|
||||||||
Operating lease right-of-use assets
|
259
|
841
|
3,050
|
3,873
|
||||||||||||
Trade accounts payable
|
8,917
|
(79
|
)
|
(7,807
|
)
|
5,142
|
||||||||||
Deferred revenues
|
(292
|
)
|
10,492
|
11,391
|
15,243
|
|||||||||||
Operating lease liabilities
|
2,091
|
115
|
(3,221
|
)
|
(6,351
|
)
|
||||||||||
Other current and long-term liabilities
|
(9,671
|
)
|
5,548
|
(11,352
|
)
|
1,509
|
||||||||||
Accrued severance pay, net
|
64
|
27
|
(188
|
)
|
46
|
|||||||||||
Net cash provided by operating activities
|
29,605
|
49,596
|
123,531
|
119,539
|
||||||||||||
Cash flows from investment activities:
|
||||||||||||||||
Acquisition of subsidiary, net of acquired cash
|
-
|
-
|
-
|
(78,469
|
)
|
|||||||||||
Change in short-term and long-term interest-bearing bank deposits
|
31,367
|
(26,517
|
)
|
(29,658
|
)
|
129,944
|
||||||||||
Investment in marketable securities
|
(106,695
|
)
|
(30,064
|
)
|
(273,572
|
)
|
(211,742
|
)
|
||||||||
Proceeds from maturity of marketable securities
|
44,443
|
23,390
|
195,087
|
81,325
|
||||||||||||
Purchase of property and equipment
|
(7,601
|
)
|
(8,429
|
)
|
(17,188
|
)
|
(21,314
|
)
|
||||||||
Net cash provided by (used in) investing activities
|
(38,486
|
)
|
(41,620
|
)
|
(125,331
|
)
|
(100,256
|
)
|
||||||||
Cash flows from financing activities:
|
||||||||||||||||
Settlement of a contingent consideration liability
|
-
|
-
|
-
|
(8,480
|
)
|
|||||||||||
Purchases of treasury shares
|
-
|
(15,000
|
)
|
(112
|
)
|
(21,416
|
)
|
|||||||||
Proceeds from exercise of options
|
-
|
8
|
122
|
90
|
||||||||||||
Net cash provided by (used in) financing activities
|
-
|
(14,992
|
)
|
10
|
(29,806
|
)
|
||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
(25
|
)
|
(77
|
)
|
(2,357
|
)
|
(4,454
|
)
|
||||||||
Changes in cash and cash equivalents and restricted cash
|
(8,906
|
)
|
(7,093
|
)
|
(4,147
|
)
|
(14,977
|
)
|
||||||||
Cash and cash equivalents and restricted cash -beginning of period
|
116,480
|
118,814
|
111,721
|
126,698
|
||||||||||||
Cash and cash equivalents - end of period
|
107,574
|
111,721
|
107,574
|
111,721
|
Three months ended
|
||||||||||||
December 31,
2023 |
September 30,
2023 |
December 31,
2022 |
||||||||||
GAAP gross profit
|
74,012
|
72,241
|
82,421
|
|||||||||
Stock-based compensation*
|
1,537
|
1,173
|
1,148
|
|||||||||
Amortization of acquired intangible assets
|
1,354
|
1,369
|
1,307
|
|||||||||
Non-GAAP gross profit
|
76,903
|
74,783
|
84,876
|
|||||||||
GAAP gross margin as a percentage of revenues
|
55
|
%
|
56
|
%
|
54
|
%
|
||||||
Non-GAAP gross margin as a percentage of revenues
|
57
|
%
|
58
|
%
|
56
|
%
|
||||||
GAAP operating income
|
33,662
|
34,148
|
36,924
|
|||||||||
Stock-based compensation*
|
5,654
|
4,571
|
4,381
|
|||||||||
Acquisition-related expenses and contingent consideration revaluation
|
-
|
-
|
(752
|
)
|
||||||||
Amortization of acquired intangible assets
|
1,461
|
1,477
|
1,463
|
|||||||||
Non-GAAP operating income
|
40,777
|
40,196
|
42,016
|
|||||||||
GAAP operating margin as a percentage of revenues
|
25
|
%
|
27
|
%
|
24
|
%
|
||||||
Non-GAAP operating margin as a percentage of revenues
|
30
|
%
|
31
|
%
|
28
|
%
|
||||||
GAAP net income
|
38,068
|
33,689
|
36,098
|
|||||||||
Stock-based compensation*
|
5,654
|
4,571
|
4,381
|
|||||||||
Acquisition-related expenses and contingent consideration revaluation
|
-
|
-
|
(752
|
)
|
||||||||
Amortization of acquired intangible assets
|
1,461
|
1,477
|
1,463
|
|||||||||
Amortization of debt discount and issuance costs
|
324
|
324
|
322
|
|||||||||
Revaluation of operating lease and intercompany loans
|
(827
|
)
|
423
|
294
|
||||||||
Tax effect of non-GAAP adjustments
|
(1,083
|
)
|
(1,079
|
)
|
(1,028
|
)
|
||||||
Non-GAAP net income
|
43,597
|
39,405
|
40,778
|
|||||||||
GAAP basic earnings per share
|
1.31
|
1.17
|
1.26
|
|||||||||
Non-GAAP basic earnings per share
|
1.50
|
1.36
|
1.42
|
|||||||||
GAAP diluted earnings per share
|
1.20
|
1.06
|
1.15
|
|||||||||
Non-GAAP diluted earnings per share
|
1.36
|
1.23
|
1.28
|
|||||||||
Shares used for calculation of earnings per share
(in thousands): |
||||||||||||
Basic
|
28,975
|
28,870
|
28,731
|
|||||||||
Diluted
|
32,023
|
31,983
|
31,737
|
Year ended December 31,
|
||||||||
2023
|
2022
|
|||||||
GAAP gross profit
|
293,177
|
316,970
|
||||||
Stock-based compensation*
|
4,946
|
4,166
|
||||||
Acquisition-related inventory step-up
|
5,430
|
5,426
|
||||||
Non-GAAP gross profit
|
303,553
|
329,534
|
||||||
GAAP gross margin as a percentage of revenues
|
57
|
%
|
56
|
%
|
||||
Non-GAAP gross margin as a percentage of revenues
|
59
|
%
|
58
|
%
|
||||
GAAP operating income
|
132,263
|
149,931
|
||||||
Stock-based compensation*
|
18,286
|
16,647
|
||||||
Acquisition-related inventory step-up
|
-
|
2,972
|
||||||
Acquisition-related expenses and contingent consideration revaluation
|
-
|
2,995
|
||||||
Amortization of acquired intangible assets
|
5,857
|
6,033
|
||||||
Non-GAAP operating income
|
156,406
|
178,578
|
||||||
GAAP operating margin as a percentage of revenues
|
26
|
%
|
26
|
%
|
||||
Non-GAAP operating margin as a percentage of revenues
|
30
|
%
|
31
|
%
|
||||
GAAP net income
|
136,310
|
140,213
|
||||||
Stock-based compensation*
|
18,286
|
16,647
|
||||||
Acquisition-related inventory step-up
|
-
|
2,972
|
||||||
Acquisition-related expenses and contingent consideration revaluation
|
-
|
2,995
|
||||||
Amortization of acquired intangible assets
|
5,857
|
6,033
|
||||||
Amortization of debt discount and issuance costs
|
1,284
|
1,282
|
||||||
Revaluation of operating lease liabilities
|
(1,994
|
)
|
(4,174
|
)
|
||||
Tax effect of non-GAAP adjustments
|
(3,852
|
)
|
(4,459
|
)
|
||||
Non-GAAP net income
|
155,891
|
161,509
|
||||||
GAAP basic earnings per share
|
4.73
|
4.89
|
||||||
Non-GAAP basic earnings per share
|
5.41
|
5.63
|
||||||
GAAP diluted earnings per share
|
4.28
|
4.43
|
||||||
Non-GAAP diluted earnings per share
|
4.86
|
5.07
|
||||||
Shares used for calculation of earnings per share
(in thousands): |
||||||||
Basic
|
28,828
|
28,697
|
||||||
Diluted
|
32,089
|
31,870
|
Low
|
High
|
|||||||
Estimated GAAP net income per diluted share
|
1.00
|
1.12
|
||||||
Estimated non-GAAP items:
|
||||||||
Stock-based compensation
|
0.20
|
0.20
|
||||||
Amortization of acquired intangible assets
|
0.04
|
0.04
|
||||||
Amortization of issuance costs
|
0.01
|
0.01
|
||||||
Tax effect of non-GAAP adjustments
|
(0.04
|
)
|
(0.04
|
)
|
||||
Estimated non-GAAP net income per diluted share
|
1.21
|
1.33
|
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