Onto Innovation Reports 2020 Fourth Quarter and Full Year Results

*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.

RECONCILIATION 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 26,

2020

 

September 26,

2020

 

December 31,

2019*

 

December 26,

2020

 

December 31,

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

%


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