REHOVOT, Israel,
Feb. 13,
2025 /PRNewswire/ -- Nova (Nasdaq: NVMI) today
announced financial results for the fourth quarter and full year
ended December 31, 2024.
Fourth Quarter 2024 Highlights:
- Record Quarterly revenue of $194.8
million, a 9% QoQ increase, exceeding the Company guidance
and up 45% YoY.
- GAAP net income of $50.5 million,
or $1.58 per diluted share, up
32% YoY.
- Record non-GAAP net income of $62.3 million, or $1.94 per diluted share, exceeding the
Company guidance, and up 43% YoY.
- Record sales of materials metrology, driven by sales of
Nova Metrion and Nova Veraflex platforms
- Record sales for dimensional metrology stand-alone solutions,
driven by demand for unique capabilities in advanced packaging
and GAA manufacturing.
Full Year 2024 Highlights:
- Record annual revenue of $672.4
million up 30% YoY
- Record GAAP net income of $183.8
million, or $5.75 per diluted
share up 34% YoY
- Record Non-GAAP net income of $214.9
million, or $6.69 per diluted
share up 38% YoY
- Record sales for advanced packaging processes, more than
doubling revenues from the segment
- Record sales of materials metrology, driven by growing adoption
of the Company's solutions across market segments
GAAP Results (K)
|
Q4
2024
|
Q3
2024
|
Q4
2023
|
FY
2024
|
FY
2023
|
|
Revenues
|
$194,766
|
$178,974
|
$134,219
|
$672,396
|
$517,922
|
|
Net Income
|
$50,481
|
$51,279
|
$38,068
|
$183,762
|
$136,310
|
|
Earnings per Diluted
Share
|
$1.58
|
$1.60
|
$1.20
|
$5.75
|
$4.28
|
Non-GAAP Results (K)
|
Q4
2024
|
Q3
2024
|
Q4
2023
|
FY
2024
|
FY
2023
|
|
Net Income
|
$62,302
|
$56,056
|
$43,597
|
$214,926
|
$155,891
|
|
Earnings per Diluted
Share
|
$1.94
|
$1.74
|
$1.36
|
$6.69
|
$4.86
|
|
A reconciliation
between GAAP operating results and non-GAAP operating results is
provided following the financial statements included in this
release.
See also "Use of Non-GAAP Adjusted Financial Measures"
section.
|
Management Comments
"Nova continues to outperform the market, with quarterly and
annual sales records which exceeded the high end of the
guidance in both revenue and profitability," said Gaby Waisman, President and CEO. "As we reflect
on the past year, we count multiple achievements across our product
lines, including strategic penetrations into leading manufacturers,
an evolving position in new segments, and a growing market share.
All of these, combined with Nova's long-term strategy for perpetual
growth, set the stage for our continued growth in 2025."
2025 First Quarter Financial Outlook
Management provided an outlook for the first quarter, the period
ending March 31, 2025. Based on
current estimates, management expects:
- $205 million to $215 million in revenue
- $1.75 to $1.91 in diluted GAAP EPS
- $2.00 to $2.16 in diluted non-GAAP EPS
2024 Fourth Quarter Results
Total revenues for the fourth quarter of 2024
were $194.8 million, an increase
of 9% compared with the third quarter of
2024 and an increase of 45% compared with the fourth quarter of
2023.
Gross margin in the fourth quarter of 2024 was 56.4%,
compared with 56.6% in the third quarter of 2024 and
55.1% in the fourth quarter of 2023.
Operating expenses in the fourth quarter of 2024 were
$54.5 million, compared with
$52.1 million in the third quarter of
2024 and $40.4 million in the fourth
quarter of 2023.
On a GAAP basis, the Company reported net income of $50.5 million, or $1.58 per diluted share, in the fourth quarter of
2024. This is compared with net income of $51.3 million, or $1.60 per diluted share, in the third quarter of
2024, and $38.1 million, or
$1.20 per diluted share, in the
fourth quarter of 2023.
On a non-GAAP basis, the Company reported net income of
$ 62.3 million, or $1.94 per diluted share, in the fourth
quarter of 2024. This is compared
with net income of $ 56.1
million, or $1.74 per diluted share, in the third
quarter of 2024, and $43.6 million,
or $1.36 per diluted share, in the
fourth quarter of 2023.
2024 Full Year Results
Total revenues for 2024 were $672.4
million, an increase of 30% compared to total revenues of
$517.9 million for 2023.
Gross margin in 2024 was 57.6%, compared with 56.6% in 2023.
Operating expenses in 2024 were $199.5
million, compared with operating expenses of $160.9 million in 2023.
On a GAAP basis, the Company reported net income of $183.7 million, or $5.75 per diluted share, in 2024. This is
compared with a net income of $136.3
million, or $4.28 per diluted
share, in 2023.
On a non-GAAP basis, the Company reported net income of
$214.9 million, or $6.69 per diluted share, in 2024. This is
compared with net income of $155.9
million, or $4.86 per diluted
share, in 2023.
Conference Call Information
Nova will host a conference call today, February 13, 2025, at 8:30
a.m. Eastern Time, to discuss the Company's fourth quarter
2024 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: 1-833-816-1427
ISRAEL TOLL-FREE
Dial-in Number: 1-809-213-284
INTERNATIONAL Dial-in Number: 1-412-317-0519
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 13, 2025, at 11:30 a.m. Eastern Time until August 15, 2025, at 11:59
p.m. Eastern Time. To access the replay, please dial one of
the following numbers:
Replay Dial-in U.S. TOLL-FREE: 1-877-344-7529
Replay Dial-in INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 8533745
A replay will also be available for 90 days on Nova's website
link 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 on Nova's website
link - https://www.novami.com/.
Nova is traded on the Nasdaq and 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, revaluation of
operating lease liabilities and remeasurement of intercompany
loans, amortization of 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.
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 differ materially 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: increased
information technology security threats and sophisticated computer
crime; foreign political and economic risks including supply-chain
difficulties; regulations that could restrict our operations such
as economic sanctions and export restrictions; changes in U.S.
trade policies; indirect effects of the Russia – Ukraine conflict; market instability including
inflation and recessionary pressures; risks related to doing
business with China; catastrophic
events; inability to protect our intellectual property; open source
technology exposure, including risks related to artificial
intelligence; failure to compete effectively or to respond to rapid
technological changes; consolidation in our industry; difficulty in
predicting 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 in integrating current or future
acquisitions; lengthy sales cycle and customer delays in orders;
risks related to conditions in Israel, including related to the war against
Hamas and other terrorist organizations; 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, 2023, filed with the Securities and
Exchange Commission on February 20,
2024. 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.
(Tables to Follow)
|
NOVA
LTD.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(U.S. dollars in
thousands) - (Unaudited)
|
|
|
As of December
31,
|
|
ASSETS
|
2024
|
|
2023
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
157,779
|
|
107,574
|
|
Short-term
interest-bearing bank deposits
|
211,877
|
|
119,850
|
|
Marketable
securities
|
216,910
|
|
216,258
|
|
Trade accounts
receivable, net
|
139,318
|
|
111,256
|
|
Inventories
|
156,599
|
|
138,198
|
|
Other current
assets
|
19,466
|
|
17,084
|
|
Total current
assets
|
901,949
|
|
710,220
|
|
Non-current
assets
|
|
|
|
|
Marketable
securities
|
225,818
|
|
191,351
|
|
Interest-bearing bank
deposits and restricted deposits
|
7,847
|
|
6,254
|
|
Deferred tax
assets
|
31,639
|
|
23,583
|
|
Operating lease
right-of-use assets
|
51,193
|
|
41,856
|
|
Property plant and
equipment, net
|
81,746
|
|
66,874
|
|
Intangible assets,
net
|
31,458
|
|
39,184
|
|
Goodwill
|
48,317
|
|
50,080
|
|
Other long-term
assets
|
10,455
|
|
4,405
|
|
Total non-current
assets
|
488,473
|
|
423,587
|
|
Total
assets
|
1,390,422
|
|
1,133,807
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Convertible senior notes, net
|
180,564
|
|
197,678
|
|
Trade accounts
payable
|
59,578
|
|
35,158
|
|
Deferred
revenues
|
72,886
|
|
41,978
|
|
Operating lease
current liabilities
|
7,169
|
|
6,703
|
|
Other current
liabilities
|
68,033
|
|
41,294
|
|
Total current
liabilities
|
388,230
|
|
322,811
|
|
Non-current
liabilities
|
|
|
|
|
Operating lease
long-term liabilities
|
48,363
|
|
39,762
|
|
Long-term deferred tax
liability
|
8,495
|
|
10,574
|
|
Other long-term
liabilities
|
17,539
|
|
9,908
|
|
Total non-current
liabilities
|
74,397
|
|
60,244
|
|
Shareholders'
equity
|
927,795
|
|
750,752
|
|
Total liabilities
and shareholders' equity
|
1,390,422
|
|
1,133,807
|
|
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,
|
|
2024
|
|
2023
|
|
2024
|
|
|
2023
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Products
|
158,546
|
|
104,108
|
|
538,350
|
|
|
405,037
|
|
Services
|
36,220
|
|
30,111
|
|
134,046
|
|
|
112,885
|
|
Total
revenues
|
194,766
|
|
134,219
|
|
672,396
|
|
|
517,922
|
|
Total cost of
revenues
|
84,835
|
|
60,207
|
|
285,310
|
|
|
224,745
|
|
Gross
profit
|
109,931
|
|
74,012
|
|
387,086
|
|
|
293,177
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
30,909
|
|
21,290
|
|
110,257
|
|
|
88,043
|
|
Sales and
marketing
|
15,980
|
|
13,580
|
|
65,090
|
|
|
52,467
|
|
General and
administrative
|
7,571
|
|
5,480
|
|
24,199
|
|
|
20,404
|
|
Total operating
expenses
|
54,460
|
|
40,350
|
|
199,546
|
|
|
160,914
|
|
Operating
income
|
55,471
|
|
33,662
|
|
187,540
|
|
|
132,263
|
|
Financing income,
net
|
3,756
|
|
7,283
|
|
28,747
|
|
|
22,436
|
|
Income before taxes
on income
|
59,227
|
|
40,945
|
|
216,287
|
|
|
154,699
|
|
Income tax
expenses
|
8,746
|
|
2,877
|
|
32,525
|
|
|
18,389
|
|
Net income for the
period
|
50,481
|
|
38,068
|
|
183,762
|
|
|
136,310
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
1.72
|
|
1.31
|
|
6.31
|
|
|
4.73
|
|
Diluted
|
1.58
|
|
1.20
|
|
5.75
|
|
|
4.28
|
|
|
|
|
|
|
|
|
|
|
Shares used in
calculation of earnings per share
(in thousands):
|
|
|
|
|
|
|
|
|
|
Basic
|
29,304
|
|
28,975
|
|
29,113
|
|
|
28,828
|
|
Diluted
|
32,062
|
|
32,023
|
|
32,138
|
|
|
32,089
|
|
|
NOVA
LTD.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(U.S. dollars in
thousands) - (Unaudited)
|
|
|
Three months
ended
December
31,
|
Year
ended
December
31,
|
|
2024
|
|
|
2023
|
|
2024
|
|
2023
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
Net
income
|
50,481
|
|
|
38,068
|
|
183,762
|
|
136,310
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation of property and
equipment
|
3,029
|
|
|
2,756
|
|
11,736
|
|
10,344
|
|
Amortization of intangible
assets
|
1,267
|
|
|
1,461
|
|
5,643
|
|
5,857
|
|
Amortization of premium and
accretion of discount on marketable securities, net
|
(1,820)
|
|
|
(1,134)
|
|
(7,178)
|
|
(3,001)
|
|
Amortization of debt
issuance costs
|
310
|
|
|
324
|
|
1,280
|
|
1,284
|
|
Share-based
compensation
|
6,349
|
|
|
5,654
|
|
25,209
|
|
18,286
|
|
Net effect of exchange rate
fluctuation
|
4,109
|
|
|
(2,591)
|
|
3,025
|
|
1,754
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
Trade accounts receivable,
net
|
(26,196)
|
|
|
(18,606)
|
|
(29,051)
|
|
(1,183)
|
|
Inventories
|
876
|
|
|
2,851
|
|
(23,897)
|
|
(26,000)
|
|
Other current and long-term
assets
|
(4,097)
|
|
|
(361)
|
|
(9,671)
|
|
(5,752)
|
|
Deferred tax, net
|
(4,849)
|
|
|
(185)
|
|
(9,722)
|
|
(6,241)
|
|
Operating lease right-of-use
assets
|
559
|
|
|
259
|
|
3,668
|
|
3,050
|
|
Trade accounts
payable
|
6,309
|
|
|
8,917
|
|
17,506
|
|
(7,807)
|
|
Deferred revenues
|
19,494
|
|
|
(292)
|
|
34,553
|
|
11,391
|
|
Operating lease
liabilities
|
97
|
|
|
2,091
|
|
(3,938)
|
|
(3,221)
|
|
Other current and long-term
liabilities
|
12,686
|
|
|
(9,671)
|
|
32,299
|
|
(11,352)
|
|
Accrued severance pay,
net
|
(82)
|
|
|
64
|
|
42
|
|
(188)
|
|
Net cash provided by
operating activities
|
68,522
|
|
|
29,605
|
|
235,266
|
|
123,531
|
|
Cash flows from
investment activities:
|
|
|
|
|
|
|
|
|
|
Change in short-term
and long-term interest-bearing bank deposits
|
(4,339)
|
|
|
31,367
|
|
(93,595)
|
|
(29,658)
|
|
Investment in
marketable securities
|
(60,175)
|
|
|
(106,695)
|
|
(271,987)
|
|
(273,572)
|
|
Proceeds from maturity
of marketable securities
|
57,421
|
|
|
44,443
|
|
246,397
|
|
195,087
|
|
Purchase of property
and equipment
|
(8,121)
|
|
|
(7,601)
|
|
(17,215)
|
|
(17,188)
|
|
Net cash used in
investing activities
|
(15,214)
|
|
|
(38,486)
|
|
(136,400)
|
|
(125,331)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Purchases of treasury
shares
|
(30,000)
|
|
|
-
|
|
(30,000)
|
|
(112)
|
|
Conversion of
convertible senior notes
|
(18,506)
|
|
|
-
|
|
(18,506)
|
|
-
|
|
Proceeds from exercise
of options
|
90
|
|
|
-
|
|
160
|
|
122
|
|
Net cash provided by
financing activities
|
(48,416)
|
|
|
-
|
|
(48,346)
|
|
10
|
|
Effect of exchange rate
fluctuations on cash and cash equivalents
|
(1,076)
|
|
|
(25)
|
|
(315)
|
|
(2,357)
|
|
Changes in cash and
cash equivalents and restricted cash
|
3,816
|
|
|
(8,906)
|
|
50,205
|
|
(4,147)
|
|
Cash and cash
equivalents and restricted cash -beginning of
period
|
153,963
|
|
|
116,480
|
|
107,574
|
|
111,721
|
|
Cash and cash
equivalents - end of period
|
157,779
|
|
|
107,574
|
|
157,779
|
|
107,574
|
|
|
|
|
|
|
|
|
|
|
|
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,
2024
|
|
September
30,
2024
|
|
December
31,
2023
|
|
GAAP gross
profit
|
109,931
|
|
101,333
|
|
74,012
|
|
Stock-based
compensation*
|
1,805
|
|
1,722
|
|
1,537
|
|
Amortization of
acquired intangible assets
|
1,182
|
|
1,380
|
|
1,354
|
|
Non-GAAP gross
profit
|
112,918
|
|
104,435
|
|
76,903
|
|
GAAP gross margin as
a percentage of revenues
|
56 %
|
|
57 %
|
|
55 %
|
|
Non-GAAP gross
margin as a percentage of revenues
|
58 %
|
|
58 %
|
|
57 %
|
|
|
|
|
|
|
|
GAAP operating
income
|
55,471
|
|
49,231
|
|
33,662
|
|
Stock-based
compensation*
|
6,349
|
|
6,194
|
|
5,654
|
|
Acquisition related
expenses
|
917
|
|
-
|
|
-
|
|
Amortization of
acquired intangible assets
|
1,267
|
|
1,467
|
|
1,461
|
|
Non-GAAP operating
income
|
64,004
|
|
56,892
|
|
40,777
|
|
GAAP operating
margin as a percentage of revenues
|
28 %
|
|
28 %
|
|
25 %
|
|
Non-GAAP operating
margin as a percentage of revenues
|
33 %
|
|
32 %
|
|
30 %
|
|
|
|
|
|
|
|
GAAP net
income
|
50,481
|
|
51,279
|
|
38,068
|
|
Stock-based
compensation*
|
6,349
|
|
6,194
|
|
5,654
|
|
Acquisition related
expenses
|
917
|
|
-
|
|
-
|
|
Amortization of
acquired intangible assets
|
1,267
|
|
1,467
|
|
1,461
|
|
Amortization of debt
issuance costs
|
310
|
|
326
|
|
324
|
|
Revaluation of
operating lease and intercompany loans
|
4,706
|
|
(2,309)
|
|
(827)
|
|
Tax effect of non-GAAP
adjustments
|
(1,728)
|
|
(901)
|
|
(1,083)
|
|
Non-GAAP net
income
|
62,302
|
|
56,056
|
|
43,597
|
|
|
|
|
|
|
|
GAAP basic earnings per
share
|
1.72
|
|
1.76
|
|
1.31
|
|
Non-GAAP basic earnings
per share
|
2.13
|
|
1.93
|
|
1.50
|
|
|
|
|
|
|
|
GAAP diluted earnings
per share
|
1.58
|
|
1.60
|
|
1.20
|
|
Non-GAAP diluted
earnings per share
|
1.94
|
|
1.74
|
|
1.36
|
|
|
|
|
|
|
|
Shares used for
calculation of earnings per share
(in thousands):
|
|
|
|
|
|
|
Basic
|
29,304
|
|
29,099
|
|
28,975
|
|
Diluted
|
32,062
|
|
32,238
|
|
32,023
|
|
|
|
|
|
|
|
* Stock-based
compensation for the three months ended December 31, 2024
included in - Cost of revenues - 1,805; Research and development,
net - 2,747; Sales and marketing - 1,234; General and
administrative - 563.
|
|
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,
|
|
2024
|
|
2023
|
|
GAAP gross
profit
|
387,086
|
|
293,177
|
|
Stock-based
compensation*
|
7,013
|
|
4,946
|
|
Acquisition-related
inventory step-up
|
5,284
|
|
5,430
|
|
Non-GAAP gross
profit
|
399,383
|
|
303,553
|
|
GAAP gross margin as a
percentage of revenues
|
58 %
|
|
57 %
|
|
Non-GAAP gross margin
as a percentage of revenues
|
59 %
|
|
59 %
|
|
|
|
|
|
GAAP operating
income
|
187,540
|
|
132,263
|
|
Stock-based
compensation*
|
25,209
|
|
18,286
|
|
Acquisition related
expenses
|
917
|
|
-
|
|
Amortization of
acquired intangible assets
|
5,643
|
|
5,857
|
|
Non-GAAP operating
income
|
219,309
|
|
156,406
|
|
GAAP operating margin
as a percentage of revenues
|
28 %
|
|
26 %
|
|
Non-GAAP operating
margin as a percentage of revenues
|
33 %
|
|
30 %
|
|
|
|
|
|
GAAP net
income
|
183,762
|
|
136,310
|
|
Stock-based
compensation*
|
25,209
|
|
18,286
|
|
Acquisition related
expenses
|
917
|
|
-
|
|
Amortization of
acquired intangible assets
|
5,643
|
|
5,857
|
|
Amortization of debt
issuance costs
|
1,280
|
|
1,284
|
|
Revaluation of
operating lease liabilities
|
3,221
|
|
(1,994)
|
|
Tax effect of non-GAAP
adjustments
|
(5,106)
|
|
(3,852)
|
|
Non-GAAP net
income
|
214,926
|
|
155,891
|
|
|
|
|
|
GAAP basic earnings per
share
|
6.31
|
|
4.73
|
|
Non-GAAP basic earnings
per share
|
7.38
|
|
5.41
|
|
|
|
|
|
GAAP diluted earnings
per share
|
5.75
|
|
4.28
|
|
Non-GAAP diluted
earnings per share
|
6.69
|
|
4.86
|
|
|
|
|
|
Shares used for
calculation of earnings per share
(in thousands):
|
|
|
|
|
Basic
|
29,113
|
|
28,828
|
|
Diluted
|
32,138
|
|
32,089
|
|
|
* Stock-based
compensation for the year ended December 31, 2024, included in
- Cost of revenues – 7,013;
Research and development, net – 11,179; Sales and marketing –
4,864; General and administrative - 2,153.
|
|
NOVA
LTD.
|
|
SUPPLEMENTAL
INFORMATION - RECONCILIATION OF FIRST QUARTER 2025
|
|
GAAP TO NON-GAAP
GUIDANCE
|
|
(U.S. dollars)
(Unaudited)
|
|
|
Low
|
|
High
|
|
Estimated GAAP net
income per diluted share
|
1.75
|
|
1.91
|
|
Estimated non-GAAP
items:
|
|
|
|
|
Stock-based
compensation
|
0.19
|
|
0.19
|
|
Amortization of
acquired intangible assets and inventory step-up
|
0.07
|
|
0.07
|
|
Acquisition related
expenses
|
0.02
|
|
0.02
|
|
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
|
2.00
|
|
2.16
|
Company Contact:
Guy Kizner, 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
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SOURCE Nova
