Rehovot, Israel, October 10, 2023 – Nova (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing,  today announced that it expects to release its financial results for the third quarter of 2023 before the Nasdaq market opens on Thursday, November 9.

Q3 2023 Conference Call Details:

Gaby Waisman, President and Chief Executive Officer, and Dror David, Chief Financial Officer, will host a conference call to review the Company’s third quarter 2023 financial results on November 9, 2023 at 8:30 a.m. Eastern Time. To attend the conference call, please dial one of the following numbers at least 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: 1-833-816-1427

ISRAEL TOLL-FREE: 1-80-9213284

INTERNATIONAL: 1-412-317-0519
WEBCAST LINK:  https://viavid.webcasts.com/starthere.jsp?ei=1637506&tp_key=87873d02b0

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 available via a live webcast from a link on Nova’s Investor Relations website. A replay of the conference call will be available from November 9, 2023 to November 16, 2023. To access the replay, please dial one of the following numbers: 

Replay TOLL-FREE: 1-844-512-2921
Replay TOLL/INTERNATIONAL: 1-412-317-6671
Replay Pin Number: 10183091

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. 

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 such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; 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; political, economic and military instability in Israel including related to the potential changes to the judicial system; 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, 2022, filed with the Securities and Exchange Commission on February 28, 2023. 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.

REHOVOT, Israel, August 29, 2023 – Nova (Nasdaq: NVMI) announced today that one of the world’s leading foundry manufacturers recently selected Nova Prism 2 for its advanced packaging process steps.

Advanced packaging applications such as 3D-stacking and heterogeneous integration help maintain Moore’s law and achieve higher bandwidth, lower latency, lower power, and higher yield. The new advanced packaging schemes necessitate process steps such as hybrid bonding and demand tighter process control on smaller, denser interconnects and tall, highly complex multilayered structures.

The Nova Prism platform, using its unique spectral interferometry technology, has a proven advantage in addressing these new challenges and providing manufacturers with the relevant insights to achieve successful production. Nova Prism 2 is the newest generation of the platform, offering the improved sensitivity and accuracy required to address the R&D and high-volume manufacturing metrology needs of advanced process nodes.

“This selection by one of the world’s leading semiconductor foundries demonstrates the growing value of Nova’s innovative metrology portfolio beyond traditional front-end process steps,” said Gaby Waisman, Nova’s president and CEO. “The increasing complexity of advanced packaging architecture requires novel in-line metrology solutions, and our market-leading portfolio allows manufacturers to utilize optical CD and spectral interferometry technologies in completely new ways. We are encouraged by the keen interest our customers are showing in what we can do to help them overcome the growing challenges in advanced packaging.”

The Company further reported that it expects to recognize initial revenues from the selection soon within the calendar year 2023, and that presently it is undergoing additional evaluations and demos by several other IC manufacturers for similar advanced packaging applications.

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.

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 such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; 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; political, economic and military instability in Israel including related to the potential changes to the judicial system; 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, 2022, filed with the Securities and Exchange Commission on February 28, 2023. 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.

 

Rehovot, Israel, May 24, 2023 – Nova (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing, today announced that Gaby Waisman, President and Chief Executive Officer and Dror David, Chief Financial Officer, will participate in the following investor conferences in June and in Semicon West in July:

  • Stifel Cross Sector Insight Conference

Format: In-person one-on-one meetings

When: Tuesday, June 6

Location: InterContinental Hotel, Boston

  • Bank of America 2023 Global Technology Conference

Format: In-person fireside chat and one-on-one meetings

When: Meetings will be held on Wednesday, June 7, and the fireside chat, moderated by Vivek Aya, Managing Director, is scheduled for Thursday, June 8 at 8:40 a.m. PT

Location: The Westin St. Francis Hotel, Union Square, San Francisco

  • Semicon West Investor Meetings

Format: In-person one-on-one meetings

When: July 11-12

Location: Hotel Zelos, San Francisco

Management will be available for one-on-one meetings during these conferences. To schedule a meeting, contact your Stifel or Bank of America representative.

A live webcast of the Bank of America fireside chat will be available from Nova’s investor relations page link – https://www.novami.com/investors/lobby/.  

To schedule meetings at Semicon West, please contact Miri Segal at E-mail: msegal@ms-ir.com.

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 can be found at Nova’s website link – https://www.novami.com/.

Forward looking statement:

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 such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; 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; political, economic and military instability in Israel including related to the potential changes to the judicial system; 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, 2022, filed with the Securities and Exchange Commission on February 28, 2023. 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.

Rehovot, Israel, May 10, 2021 – Nova (Nasdaq: NVMI) today announced that Dror David, Chief Financial Officer, will participate in the following upcoming virtual investor conferences:

  • Needham’s 16th Annual Technology & Media Conference

The conference will take place May 17-20, 2021. Dror David will be available for one-on-one meetings on May 19.  

  • The 2021 BofA Securities Global Technology Conference

The conference will take place June 8-10, 2021. Dror David will participate in a fireside chat on June 8 at 9:15 a.m. ET. The session will be moderated by the research analyst Vivek Arya. Dror will be available for one-on-one meetings throughout the same day. 

  • Stifel 2021 Cross Sector Insight Conference

The conference will take place on June 6-8, 2021. Dror David will hold one-on-one meetings on June 9.

To schedule a meeting, please contact your salesperson or Miri Segal at msegal@ms-ir.com.

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 combines high-precision hardware and cutting-edge software provides 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 enable its customers to improve performance, enhance product yields and accelerate time to market. Nova partners with semiconductor manufacturers from its offices around the world. Additional information may be found at https://www.novami.com/.

Nova is traded on NASDAQ & TASE under the symbol NVMI.

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: 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; 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 Measuring Instruments Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

Rehovot, Israel – February 28, 2023 – Nova (Nasdaq: NVMI) announced today that its annual report on Form 20-F, containing audited consolidated financial statements for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on February 28, 2023, is available through its website (https://www.novami.com/). Shareholders may receive a hard copy of the annual report free of charge upon request. This press release is being issued pursuant to Nasdaq Listing Rule 5250(d)(1)(C).

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 can be found at Nova’s website link – https://www.novami.com/. 

Rehovot, Israel, April 4, 2023 – Nova (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing, today announced that it has published the Company’s first Environmental, Social, and Governance (ESG) Insight Review. The Review provides details on the Company’s ESG strategy and its principles.

“Nova’s sustainable growth over the years is based on our ability to combine a unique people-centric culture with a distinctive innovative technology and advanced social engagement programs for the benefit of societies around us,” said Gaby Waisman, President and CEO of Nova. “We are working towards embedding ESG principles into our operating model, business management and decision-making processes, leveraging our journey from ‘Dream to Win’, which are the core values of the Company.”

“As a public company, Nova recognizes its corporate responsibility to achieve success while also creating a positive impact on society and the environment. Nova aspires to continue its growth trajectory by positively impacting the world around us, creating meaningful social impact, and exhibiting ethical and responsible behavior for the benefits of society and its stakeholders,” said Eitan Oppenhaim, Executive Chairman of Nova’s Board of Directors.

The review reflects a strategic process outcome that identified the significant ESG topics for Nova and sets clear goals and milestones for the next few years. It is also a major milestone on the Company’s journey toward meeting the goals of the “Nova 1B” strategic plan.

Nova’s vision is to become a more active influencer in creating a sustainable and equitable future. The ESG strategy is built on four pillars that the Company aims to interlace across its daily operations and culture:

  • Governance – elevating ethical and corporate governance methods.
  • People and Social Impact – with a focus on both the individual and the surrounding communities.
  • Innovative Approach – connecting technical roadmap to unique culture for long-term impact.
  • Environment and Supply Chain – managing efficiently footprint, energy and sustainable supply chain.

The review was composed in accordance with the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) guidelines, and the United Nations Sustainable Development Goals (SDGs).

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.

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 such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; 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; political, economic and military instability in Israel including related to the potential changes to the judicial system; 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, 2022, filed with the Securities and Exchange Commission on February 28, 2023. 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. 

REHOVOT, Israel, April 3, 2023 – Nova (Nasdaq: NVMI) today announced the appointment of Yaniv Garty to its Board of Directors effective April 2, 2023. Garty is a seasoned executive, with vast experience in the semiconductor and chip industry. For the past six years Garty served as a Vice President at Intel and as the General Manager of Intel Israel. Since its acquisition of Envara Inc. in 2004 and prior to his most recent position, Garty  held multiple executive positions in various technology areas within Intel. Throughout his career, Garty has also held multiple engineering, business, and managerial positions in several technology companies. Additionally, Garty has served since 2018 as the Chairman of the America-Israel Chamber of Commerce, a voluntary organization of more than 230 Israeli and multinational companies.

“As Nova moves into its next phase of growth, I am excited to welcome Yaniv Garty to Nova’s Board of Directors,” said Eitan Oppenhaim, Nova’s Chairman of the Board. “Yaniv’s track record in leadership positions within the chip industry, and specifically in one of the leading IC manufacturers in the world, will help us to further expand our growth and support our strategic initiatives across the semiconductor industry.”

“I am exhilarated by the opportunity to join Nova’s Board of Directors and play an instrumental role in shaping the Company’s future growth trajectory. I am highly motivated to provide valuable guidance and support to help the Company capitalize on the numerous exciting opportunities that lie ahead,” added Garty.

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.

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 such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; 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; political, economic and military instability in Israel including related to the potential changes to the judicial system; 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, 2022, filed with the Securities and Exchange Commission on February 28, 2023. 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.

REHOVOT, Israel, March 23, 2023 – Nova (Nasdaq: NVMI) announced today the opening of its new production facility in Israel. The state-of-the-art clean room aims at expanding Nova’s production capacity and complements the existing facilities, allowing the Company to improve production procedures and yields.

The new, highly advanced clean room facility supports the Company’s long-term growth strategy by establishing the required manufacturing environment to produce Nova’s most advanced platforms. The facility utilizes state-of-the-art production methods, including industry 4.0 elements and high levels of automation. In keeping with Nova’s ESG commitment, it is constructed to support high sustainability and environmental standards.

“As part of the NOVA 1B strategic plan, we aim at doubling our production capacity in the next five years. In order to meet that, our plan is to expand production output at all main sites for our three metrology divisions,” explained Eitan Oppenhaim, Nova’s President and CEO. “The new clean room in Israel can support higher yield for our established products but also accommodate high-volume manufacturing of our new products. Built with ESG principles in mind, the new facility meets high industry standards for a safe and smart work environment to enable cutting-edge production methods.”

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.

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: 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 our intellectual property; open source technology exposure; 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; 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, 2022, filed with the Securities and Exchange Commission on February 23, 2023. 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.

Rehovot, Israel, December 20, 2022 – Nova (Nasdaq: NVMI) announced today that a leading global logic manufacturer recently selected Nova Elipson for next-generation integrated circuit (IC) development.

Nova Elipson was chosen for its ability to perform in-die characterization of stress, strain, and defectivity in next-generation devices, rapidly and with unparalleled sensitivity. The solution utilizes advanced Raman spectroscopy technology to extract materials properties of in-die structures, by fast and non-destructive means. The platform has consistently proven its ability to solve a wide range of materials metrology challenges in various segments and steps.

“This selection by one of the world’s leading semiconductor logic manufacturers demonstrates the growing value of Nova’s innovative materials metrology portfolio,” stated Eitan Oppenhaim, Nova’s president and CEO. “The increasing complexity of device architecture demands solutions that push the envelope and address the unique challenges our customers are facing. In this complex process fabrication environment, Nova’s unique materials portfolio is becoming critical to the successful manufacturing of next-generation devices.”

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.

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: 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 our intellectual property; open source technology exposure; 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; 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, 2021, filed with the Securities and Exchange Commission on March 1, 2022. 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.

REHOVOT, Israel, Feb. 15, 2023 /PRNewswire/ — Nova (Nasdaq: NVMI) today announced financial results for the fourth quarter and full year ended December 31, 2022.

Fourth Quarter 2022 Highlights:

  • Record quarterly revenue of $151.2 million, up 24% year over year
  • GAAP net income of $36.1 million, or $1.14 per diluted share, up 56% year over year on a per-share basis
  • Non-GAAP net income of $40.8 million, or $1.28 per diluted share, up 19% year over year on a per-share basis
  • Record revenues from Chemical Metrology solutions, driven by multiple penetrations to leading front-end customers
  • Continued proliferation of our most advanced product portfolio, led by major penetrations of Metrion and Elipson to leading logic customers

Full Year 2022 Highlights:

  • Record annual revenue of $570.7 million, up 37% year over year
  • Record GAAP net income of $140.2 million, or $4.40 per diluted share, up 41% year over year on a per-share basis
  • Record Non-GAAP net income of $161.5 million, or $5.07 per diluted share, up 32% year over year on a per-share basis

GAAP Results ($K)

 

Q4 2022

Q3 2022

Q4 2021

FY 2022

FY 2021

Revenues

$151,238

$143,906

$121,521

$570,729

$416,113

Net Income

$36,098

$35,075

$22,226

$140,213

$93,101

Earnings per Diluted Share

$1.14

$1.10

$0.73

$4.38

$3.12

 

Non-GAAP Results ($K)

 

Q4 2022

Q3 2022

Q4 2021

FY 2022

FY 2021

Net Income

$40,778

$  39,698

$32,752

$161,509

$114,669

Earnings per Diluted Share

$1.28

$1.24

$1.08

$5.07

$3.85

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

“The fourth quarter was a strong resolution to another record-breaking year for Nova, characterized by notable annual increase in revenue and profitability. Despite the volatility in the markets, the company was able to perform well during the fourth quarter, highlighting the strength of our diversified and agile business model,” said Eitan Oppenhaim, President and CEO. “While we remain vigilant in addressing the current challenges, we continue to implement our long-term strategic plans to solidify our position and seize various opportunities, particularly in this dynamic environment.”

2023 First Quarter Financial Outlook

Management provided an outlook for the first quarter, the period ending March 31, 2023. Based on current estimates, management expects:

  • $125 million to $135 million in revenue
  • $0.77 to $0.98 in diluted GAAP EPS
  • $0.93 to $1.14 in diluted non-GAAP EPS

2022 Fourth Quarter Results

Total revenues for the fourth quarter of 2022 were $151.2 million, an increase of 5% compared with the third quarter of 2022 and an increase of 24% compared with the fourth quarter of 2021.

Gross margin in the fourth quarter of 2022 was 55%, compared with 57% in the third quarter of 2022 and compared with 56% in the fourth quarter of 2021.

Operating expenses in the fourth quarter of 2022 were $46.8 million, compared with $43.2 million in the third quarter of 2022 and $38.4 million in the fourth quarter of 2021.

On a GAAP basis, the Company reported net income of $36.1 million, or $1.14 per diluted share, in the fourth quarter of 2022. This is compared with net income of $35.1 million, or $1.10 per diluted share, in the third quarter of 2022, and net income of $22.2 million, or $0.73 per diluted share, in the fourth quarter of 2021.

On a non-GAAP basis, the Company reported net income of $40.8 million, or $1.28 per diluted share, in the fourth quarter of 2022. This is compared with net income of $39.7 million, or $1.24 per diluted share, in the third quarter of 2022, and net income of $32.8 million, or $1.08 per diluted share, in the fourth quarter of 2021.

2022 Full Year Results

Total revenues for 2022 were $570.7 million, an increase of 37% compared to total revenues of $416.1 million for 2021.

Gross margin in 2022 was 56%, compared with 57% in 2021.

Operating expenses in 2022 were $172.5 million, compared with operating expenses of $125.0 million in 2021.

On a GAAP basis, the Company reported net income of $140.2 million, or $4.40 per diluted share, in 2022. This is compared with a net income of $93.1 million, or $3.12 per diluted share, in 2021.

On a non-GAAP basis, the Company reported net income of $161.5 million, or $5.07 per diluted share, in 2022. This is compared with net income of $114.7 million, or $3.85 per diluted share, in 2021.

Conference Call Information

Nova will host a conference call today, February 15, 2023, 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: 1-844-826-3035
ISRAEL TOLL-FREE Dial-in Number: 1-80-921-3284
INTERNATIONAL Dial-in Number: 1-412-317-5195
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 15, 2023, at 11:30 a.m. Eastern Time to February 22, 2023, 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: 10174355
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 linkhttps://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, acquisition-related expenses, inventory step-up and contingent consideration revaluation, stock-based compensation expenses, 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 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: 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 our intellectual property; open source technology exposure; failure to compete effectively or to respond to the 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; 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, 2021, filed with the Securities and Exchange Commission on March 1, 2022. 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

2022

2021

Current assets

   

Cash and cash equivalents

111,121

126,698

Short-term interest-bearing bank deposits

95,305

221,897

Marketable securities

167,073

61,568

Trade accounts receivable, net

109,320

68,446

Inventories

116,600

78,665

Other current assets

13,527

9,242

Total current assets

612,946

566,516

Non-current assets

   

Marketable securities

153,462

137,415

Interest-bearing bank deposits

483

3,672

Restricted interest-bearing bank deposits and restricted cash

1,600

1,600

Deferred tax assets

20,097

6,161

Severance pay funds

1,194

1,327

Operating lease right-of-use assets

44,885

30,627

Property and equipment, net

55,886

34,460

Intangible assets, net

43,586

2,601

Goodwill

49,009

20,114

Other long-term assets

957

661

Total non-current assets

371,159

238,638

Total assets

984,105

805,154

 LIABILITIES AND SHAREHOLDERS' EQUITY

   

Current liabilities

   

Convertible senior notes, net

-

183,037

Trade accounts payable

42,732

36,218

Deferred revenues

30,543

15,338

Operating lease current liabilities

5,968

4,452

Other current liabilities

54,825

48,885

Total current liabilities

134,068

287,930

Non-current liabilities

   

Convertible senior notes, net

196,394

-

Accrued severance pay

3,599

3,686

Operating lease long-term liabilities

43,697

33,450

Long-term deferred tax liability

12,190

-

Other long-term liabilities

7,194

6,334

Total non-current liabilities

263,074

43,470

Shareholders' equity

586,963

473,754

Total liabilities and shareholders' equity 

984,105

805,154

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,

 

2022

2021

2022

2021

Revenues:

       

Products

123,486

99,898

464,152

337,026

Services

27,752

21,623

106,577

79,087

Total revenues

151,238

121,521

570,729

416,113

Total cost of revenues

67,510

53,272

248,333

178,752

Gross profit

83,728

68,249

322,396

237,361

Operating expenses:

       

Research and development, net

26,206

20,140

90,458

65,857

Sales and marketing

14,058

11,219

52,122

39,336

General and administrative

5,077

6,262

23,852

17,324

Amortization of intangible assets

1,463

735

6,033

2,458

Total operating expenses

46,804

38,356

172,465

124,975

Operating income

36,924

29,893

149,931

112,386

Financing income (expense), net

2,157

(1,518)

8,478

(3,133)

Income before taxes on income

39,081

28,375

158,409

109,253

Income tax expenses

2,983

6,149

18,196

16,152

Net income for the period

36,098

22,226

140,213

93,101

         

Earnings per share:

       

Basic

1.26

0.78

4.89

3.28

Diluted

1.14

0.73

4.40

3.12

         

Shares used in calculation of earnings per share
(in thousands):

       

Basic

28,731

28,539

28,697

28,372

Diluted

31,737

30,285

31,870

29,816

NOVA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands) - (Unaudited)

 
 

Three months
ended December 31,

Year ended

December 31,

 

2022

2021

2022

2021

Cash flows from operating activities:

       

Net income

36,098

22,226

140,213

93,101

Adjustments to reconcile net income to net cash provided
by operating activities:

       

     Depreciation of property and equipment

2,491

1,681

8,621

6,475

     Amortization of intangible assets

1,463

735

6,033

2,458

     Amortization of premium and accretion of discount on
marketable securities, net

(254)

855

1,666

1,708

     Amortization of debt discount and issuance costs

322

1,075

1,282

4,229

     Share-based compensation

4,381

3,496

16,647

10,488

     Net effect of exchange rate fluctuation

412

(694)

4,523

(745)

Changes in assets and liabilities:

       

     Trade accounts receivables, net

(9,421)

(3,816)

(31,634)

(5,132)

     Inventories

(2,168)

(5,964)

(29,311)

(18,457)

     Other current and long-term assets

5,926

1,076

(4,223)

192

     Deferred tax assets, net

(6,598)

(741)

(13,740)

(2,989)

     Operating lease right-of-use assets

841

489

3,873

1,680

     Trade accounts payables

(79)

6,799

5,142

11,697

     Deferred revenues

10,492

(16,572)

15,243

10,621

     Operating lease liabilities

115

164

(6,351)

(904)

     Other current and long-term liabilities

5,548

9,587

1,509

17,919

     Accrued severance pay, net

27

(133)

46

(79)

Net cash provided by operating activities

49,596

20,263

119,539

132,262

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

(26,517)

37,223

129,944

(31,456)

Investment in marketable securities

(30,064)

(6,364)

(211,742)

(215,091)

Proceeds from maturities of marketable securities

23,390

5,141

81,325

12,862

Purchase of property and equipment

(8,429)

(2,250)

(21,314)

(4,816)

Net cash provided by (used in) investing activities

(41,620)

33,750

(100,256)

(238,501)

Cash flows from investment activities:

       

Settlement of a contingent consideration liability

-

-

(8,480)

-

Purchases of treasury shares

(15,000)

-

(21,416)

-

Proceeds from exercise of options

8

-

90

11

Net cash used in financing activities

(14,992)

-

(29,806)

11

Effect of exchange rate fluctuations on cash and cash equivalents

(77)

558

(4,454)

622

Changes in cash and cash equivalents and restricted cash

(7,093)

54,571

(14,977)

(105,606)

Cash and cash equivalents - beginning of period

118,814

72,127

126,698

232,304

Cash and cash equivalents and restricted cash - end of period

111,721

126,698

111,721

126,698

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,
2022

September 30,
2022

December 31,
2021

GAAP gross profit

83,728

82,130

68,249

Stock-based compensation*

1,148

1,114

803

Non-GAAP gross profit

84,876

83,244

69,052

GAAP gross margin as a percentage of revenues

55 %

57 %

56 %

Non-GAAP gross margin as a percentage of revenues

56 %

58 %

57 %

       

GAAP operating income

36,924

38,938

29,893

Stock-based compensation*

4,381

4,334

3,496

Acquisition-related expenses and contingent

 consideration revaluation

(752)

-

999

Amortization of acquired intangible assets

1,463

1,444

735

Non-GAAP operating income

42,016

44,716

35,123

GAAP operating margin as a percentage of revenues

24 %

27 %

25 %

Non-GAAP operating margin as a percentage of revenues

28 %

31 %

29 %

       

GAAP net income

36,098

35,075

22,226

Stock-based compensation*

4,381

4,334

3,496

Acquisition-related expenses and contingent

 consideration revaluation

(752)

-

999

Amortization of acquired intangible assets

1,463

1,444

735

Amortization of debt discount and issuance costs

322

322

1,075

Revaluation of operating lease liabilities

294

(572)

907

Tax effect of non-GAAP adjustments

(1,028)

(905)

(402)

Taxes attributed to one-time elective tax settlement

-

-

3,716

Non-GAAP net income

40,778

39,698

32,752

       

GAAP basic earnings per share

1.26

1.22

0.78

Non-GAAP basic earnings per share

1.42

1.38

1.15

       

GAAP diluted earnings per share

1.14

1.10

0.73

Non-GAAP diluted earnings per share

1.28

1.24

1.08

       

Shares used for calculation of earnings per share
(in thousands):

     

Basic

28,731

28,685

28,539

Diluted

31,737

31,892

30,285

         

* Stock-based compensation for the three months ended December 31, 2022 included in – Cost of revenues - 1,148;
Research and development, net – 1,856; Sales and marketing – 810; General and administrative – 567.

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,

 

2022

2021

GAAP gross profit

322,396

237,361

Stock-based compensation*

4,166

2,160

Acquisition-related inventory step-up

2,972

-

Non-GAAP gross profit

329,534

239,521

GAAP gross margin as a percentage of revenues

56 %

57 %

Non-GAAP gross margin as a percentage of revenues

58 %

58 %

     

GAAP operating income

149,931

112,386

Stock-based compensation*

16,647

10,488

Acquisition-related inventory step-up

2,972

-

Acquisition-related expenses and contingent

 consideration revaluation

2,995

999

Amortization of acquired intangible assets

6,033

2,458

Non-GAAP operating income

178,578

126,331

GAAP operating margin as a percentage of revenues

26 %

27 %

Non-GAAP operating margin as a percentage of revenues

31 %

30 %

     

GAAP net income

140,213

93,101

Stock-based compensation*

16,647

10,488

Acquisition-related inventory step-up

2,972

-

Acquisition-related expenses and contingent

 consideration revaluation

2,995

999

Amortization of acquired intangible assets

6,033

2,458

Amortization of debt discount and issuance costs

1,282

4,229

Revaluation of operating lease liabilities

(4,174)

818

Tax effect of non-GAAP adjustments

(4,459)

(1,140)

Taxes attributed to one-time elective tax settlement

-

3,716

Non-GAAP net income

161,509

114,669

     

GAAP basic earnings per share

4.89

3.28

Non-GAAP basic earnings per share

5.63

4.04

     

GAAP diluted earnings per share

4.40

3.12

Non-GAAP diluted earnings per share

5.07

3.85

     

Shares used for calculation of earnings per share
(in thousands):

   

Basic

28,697

28,372

Diluted

31,870

29,816

     

* Stock-based compensation for the year ended December 31, 2022, included in – Cost of revenues - 4,166;
Research and development, net – 6,861; Sales and marketing – 3,179; General and administrative – 2,441

NOVA LTD.

SUPPLEMENTAL INFORMATION - RECONCILIATION OF FIRST QUARTER 2023

GAAP TO NON-GAAP GUIDANCE

(Unaudited)

 
 

Low

High

Estimated GAAP net income per diluted share

0.77

0.98

Estimated non-GAAP items:

   

Stock-based compensation

0.14

0.14

Amortization of acquired intangible assets

0.04

0.04

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

0.93

1.14