Onto Innovation Inc. (NYSE:ONTO) Q4 2022 Earnings Conference Call February 9, 2023 2:30 PM ET

Company Participants

Michael Sheaffer - Senior Director Investor Relations, Corporate Communications & Market Research

Mike Plisinski - Chief Executive Officer

Mark Slicer - Chief Financial Officer

Conference Call Participants

Brian Chin - Stifel

Craig Ellis - B. Riley Securities

Quinn Bolton - Needham & Company

Hans Chung - D.A. Davidson

David Duley - Steelhead Securities

Mark Miller - Benchmark

Operator

Good day and welcome to the Onto Innovation Fourth Quarter Earnings Release Conference Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Michael Sheaffer, Investor Relations. Please go ahead, sir.

Michael Sheaffer

Thank you, Jennie, and good afternoon, everyone. Onto Innovation issued its 2022 fourth quarter and full year financial results this afternoon shortly after the market closed. If you haven't received a copy of the release, please refer to the company's website where a copy of the release is posted.

Joining us on the call today are Michael Plisinski, Chief Executive Officer; and Mark Slicer, Chief Financial Officer.

I'd like to remind you that the statements made by the management on this call will contain forward-looking statements within the meaning of the federal securities laws. Such statements are subject to a range of changes, risks and uncertainties that can cause actual results to vary materially. For more information regarding the risk factors that may impact Onto Innovation's results, I would encourage you to review our earnings release and our SEC filings. Onto Innovation does not undertake the obligation to update these forward-looking statements in light of new information or future events.

Today's discussion of our financial results will be presented on a non-GAAP financial basis, unless otherwise specified. And as a reminder, a detailed reconciliation between GAAP and non-GAAP results can be found in today's earnings release.

I will now go ahead and turn the call over to our CEO, Mike Plisinski. Mike?

Mike Plisinski

Thank you, Mike. Good afternoon, everyone and thank you for joining our call today. With our strong finish in the fourth quarter Onto Innovation has achieved an exciting milestone crossing $1 billion in revenue this year. Throughout the year, we saw consistently strong demand for our systems with revenue growing 32%, well exceeding market estimates of 9% growth for wafer fab equipment in 2022.

Even more exciting, earnings for the year grew 43%, while we increased investments in R&D, manufacturing capacity and established new training centers closer to our customers in Asia. Beyond the strong financial performance, we expanded our position in several areas of future growth.