Onto Innovation Inc. (NYSE:ONTO) Q1 2022 Earnings Conference Call May 3, 2022 4:30 PM ET

Company Participants

Michael Sheaffer – Investor Relations

Michael Plisinski – Chief Executive Officer

Steven Roth – Chief Financial Officer

Conference Call Participants

Craig Ellis – B. Riley Securities

Quinn Bolton – Needham

Tom Diffely – D.A. Davidson

Brian Chin – Stifel

Dave Duley – Steelhead

Mark Miller – The Benchmark Company

Operator

Good day and welcome to the Onto Innovation First Quarter Earnings Release Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Michael Sheaffer, Investor Relations. Please go ahead, sir.

Michael Sheaffer

Thank you, Jenny, and good afternoon, everyone. Onto Innovation issued its 2022 first quarter financial results this afternoon shortly after the market close. If you have not 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 Steven Roth, Chief Financial Officer. As always, 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. 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 Mike Plisinski. Mike?

Michael Plisinski

Thanks, Mike. Good afternoon, everyone and thank you for joining our first quarter earnings call. I'm pleased to report that the Onto Innovation team delivered another record quarter of $241 million, exceeding the high end of our guidance. This represents a growth of 7% over the prior quarter and an impressive 43% over the first quarter of last year. Operating margins at 31% were in line with our long-term operating model despite the ongoing supply chain challenges, which we'll discuss later in the call.