Monotype Announces Updated Q3 and Full Year 2016 Financial Guidance Following Acquisition of Olapic
OREANDA-NEWS. October 04, 2016.
“We’re happy to have closed the Olapic transaction in Q3 and to be able to provide guidance on how it will impact our financial outlook for the quarter and the rest of the year,” said
Scott Landers, president and CEO at Monotype. “We remain excited about the future of Monotype and believe Olapic will be a meaningful growth driver for us going forward.”
Joe Hill, chief financial officer at Monotype, said, “In addition to our GAAP results, we will be analyzing and monitoring the business on a pro forma basis, which we believe is a meaningful representation of the operating performance of Olapic and the combined businesses. Our pro forma results assume that we owned Olapic for the full third quarter and full 2016 fiscal year, and excludes the estimated impact of purchase accounting related adjustments and transaction costs.”
Updated Guidance for the Third Quarter and Full Year 2016
For the third quarter of 2016, Monotype now expects revenue in the range
of
Q3 GAAP net income is now expected to be in the range of
The company now expects earnings per diluted share to be in the range of
Pro Forma Outlook for the Third Quarter and Full Year 2016
On a pro forma basis, Monotype expects non-GAAP pro forma revenue
(inclusive of unaudited, estimated Olapic revenue prior to the
acquisition), in the third quarter of between
Webinar Details
Individuals who are interested in joining in the webcast can register for the event here. The live call can also be accessed by dialing 844-229-7594 (domestic) or 314-888-4259 (international) using passcode 83674306. If individuals are unable to participate in the live call, the webcast will be archived in the Investors portion of the company’s website for one year.
Non-GAAP financial measures
This press release contains
non-GAAP financial measures under the rules of the
Forward-looking statements
This press release may contain
forward-looking statements including those related to the company’s
future revenues and operating results; the company’s integration of the
acquisition of Olapic and the financial impact of the acquisition; and
the execution of the company’s product, growth and expansion strategies
and anticipated business momentum that involve risks and uncertainties
that could cause the company’s actual results to differ materially.
Factors that might cause or contribute to such differences include, but
are not limited to: risks associated with changes in the economic
climate including decreased demand for the company’s products or
products that incorporate the company’s solutions; risks associated with
the company’s ability to adapt its products or services to new markets
and to anticipate and quickly respond to evolving technologies and
customer requirements; risks associated with the company’s development
of and the market acceptance of new products, product features or
services; risks associated with the company’s integration of the Olapic
acquisition; risks associated with the company’s ability to expand
products and services offered through acquired companies; risks
associated with increased competition in markets the company serves,
including the risks that increased competition may result in the
company’s inability to gain new customers, retain existing customers or
may force the company to reduce prices; risks associated with the
ownership and enforcement of the company’s intellectual property; and
risks associated with geopolitical conditions and changes in the
financial markets. Additional disclosure regarding these and other risks
faced by the company is available in the company’s public filings with
the
About Monotype
Monotype is a leading global provider of
typefaces, technology and expertise that enable the best user experience
and ensure brand integrity. Headquartered in
MONOTYPE IMAGING HOLDINGS INC.
|
||||||||||||
Low End of Guidance | ||||||||||||
Q3 2016 | ||||||||||||
Monotype | Olapic | Combined | ||||||||||
GAAP revenue | \\$ | 49,000 | \\$ | 500 | \\$ | 49,500 | ||||||
Pre-acquisition revenue(1) | — | 1,600 | 1,600 | |||||||||
Deferred revenue impairment | — | 1,400 | 1,400 | |||||||||
Non-GAAP pro forma revenue | \\$ | 49,000 | \\$ | 3,500 | \\$ | 52,500 |
(1) Non-GAAP pro forma revenue includes \\$0,
High End of Guidance | ||||||||||||
Q3 2016 | ||||||||||||
Monotype | Olapic | Combined | ||||||||||
GAAP revenue | \\$ | 52,000 | \\$ | 1,500 | \\$ | 53,500 | ||||||
Pre-acquisition revenue(1) | — | 1,600 | 1,600 | |||||||||
Deferred revenue impairment | — | 1,400 | 1,400 | |||||||||
Non-GAAP pro forma revenue | \\$ | 52,000 | \\$ | 4,500 | \\$ | 56,500 |
(1) Non-GAAP pro forma revenue includes \\$0,
Low End of Guidance | ||||||||||||
2016 | ||||||||||||
Monotype | Olapic | Combined | ||||||||||
GAAP revenue | \\$ | 199,500 | \\$ | 2,000 | \\$ | 201,500 | ||||||
Pre-acquisition revenue(1) | — | 9,400 | 9,400 | |||||||||
Deferred revenue impairment | — | 3,600 | 3,600 | |||||||||
Non-GAAP pro forma revenue | \\$ | 199,500 | \\$ | 15,000 | \\$ | 214,500 |
(1) Non-GAAP pro forma revenue includes \\$0,
High End of Guidance | ||||||||||||
2016 | ||||||||||||
Monotype | Olapic | Combined | ||||||||||
GAAP revenue | \\$ | 205,500 | \\$ | 4,000 | \\$ | 209,500 | ||||||
Pre-acquisition revenue(1) | — | 9,400 | 9,400 | |||||||||
Deferred revenue impairment | — | 3,600 | 3,600 | |||||||||
Non-GAAP pro forma revenue | \\$ | 205,500 | \\$ | 17,000 | \\$ | 222,500 |
(1) Non-GAAP pro forma revenue includes \\$0,
MONOTYPE IMAGING HOLDINGS INC.
|
|||||||||||||
Low End of Guidance | |||||||||||||
|
Q3 2016 | ||||||||||||
Monotype | Olapic | Combined | |||||||||||
GAAP net income (loss) | \\$ | 5,500 | \\$ | (3,500 | ) | \\$ | 2,000 | ||||||
Interest expense, net | 300 | — | 300 | ||||||||||
Other (income) expense, net | 200 | — | 200 | ||||||||||
Provision (benefit) for income taxes | 3,500 | (2,300 | ) | 1,200 | |||||||||
Income (loss) from operations | 9,500 | (5,800 | ) | 3,700 | |||||||||
Depreciation and amortization | 2,600 | 800 | 3,400 | ||||||||||
Share based compensation | 3,800 | 600 | 4,400 | ||||||||||
Contingent consideration adjustment(1) | 600 | 400 | 1,000 | ||||||||||
Non-GAAP net adjusted EBITDA | \\$ | 16,500 | \\$ | (4,000 | ) | \\$ | 12,500 |
(1) Includes charges to operations for adjustments to estimated contingent consideration and for portions of merger consideration accounted for as compensation expense under GAAP.
High End of Guidance | |||||||||||||
|
Q3 2016 | ||||||||||||
Monotype | Olapic | Combined | |||||||||||
GAAP net income (loss) | \\$ | 7,200 | \\$ | (3,100 | ) | \\$ | 4,100 | ||||||
Interest expense, net | 300 | — | 300 | ||||||||||
Other (income) expense, net | 200 | — | 200 | ||||||||||
Provision (benefit) for income taxes | 4,300 | (1,700 | ) | 2,600 | |||||||||
Income (loss) from operations | 12,000 | (4,800 | ) | 7,200 | |||||||||
Depreciation and amortization | 2,600 | 800 | 3,400 | ||||||||||
Share based compensation | 3,800 | 600 | 4,400 | ||||||||||
Contingent consideration adjustment(1) | 600 | 400 | 1,000 | ||||||||||
Non-GAAP net adjusted EBITDA | \\$ | 19,000 | \\$ | (3,000 | ) | \\$ | 16,000 |
(1) Includes charges to operations for adjustments to estimated contingent consideration and for portions of merger consideration accounted for as compensation expense under GAAP.
MONOTYPE IMAGING HOLDINGS INC.
|
|||||||||||||
Low End of Guidance | |||||||||||||
|
2016 | ||||||||||||
Monotype | Olapic | Combined | |||||||||||
GAAP net income (loss) | \\$ | 25,400 | \\$ | (10,500 | ) | \\$ | 14,900 | ||||||
Interest expense, net | 600 | — | 600 | ||||||||||
Other (income) expense, net | 1,100 | — | 1,100 | ||||||||||
Provision (benefit) for income taxes | 15,700 | (6,200 | ) | 9,500 | |||||||||
Income (loss) from operations | 42,800 | (16,700 | ) | 26,100 | |||||||||
Depreciation and amortization | 10,700 | 2,200 | 12,900 | ||||||||||
Share based compensation | 15,100 | 1,800 | 16,900 | ||||||||||
Contingent consideration adjustment(1) | 2,400 | 1,200 | 3,600 | ||||||||||
Non-GAAP net adjusted EBITDA | \\$ | 71,000 | \\$ | (11,500 | ) | \\$ | 59,500 |
(1) Includes charges to operations for adjustments to estimated contingent consideration and for portions of merger consideration accounted for as compensation expense under GAAP.
|
High End of Guidance | ||||||||||||
|
2016 | ||||||||||||
Monotype | Olapic | Combined | |||||||||||
GAAP net income (loss) | \\$ | 28,600 | \\$ | (9,600 | ) | \\$ | 19,000 | ||||||
Interest expense, net | 600 | — | 600 | ||||||||||
Other (income) expense, net | 1,100 | — | 1,100 | ||||||||||
Provision (benefit) for income taxes | 17,500 | (5,400 | ) | 12,100 | |||||||||
Income (loss) from operations | 47,800 | (15,000 | ) | 32,800 | |||||||||
Depreciation and amortization | 10,700 | 2,200 | 12,900 | ||||||||||
Share based compensation | 15,100 | 1,800 | 16,900 | ||||||||||
Contingent consideration adjustment(1) | 2,400 | 1,200 | 3,600 | ||||||||||
Non-GAAP net adjusted EBITDA | \\$ | 76,000 | \\$ | (9,800 | ) | \\$ | 66,200 |
(1) Includes charges to operations for adjustments to estimated contingent consideration and for portions of merger consideration accounted for as compensation expense under GAAP.
MONOTYPE IMAGING HOLDINGS INC. |
||||||||||||||
Low End of Guidance | ||||||||||||||
|
Q3 2016 | |||||||||||||
Monotype | Olapic | Combined | ||||||||||||
GAAP net income (loss) | \\$ | 5,500 | \\$ | (3,500 | ) | \\$ | 2,000 | |||||||
Interest expense, net | 300 | — | 300 | |||||||||||
Other (income) expense, net | 200 | — | 200 | |||||||||||
Provision (benefit) for income taxes(1) | 3,500 | (2,900 | ) | 600 | ||||||||||
Income (loss) from operations(1) | 9,500 | (6,400 | ) | 3,100 | ||||||||||
Pre-acquisition net adjusted EBITDA(2) | — | (2,500 | ) | (2,500 | ) | |||||||||
Deferred revenue impairment(3) | — | 1,400 | 1,400 | |||||||||||
Depreciation and amortization | 2,600 | 800 | 3,400 | |||||||||||
Share based compensation | 3,800 | 600 | 4,400 | |||||||||||
Contingent consideration adjustments(4) | 600 | 400 | 1,000 | |||||||||||
Transaction costs(5) | — | 600 | 600 | |||||||||||
Non-GAAP pro forma net adjusted EBITDA | \\$ | 16,500 | \\$ | (5,100 | ) | \\$ | 11,400 |
(1) Olapic pro forma provision (benefit) for income taxes and income
(loss) from operations includes estimated pre-acquisition tax impact.
(2)
Non-GAAP pro forma net adjusted EBITDA includes \\$0,
(3) Non-GAAP pro forma net
adjusted EBITDA includes \\$0,
(4) Includes charges to
operations for adjustments to estimated contingent consideration and for
portions of merger consideration accounted for as compensation expense
under GAAP.
(5) Non-GAAP pro forma net adjusted EBITDA excludes \\$0,
High End of Guidance | ||||||||||||||
|
Q3 2016 | |||||||||||||
Monotype | Olapic | Combined | ||||||||||||
GAAP net income (loss) | \\$ | 7,200 | \\$ | (3,100 | ) | \\$ | 4,100 | |||||||
Interest expense, net | 300 | — | 300 | |||||||||||
Other (income) expense, net | 200 | — | 200 | |||||||||||
Provision (benefit) for income taxes(1) | 4,300 | (2,200 | ) | 2,100 | ||||||||||
Income (loss) from operations(1) | 12,000 | (5,300 | ) | 6,700 | ||||||||||
Pre-acquisition net adjusted EBITDA(2) | — | (2,500 | ) | (2,500 | ) | |||||||||
Deferred revenue impairment(3) | — | 1,400 | 1,400 | |||||||||||
Depreciation and amortization | 2,600 | 800 | 3,400 | |||||||||||
Share based compensation | 3,800 | 600 | 4,400 | |||||||||||
Contingent consideration adjustments(4) | 600 | 400 | 1,000 | |||||||||||
Transaction costs(5) | — | 600 | 600 | |||||||||||
Non-GAAP pro forma net adjusted EBITDA | \\$ | 19,000 | \\$ | (4,000 | ) | \\$ | 15,000 |
(1) Olapic pro forma provision (benefit) for income taxes and income
(loss) from operations includes estimated pre-acquisition tax impact.
(2)
Non-GAAP pro forma net adjusted EBITDA includes \\$0,
(3) Non-GAAP pro forma net
adjusted EBITDA includes \\$0,
(4) Includes charges to
operations for adjustments to estimated contingent consideration and for
portions of merger consideration accounted for as compensation expense
under GAAP.
(5) Non-GAAP pro forma net adjusted EBITDA excludes \\$0,
MONOTYPE IMAGING HOLDINGS INC. |
||||||||||||||
Low End of Guidance | ||||||||||||||
|
2016 | |||||||||||||
Monotype | Olapic | Combined | ||||||||||||
GAAP net income (loss) | \\$ | 25,400 | \\$ | (10,500 | ) | \\$ | 14,900 | |||||||
Interest expense, net | 600 | — | 600 | |||||||||||
Other (income) expense, net | 1,100 | — | 1,100 | |||||||||||
Provision (benefit) for income taxes(1) | 15,700 | (9,100 | ) | 6,600 | ||||||||||
Income (loss) from operations(1) | 42,800 | (19,600 | ) | 23,200 | ||||||||||
Pre-acquisition net adjusted EBITDA(2) | — | (11,500 | ) | (11,500 | ) | |||||||||
Deferred revenue impairment(3) | — | 3,600 | 3,600 | |||||||||||
Depreciation and amortization | 10,700 | 2,200 | 12,900 | |||||||||||
Share based compensation | 15,100 | 1,800 | 16,900 | |||||||||||
Contingent consideration adjustments(4) | 2,400 | 1,200 | 3,600 | |||||||||||
Transaction costs(5) | — | 1,300 | 1,300 | |||||||||||
Non-GAAP pro forma net adjusted EBITDA | \\$ | 71,000 | \\$ | (21,000 | ) | \\$ | 50,000 |
(1) Olapic pro forma provision (benefit) for income taxes and income
(loss) from operations includes estimated pre-acquisition tax impact.
(2)
Non-GAAP pro forma net adjusted EBITDA includes \\$0,
(3) Non-GAAP pro forma net
adjusted EBITDA includes \\$0,
(4) Includes charges to
operations for adjustments to estimated contingent consideration and for
portions of merger consideration accounted for as compensation expense
under GAAP.
(5) Non-GAAP pro forma net adjusted EBITDA excludes \\$0,
|
High End of Guidance | |||||||||||||
|
2016 | |||||||||||||
Monotype | Olapic | Combined | ||||||||||||
GAAP net income (loss) | \\$ | 28,600 | \\$ | (9,600 | ) | \\$ | 19,000 | |||||||
Interest expense, net | 600 | — | 600 | |||||||||||
Other (income) expense, net | 1,100 | — | 1,100 | |||||||||||
Provision (benefit) for income taxes(1) | 17,500 | (7,900 | ) | 9,600 | ||||||||||
Income (loss) from operations(1) | 47,800 | (17,500 | ) | 30,300 | ||||||||||
Pre-acquisition net adjusted EBITDA(2) | — | (11,500 | ) | (11,500 | ) | |||||||||
Deferred revenue impairment(3) | — | 3,600 | 3,600 | |||||||||||
Depreciation and amortization | 10,700 | 2,200 | 12,900 | |||||||||||
Share based compensation | 15,100 | 1,800 | 16,900 | |||||||||||
Contingent consideration adjustments(4) | 2,400 | 1,200 | 3,600 | |||||||||||
Transaction costs(5) | — | 1,300 | 1,300 | |||||||||||
Non-GAAP pro forma net adjusted EBITDA | \\$ | 76,000 | \\$ | (18,900 | ) | \\$ | 57,100 |
(1) Olapic pro forma provision (benefit) for income taxes and income
(loss) from operations includes estimated pre-acquisition tax impact.
(2)
Non-GAAP pro forma net adjusted EBITDA includes \\$0,
(3) Non-GAAP pro forma net
adjusted EBITDA includes \\$0,
(4) Includes charges to
operations for adjustments to estimated contingent consideration and for
portions of merger consideration accounted for as compensation expense
under GAAP.
(5) Non-GAAP pro forma net adjusted EBITDA excludes \\$0,
MONOTYPE IMAGING HOLDINGS INC.
|
|||||||||||||
Low End of Guidance | |||||||||||||
Q3 2016 | |||||||||||||
Monotype | Olapic | Combined | |||||||||||
GAAP net income (loss) | \\$ | 5,500 | \\$ |
(3,500 |
) |
\\$ | 2,000 | ||||||
Amortization, net of tax of \\$600, \\$300 and \\$900, respectively | 1,000 | 500 | 1,500 | ||||||||||
Share based compensation, net of tax of \\$1,400, \\$200 and \\$1,600, respectively |
2,400 |
300 |
2,700 |
||||||||||
Contingent consideration adjustment, net of tax of \\$0, \\$0 and \\$0, respectively(1) |
600 |
400 |
1,000 |
||||||||||
Non-GAAP net income (loss) | \\$ | 9,500 | \\$ | (2,300 | ) | \\$ | 7,200 | ||||||
GAAP earnings (loss) per diluted share | \\$ | 0.14 | \\$ | (0.09 | ) | \\$ | 0.05 | ||||||
Amortization, net of tax of \\$0.01, \\$0.00 and \\$0.01, respectively, per diluted share |
0.03 |
— |
0.03 |
||||||||||
Share based compensation, net of tax of \\$0.03, \\$0.01 and \\$0.04, respectively, per diluted share |
0.06 |
0.01 |
0.07 |
||||||||||
Contingent consideration adjustment, net of tax of \\$0.00, \\$0.00 and \\$0.00, respectively, per diluted share(1) |
0.01 |
0.01 |
0.02 |
||||||||||
Non-GAAP earnings (loss) per diluted share | \\$ | 0.24 | \\$ | (0.07 | ) | \\$ | 0.17 | ||||||
Weighted average diluted shares used to compute earnings per share | 40,400,000 | 40,400,000 | 40,400,000 |
Assumes 39% effective tax rate.
(1) Includes charges to
operations for adjustments to estimated contingent consideration and for
portions of merger consideration accounted for as compensation expense
under GAAP.
|
High End of Guidance | ||||||||||||
Q3 2016 | |||||||||||||
Monotype | Olapic | Combined | |||||||||||
GAAP net income (loss) | \\$ | 7,200 | \\$ | (3,100 | ) | \\$ | 4,100 | ||||||
Amortization, net of tax of \\$600, \\$300 and \\$900, respectively | 1,000 | 500 | 1,500 | ||||||||||
Share based compensation, net of tax of \\$1,400, \\$200 and \\$1,600, respectively |
2,400 |
300 |
2,700 |
||||||||||
Contingent consideration adjustment, net of tax of \\$0, \\$0 and \\$0, respectively(1) |
600 |
400 |
1,000 |
||||||||||
Non-GAAP net income (loss) | \\$ | 11,200 | \\$ | (1,900 | ) | \\$ | 9,300 | ||||||
GAAP earnings (loss) per diluted share | \\$ | 0.18 | \\$ | (0.08 | ) | \\$ | 0.10 | ||||||
Amortization, net of tax of \\$0.01, \\$0.00 and \\$0.01, respectively, per diluted share |
0.03 |
— |
0.03 |
||||||||||
Share based compensation, net of tax of \\$0.03, \\$0.01 and \\$0.04, respectively, per diluted share |
0.06 |
0.01 |
0.07 |
||||||||||
Contingent consideration adjustment, net of tax of \\$0.00, \\$0.00 and \\$0.00, respectively, per diluted share(1) |
0.01 |
0.01 |
0.02 |
||||||||||
Non-GAAP earnings (loss) per diluted share | \\$ | 0.28 | \\$ | (0.06 | ) | \\$ | 0.22 | ||||||
Weighted average diluted shares used to compute earnings per share | 40,400,000 | 40,400,000 | 40,400,000 |
Assumes 39% effective tax rate.
(1) Includes charges to
operations for adjustments to estimated contingent consideration and for
portions of merger consideration accounted for as compensation expense
under GAAP.
MONOTYPE IMAGING HOLDINGS INC.
|
|||||||||||||
Low End of Guidance | |||||||||||||
2016 | |||||||||||||
Monotype | Olapic | Combined | |||||||||||
GAAP net income (loss) | \\$ | 25,400 | \\$ | (10,500 | ) | \\$ | 14,900 | ||||||
Amortization, net of tax of \\$2,500, \\$900 and \\$3,400, respectively | 4,400 | 1,000 | 5,400 | ||||||||||
Share based compensation, net of tax of \\$5,400, \\$700 and \\$6,100, respectively |
9,700 |
600 |
10,300 |
||||||||||
Contingent consideration adjustment, net of tax of \\$0, \\$0 and \\$0, respectively(1) |
2,300 |
1,300 |
3,600 |
||||||||||
Non-GAAP net income (loss) | \\$ | 41,800 | \\$ | (7,600 | ) | \\$ | 34,200 | ||||||
GAAP earnings (loss) per diluted share | \\$ | 0.64 | \\$ | (0.27 | ) | \\$ | 0.37 | ||||||
Amortization, net of tax of \\$0.06, \\$0.02 and \\$0.08, respectively, per diluted share |
0.11 |
0.02 |
0.13 |
||||||||||
Share based compensation, net of tax of \\$0.14, \\$0.02 and \\$0.16, respectively, per diluted share |
0.24 |
0.02 |
0.26 |
||||||||||
Contingent consideration adjustment, net of tax of \\$0.00, \\$0.00 and \\$0.00, respectively, per diluted share(1) |
0.06 |
0.03 |
0.09 |
||||||||||
Non-GAAP earnings (loss) per diluted share | \\$ | 1.05 | \\$ | (0.20 | ) | \\$ | 0.85 | ||||||
Weighted average diluted shares used to compute earnings per share | 39,800,000 | 39,800,000 | 39,800,000 |
Assumes 39% effective tax rate.
(1) Includes charges to
operations for adjustments to estimated contingent consideration and for
portions of merger consideration accounted for as compensation expense
under GAAP.
|
High End of Guidance | ||||||||||||
2016 | |||||||||||||
Monotype | Olapic | Combined | |||||||||||
GAAP net income (loss) | \\$ | 28,600 | \\$ | (9,600 | ) | \\$ | 19,000 | ||||||
Amortization, net of tax of \\$2,500, \\$900 and \\$3,400, respectively | 4,400 | 1,000 | 5,400 | ||||||||||
Share based compensation, net of tax of \\$5,400, \\$700 and \\$6,100, respectively |
9,700 |
600 |
10,300 |
||||||||||
Contingent consideration adjustment, net of tax of \\$0, \\$0 and \\$0, respectively (1) |
2,300 |
1,300 |
3,600 |
||||||||||
Non-GAAP net income (loss) |
\\$ | 45,000 | \\$ | (6,700 | ) | \\$ | 38,300 | ||||||
GAAP earnings (loss) per diluted share | \\$ | 0.72 | \\$ | (0.24 | ) | \\$ | 0.48 | ||||||
Amortization, net of tax of \\$0.06, \\$0.02 and \\$0.08, respectively, per diluted share |
0.11 |
0.02 |
0.13 |
||||||||||
Share based compensation, net of tax of \\$0.14, \\$0.02 and \\$0.16, respectively, per diluted share |
0.24 |
0.02 |
0.26 |
||||||||||
Contingent consideration adjustment, net of tax of \\$0.00, \\$0.00 and \\$0.00, respectively, per diluted share (1) |
0.06 |
0.03 |
0.09 |
||||||||||
Non-GAAP earnings (loss) per diluted share | \\$ | 1.13 | \\$ | (0.17 | ) | \\$ | 0.96 | ||||||
Weighted average diluted shares used to compute earnings per share | 39,800,000 | 39,800,000 | 39,800,000 |
Assumes 39% effective tax rate.
(1) Includes charges to
operations for adjustments to estimated contingent consideration and for
portions of merger consideration accounted for as compensation expense
under GAAP.
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