10/31/2022 | Press release | Distributed by Public on 10/31/2022 06:02
Investor Relations Contact:
Ehud Helft
EK Global Investor Relations
Tel: +1 212 378 8040
E-mail: [email protected]
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Silicom Ltd. Consolidated Balance Sheets
|
|||||
(US$ thousands)
|
September 30,
|
December 31,
|
|||||||
2022
|
2021
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
21,233
|
$
|
29,285
|
||||
Marketable securities
|
6,786
|
8,266
|
||||||
Accounts receivables: Trade, net
|
25,575
|
31,120
|
||||||
Accounts receivables: Other
|
6,465
|
4,693
|
||||||
Inventories
|
92,505
|
75,753
|
||||||
Total current assets
|
152,564
|
149,117
|
||||||
Marketable securities
|
15,231
|
23,773
|
||||||
Assets held for employees' severance benefits
|
1,803
|
1,882
|
||||||
Deferred tax assets
|
1,325
|
1,616
|
||||||
Property, plant and equipment, net
|
4,582
|
4,576
|
||||||
Intangible assets, net
|
6,485
|
4,314
|
||||||
Right of Use
|
8,816
|
8,765
|
||||||
Goodwill
|
25,561
|
25,561
|
||||||
Total assets
|
$
|
216,367
|
$
|
219,604
|
||||
Liabilities and shareholders' equity
|
||||||||
Current liabilities
|
||||||||
Trade accounts payable
|
$
|
19,496
|
$
|
29,918
|
||||
Other accounts payable and accrued expenses
|
13,330
|
18,582
|
||||||
Lease Liabilities
|
1,576
|
1,811
|
||||||
Total current liabilities
|
34,402
|
50,311
|
||||||
Lease Liabilities
|
6,554
|
7,377
|
||||||
Liability for employees' severance benefits
|
3,169
|
3,443
|
||||||
Deferred tax liabilities
|
71
|
10
|
||||||
Total liabilities
|
44,196
|
61,141
|
||||||
Shareholders' equity
|
||||||||
Ordinary shares and additional paid-in capital
|
64,951
|
63,412
|
||||||
Treasury shares
|
(35,511
|
)
|
(34,995
|
)
|
||||
Retained earnings
|
142,731
|
130,046
|
||||||
Total shareholders' equity
|
172,171
|
158,463
|
||||||
Total liabilities and shareholders' equity
|
$
|
216,367
|
$
|
219,604
|
Silicom Ltd. Consolidated Statements of Operations
|
||||||||||||
(US$ thousands, except for share and per share data)
|
Three-month period
|
Nine-month period
|
|||||||||||||||
ended September 30,
|
ended September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Sales
|
$
|
39,165
|
$
|
32,878
|
$
|
105,389
|
$
|
92,157
|
||||||||
Cost of sales
|
25,210
|
21,720
|
68,422
|
60,315
|
||||||||||||
Gross profit
|
13,955
|
11,158
|
36,967
|
31,842
|
||||||||||||
Research and development expenses
|
4,752
|
4,999
|
15,487
|
14,989
|
||||||||||||
Selling and marketing expenses
|
1,799
|
1,580
|
5,181
|
4,749
|
||||||||||||
General and administrative expenses
|
1,107
|
1,152
|
3,435
|
3,401
|
||||||||||||
Total operating expenses
|
7,658
|
7,731
|
24,103
|
23,139
|
||||||||||||
Operating income
|
6,297
|
3,427
|
12,864
|
8,703
|
||||||||||||
Financial income (loss), net
|
525
|
(130
|
)
|
2,025
|
404
|
|||||||||||
Income before income taxes
|
6,822
|
3,297
|
14,889
|
9,107
|
||||||||||||
Income taxes
|
834
|
679
|
2,204
|
1,860
|
||||||||||||
Net income
|
$
|
5,988
|
$
|
2,618
|
$
|
12,685
|
$
|
7,247
|
||||||||
Basic income per ordinary share (US$)
|
$
|
0.89
|
$
|
0.39
|
$
|
1.90
|
$
|
1.06
|
||||||||
Weighted average number of ordinary shares used to compute basic income per share (in thousands)
|
6,711
|
6,795
|
6,686
|
6,857
|
||||||||||||
Diluted income per ordinary share (US$)
|
$
|
0.88
|
$
|
0.38
|
$
|
1.87
|
$
|
1.04
|
||||||||
Weighted average number of ordinary shares used to compute diluted income per share (in thousands)
|
6,793
|
6,931
|
6,790
|
6,996
|
Silicom Ltd. Reconciliation of Non-GAAP Financial Results
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||||||||||||
(US$ thousands, except for share and per share data)
|
Three-month period
|
Nine-month period
|
|||||||||||||||
ended September 30,
|
ended September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
GAAP gross profit
|
$
|
13,955
|
$
|
11,158
|
$
|
36,967
|
$
|
31,842
|
||||||||
(1) Share-based compensation (*)
|
145
|
120
|
479
|
358
|
||||||||||||
Non-GAAP gross profit
|
$
|
14,100
|
$
|
11,278
|
$
|
37,446
|
$
|
32,200
|
||||||||
GAAP operating income
|
$
|
6,297
|
$
|
3,427
|
$
|
12,864
|
$
|
8,703
|
||||||||
Gross profit adjustments
|
145
|
120
|
479
|
358
|
||||||||||||
(1) Share-based compensation (*)
|
756
|
649
|
2,224
|
1,734
|
||||||||||||
Non-GAAP operating income
|
$
|
7,198
|
$
|
4,196
|
$
|
15,567
|
$
|
10,795
|
||||||||
GAAP net income
|
$
|
5,988
|
$
|
2,618
|
$
|
12,685
|
$
|
7,247
|
||||||||
Operating income adjustments
|
901
|
769
|
2,703
|
2,092
|
||||||||||||
(2) Lease liabilities - financial expenses (income)
|
(95
|
)
|
132
|
(1,015
|
)
|
(42
|
)
|
|||||||||
(3) Taxes on amortization of acquired intangible assets
|
68
|
67
|
203
|
200
|
||||||||||||
Non-GAAP net income
|
$
|
6,862
|
$
|
3,586
|
$
|
14,576
|
$
|
9,497
|
||||||||
GAAP net income
|
$
|
5,988
|
$
|
2,618
|
$
|
12,685
|
$
|
7,247
|
||||||||
Adjustments for Non-GAAP Cost of sales
|
145
|
120
|
479
|
358
|
||||||||||||
Adjustments for Non-GAAP Research and development expenses
|
344
|
275
|
1,092
|
736
|
||||||||||||
Adjustments for Non-GAAP Selling and marketing expenses
|
203
|
191
|
574
|
506
|
||||||||||||
Adjustments for Non-GAAP General and administrative expenses
|
209
|
183
|
558
|
492
|
||||||||||||
Adjustments for Non-GAAP Financial income (loss), net
|
(95
|
)
|
132
|
(1,015
|
)
|
(42
|
)
|
|||||||||
Adjustments for Non-GAAP Income taxes
|
68
|
67
|
203
|
200
|
||||||||||||
Non-GAAP net income
|
$
|
6,862
|
$
|
3,586
|
$
|
14,576
|
$
|
9,497
|
||||||||
GAAP basic income per ordinary share (US$)
|
$
|
0.89
|
$
|
0.39
|
$
|
1.90
|
$
|
1.06
|
||||||||
(1) Share-based compensation (*)
|
0.13
|
0.11
|
0.40
|
0.30
|
||||||||||||
(2) Lease liabilities - financial expenses (income)
|
(0.01
|
)
|
0.02
|
(0.15
|
)
|
-
|
||||||||||
(3) Taxes on amortization of acquired intangible assets
|
0.01
|
0.01
|
0.03
|
0.03
|
||||||||||||
Non-GAAP basic income per ordinary share (US$)
|
$
|
1.02
|
$
|
0.53
|
$
|
2.18
|
$
|
1.39
|
||||||||
GAAP diluted income per ordinary share (US$)
|
$
|
0.88
|
$
|
0.38
|
$
|
1.87
|
$
|
1.04
|
||||||||
(1) Share-based compensation (*)
|
0.13
|
0.11
|
0.40
|
0.30
|
||||||||||||
(2) Lease liabilities - financial expenses (income)
|
(0.01
|
)
|
0.02
|
(0.15
|
)
|
(0.01
|
)
|
|||||||||
(3) Taxes on amortization of acquired intangible assets
|
0.01
|
0.01
|
0.03
|
0.03
|
||||||||||||
Non-GAAP diluted income per ordinary share (US$)
|
$
|
1.01
|
$
|
0.52
|
$
|
2.15
|
$
|
1.36
|
||||||||