CAMTEK ANNOUNCES RESULTS FOR THE FOURTH QUARTER AND FULL YEAR OF 2023
EXPECTS 30% YoY GROWTH IN THE FIRST QUARTER WITH RECORD REVENUE IN FY 2024
MIGDAL HAEMEK,
Highlights of the Fourth Quarter of 2023
- Revenues of
$88.7 million , an 8% increase year-over-year; - GAAP operating income of
$17.2 million ; non-GAAP operating income of$25.5 million , representing an operating margin of 19.4% and 28.7% respectively; - GAAP net income of
$20.8 million and non-GAAP net income of$28.2 million ; - Strong operating cash flow of
$34.2 million ; and - Completion of FRT metrology acquisition.
Highlights of the Full Year 20 23
- Revenues of
$315.4 million , 1.7% below those of last year; - GAAP operating income of
$65.4 million ; non-GAAP operating income of$83.3 million ; representing operating margins of 20.7% and 26.4%, respectively; - GAAP net income of
$78.6 million ; non-GAAP net income of$95.7 million ; and - Operating cash flow of
$79.3 million in 2023, which led to a year-end total cash, short-term and long-term deposits and marketable securities balance of$449 million .
Forward-Looking Expectations
Management expects revenues in the first quarter of 2024 between
Management Comment
Continued
Fourth Quarter 2023 Financial Results
Revenues for the fourth quarter of 2023 were
Gross profit on a GAAP basis in the quarter totaled
Gross profit on a non-GAAP basis in the quarter totaled
Operating profit on a GAAP basis in the quarter totaled
Operating profit on a non-GAAP basis in the quarter totaled
Net income on a GAAP basis in the quarter totaled
Net income on a non-GAAP basis in the quarter totaled
Full Year 2023 Results Summary
Revenues for 2022 were
Gross profit on a GAAP basis totaled
Gross profit on a non-GAAP basis totaled
Operating income on a GAAP basis totaled
Operating income on a non-GAAP basis totaled
Net income on a GAAP basis totaled
Net income on a non-GAAP
basis totaled
Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of
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ABOUT
With manufacturing facilities in
This press release is available at http://www.camtek.com
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent
This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) acquisition related expenses, 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 our performance. 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 uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release. The results reported in this press-release are preliminary unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.
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Consolidated Balance Sheets |
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(In thousands) |
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2023 |
2022 |
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Assets |
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Current assets |
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Cash and cash equivalents |
119,968 |
148,156 |
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Short-term deposits |
215,250 |
251,500 |
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Marketable securities |
18,816 |
- |
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Trade accounts receivable, net |
87,300 |
80,611 |
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Inventories |
85,905 |
65,541 |
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Other current assets |
19,548 |
11,156 |
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Total current assets |
546,787 |
556,964 |
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Long-term deposits |
21,000 |
79,000 |
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Marketable securities |
73,576 |
- |
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Long-term inventory |
9,023 |
5,357 |
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Deferred tax asset, net |
2,642 |
1,004 |
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Other assets, net |
1,370 |
1,024 |
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Property, plant and equipment, net |
41,987 |
33,141 |
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Intangible assets, net |
16,937 |
597 |
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|
74,345 |
- |
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Total non- current assets |
240,880 |
120,123 |
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Total assets |
787,667 |
677,087 |
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Liabilities and shareholders' equity |
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Current liabilities |
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Trade accounts payable |
42,187 |
31,667 |
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Other current liabilities |
54,487 |
56,833 |
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Total current liabilities |
96,674 |
88,500 |
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Long-term liabilities |
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Deferred tax liabilities, net |
7,541 |
- |
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Other long-term liabilities |
10,473 |
8,748 |
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Convertible notes |
196,831 |
195,737 |
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Total long-term liabilities |
214,845 |
204,485 |
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Total liabilities |
311,519 |
292,985 |
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Commitments and contingencies |
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Shareholders' equity |
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Ordinary shares
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46
,993,998
issued shares at
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44
,901,622
shares outstanding at
and 44,412,942
at |
176 |
175 |
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Additional paid-in capital |
200,389 |
187,105 |
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Accumulated other comprehensive income |
129 |
- |
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Retained earnings |
277,352 |
198,720 |
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478,046 |
386,000 |
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(1,898) |
(1,898) |
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Total shareholders' equity |
476,148 |
384,102 |
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Total liabilities and shareholders' equity |
787,667 |
677,087 |
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Consolidated Statements of Income |
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(in thousands, except share data) |
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Year ended |
Three Months ended |
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2023 |
2022 |
2023 |
2022 |
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U.S. dollars |
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Revenues |
315,375 |
320,909 |
88,690 |
82,175 |
Cost of revenues |
167,742 |
161,053 |
48,902 |
42,229 |
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Gross profit |
147,633 |
159,856 |
39,788 |
39,946 |
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Research and development costs |
31,470 |
28,859 |
8,042 |
6,684 |
Selling, general and administrative expense |
50,751 |
49,499 |
14,527 |
12,801 |
|
82,221 |
78,358 |
22,569 |
19,485 |
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Operating income |
65,412 |
81,498 |
17,219 |
20,461 |
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Financial income, net |
22,218 |
6,690 |
5,682 |
3,801 |
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Income before income taxes |
87,630 |
88,188 |
22,901 |
24,262 |
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Income taxes expense |
(8,998) |
(8,239) |
(2,111) |
(2,589) |
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Net income |
78,632 |
79,949 |
20,790 |
21,673 |
Net income per ordinary share: |
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Year ended |
Three Months ended |
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2023 |
2022 |
2023 |
2022 |
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Basic net earnings |
1.76 |
1.81 |
0.46 |
0.49 |
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Diluted net earnings |
1.61 |
1.66 |
0.42 |
0.45 |
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Weighted average number of ordinary shares outstanding: |
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Basic |
44,725 |
44,158 |
44,882 |
44,397 |
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Diluted |
48,863 |
48,229 |
49,149 |
48,332 |
Reconciliation of GAAP To Non-GAAP results |
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(In thousands, except share data) |
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Year ended |
Three Months ended |
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2023 |
2022 |
2023 |
2022 |
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Reported net income attributable to Camtek Ltd. on GAAP basis |
78,632 |
79,949 |
20,790 |
21,673 |
Acquisition of FRT related expenses (1) |
4,550 |
- |
4,550 |
- |
Share-based compensation |
12,525 |
10,523 |
2,868 |
2,371 |
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Non-GAAP net income |
95,707 |
90,472 |
28,208 |
24,044 |
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Non–GAAP net income per diluted share |
1.96 |
1.88 |
0.57 |
0.50 |
Gross margin on GAAP basis Reported gross profit on GAAP basis
|
46.8% 147,633 |
49.8% 159,856 |
44.9% 39,788 |
48.6% 39,946 |
Acquisition of FRT related expenses (1) |
3,492 |
- |
3,492 |
- |
Share-based compensation |
1,591 |
1,217 |
395 |
295 |
Non-GAAP gross margin |
48.4 % |
50.2 % |
49.2 % |
49.0 % |
Non-GAAP gross profit |
152,716 |
161,073 |
43,675 |
40,241 |
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Reported operating income (loss) attributable to Camtek Ltd. on GAAP basis |
65,412 |
81,498 |
17,219 |
20,461 |
Acquisition of FRT related expenses (1) |
5,406 |
- |
5,406 |
- |
Share-based compensation |
12,525 |
10,523 |
2,868 |
2,371 |
Non-GAAP operating income |
83,343 |
92,021 |
25,493 |
22,832 |
(1) During the twelve months and three months ended
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com
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