Silicom Reports Q1 2024 Results and Progress of Strategic 5-Year Plan
-
~$13M positive operating cash flow for the quarter -
Company announces new one-year
$15m share buyback program
KFAR SAVA, Israel,
Financial Results
On a GAAP basis, the company's net loss for the quarter totalled
On a non-GAAP basis (as described and reconciled below), net loss for the quarter totalled
Guidance
Management projects that revenues for the second quarter of 2024 will range from
Share Repurchase Plan
In addition, the Company today announced that its Board of Directors has authorized a new one-year share buyback plan allowing the Company to invest up to
Comments of Management
Conference Call Details
To participate, investors may either listen via a webcast link hosted on
For those that wish to dial in via telephone, one of the following teleconferencing numbers may be used:
US: 1 866 860 9642
ISRAEL: 03 918 0609
INTERNATIONAL: +972 3 918 0609
At:
It is advised to connect to the conference call a few minutes before the start.
For those unable to listen to the live call, a replay of the call will be available for three months from the day after the call under the above-mentioned webcast section of
Non-GAAP Financial Measures
This release, including the financial tables below, presents other financial information that may be considered "non-GAAP financial measures" under Regulation G and related reporting requirements promulgated by the
About
For more information, please visit: www.silicom.co.il.
Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties, or other factors not under the company's control, which may cause actual results, performance, or achievements of the company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to,
Further information about the company's businesses, including information about factors that could materially affect
Logo: https://mma.prnewswire.com/media/733229/Silicom_Ltd_Logo.jpg
Company Contact:
+972-9-764-4555
erang@silicom.co.il
Investor Relations Contact:
EK Global Investor Relations +1 212 378 8040
silicom@ekgir.com
- FINANCIAL TABLES FOLLOW -
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(US$ thousands) |
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2024 |
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2023 |
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Assets |
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|
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Current assets |
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|
|
|
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Cash and cash equivalents |
$ |
61,148 |
|
$ |
46,972 |
Marketable securities |
|
4,978 |
|
|
7,957 |
Accounts receivables: Trade, net |
|
11,902 |
|
|
25,004 |
Accounts receivables: Other |
|
5,050 |
|
|
3,688 |
Inventories |
|
46,292 |
|
|
51,507 |
Total current assets |
|
129,370 |
|
|
135,128 |
|
|
|
|
|
|
Marketable securities |
|
14,583 |
|
|
16,619 |
Assets held for employees' severance benefits |
|
1,294 |
|
|
1,357 |
Deferred tax assets |
|
2,290 |
|
|
2,359 |
Property, plant and equipment, net |
|
3,310 |
|
|
3,552 |
Intangible assets, net |
|
2,255 |
|
|
2,253 |
Right of Use |
|
6,121 |
|
|
6,466 |
Total assets |
$ |
159,223 |
|
$ |
167,734 |
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Liabilities and shareholders' equity |
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Current liabilities |
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Trade accounts payable |
$ |
3,032 |
|
$ |
4,139 |
Other accounts payable and accrued expenses |
|
6,522 |
|
|
6,668 |
Lease liabilities |
|
1,792 |
|
|
2,070 |
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|
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Total current liabilities |
|
11,346 |
|
|
12,877 |
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|
|
|
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Lease liabilities |
|
3,648 |
|
|
3,877 |
Liability for employees' severance benefits |
|
2,616 |
|
|
2,672 |
Deferred tax liabilities |
|
130 |
|
|
46 |
|
|
|
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Total liabilities |
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17,740 |
|
|
19,472 |
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Shareholders' equity |
|
|
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|
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Ordinary shares and additional paid-in capital |
|
71,443 |
|
|
70,693 |
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|
(47,728) |
|
|
(43,631) |
Retained earnings |
|
117,768 |
|
|
121,200 |
Total shareholders' equity |
|
141,483 |
|
|
148,262 |
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|
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|
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Total liabilities and shareholders' equity |
$ |
159,223 |
|
$ |
167,734 |
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(US$ thousands, except for share and per share data) |
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Three-month period |
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ended |
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2024 |
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2023 |
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Sales |
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$ |
14,365 |
|
$ |
37,181 |
Cost of sales |
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|
|
|
|
|
|
10,326 |
|
|
25,396 |
Gross profit |
|
|
|
|
|
|
|
4,039 |
|
|
11,785 |
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Research and development expenses |
|
|
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|
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4,921 |
|
|
5,138 |
Selling and marketing expenses |
|
|
|
|
|
|
|
1,520 |
|
|
1,503 |
General and administrative expenses |
|
|
|
|
|
|
|
1,061 |
|
|
1,093 |
Total operating expenses |
|
|
|
|
|
|
|
7,502 |
|
|
7,734 |
|
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|
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Operating income (loss) |
|
|
|
|
|
|
|
(3,463) |
|
|
4,051 |
|
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Financial income (expenses), net |
|
|
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|
|
399 |
|
|
299 |
Income (loss) before income taxes |
|
|
|
|
|
|
|
(3,064) |
|
|
4,350 |
Income taxes |
|
|
|
|
|
|
|
368 |
|
|
813 |
Net income (loss) |
|
|
|
|
|
|
$ |
(3,432) |
|
$ |
3,537 |
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Basic income (loss) per ordinary share (US$) |
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|
$ |
(0.55) |
|
$ |
0.52 |
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Weighted average number of ordinary shares used to |
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|
|
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|
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6,274 |
|
|
6,747 |
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Diluted income (loss) per ordinary share (US$) |
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|
$ |
(0.55) |
|
$ |
0.52 |
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Weighted average number of ordinary shares used to |
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|
|
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|
|
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6,274 |
|
|
6,848 |
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(US$ thousands, except for share and per share data) |
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Three-month period |
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ended |
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2024 |
|
2023 |
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GAAP gross profit |
|
|
|
|
|
|
$ |
4,039 |
|
$ |
11,785 |
|
(1) Share-based compensation (*) |
|
|
|
|
|
|
|
61 |
|
|
114 |
|
Non-GAAP gross profit |
|
|
|
|
|
|
$ |
4,100 |
|
$ |
11,899 |
|
|
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|
|
|
|
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|
GAAP operating income (loss) |
|
|
|
|
|
|
$ |
(3,463) |
|
$ |
4,051 |
|
Gross profit adjustments |
|
|
|
|
|
|
|
61 |
|
|
114 |
|
(1) Share-based compensation (*) |
|
|
|
|
|
|
|
689 |
|
|
610 |
|
Non-GAAP operating income (loss) |
|
|
|
|
|
|
$ |
(2,713) |
|
$ |
4,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
|
|
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|
|
$ |
(3,432) |
|
$ |
3,537 |
|
Operating income (loss) adjustments |
|
|
|
|
|
|
|
750 |
|
|
724 |
|
(2) Lease liabilities - Financial expenses (income) |
|
|
|
|
|
|
|
(43) |
|
|
(168) |
|
(3) Taxes on amortization and impairment of acquired intangible assets |
|
|
|
|
|
|
|
353 |
|
|
68 |
|
Non-GAAP net income (loss) |
|
|
|
|
|
|
$ |
(2,372) |
|
$ |
4,161 |
|
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|
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GAAP net income (loss) |
|
|
|
|
|
|
$ |
(3,432) |
|
$ |
3,537 |
|
Adjustments for Non-GAAP Cost of sales |
|
|
|
|
|
|
|
61 |
|
|
114 |
|
Adjustments for |
|
|
|
|
|
|
|
313 |
|
|
306 |
|
Adjustments for Non-GAAP Selling and marketing expenses |
|
|
|
|
|
|
|
176 |
|
|
153 |
|
Adjustments for Non-GAAP General and administrative expenses |
|
|
|
|
|
|
|
200 |
|
|
151 |
|
Adjustments for Non-GAAP Financial income (loss), net |
|
|
|
|
|
|
|
(43) |
|
|
(168) |
|
Adjustments for Non-GAAP Income taxes |
|
|
|
|
|
|
|
353 |
|
|
68 |
|
Non-GAAP net income (loss) |
|
|
|
|
|
|
$ |
(2,372) |
|
$ |
4,161 |
|
|
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|
|
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GAAP basic income (loss) per ordinary share (US$) |
|
|
|
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|
|
$ |
(0.55) |
|
$ |
0.52 |
|
(1) Share-based compensation (*) |
|
|
|
|
|
|
|
0.12 |
|
|
0.11 |
|
(2) Lease liabilities - Financial expenses (income) |
|
|
|
|
|
|
|
(0.01) |
|
|
(0.02) |
|
(3) Taxes on amortization and impairment of acquired intangible assets |
|
|
|
|
|
|
|
0.06 |
|
|
0.01 |
|
Non-GAAP basic income (loss) per ordinary share (US$) |
|
|
|
|
|
|
$ |
(0.38) |
|
$ |
0.62 |
|
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GAAP diluted income (loss) per ordinary share (US$) |
|
|
|
|
|
|
$ |
(0.55) |
|
$ |
0.52 |
|
(1) Share-based compensation (*) |
|
|
|
|
|
|
|
0.12 |
|
|
0.11 |
|
(2) Lease liabilities - Financial expenses (income) |
|
|
|
|
|
|
|
(0.01) |
|
|
(0.03) |
|
(3) Taxes on amortization and impairment of acquired intangible assets |
|
|
|
|
|
|
|
0.06 |
|
|
0.01 |
|
Non-GAAP diluted income (loss) per ordinary share (US$) |
|
|
|
|
|
|
$ |
(0.38) |
|
$ |
0.61 |
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(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R)) |
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View original content:https://www.prnewswire.com/news-releases/silicom-reports-q1-2024-results-and-progress-of-strategic-5-year-plan-302134376.html
SOURCE