and 31% growth in non-GAAP EPS -
Guidance for 2022
Silicom's Management will host an interactive conference today, January 27th, at 9am Eastern Time (6am Pacific Time, 4pm Israel Time) to review and discuss the results.
Company Contact:
Eran Gilad, CFO
Silicom Ltd.
Tel: +972-9-764-4555
E-mail: erang@silicom.co.il |
Investor Relations Contact:
Ehud Helft
GK Investor Relations
Tel: +1 212 378 8040
E-mail: silicom@gkir.com |
December 31,
|
December 31,
| |||||||
2021
|
2020
| |||||||
Assets
| ||||||||
Current assets
| ||||||||
Cash and cash equivalents
|
$
|
29,285
|
$
|
20,676
| ||||
Short-term bank deposits
|
-
|
5,000
| ||||||
Marketable securities
|
8,266
|
35,117
| ||||||
Accounts receivables: Trade, net
|
31,120
|
21,660
| ||||||
Accounts receivables: Other
|
3,842
|
6,126
| ||||||
Inventories
|
75,753
|
47,650
| ||||||
Total current assets
|
148,266
|
136,229
| ||||||
Marketable securities
|
23,773
|
15,281
| ||||||
Assets held for employees' severance benefits
|
1,882
|
1,833
| ||||||
Deferred tax assets
|
2,445
|
1,790
| ||||||
Property, plant and equipment, net
|
4,576
|
4,110
| ||||||
Intangible assets, net
|
4,314
|
1,170
| ||||||
Right of Use
|
8,765
|
9,913
| ||||||
Goodwill
|
25,561
|
25,561
| ||||||
Total assets
|
$
|
219,582
|
$
|
195,887
| ||||
Liabilities and shareholders' equity
| ||||||||
Current liabilities
| ||||||||
Trade accounts payable
|
$
|
29,918
|
$
|
14,610
| ||||
Other accounts payable and accrued expenses
|
18,564
|
12,953
| ||||||
Lease Liabilities
|
1,811
|
1,813
| ||||||
Total current liabilities
|
50,293
|
29,376
| ||||||
Lease Liabilities
|
7,377
|
8,282
| ||||||
Liability for employees' severance benefits
|
3,443
|
3,256
| ||||||
Deferred tax liabilities
|
6
|
136
| ||||||
Total liabilities
|
61,119
|
41,050
| ||||||
Shareholders' equity
| ||||||||
Ordinary shares and additional paid-in capital
|
63,412
|
60,139
| ||||||
Treasury shares
|
(34,995
|
)
|
(24,807
|
)
| ||||
Retained earnings
|
130,046
|
119,505
| ||||||
Total shareholders' equity
|
158,463
|
154,837
| ||||||
Total liabilities and shareholders' equity
|
$
|
219,582
|
$
|
195,887
|
Three-month period
|
Twelve-month period
| |||||||||||||||
ended December 31,
|
ended December 31,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Sales
|
$
|
36,303
|
$
|
33,898
|
$
|
128,460
|
$
|
107,398
| ||||||||
Cost of sales
|
23,757
|
24,289
|
84,072
|
73,632
| ||||||||||||
Gross profit
|
12,546
|
9,609
|
44,388
|
33,766
| ||||||||||||
Research and development expenses
|
5,102
|
5,396
|
20,091
|
17,244
| ||||||||||||
Selling and marketing expenses
|
1,850
|
1,608
|
6,599
|
6,209
| ||||||||||||
General and administrative expenses
|
1,240
|
1,106
|
4,641
|
4,065
| ||||||||||||
Total operating expenses
|
8,192
|
8,110
|
31,331
|
27,518
| ||||||||||||
Operating income
|
4,354
|
1,499
|
13,057
|
6,248
| ||||||||||||
Financial income (loss), net
|
(556
|
)
|
(575
|
)
|
(152
|
)
|
1,034
| |||||||||
Income before income taxes
|
3,798
|
924
|
12,905
|
7,282
| ||||||||||||
Income taxes
|
504
|
78
|
2,364
|
1,557
| ||||||||||||
Net income
|
$
|
3,294
|
$
|
846
|
$
|
10,541
|
$
|
5,725
| ||||||||
Basic income per ordinary share (US$)
|
$
|
0.49
|
$
|
0.12
|
$
|
1.54
|
$
|
0.80
| ||||||||
Weighted average number of ordinary shares used to compute basic income per share (in thousands)
|
6,732
|
6,955
|
6,826
|
7,118
| ||||||||||||
Diluted income per ordinary share (US$)
|
$
|
0.48
|
$
|
0.12
|
$
|
1.51
|
$
|
0.80
| ||||||||
Weighted average number of ordinary shares used to compute diluted income per share (in thousands)
|
6,887
|
7,013
|
6,969
|
7,157
|
Three-month period
|
Twelve-month period
| |||||||||||||||
ended December 31,
|
ended December 31,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
GAAP gross profit
|
$
|
12,546
|
$
|
9,609
|
$
|
44,388
|
$
|
33,766
| ||||||||
(1) Share-based compensation (*)
|
121
|
127
|
479
|
535
| ||||||||||||
(2) Impairment of intangible assets
|
-
|
1,657
|
-
|
1,657
| ||||||||||||
Non-GAAP gross profit
|
$
|
12,667
|
$
|
11,393
|
$
|
44,867
|
$
|
35,958
| ||||||||
GAAP operating income
|
$
|
4,354
|
$
|
1,499
|
$
|
13,057
|
$
|
6,248
| ||||||||
Gross profit adjustments
|
121
|
1,784
|
479
|
2,192
| ||||||||||||
(1) Share-based compensation (*)
|
648
|
633
|
2,382
|
2,176
| ||||||||||||
Non-GAAP operating income
|
$
|
5,123
|
$
|
3,916
|
$
|
15,918
|
$
|
10,616
| ||||||||
GAAP net income
|
$
|
3,294
|
$
|
846
|
$
|
10,541
|
$
|
5,725
| ||||||||
Operating income adjustments
|
769
|
2,417
|
2,861
|
4,368
| ||||||||||||
(3) Lease liabilities - financial expenses (income)
|
363
|
625
|
321
|
625
| ||||||||||||
(4) Taxes on amortization of acquired intangible assets
|
67
|
68
|
267
|
270
| ||||||||||||
Non-GAAP net income
|
$
|
4,493
|
$
|
3,956
|
$
|
13,990
|
$
|
10,988
| ||||||||
GAAP net income
|
$
|
3,294
|
$
|
846
|
$
|
10,541
|
$
|
5,725
| ||||||||
Adjustments for Non-GAAP Cost of sales
|
121
|
1,784
|
479
|
2,192
| ||||||||||||
Adjustments for Non-GAAP Research and development expenses
|
275
|
265
|
1,011
|
959
| ||||||||||||
Adjustments for Non-GAAP Selling and marketing expenses
|
191
|
186
|
697
|
602
| ||||||||||||
Adjustments for Non-GAAP General and administrative expenses
|
182
|
182
|
674
|
615
| ||||||||||||
Adjustments for Non-GAAP Financial income (loss), net
|
363
|
625
|
321
|
625
| ||||||||||||
Adjustments for Non-GAAP Income taxes
|
67
|
68
|
267
|
270
| ||||||||||||
Non-GAAP net income
|
$
|
4,493
|
$
|
3,956
|
$
|
13,990
|
$
|
10,988
| ||||||||
GAAP basic income per ordinary share (US$)
|
$
|
0.49
|
$
|
0.12
|
$
|
1.54
|
$
|
0.80
| ||||||||
(1) Share-based compensation (*)
|
0.12
|
0.11
|
0.42
|
0.38
| ||||||||||||
(2) Impairment of intangible assets
|
-
|
0.24
|
-
|
0.23
| ||||||||||||
(3) Lease liabilities - financial expenses (income)
|
0.05
|
0.09
|
0.05
|
0.09
| ||||||||||||
(4) Taxes on amortization of acquired intangible assets
|
0.01
|
0.01
|
0.04
|
0.04
| ||||||||||||
Non-GAAP basic income per ordinary share (US$)
|
$
|
0.67
|
$
|
0.57
|
$
|
2.05
|
$
|
1.54
| ||||||||
GAAP diluted income per ordinary share (US$)
|
$
|
0.48
|
$
|
0.12
|
$
|
1.51
|
$
|
0.80
| ||||||||
(1) Share-based compensation (*)
|
0.11
|
0.11
|
0.41
|
0.38
| ||||||||||||
(2) Impairment of intangible assets
|
-
|
0.23
|
-
|
0.23
| ||||||||||||
(3) Lease liabilities - financial expenses (income)
|
0.05
|
0.09
|
0.05
|
0.09
| ||||||||||||
(4) Taxes on amortization of acquired intangible assets
|
0.01
|
0.01
|
0.04
|
0.04
| ||||||||||||
Non-GAAP diluted income per ordinary share (US$)
|
$
|
0.65
|
$
|
0.56
|
$
|
2.01
|
$
|
1.54
|
(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R))
|
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Disclaimer
Silicom Ltd. published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 13:08:37 UTC.