Form 20-F ☒ Form 40-F ☐
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SILICOM LTD.
(Registrant) |
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Date: July 29, 2021
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By
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/s/ Eran Gilad
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Eran Gilad
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Chief Financial Officer
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Company Contact:
Eran Gilad, CFO
Silicom Ltd.
Tel: +972-9-764-4555
E-mail: erang@silicom.co.il
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Investor Relations Contact:
Ehud Helft
GK Investor Relations
Tel: +1 646 201 9246
E-mail: silicom@gkir.com
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June 30,
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December 31,
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|||||||
2021
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2020
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|||||||
Assets
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||||||||
Current assets
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||||||||
Cash and cash equivalents
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$
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27,460
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$
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20,676
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||||
Short-term bank deposits
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-
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5,000
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||||||
Marketable securities
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18,354
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35,117
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||||||
Accounts receivables: Trade, net
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21,799
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21,660
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||||||
Accounts receivables: Other
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9,428
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6,126
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||||||
Inventories
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60,769
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47,650
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||||||
Total current assets
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137,810
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136,229
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||||||
Marketable securities
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28,485
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15,281
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||||||
Assets held for employees’ severance benefits
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1,793
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1,833
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||||||
Deferred tax assets
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1,724
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1,790
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||||||
Property, plant and equipment, net
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4,395
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4,110
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||||||
Intangible assets, net
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2,984
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1,170
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||||||
Right of Use
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9,522
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9,913
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||||||
Goodwill
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25,561
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25,561
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||||||
Total assets
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$
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212,274
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$
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195,887
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||||
Liabilities and shareholders' equity
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||||||||
Current liabilities
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||||||||
Trade accounts payable
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$
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27,111
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$
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14,610
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||||
Other accounts payable and accrued expenses
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15,617
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12,953
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||||||
Lease Liabilities
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1,844
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1,813
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||||||
Total current liabilities
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44,572
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29,376
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||||||
Lease Liabilities
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7,712
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8,282
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||||||
Liability for employees’ severance benefits
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3,255
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3,256
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||||||
Deferred tax liabilities
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-
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136
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||||||
Total liabilities
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55,539
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41,050
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||||||
Shareholders' equity
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||||||||
Ordinary shares and additional paid-in capital
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61,898
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60,139
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||||||
Treasury shares
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(29,297
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)
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(24,807
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)
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||||
Retained earnings
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124,134
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119,505
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||||||
Total shareholders' equity
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156,735
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154,837
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||||||
Total liabilities and shareholders' equity
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$
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212,274
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$
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195,887
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Three-month period
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Six-month period
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|||||||||||||||
ended June 30,
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ended June 30,
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|||||||||||||||
2021
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2020
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2021
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2020
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Sales
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$
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30,277
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$
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23,045
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$
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59,279
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$
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45,115
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||||||||
Cost of sales
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19,524
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15,321
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38,595
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30,272
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||||||||||||
Gross profit
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10,753
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7,724
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20,684
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14,843
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||||||||||||
Research and development expenses
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4,970
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3,862
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9,990
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7,662
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||||||||||||
Selling and marketing expenses
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1,614
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1,396
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3,169
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2,935
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||||||||||||
General and administrative expenses
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1,186
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979
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2,249
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1,892
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||||||||||||
Total operating expenses
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7,770
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6,237
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15,408
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12,489
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||||||||||||
Operating income
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2,983
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1,487
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5,276
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2,354
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||||||||||||
Financial income (loss), net
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(283
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)
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209
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534
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1,240
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|||||||||||
Income before income taxes
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2,700
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1,696
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5,810
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3,594
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||||||||||||
Income taxes
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666
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392
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1,181
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802
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||||||||||||
Net income
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$
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2,034
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$
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1,304
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$
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4,629
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$
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2,792
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||||||||
Basic income per ordinary share (US$)
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$
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0.30
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$
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0.18
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$
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0.67
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$
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0.39
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||||||||
Weighted average number of ordinary shares used to compute basic income per share (in thousands)
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6,868
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7,153
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6,889
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7,231
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||||||||||||
Diluted income per ordinary share (US$)
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$
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0.29
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$
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0.18
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$
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0.66
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$
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0.38
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||||||||
Weighted average number of ordinary shares used to compute diluted income per share (in thousands)
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6,992
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7,168
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7,030
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7,265
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Three-month period
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Six-month period
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|||||||||||||||
ended June 30,
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ended June 30,
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|||||||||||||||
2021
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2020
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2021
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2020
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GAAP gross profit
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$
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10,753
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$
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7,724
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$
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20,684
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$
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14,843
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||||||||
(1) Share-based compensation (*)
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91
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109
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238
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280
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||||||||||||
Non-GAAP gross profit
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$
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10,844
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$
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7,833
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$
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20,922
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$
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15,123
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||||||||
GAAP operating income
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$
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2,983
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$
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1,487
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$
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5,276
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$
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2,354
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||||||||
Gross profit adjustments
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91
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109
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238
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280
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||||||||||||
(1) Share-based compensation (*)
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508
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357
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1,085
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908
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||||||||||||
Non-GAAP operating income
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$
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3,582
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$
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1,953
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$
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6,599
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$
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3,542
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||||||||
GAAP net income
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$
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2,034
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$
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1,304
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$
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4,629
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$
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2,792
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||||||||
Operating income adjustments
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599
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466
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1,323
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1,188
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||||||||||||
(2) Lease liabilities - financial expenses (income)
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230
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-
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(174
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)
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-
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|||||||||||
(3) Taxes on amortization of acquired intangible assets
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67
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67
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133
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134
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||||||||||||
Non-GAAP net income
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$
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2,930
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$
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1,837
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$
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5,911
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$
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4,114
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||||||||
GAAP net income
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$
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2,034
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$
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1,304
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$
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4,629
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$
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2,792
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||||||||
Adjustments for Non-GAAP Cost of sales
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91
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109
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238
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280
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||||||||||||
Adjustments for Non-GAAP Research and development expenses
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195
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181
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461
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428
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||||||||||||
Adjustments for Non-GAAP Selling and marketing expenses
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158
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86
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315
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230
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||||||||||||
Adjustments for Non-GAAP General and administrative expenses
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155
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90
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309
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250
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||||||||||||
Adjustments for Non-GAAP Financial income (loss), net
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230
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-
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(174
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)
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-
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|||||||||||
Adjustments for Non-GAAP Income taxes
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67
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67
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133
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134
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||||||||||||
Non-GAAP net income
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$
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2,930
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$
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1,837
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$
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5,911
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$
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4,114
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||||||||
GAAP basic income per ordinary share (US$)
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$
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0.30
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$
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0.18
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$
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0.67
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$
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0.39
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||||||||
(1) Share-based compensation (*)
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0.09
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0.07
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0.19
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0.16
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||||||||||||
(2) Lease liabilities - financial expenses (income)
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0.03
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-
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(0.02
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)
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-
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|||||||||||
(3) Taxes on amortization of acquired intangible assets
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0.01
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0.01
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0.02
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0.02
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||||||||||||
Non-GAAP basic income per ordinary share (US$)
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$
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0.43
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$
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0.26
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$
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0.86
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$
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0.57
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||||||||
GAAP diluted income per ordinary share (US$)
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$
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0.29
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$
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0.18
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$
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0.66
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$
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0.38
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||||||||
(1) Share-based compensation (*)
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0.09
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0.07
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0.18
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0.17
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||||||||||||
(2) Lease liabilities - financial expenses (income)
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0.03
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-
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(0.02
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)
|
-
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|||||||||||
(3) Taxes on amortization of acquired intangible assets
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0.01
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0.01
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0.02
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0.02
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||||||||||||
Non-GAAP diluted income per ordinary share (US$)
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$
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0.42
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$
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0.26
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$
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0.84
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$
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0.57
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