Form 20-F ☒ Form 40-F ☐
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SILICOM LTD.
(Registrant) |
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Date: October 25, 2018
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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 / Gavriel Frohwein
GK Investor Relations
Tel: +1 646 668 3559
E-mail: silicom@gkir.com
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Silicom Ltd. Consolidated Balance Sheets
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||||||||
(US$ thousands)
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September 30,
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December 31,
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|||||||
2018
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2017
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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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20,170
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$
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17,021
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||||
Marketable securities
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497
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7,752
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||||||
Accounts receivables: Trade, net
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30,722
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41,367
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Accounts receivables: Other
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5,620
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5,823
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Inventories
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50,459
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51,487
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Total current assets
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107,468
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123,450
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Marketable securities
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30,394
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5,945
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Assets held for employees’ severance benefits
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1,562
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1,591
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Deferred tax assets
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865
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899
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Property, plant and equipment, net
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3,581
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4,121
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Intangible assets, net
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893
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1,047
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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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170,324
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$
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162,614
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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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13,608
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$
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12,629
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Other accounts payable and accrued expenses
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6,629
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6,420
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Total current liabilities
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20,237
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19,049
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Liability for employees’ severance benefits
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2,687
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2,765
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Total liabilities
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22,924
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21,814
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Shareholders' equity
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Ordinary shares and additional paid-in capital
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53,768
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51,931
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Treasury shares
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(38
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)
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(38
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)
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Retained earnings
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93,670
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88,907
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Total shareholders' equity
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147,400
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140,800
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Total liabilities and shareholders' equity
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$
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170,324
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$
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162,614
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Silicom Ltd. Consolidated Statements of Operations
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(US$ thousands, except for share and per share data)
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Three-month period
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Nine-month period
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ended September 30,
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ended September 30,
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2018
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2017
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2018
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2017
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Sales
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$
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31,104
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$
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32,301
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$
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88,229
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$
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87,909
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Cost of sales
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20,583
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20,605
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64,269
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55,504
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Gross profit
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10,521
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11,696
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23,960
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32,405
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Research and development expenses
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3,666
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3,551
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10,744
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10,393
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Selling and marketing expenses
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1,599
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1,565
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4,731
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4,800
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General and administrative expenses
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956
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1,134
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2,931
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3,432
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Total operating expenses
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6,221
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6,250
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18,406
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18,625
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Operating income (loss)
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4,300
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5,446
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5,554
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13,780
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Financial income, net
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235
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81
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719
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124
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Income (Loss) before income taxes
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4,535
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5,527
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6,273
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13,904
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Income taxes
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769
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914
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1,510
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2,501
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Net income (loss)
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$
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3,766
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$
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4,613
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$
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4,763
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$
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11,403
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Basic income (loss) per ordinary share (US$)
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$
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0.50
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$
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0.62
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$
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0.63
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$
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1.53
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Weighted average number of ordinary shares used to compute basic income per share (in thousands)
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7,553
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7,483
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7,551
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7,429
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Diluted income (loss) per ordinary share (US$)
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$
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0.49
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$
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0.60
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$
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0.62
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$
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1.51
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Weighted average number of ordinary shares used to compute diluted income per share (in thousands)
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7,641
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7,628
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7,660
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7,566
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Silicom Ltd. Reconciliation of Non-GAAP Financial Results
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(US$ thousands, except for share and per share data)
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Three-month period
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Nine-month period
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ended September 30,
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ended September 30,
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2018
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2017
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2018
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2017
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GAAP gross profit
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$
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10,521
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$
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11,696
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$
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23,960
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$
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32,405
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(1) Share-based compensation (*)
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91
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74
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237
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250
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(2) Discontinued project-related write-offs
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-
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-
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4,985
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-
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Non-GAAP gross profit
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$
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10,612
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$
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11,770
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$
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29,182
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$
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32,655
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GAAP operating income (loss)
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$
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4,300
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$
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5,446
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$
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5,554
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$
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13,780
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Gross profit adjustments
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91
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74
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5,222
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250
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(1) Share-based compensation (*)
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547
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513
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1,470
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1,638
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(2) Discontinued project-related write-offs
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-
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-
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13
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-
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(3) Amortization of acquired intangible assets
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316
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479
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933
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1,434
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(4) Changes in the fair value of contingent consideration
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-
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61
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-
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179
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Non-GAAP operating income
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$
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5,254
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$
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6,573
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$
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13,192
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$
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17,281
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GAAP net income (loss)
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$
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3,766
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$
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4,613
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$
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4,763
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$
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11,403
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Operating income adjustments
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954
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1,127
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7,638
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3,501
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(5) Taxes on amortization of acquired intangible assets
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8
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(29
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24
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(82
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)
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Non-GAAP net income
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$
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4,728
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$
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5,711
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$
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12,425
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$
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14,822
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GAAP net income (loss)
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$
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3,766
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$
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4,613
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$
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4,763
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$
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11,403
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Adjustments for Non-GAAP cost of sales
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91
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74
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5,222
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250
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Adjustments for Non-GAAP Research and development expenses
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410
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541
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1,180
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1,595
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Adjustments for Non-GAAP Selling and marketing expenses
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280
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281
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760
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901
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Adjustments for Non-GAAP General and administrative expenses
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173
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231
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476
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755
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Adjustments for Non-GAAP Income taxes
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8
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(29
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)
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24
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(82
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)
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Non-GAAP net income
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$
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4,728
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$
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5,711
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$
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12,425
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$
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14,822
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GAAP basic income (loss) per ordinary share (US$)
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$
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0.50
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$
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0.62
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$
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0.63
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$
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1.53
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(1) Share-based compensation (*)
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0.08
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0.08
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0.23
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0.26
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(2) Discontinued project-related write-offs
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-
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-
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0.66
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-
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(3-5) Acquisition-related adjustments
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0.05
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0.06
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0.13
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0.21
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Non-GAAP basic income per ordinary share (US$)
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$
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0.63
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$
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0.76
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$
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1.65
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$
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2.00
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GAAP diluted income (loss) per ordinary share (US$)
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$
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0.49
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$
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0.60
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$
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0.62
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$
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1.51
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(1) Share-based compensation (*)
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0.08
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0.08
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0.22
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0.25
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(2) Discontinued project-related write-offs
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-
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-
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0.65
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-
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(3-5) Acquisition-related adjustments
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0.05
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0.07
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0.13
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0.20
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Non-GAAP diluted income per ordinary share (US$)
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$
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0.62
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$
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0.75
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$
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1.62
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$
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1.96
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(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R))
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