Form 20-F ☒ Form 40-F ☐
|
|
SILICOM LTD.
(Registrant) |
|
|
|
|
|
|
Date: January 29, 2020
|
By: /s/ Eran Gilad
|
|
|
|
Eran Gilad
|
|
|
|
Chief Financial Officer
|
|
Company Contact:
Eran Gilad, CFO
Silicom Ltd.
Tel: +972-9-764-4555
E-mail: erang@silicom.co.il
|
Investor Relations Contact:
Ehud Helft / Gavriel Frohwein
GK Investor Relations
Tel: +1 646 668 3559
E-mail: silicom@gkir.com
|
Silicom Ltd. Consolidated Balance Sheets
(US$ thousands)
|
December 31,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
16,469
|
$
|
26,808
|
||||
Short-term bank deposits
|
13,542
|
-
|
||||||
Marketable securities
|
14,045
|
1,600
|
||||||
Accounts receivables: Trade, net
|
24,936
|
23,817
|
||||||
Accounts receivables: Other
|
5,159
|
9,487
|
||||||
Inventories
|
36,491
|
42,369
|
||||||
Total current assets
|
110,642
|
104,081
|
||||||
Marketable securities
|
46,542
|
45,612
|
||||||
Assets held for employees’ severance benefits
|
1,640
|
1,517
|
||||||
Deferred tax assets
|
1,798
|
894
|
||||||
Property, plant and equipment, net
|
3,574
|
3,670
|
||||||
Intangible assets, net
|
1,718
|
966
|
||||||
Right of Use
|
3,783
|
-
|
||||||
Goodwill
|
25,561
|
25,561
|
||||||
Total assets
|
$
|
195,258
|
$
|
182,301
|
||||
Liabilities and shareholders' equity
|
||||||||
Current liabilities
|
||||||||
Trade accounts payable
|
$
|
16,419
|
$
|
15,407
|
||||
Other accounts payable and accrued expenses
|
8,823
|
6,133
|
||||||
Lease Liabilities
|
1,090
|
-
|
||||||
Total current liabilities
|
26,332
|
21,540
|
||||||
Lease Liabilities
|
2,693
|
-
|
||||||
Liability for employees’ severance benefits
|
2,910
|
2,612
|
||||||
Deferred tax liabilities
|
400
|
-
|
||||||
Total liabilities
|
32,335
|
24,152
|
||||||
Shareholders' equity
|
||||||||
Ordinary shares and additional paid-in capital
|
57,152
|
54,643
|
||||||
Treasury shares
|
(8,009
|
)
|
(38
|
)
|
||||
Retained earnings
|
113,780
|
103,544
|
||||||
Total shareholders' equity
|
162,923
|
158,149
|
||||||
Total liabilities and shareholders' equity
|
$
|
195,258
|
$
|
182,301
|
Silicom Ltd. Consolidated Statements of Operations
|
||||||||||||
(US$ thousands, except for share and per share data)
|
Three-month period
|
Twelve-month period
|
|||||||||||||||
ended December 31,
|
ended December 31,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Sales
|
$
|
25,507
|
$
|
45,524
|
$
|
105,240
|
$
|
133,753
|
||||||||
Cost of sales
|
16,651
|
27,428
|
69,146
|
91,697
|
||||||||||||
Gross profit
|
8,856
|
18,096
|
36,094
|
42,056
|
||||||||||||
Research and development expenses
|
3,723
|
4,076
|
15,075
|
14,820
|
||||||||||||
Selling and marketing expenses
|
1,751
|
1,911
|
6,647
|
6,642
|
||||||||||||
General and administrative expenses
|
1,087
|
1,012
|
4,159
|
3,943
|
||||||||||||
Total operating expenses
|
6,561
|
6,999
|
25,881
|
25,405
|
||||||||||||
Operating income (loss)
|
2,295
|
11,097
|
10,213
|
16,651
|
||||||||||||
Financial income, net
|
560
|
204
|
1,646
|
923
|
||||||||||||
Income (Loss) before income taxes
|
2,855
|
11,301
|
11,859
|
17,574
|
||||||||||||
Income taxes
|
432
|
1,427
|
1,623
|
2,937
|
||||||||||||
Net income (loss)
|
$
|
2,423
|
$
|
9,874
|
$
|
10,236
|
$
|
14,637
|
||||||||
Basic income (loss) per ordinary share (US$)
|
$
|
0.33
|
$
|
1.31
|
$
|
1.36
|
$
|
1.94
|
||||||||
Weighted average number of ordinary shares used to compute basic income per share (in thousands)
|
7,400
|
7,556
|
7,520
|
7,552
|
||||||||||||
Diluted income (loss) per ordinary share (US$)
|
$
|
0.33
|
$
|
1.29
|
$
|
1.35
|
$
|
1.91
|
||||||||
Weighted average number of ordinary shares used to compute diluted income per share (in thousands)
|
7,452
|
7,652
|
7,573
|
7,657
|
Silicom Ltd. Reconciliation of Non-GAAP Financial Results
|
||||||||||||
(US$ thousands, except for share and per share data)
|
Three-month period
|
Twelve-month period
|
|||||||||||||||
ended December 31,
|
ended December 31,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
GAAP gross profit
|
$
|
8,856
|
$
|
18,096
|
$
|
36,094
|
$
|
42,056
|
||||||||
(1) Share-based compensation (*)
|
107
|
135
|
437
|
372
|
||||||||||||
(2) Discontinued project-related write-offs
|
-
|
(1,772
|
)
|
-
|
3,213
|
|||||||||||
Non-GAAP gross profit
|
$
|
8,963
|
$
|
16,459
|
$
|
36,531
|
$
|
45,641
|
||||||||
GAAP operating income (loss)
|
$
|
2,295
|
$
|
11,097
|
$
|
10,213
|
$
|
16,651
|
||||||||
Gross profit adjustments
|
107
|
(1,637
|
)
|
437
|
3,585
|
|||||||||||
(1) Share-based compensation (*)
|
461
|
582
|
1,918
|
2,052
|
||||||||||||
(2) Discontinued project-related write-offs
|
-
|
-
|
-
|
13
|
||||||||||||
(3) Amortization of acquired intangible assets
|
-
|
93
|
-
|
1,026
|
||||||||||||
Non-GAAP operating income
|
$
|
2,863
|
$
|
10,135
|
$
|
12,568
|
$
|
23,327
|
||||||||
GAAP net income (loss)
|
$
|
2,423
|
$
|
9,874
|
$
|
10,236
|
$
|
14,637
|
||||||||
Operating income adjustments
|
568
|
(962
|
)
|
2,355
|
6,676
|
|||||||||||
(4) Taxes on amortization of acquired intangible assets
|
68
|
12
|
(74
|
)
|
36
|
|||||||||||
Non-GAAP net income
|
$
|
3,059
|
$
|
8,924
|
$
|
12,517
|
$
|
21,349
|
||||||||
GAAP net income (loss)
|
$
|
2,423
|
$
|
9,874
|
$
|
10,236
|
$
|
14,637
|
||||||||
Adjustments for Non-GAAP cost of sales
|
107
|
(1,637
|
)
|
437
|
3,585
|
|||||||||||
Adjustments for Non-GAAP Research and development expenses
|
218
|
428
|
900
|
1,608
|
||||||||||||
Adjustments for Non-GAAP Selling and marketing expenses
|
118
|
193
|
493
|
953
|
||||||||||||
Adjustments for Non-GAAP General and administrative expenses
|
125
|
54
|
525
|
530
|
||||||||||||
Adjustments for Non-GAAP Income taxes
|
68
|
12
|
(74
|
)
|
36
|
|||||||||||
Non-GAAP net income
|
$
|
3,059
|
$
|
8,924
|
$
|
12,517
|
$
|
21,349
|
||||||||
GAAP basic income (loss) per ordinary share (US$)
|
$
|
0.33
|
$
|
1.31
|
$
|
1.36
|
$
|
1.94
|
||||||||
(1) Share-based compensation (*)
|
0.07
|
0.09
|
0.31
|
0.32
|
||||||||||||
(2) Discontinued project-related write-offs
|
-
|
(0.23
|
)
|
-
|
0.43
|
|||||||||||
(3-4) Acquisition-related adjustments
|
0.01
|
0.01
|
(0.01
|
)
|
0.14
|
|||||||||||
Non-GAAP basic income per ordinary share (US$)
|
$
|
0.41
|
$
|
1.18
|
$
|
1.66
|
$
|
2.83
|
||||||||
GAAP diluted income (loss) per ordinary share (US$)
|
$
|
0.32
|
$
|
1.29
|
$
|
1.35
|
$
|
1.91
|
||||||||
(1) Share-based compensation (*)
|
0.08
|
0.09
|
0.31
|
0.32
|
||||||||||||
(2) Discontinued project-related write-offs
|
-
|
(0.23
|
)
|
-
|
0.42
|
|||||||||||
(3-4) Acquisition-related adjustments
|
0.01
|
0.02
|
(0.01
|
)
|
0.14
|
|||||||||||
Non-GAAP diluted income per ordinary share (US$)
|
$
|
0.41
|
$
|
1.17
|
$
|
1.65
|
$
|
2.79
|
||||||||
(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R))
|
55 B1D9?4$XKOX
M%=+>-7.YU0!B>YQ6;C978SB/AB"MCJPS\HO3@>G J;XCVKQ:=9ZW;K^_TZ=9
M.!U4G_''YFH_AH!]BU8KC!O#CGV%==JEBFI:5=64@!6>)DY&<$C@_@>:TD[5
M+BZ&'XHUV*+P/+J%N_%W"JPY[[Q_AFK7@[3?[*\*V-NRXD:/S9!_M-R?YX_"
MO-],N'UJ?0?"TN2+*XD\]#SPIS@_0 C\:]EI3]U