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SILICOM LTD.
(Registrant) |
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Date: October 29, 2020
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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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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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|||||||
2020
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2019
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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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23,337
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$
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16,469
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||||
Short-term bank deposits
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5,000
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13,542
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||||||
Marketable securities
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39,876
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14,045
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||||||
Accounts receivables: Trade, net
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16,733
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24,936
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||||||
Accounts receivables: Other
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9,399
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4,964
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||||||
Inventories
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53,199
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36,491
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||||||
Total current assets
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147,544
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110,447
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||||||
Marketable securities
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18,399
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46,542
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||||||
Assets held for employees’ severance benefits
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1,658
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1,640
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Deferred tax assets
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1,676
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1,798
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Property, plant and equipment, net
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3,818
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3,574
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Intangible assets, net
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2,651
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1,718
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Right of Use
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3,246
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3,783
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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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204,553
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$
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195,063
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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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22,381
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$
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16,419
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Other accounts payable and accrued expenses
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18,296
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8,823
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Lease Liabilities
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1,159
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1,090
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Total current liabilities
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41,836
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26,332
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Lease Liabilities
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2,110
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2,693
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Liability for employees’ severance benefits
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3,025
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2,910
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Deferred tax liabilities
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305
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205
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Total liabilities
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47,276
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32,140
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Shareholders' equity
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||||||||
Ordinary shares and additional paid-in capital
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59,221
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57,152
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Treasury shares
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(20,603
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)
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(8,009
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)
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Retained earnings
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118,659
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113,780
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Total shareholders' equity
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157,277
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162,923
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Total liabilities and shareholders' equity
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$
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204,553
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$
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195,063
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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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|||||||||||||||
2020
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2019
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2020
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2019
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Sales
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$
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28,385
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$
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24,104
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$
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73,500
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$
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79,733
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||||||||
Cost of sales
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19,071
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15,720
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49,343
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52,495
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Gross profit
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9,314
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8,384
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24,157
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27,238
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Research and development expenses
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4,186
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3,873
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11,848
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11,352
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||||||||||||
Selling and marketing expenses
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1,666
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1,575
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4,601
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4,896
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General and administrative expenses
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1,067
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995
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2,959
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3,072
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Total operating expenses
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6,919
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6,443
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19,408
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19,320
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Operating income (loss)
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2,395
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1,941
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4,749
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7,918
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Financial income, net
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369
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361
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1,609
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1,086
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Income (Loss) before income taxes
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2,764
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2,302
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6,358
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9,004
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Income taxes
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677
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407
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1,479
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1,191
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Net income (loss)
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$
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2,087
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$
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1,895
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$
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4,879
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$
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7,813
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Basic income (loss) per ordinary share (US$)
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$
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0.30
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$
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0.25
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$
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0.68
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$
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1.03
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Weighted average number of ordinary shares used to compute basic income per share (in thousands)
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7,058
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7,506
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7,173
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7,561
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Diluted income (loss) per ordinary share (US$)
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$
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0.29
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$
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0.25
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$
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0.68
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$
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1.03
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Weighted average number of ordinary shares used to compute diluted income per share (in thousands)
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7,088
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7,551
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7,205
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7,614
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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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2020
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2019
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2020
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2019
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GAAP gross profit
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$
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9,314
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$
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8,384
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$
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24,157
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$
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27,238
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(1) Share-based compensation (*)
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128
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108
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408
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330
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Non-GAAP gross profit
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$
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9,442
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$
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8,492
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$
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24,565
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$
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27,568
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GAAP operating income (loss)
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$
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2,395
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$
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1,941
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$
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4,749
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$
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7,918
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||||||||
Gross profit adjustments
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128
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108
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408
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330
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(1) Share-based compensation (*)
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635
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462
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1,543
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1,457
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Non-GAAP operating income
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$
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3,158
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$
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2,511
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$
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6,700
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$
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9,705
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GAAP net income (loss)
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$
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2,087
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$
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1,895
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$
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4,879
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$
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7,813
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Operating income adjustments
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763
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570
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1,951
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1,787
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(2) Taxes on amortization of acquired intangible assets
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68
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69
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202
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(142
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)
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Non-GAAP net income
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$
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2,918
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$
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2,534
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$
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7,032
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$
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9,458
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||||||||
GAAP net income (loss)
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$
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2,087
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$
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1,895
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$
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4,879
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$
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7,813
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Adjustments for Non-GAAP cost of sales
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128
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108
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408
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330
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Adjustments for Non-GAAP Research and development expenses
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266
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219
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694
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682
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Adjustments for Non-GAAP Selling and marketing expenses
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186
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119
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416
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375
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Adjustments for Non-GAAP General and administrative expenses
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183
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124
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433
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400
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Adjustments for Non-GAAP Income taxes
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68
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69
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202
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(142
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)
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Non-GAAP net income
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$
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2,918
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$
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2,534
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$
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7,032
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$
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9,458
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GAAP basic income (loss) per ordinary share (US$)
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$
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0.30
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$
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0.25
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$
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0.68
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$
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1.03
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(1) Share-based compensation (*)
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0.10
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0.08
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0.27
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0.24
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(2) Acquisition-related adjustments
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0.01
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0.01
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0.03
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(0.02
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)
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Non-GAAP basic income per ordinary share (US$)
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$
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0.41
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$
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0.34
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$
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0.98
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$
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1.25
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GAAP diluted income (loss) per ordinary share (US$)
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$
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0.29
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$
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0.25
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$
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0.68
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$
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1.03
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||||||||
(1) Share-based compensation (*)
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0.11
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0.08
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0.27
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0.23
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||||||||||||
(2) Acquisition-related adjustments
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0.01
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0.01
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0.03
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(0.02
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)
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Non-GAAP diluted income per ordinary share (US$)
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$
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0.41
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$
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0.34
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$
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0.98
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$
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1.24
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(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R))
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