USA financial news

Silicom Stories Q2 2022 Monetary Outcomes

– Q2 Revenues Attain $34.2M with $0.70 Non-GAAP EPS –

KFAR SAVA, Israel, July 28, 2022 /PRNewswire/ — Silicom Ltd. (NASDAQ: SILC), a number one supplier of high-performance server/equipment networking options, at the moment reported its monetary outcomes for the second quarter and 6 months ended June 30, 2022.

Monetary Outcomes

Second Quarter: Silicom’s revenues for the second quarter of 2022 totalled $34.2 million, up 13% in contrast with $30.3 million for the second quarter of 2021.

On a GAAP foundation, internet revenue for the quarter totalled $4.5 million, or $0.67 per bizarre share ($0.68 per primary share), up 122% in contrast with $2.0 million, or $0.29 per bizarre share ($0.30 per primary share), for the second quarter of 2021.

On a non-GAAP foundation (as described and reconciled under), internet revenue for the quarter totalled $4.7 million, or $0.70 per diluted share ($0.71 per primary share), up 61% in contrast with $2.9 million, or $0.42 per diluted share ($0.43 per primary share), for the second quarter of 2021.

First Six Months: Silicom’s revenues for the primary half of 2022 totalled $66.2 million, up 12% in contrast with $59.3 million for the primary half of 2021.

On a GAAP foundation, internet revenue for the interval totalled $6.7 million, or $0.99 per diluted share ($1.00 per primary share), up 45% in contrast with $4.6 million, or $0.66 per diluted share ($0.67 per primary share) for the primary half of 2021.

On a non-GAAP foundation (as described and reconciled under), internet revenue for the interval totalled $7.7 million, or $1.14 per diluted share ($1.16 per primary share), up 31% in contrast with $5.9 million, or $0.84 per diluted share ($0.86 per primary share) for the primary half of 2021.

Steerage

Whereas a number of giant design wins have given us an all-time-record backlog, our skill to ship continues to be impacted by the worldwide parts disaster, which we count on to proceed into 2023. We subsequently undertaking revenues for the third quarter of 2022 to vary between $38 million and $40 million. The midpoint of this vary represents 18% year-over-year income progress over the third quarter of 2021.

Feedback of Administration

Liron Eizenman, Silicom’s President and CEO, commented, “The second quarter was a interval of strong progress in revenues, margins and EPS, pushed by stronger-than-ever demand for our merchandise coupled with scrupulous consideration to operational effectivity. Our income progress continues to mirror the accelerating transition of mainstream gamers – from industrials and on-line retail giants to telcos and repair suppliers – to disaggregated/decoupled networks, driving demand for Silicom’s must-have enabling options. It additionally displays our success in sustaining a powerful supply price within the face of the worldwide shortages, primarily by way of decided product and operational innovation, and cautious stock administration.

“The mix of spot-on merchandise and ability-to-deliver continues to deliver us extra and bigger design wins. For instance, in the course of the quarter, one of many SD-WAN market’s largest distributors positioned $15 million in orders for our SD-WAN Sensible Platforms due for cargo in 2022, and guided us to count on annual orders above $25 million for the subsequent a number of years. In parallel, discussions proceed with a broad number of telcos, networking tools suppliers and companions concerning thrilling new alternatives.”

Mr. Eizenman concluded, “Wanting ahead, given the all-time-record degree of our pipeline and our popularity as a ‘can-deliver’ supplier regardless of challenges – all compounded by the velocity with which our goal markets are creating – we’re effectively positioned for continued robust progress within the years forward.”

Convention Name Particulars
Silicom’s Administration will host an interactive convention at the moment, July twenty eighth, at 9am Jap Time (6am Pacific Time, 4pm Israel Time) to assessment and talk about the outcomes.

To take part, buyers might both hear through a webcast hyperlink hosted on Silicom’s web site or through the dial-in. The hyperlink is beneath the investor relations’ webcast part of Silicom’s web site at https://www.silicom-usa.com/webcasts/ 

For those who want to dial in through phone, one of many following teleconferencing numbers could also be used:

US: 1 866 860 9642

ISRAEL: 03 918 0609

INTERNATIONAL:  +972 3 918 0609

At: 9:00am Jap Time, 6:00am Pacific Time, 4:00pm Israel Time

It’s suggested to hook up with the convention name a couple of minutes earlier than the beginning.

For these unable to take heed to the stay name, a replay of the decision can be accessible for 3 months from the day after the decision beneath the above-mentioned webcast part of Silicom’s web site.

Non-GAAP Monetary Measures

This launch, together with the monetary tables under, presents different monetary info that could be thought of “non-GAAP monetary measures” beneath Regulation G and associated reporting necessities promulgated by the Securities and Alternate Fee as they apply to our firm. These non-GAAP monetary measures exclude compensation bills in respect of choices and RSUs granted to administrators, officers and staff, taxes on amortization of acquired intangible belongings, as effectively lease liabilities – monetary bills (revenue). Non-GAAP monetary measures must be evaluated at the side of, and usually are not an alternative choice to, GAAP monetary measures. The tables additionally current the GAAP monetary measures, that are most similar to the non-GAAP monetary measures in addition to reconciliation between the non-GAAP monetary measures and probably the most comparable GAAP monetary measures. The non-GAAP monetary info introduced herein shouldn’t be thought of in isolation from or as an alternative choice to working revenue, internet revenue or per share information ready in accordance with GAAP.

About Silicom

Silicom Ltd. is an industry-leading supplier of high-performance networking and information infrastructure options. Designed primarily to enhance efficiency and effectivity in Cloud and Information Middle environments, Silicom’s options improve throughput, lower latency and enhance the efficiency of servers and networking home equipment, the infrastructure spine that permits superior Cloud architectures and main applied sciences like NFV, SD-WAN and Cyber Safety. Our progressive options for high-density networking, high-speed cloth switching, offloading and acceleration, which make the most of a variety of cutting-edge silicon applied sciences in addition to FPGA-based options, are perfect for scaling-up and scaling-out cloud infrastructures.

Silicom merchandise are utilized by main Cloud gamers, service suppliers, telcos and OEMs as parts of their infrastructure choices, together with each add-on adapters within the Information Middle and stand-alone virtualized/common CPE gadgets on the edge.

Silicom’s long-term, trusted relationships with greater than 200 clients all through the world, its greater than 400 energetic Design Wins and greater than 300 product SKUs have made Silicom a “go-to” connectivity/efficiency associate of alternative for know-how leaders across the globe.

For extra info, please go to: www.silicom.co.il

Statements on this press launch which aren’t historic information are forward-looking statements which contain identified and unknown dangers, uncertainties, or different components not beneath the corporate’s management, which can trigger precise outcomes, efficiency, or achievements of the corporate to be materially totally different from the outcomes, efficiency, or different expectations implied by these forward-looking statements. These components embrace, however usually are not restricted to, Silicom’s growing dependence for substantial income progress on a restricted variety of clients within the evolving cloud-based, SD-WAN, NFV and Edge markets, the velocity and extent to which options are adopted by these markets, chance that Silicom will rely more and more on clients which offer options in these evolving markets, leading to an growing dependence on a smaller variety of bigger clients, issue in commercializing and advertising and marketing of Silicom’s services, sustaining and defending model recognition, safety of mental property, competitors, disruptions to our manufacturing and growth together with common disruptions to the whole world economic system referring to the unfold of the novel coronavirus (COVID-19) and different components detailed within the firm’s periodic filings with the Securities and Alternate Fee. These forward-looking statements can usually be recognized as such as a result of the context of the assertion will embrace phrases, similar to “expects,” “ought to,” “believes,” “anticipates” or phrases of comparable import. Equally, statements that describe future plans, aims or targets are additionally forward-looking statements. In mild of serious dangers and uncertainties inherent in forward-looking statements, the inclusion of such statements shouldn’t be considered a illustration by the corporate that it’s going to obtain such forward-looking statements. The corporate disclaims any obligation to replace such statements, whether or not on account of new info, future occasions, or in any other case.

Firm Contact:

Eran Gilad, CFO

Silicom Ltd.        

Tel: +972-9-764-4555      

E-mail: [email protected]

Investor Relations Contact:

Ehud Helft

EK World Investor Relations

Tel: +1 212 378 8040

E-mail: [email protected] 

— FINANCIAL TABLES FOLLOW –

Silicom Ltd. Consolidated Steadiness Sheets







(US$ 1000’s)









June 30,


December 31,


2022


2021







Property












Present belongings






Money and money equivalents

$

22,323


$

29,285

Marketable securities


4,794



8,266

Accounts receivables: Commerce, internet


31,914



31,120

Accounts receivables: Different


7,153



4,693

Inventories


107,883



75,753

Whole present belongings


174,067



149,117







Marketable securities


21,003



23,773

Property held for workers’ severance advantages


1,708



1,882

Deferred tax belongings


1,382



1,616

Property, plant and tools, internet


4,333



4,576

Intangible belongings, internet


5,822



4,314

Proper of Use


8,605



8,765

Goodwill


25,561



25,561

Whole belongings

$

242,481


$

219,604







Liabilities and shareholders’ fairness












Present liabilities






Commerce accounts payable

$

50,649


$

29,918

Different accounts payable and accrued bills


15,644



18,582

Lease Liabilities


1,717



1,811







Whole present liabilities


68,010



50,311







Lease Liabilities


6,373



7,377

Legal responsibility for workers’ severance advantages


3,192



3,443

Deferred tax liabilities


42



10







Whole liabilities


77,617



61,141







Shareholders’ fairness






Bizarre shares and extra paid-in capital


64,039



63,412

Treasury shares


(35,918)



(34,995)

Retained earnings


136,743



130,046

Whole shareholders’ fairness


164,864



158,463







Whole liabilities and shareholders’ fairness

$

242,481


$

219,604

Silicom Ltd. Consolidated Statements of Operations

























(US$ 1000’s, aside from share and per share information)














Three-month interval


Six-month interval


ended June 30,


ended June 30,


2022


2021


2022


2021

Gross sales

$

34,154


$

30,277


$

66,224


$

59,279

Value of gross sales


22,032



19,524



43,212



38,595

Gross revenue


12,122



10,753



23,012



20,684













Analysis and growth bills


5,257



4,970



10,735



9,990

Promoting and advertising and marketing bills


1,599



1,614



3,382



3,169

Common and administrative bills


1,131



1,186



2,328



2,249

Whole working bills


7,987



7,770



16,445



15,408













Working revenue


4,135



2,983



6,567



5,276













Monetary revenue (loss), internet


1,159



(283)



1,500



534

Revenue earlier than revenue taxes


5,294



2,700



8,067



5,810

Revenue taxes


770



666



1,370



1,181

Web revenue

$

4,524


$

2,034


$

6,697


$

4,629





































Primary revenue per bizarre share (US$)

$

0.68


$

0.30


$

1.00


$

0.67













Weighted common variety of bizarre shares used to compute primary revenue per share (in 1000’s)


6,666



6,868



6,674



6,889

























Diluted revenue per bizarre share (US$)

$

0.67


$

0.29


$

0.99


$

0.66













Weighted common variety of bizarre shares used to compute diluted revenue per share (in 1000’s)


6,749



6,992



6,789



7,030

Silicom Ltd. Reconciliation of Non-GAAP Monetary Outcomes

























(US$ 1000’s, aside from share and per share information)














Three-month interval


Six-month interval


ended June 30,


ended June 30,


2022


2021


2022


2021













GAAP gross revenue

$

12,122


$

10,753


$

23,012


$

20,684

(1) Share-based compensation (*)


173



91



334



238

Non-GAAP gross revenue

$

12,295


$

10,844


$

23,346


$

20,922













GAAP working revenue

$

4,135


$

2,983


$

6,567


$

5,276

Gross revenue changes


173



91



334



238

(1) Share-based compensation (*)


683



508



1,468



1,085

Non-GAAP working revenue

$

4,991


$

3,582


$

8,369


$

6,599













GAAP internet revenue

$

4,524


$

2,034


$

6,697


$

4,629

Working revenue changes


856



599



1,802



1,323

(2) Lease liabilities – monetary bills (revenue)


(734)



230



(920)



(174)

(3) Taxes on amortization of acquired intangible belongings


67



67



135



133

Non-GAAP internet revenue

$

4,713


$

2,930


$

7,714


$

5,911













GAAP internet revenue

$

4,524


$

2,034


$

6,697


$

4,629

Changes for Non-GAAP Value of gross sales


173



91



334



238

Changes for Non-GAAP Analysis and growth bills


373



195



748



461

Changes for Non-GAAP Promoting and advertising and marketing bills


163



158



371



315

Changes for Non-GAAP Common and administrative bills


147



155



349



309

Changes for Non-GAAP Monetary revenue (loss), internet


(734)



230



(920)



(174)

Changes for Non-GAAP Revenue taxes


67



67



135



133

Non-GAAP internet revenue

$

4,713


$

2,930


$

7,714


$

5,911













GAAP primary revenue per bizarre share (US$)

$

0.68


$

0.30


$

1.00


$

0.67

(1) Share-based compensation (*)


0.13



0.09



0.27



0.19

(2) Lease liabilities – monetary bills (revenue)


(0.11)



0.03



(0.13)



(0.02)

(3) Taxes on amortization of acquired intangible belongings


0.01



0.01



0.02



0.02

Non-GAAP primary revenue per bizarre share (US$)

$

0.71


$

0.43


$

1.16


$

0.86













GAAP diluted revenue per bizarre share (US$)

$

0.67


$

0.29


$

0.99


$

0.66

(1) Share-based compensation (*)


0.13



0.09



0.27



0.18

(2) Lease liabilities – monetary bills (revenue)


(0.11)



0.03



(0.14)



(0.02)

(3) Taxes on amortization of acquired intangible belongings


0.01



0.01



0.02



0.02

Non-GAAP diluted revenue per bizarre share (US$)

$

0.70


$

0.42


$

1.14


$

0.84













(*) Changes associated to share-based compensation bills in line with ASC matter 718 (SFAS 123 (R))













    

SOURCE Silicom Ltd.

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