CAMTEK LTD
For the period ended Feb 12, 2025. Filed Feb 12, 2025.
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Feb 12, 2025 · Filed Feb 12, 2025
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Contents
(In thousands, except share data)
| Year ended December 31, | Three Months ended December 31, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| U.S. dollars · U.S. dollars | ||||
| Reported net income attributable to Camtek Ltd. on GAAP basis | 118,515 | 78,632 | 33,009 | 20,790 |
| Acquisition of FRT related expenses (1) | 5,334 | 4,550 | 650 | 4,550 |
| Share-based compensation | 14,775 | 12,525 | 4,052 | 2,868 |
| Non-GAAP net income | 138,624 | 95,707 | 37,711 | 28,208 |
| Non–GAAP net income per diluted share | 2.83 | 1.96 | 0.77 | 0.57 |
| Gross margin on GAAP basis | 49.6% | 46.8% | 50.6% | 44.9% |
| Reported gross profit on GAAP basis | 209,951 | 147,633 | 58,132 | 39,788 |
| Acquisition of FRT-related expenses (1) | 5,802 | 3,492 | 610 | 3,492 |
| Share-based compensation | 2,197 | 1,591 | 595 | 395 |
| Non-GAAP gross margin | 50.8% | 48.4% | 50.6% | 49.2% |
| Non-GAAP gross profit | 217,950 | 152,716 | 59,337 | 43,675 |
| Reported operating income (loss) attributable to Camtek Ltd. on GAAP basis | 108,069 | 65,412 | 31,300 | 17,219 |
| Acquisition of FRT-related expenses (1) | 7,455 | 5,406 | 928 | 5,406 |
| Share-based compensation | 14,775 | 12,525 | 4,052 | 2,868 |
| Non-GAAP operating income | 130,299 | 83,343 | 36,280 | 25,493 |
(1) During the year ended December 31, 2024, the Company recorded acquisition-related expenses of $5.3 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $3.4 million. This amount is recorded under cost of revenues line item. (2) $2.4 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $1.3 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $0.4 million re-organization expenses, recorded under the general and administrative expenses line item. (5) $2.1 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the three-month period ended December 31, 2024, the Company recorded acquisition-related expenses of $0.6 million, consisting of: (1) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (2) $0.3 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (3) $0.3 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the year and three-month period ended December 31, 2023, the Company recorded acquisition expenses of $4.5 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $2.2 million. This amount was recorded under cost of revenues line item. (2) $0.4 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) Inventory write-off of $0.9 million recorded under costs of revenues line item. (4) $0.2 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (5) Acquisition expenses of $1.7 million recorded under general and administrative expenses line item. (6) $0.9 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
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