CAMTEK ANNOUNCES RESULTS FOR THE SECOND QUARTER OF 2023
- None.
- None.
Expecting continued growth fueled by chiplet modules and HBM driven by AI
MIGDAL HAEMEK,
Highlights of the Second Quarter of 2023
- Quarterly revenues of
; ahead of expectations;$73.8 million - GAAP operating income of
; non-GAAP operating income of$14.9 million , representing an operating margin of$18.3 million 20.2% and24.8% respectively; - GAAP net income of
and non-GAAP net income of$18.5 million ;$21.9 million - Positive operating cash flow of
.$15.6 million
Forward-Looking Expectations
Management expects third quarter revenues to be
Management Comment
Rafi Amit, Camtek's CEO commented, "We are pleased to see the improvement in our results from the first quarter, in terms of both revenues and margins. We are particularly encouraged by the momentum in the industry and the flow of orders. In addition to our recently reported 42 system orders received, a tier one HBM (High Bandwidth Memory) manufacturer has placed an order for 10 systems, and more orders for HBM applications are in the pipeline. We expect that chiplet modules and HBM will account for over
Continued Mr Amit, "This will translate into initial growth in the second half of 2023 and to a full extent in 2024, that we believe will be a record year for Camtek. The momentum is fueled by the major industry investment in AI. Camtek's role as a key equipment supplier to the manufacturers of chiplet modules and HBM will benefit from this trend. With new technologies in the industry and the business momentum, we believe that 2024 will be an important step year in reaching our next milestone of becoming a
Second Quarter 2023 Financial Results
Revenues for the second quarter of 2023 were
Gross profit on a GAAP basis in the quarter totaled
Operating profit on a GAAP basis in the quarter totaled
Net income on a GAAP basis in the quarter totaled
Cash and cash equivalents, short-term and long-term deposits, as of June 30, 2023 were
Conference Call
Camtek will host a video conference call today via Zoom, July 31, 2023, at 9:00 am ET (16:00
Rafi Amit, CEO, Moshe Eisenberg, CFO and Ramy Langer, COO will host the call and will be available to answer questions after presenting the results.
To participate in the call, please register using the following link, which will email the link with which to access the video call:
https://us06web.zoom.us/webinar/register/WN_pV6GHff9Se2rqbF_JJbxLw
For those wishing to listen via phone, following registration, the dial-in link will be sent.
For those unable to participate, a recording will be available on Camtek's website at http://www.camtek.com within a few hours after the call.
A summary presentation of the quarterly results will also be available on Camtek's website.
ABOUT CAMTEK LTD.
Camtek is a leading manufacturer of metrology and inspection equipment and a provider of software solutions serving the Advanced Packaging, Memory, CMOS Image Sensors, MEMS, RF and other segments in the mid end of the semiconductor industry.
Camtek provides dedicated solutions and crucial yield-enhancement data, enabling manufacturers to improve yield and drive down their production costs.
With eight offices around the world, Camtek has best-in-class sales and customer support organization, providing tailor-made solutions in line with customers' requirements.
This press release is available at http://www.camtek.com
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expected revenue for the third quarter of 2023 and full year 2023 and statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the impact of any new or revised export and/or import and doing-business regulations or sanctions, such as changes in
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
This press release provides financial measures that exclude share based compensation expenses and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.
CAMTEK LTD. and its subsidiaries | ||||||
Consolidated Balance Sheets | ||||||
(In thousands) | ||||||
June 30, | December 31, | |||||
2023 | 2022 | |||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | 232,787 | 148,156 | ||||
Short-term deposits | 198,500 | 251,500 | ||||
Trade accounts receivable, net | 79,025 | 80,611 | ||||
Inventories | 61,207 | 65,541 | ||||
Other current assets | 14,998 | 11,156 | ||||
Total current assets | 586,517 | 556,964 | ||||
Long-term deposits | 75,000 | 79,000 | ||||
Long term inventory | 7,125 | 5,357 | ||||
Deferred tax asset, net | 724 | 1,004 | ||||
Other assets, net | 2,557 | 1,024 | ||||
Property, plant and equipment, net | 37,131 | 33,141 | ||||
Intangible assets, net | 602 | 597 | ||||
Total non-current assets | 123,139 | 120,123 | ||||
Total assets | 709,656 | 677,087 | ||||
Liabilities and shareholders' equity | ||||||
Current liabilities | ||||||
Trade accounts payable | 31,238 | 31,667 | ||||
Other current liabilities | 45,529 | 56,833 | ||||
Total current liabilities | 76,767 | 88,500 | ||||
Long-term liabilities | ||||||
Other long-term liabilities | 10,198 | 8,748 | ||||
Convertible notes | 196,284 | 195,737 | ||||
Total long-term liabilities | 206,482 | 204,485 | ||||
Total liabilities | 283,249 | 292,985 | ||||
Shareholders' equity | ||||||
Ordinary shares | ||||||
46,811,504 issued shares at June 30, 2023 and 46,505,318 at | ||||||
44,719,128 shares outstanding at June 30, 2023 and 44,412,942 at | 175 | 175 | ||||
Additional paid-in capital | 193,626 | 187,105 | ||||
Retained earnings | 234,504 | 198,720 | ||||
428,305 | 386,000 | |||||
Treasury stock, at cost (2,092,376 shares as of June 30, 2023 and |
(1,898) |
(1,898) | ||||
Total shareholders' equity | 426,407 | 384,102 | ||||
Total liabilities and shareholders' equity | 709,656 | 677,087 | ||||
Camtek Ltd. | |||||||
Consolidated Statements of Operations | |||||||
(in thousands, except share data) | |||||||
Six months ended | Three months | Year ended | |||||
June 30, | ended June 30, | December 31, | |||||
2023 | 2022 | 2023 | 2022 | 2022 | |||
Revenues | 146,215 | 156,744 | 73,758 | 79,578 | 320,909 | ||
Cost of revenues | 77,378 | 76,693 | 38,785 | 39,385 | 161,053 | ||
Gross profit | 68,837 | 80,051 | 34,973 | 40,193 | 159,856 | ||
Operating expenses: | |||||||
Research and development costs | 15,672 | 15,199 | 8,118 | 7,522 | 28,859 | ||
Selling, general and administrative | 24,037 | 24,451 | 11,922 | 11,796 | 49,499 | ||
Total operating expenses | 39,709 | 39,650 | 20,040 | 19,318 | 78,358 | ||
Operating income | 29,128 | 40,401 | 14,933 | 20,875 | 81,498 | ||
Financial income, net | 10,864 | 860 | 5,754 | 227 | 6,690 | ||
Income before income taxes | 39,992 | 41,261 | 20,687 | 21,102 | 88,188 | ||
Income tax expense | (4,208) | (3,700) | (2,148) | (1,919) | (8,239) | ||
Net income | 35,784 | 37,561 | 18,539 | 19,183 | 79,949 | ||
Earnings per share information: | |||||||
Six months ended | Three months | Year ended | |||||
June 30, | ended June 30, | December 31, | |||||
2023 | 2022 | 2023 | 2022 | 2022 | |||
Basic net earnings per share | 0.8 | 0.86 | 0.42 | 0.44 | 1.81 | ||
Diluted net earnings per share | 0.74 | 0.78 | 0.38 | 0.4 | 1.66 | ||
Weighted average number of | |||||||
ordinary shares outstanding | |||||||
(in thousands): | |||||||
Basic | 44,562 | 43,929 | 44,572 | 44,006 | 44,158 | ||
Diluted | 48,531 | 48,150 | 48,628 | 48,153 | 48,229 | ||
Camtek Ltd. | |||||
Reconciliation of GAAP To Non-GAAP results | |||||
(In thousands, except share data) | |||||
Six Months ended | Three Months ended | Year ended | |||
June 30, | June 30 | December 31, | |||
2023 | 2022 | 2023 | 2022 | 2022 | |
Reported net income attributable to Camtek Ltd. on GAAP basis
| 35,784 | 37,561 | 18,539 | 19,183 | 79,949 |
Share-based compensation | 6,520 | 5,592 | 3,326 | 2,927 | 10,523 |
Non-GAAP net income | 42,304 | 43,153 | 21,865 | 22,110 | 90,472 |
Non–GAAP net income per diluted share
| 0.90 | 0.46 | 1.88 | ||
Gross margin on GAAP basis | 47.1 % | 51.1 % | 47.4 % | 50.5 % | 49.8 % |
Reported gross profit on GAAP basis | 68,837 | 80,051 | 34,973 | 40,193 | 159,856 |
Share-based compensation | 807 | 628 | 415 | 326 | 1,217 |
Non- GAAP gross profit | 69,644 | 80,679 | 35,388 | 40,519 | 161,073 |
Non-GAAP gross margin | 47.6 % | 51.5 % | 48.0 % | 50.9 % | 50.2 % |
Reported operating income attributable to Camtek Ltd. on GAAP basis |
29,128 |
40,401 |
14,933 |
20,875 |
70,898 |
Share-based compensation | 6,520 | 5,592 | 3,326 | 2,927 | 5,815 |
Non-GAAP operating income | 35,648 | 45,993 | 18,259 | 23,802 | 76,713 |
CAMTEK LTD. Moshe Eisenberg, CFO Tel: +972 4 604 8308 Mobile: +972 54 900 7100 | INTERNATIONAL INVESTOR RELATIONS EK Global Investor Relations Ehud Helft Tel: (US) 1 212 378 8040 |
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SOURCE Camtek Ltd.
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