2022 Q4 Form 20-F Financial Statement
#000117891323001545 Filed on April 27, 2023
Income Statement
| Concept | 2022 Q4 | 2022 | 2021 Q4 |
|---|---|---|---|
| Revenue | $45.19M | $150.6M | $36.30M |
| YoY Change | 24.49% | 17.22% | 7.09% |
| Cost Of Revenue | $30.20M | $98.63M | $23.76M |
| YoY Change | 27.14% | 17.31% | -2.19% |
| Gross Profit | $14.99M | $51.96M | $12.55M |
| YoY Change | 19.47% | 17.05% | 30.55% |
| Gross Profit Margin | 33.17% | 34.5% | 34.56% |
| Selling, General & Admin | $2.851M | $11.47M | $3.090M |
| YoY Change | -7.73% | 2.02% | 14.02% |
| % of Gross Profit | 19.02% | 22.07% | 24.63% |
| Research & Development | $5.076M | $20.56M | $5.102M |
| YoY Change | -0.51% | 2.35% | -5.52% |
| % of Gross Profit | 33.86% | 39.58% | 40.67% |
| Depreciation & Amortization | $2.415M | ||
| YoY Change | -0.9% | ||
| % of Gross Profit | 4.65% | ||
| Operating Expenses | $7.927M | $32.03M | $8.192M |
| YoY Change | -3.23% | 2.23% | 1.01% |
| Operating Profit | $7.062M | $19.93M | $4.354M |
| YoY Change | 62.2% | 52.61% | 190.27% |
| Interest Expense | $439.0K | $2.464M | -$556.0K |
| YoY Change | -178.96% | -1721.05% | -4.14% |
| % of Operating Profit | 6.22% | 12.37% | -12.77% |
| Other Income/Expense, Net | $2.464M | ||
| YoY Change | -1721.05% | ||
| Pretax Income | $7.501M | $22.39M | $3.798M |
| YoY Change | 97.5% | 73.5% | 312.83% |
| Income Tax | $1.880M | $4.084M | $504.0K |
| % Of Pretax Income | 25.06% | 18.24% | 13.27% |
| Net Earnings | $5.621M | $18.31M | $3.294M |
| YoY Change | 70.64% | 73.66% | 287.53% |
| Net Earnings / Revenue | 12.44% | 12.16% | 9.07% |
| Basic Earnings Per Share | $2.73 | ||
| Diluted Earnings Per Share | $0.82 | $2.69 | $478.3K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 6.739M shares | 6.697M shares | |
| Diluted Shares Outstanding | 6.796M shares |
Balance Sheet
| Concept | 2022 Q4 | 2022 | 2021 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $34.75M | $34.75M | $37.55M |
| YoY Change | -7.45% | -7.45% | -38.24% |
| Cash & Equivalents | $30.73M | $30.73M | $29.29M |
| Short-Term Investments | $4.020M | $4.020M | $8.266M |
| Other Short-Term Assets | $900.0K | ||
| YoY Change | 17.19% | ||
| Inventory | $87.99M | $87.99M | $75.75M |
| Prepaid Expenses | $936.0K | $768.0K | |
| Receivables | $27.26M | $27.26M | $31.12M |
| Other Receivables | $3.620M | $3.620M | $4.693M |
| Total Short-Term Assets | $153.6M | $153.6M | $149.1M |
| YoY Change | 3.02% | 3.02% | 9.48% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $12.93M | $12.93M | $13.34M |
| YoY Change | -3.09% | -3.09% | -4.71% |
| Goodwill | $25.56M | $25.56M | |
| YoY Change | 0.0% | ||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | $15.16M | $15.16M | $23.77M |
| YoY Change | -36.22% | -36.22% | 55.38% |
| Other Assets | $2.217M | $2.217M | $3.498M |
| YoY Change | -36.62% | -36.62% | -2.83% |
| Total Long-Term Assets | $62.58M | $62.58M | $70.49M |
| YoY Change | -11.22% | -11.22% | 18.07% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $153.6M | $153.6M | $149.1M |
| Total Long-Term Assets | $62.58M | $62.58M | $70.49M |
| Total Assets | $216.2M | $216.2M | $219.6M |
| YoY Change | -1.55% | -1.55% | 12.1% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $25.56M | $25.56M | $29.92M |
| YoY Change | -14.56% | -14.56% | 104.92% |
| Accrued Expenses | $1.549M | $1.549M | $1.811M |
| YoY Change | -14.47% | -14.47% | 0.61% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $27.11M | $27.11M | $50.31M |
| YoY Change | -46.11% | -46.11% | 71.13% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $9.716M | $9.716M | $10.82M |
| YoY Change | -10.2% | -10.2% | -5.91% |
| Total Long-Term Liabilities | $9.716M | $9.716M | $10.82M |
| YoY Change | -10.2% | -10.2% | -5.91% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $27.11M | $27.11M | $50.31M |
| Total Long-Term Liabilities | $9.716M | $9.716M | $10.82M |
| Total Liabilities | $36.90M | $36.90M | $61.14M |
| YoY Change | -39.64% | -39.64% | 48.76% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | $147.6M | $130.0M | |
| YoY Change | 13.51% | ||
| Common Stock | $66.56M | $63.39M | |
| YoY Change | 4.99% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | $34.90M | $35.00M | |
| YoY Change | -0.28% | ||
| Treasury Stock Shares | 933.9K shares | 960.5K shares | |
| Shareholders Equity | $179.3M | $179.3M | $158.5M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $216.2M | $216.2M | $219.6M |
| YoY Change | -1.55% | -1.55% | 12.1% |
Cashflow Statement
| Concept | 2022 Q4 | 2022 | 2021 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $5.621M | $18.31M | $3.294M |
| YoY Change | 70.64% | 73.66% | 287.53% |
| Depreciation, Depletion And Amortization | $2.415M | ||
| YoY Change | -0.9% | ||
| Cash From Operating Activities | -$4.090M | ||
| YoY Change | -479.05% | ||
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $2.089M | ||
| YoY Change | -133.92% | ||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $12.97M | ||
| YoY Change | -43.42% | ||
| Cash From Investing Activities | $8.273M | ||
| YoY Change | -50.65% | ||
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -$1.051M | ||
| YoY Change | -89.25% | ||
| NET CHANGE | |||
| Cash From Operating Activities | -$4.090M | ||
| Cash From Investing Activities | $8.273M | ||
| Cash From Financing Activities | -$1.051M | ||
| Net Change In Cash | $1.449M | ||
| YoY Change | -82.04% | ||
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$4.090M | ||
| Capital Expenditures | $2.089M | ||
| Free Cash Flow | -$6.179M | ||
| YoY Change | -185.38% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2022 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
FY | |
| CY2022 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2022-12-31 | |
| CY2022 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2022 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2022 | |
| CY2021Q4 | us-gaap |
Other Receivables Net Current
OtherReceivablesNetCurrent
|
4693000 | usd |
| CY2022Q4 | us-gaap |
Other Receivables Net Current
OtherReceivablesNetCurrent
|
3620000 | usd |
| CY2022 | dei |
Auditor Firm
AuditorFirmId
|
1309 | |
| CY2022 | dei |
Auditor Name
AuditorName
|
Kesselman & Kesselman | |
| CY2022 | dei |
Auditor Location
AuditorLocation
|
Tel-Aviv, Israel | |
| CY2021Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
960505 | shares |
| CY2022Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
933933 | shares |
| CY2020 | silc |
Stock Shares Issued During Period Value Stock Options Exercised And Restricted Stock Units
StockSharesIssuedDuringPeriodValueStockOptionsExercisedAndRestrictedStockUnits
|
276000 | usd |
| CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
154837000 | usd |
| CY2020 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
1578000 | usd |
| CY2021 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
5246000 | usd |
| CY2022 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
3002000 | usd |
| CY2020 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
276000 | usd |
| CY2021 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
0 | usd |
| CY2022 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
0 | usd |
| CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <div style="font-family:Times New Roman, Times, serif;font-size:10pt;text-align:justify;margin-top:0px;margin-bottom:0pt"> <p style="margin:0pt"> </p> <div style="margin-left:36pt"> <table cellpadding="0" cellspacing="0" style="font-family:Times New Roman, Times, serif;font-size:10pt;width:100%;text-align:left;color:rgb(0, 0, 0);border:0px"> <tr> <td style="width:36pt;vertical-align:top;align:right;font-weight:bold"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span>C.</span></span></span></span></span></span></span></td> <td style="width:auto;vertical-align:top;text-align:justify"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><strong>Estimates and assumptions</strong></span></span></span></span></span></span></p> </td> </tr> </table> </div> <p style="margin-left:72pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span>T</span></span></span></span><span>he preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include revenue recognition over time, credit loss, income taxes, impairment of inventories, marketable securities, impairment of goodwill, intangible assets and the assumptions used to estimate the fair value of share-based compensation.</span></span></span></p> </div> </div> | |
| CY2022Q4 | silc |
Cumulative Amount Of Earnings Of Foreign Subsidiaries Upon Which Deferred Taxes Not Provided
CumulativeAmountOfEarningsOfForeignSubsidiariesUponWhichDeferredTaxesNotProvided
|
16300000 | usd |
| CY2022 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div> <div style="font-family:Times New Roman, Times, serif;font-size:10pt;text-align:left;margin-top:12pt;text-indent:36pt;margin-bottom:0pt"> <div style="font-weight:bold;text-indent:0px"> <table cellpadding="0" cellspacing="0" style="font-family:Times New Roman, Times, serif;font-size:10pt;width:100%;text-align:left;color:rgb(0, 0, 0);border:0px"> <tr> <td style="width:36pt;vertical-align:top;align:right;font-weight:bold"> </td> <td style="width:36pt;vertical-align:top;align:right;font-weight:bold"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><strong><span>X.</span></strong></span></span></span></span></span></span></td> <td style="width:auto;vertical-align:top;text-align:justify"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><strong>Concentrations of risks</strong></span></span></span></span></span></span></p> </td> </tr> </table> </div> </div> <div style="font-family:Times New Roman, Times, serif;font-size:10pt;text-align:left;margin-top:12pt;margin-left:72pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span>(1) <span style="text-decoration:underline"><span>Credit risk</span></span></span></span></span></span></span></span></div> <div style="font-family:Times New Roman, Times, serif;font-size:10pt;text-align:justify;margin-top:10pt;margin-left:108pt;margin-bottom:0pt;text-indent:0px"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span>Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, marketable securities, trade receivables and assets held for employees’ severance benefits. Cash and cash equivalents balances of the Company, which are subject to credit risk, consist of cash accounts held with major financial institutions. Marketable securities consist of held to maturity marketable securities issued by highly rated corporations. As of December 31, 2021 and 2022, the ratings of the securities in the Company's portfolio was at least A-. Nonetheless, these investments are subject to general credit and counterparty risks (such as that the counterparty to a financial instrument fails to meet its contractual obligations). The Company closely monitors extensions of credit and has never experienced significant credit losses.</span></span></span></span></span></span></div> <div style="font-family:Times New Roman, Times, serif;font-size:10pt;text-align:left;margin-top:12pt;margin-bottom:0pt;margin-left:72pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span>(2) <span style="text-decoration:underline"><span>Significant customers</span></span></span></span></span></span></span></span></div> <div style="font-family:Times New Roman, Times, serif;font-size:10pt;text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:108pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span>The Company's top four ultimate customers accounted for approximately 33% of its revenues in 2022. The Company expects that a small number of customers will continue to account for a significant portion of its revenues for the foreseeable future. See Note 13.</span></span></span></span></span></span></div> </div> | |
| CY2022 | silc |
Number Of Major Customers
NumberOfMajorCustomers
|
4 | customer |
| CY2022 | silc |
Revenues From Major Customers
RevenuesFromMajorCustomers
|
0.33 | pure |
| CY2020 | silc |
Operating Leases Right Of Use Assets
OperatingLeasesRightOfUseAssets
|
7201000 | usd |
| CY2021 | silc |
Operating Leases Right Of Use Assets
OperatingLeasesRightOfUseAssets
|
451000 | usd |
| CY2022 | silc |
Operating Leases Right Of Use Assets
OperatingLeasesRightOfUseAssets
|
1269000 | usd |
| CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
661062 | shares |
| CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
364715 | shares |
| CY2021Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
9129000 | usd |
| CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
3457000 | usd |
| CY2021Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
5300000 | usd |
| CY2022Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
2887000 | usd |
| CY2021 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
2334000 | usd |
| CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
600000 | usd |
| CY2022Q4 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
3994000 | usd |
| CY2022 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P1Y2M12D | |
| CY2020 | us-gaap |
Interest Income Other
InterestIncomeOther
|
2197000 | usd |
| CY2021 | us-gaap |
Interest Income Other
InterestIncomeOther
|
1548000 | usd |
| CY2022 | us-gaap |
Interest Income Other
InterestIncomeOther
|
1144000 | usd |
| CY2020 | silc |
Changes In Marketable Securities Net
ChangesInMarketableSecuritiesNet
|
244000 | usd |
| CY2021 | silc |
Changes In Marketable Securities Net
ChangesInMarketableSecuritiesNet
|
621000 | usd |
| CY2022 | silc |
Changes In Marketable Securities Net
ChangesInMarketableSecuritiesNet
|
914000 | usd |
| CY2021Q4 | us-gaap |
Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
|
48000 | usd |
| CY2022Q4 | us-gaap |
Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
|
0 | usd |
