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SILICOM LTD.
(Registrant) |
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Date: February 01, 2024
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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
EK Global Investor Relations
Tel: +1 212 378 8040
E-mail: silicom@ekgir.com
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Silicom Ltd. Consolidated Balance Sheets
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|||||
(US$ thousands)
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December 31,
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December 31,
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|||||||
2023
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2022
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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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46,972
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$
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30,734
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||||
Marketable securities
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7,957
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4,020
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||||||
Accounts receivables: Trade, net
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25,004
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27,258
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||||||
Accounts receivables: Other
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3,688
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3,620
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||||||
Inventories
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51,507
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87,985
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||||||
Total current assets
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135,128
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153,617
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||||||
Marketable securities
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16,619
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15,163
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||||||
Assets held for employees’ severance benefits
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1,357
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1,715
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||||||
Deferred tax assets
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256
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502
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Property, plant and equipment, net
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3,552
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4,488
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Intangible assets, net
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2,253
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6,710
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Right of Use
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6,466
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8,441
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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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191,192
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$
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216,197
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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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4,139
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$
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15,922
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||||
Other accounts payable and accrued expenses
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6,668
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9,641
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Lease Liabilities
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2,070
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1,549
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Total current liabilities
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12,877
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27,112
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Lease Liabilities
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3,877
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6,291
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Liability for employees’ severance benefits
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2,672
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3,425
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Deferred tax liabilities
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46
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74
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Total liabilities
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19,472
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36,902
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Shareholders' equity
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Ordinary shares and additional paid-in capital
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70,693
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66,578
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Treasury shares
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(43,631
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)
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(34,896
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)
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Retained earnings
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144,658
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147,613
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Total shareholders' equity
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171,720
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179,295
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Total liabilities and shareholders' equity
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$
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191,192
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$
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216,197
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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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Twelve-month period
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ended December 31,
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ended December 31,
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2023
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2022
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2023
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2022
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Sales
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$
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18,763
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$
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45,193
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$
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124,131
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$
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150,582
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||||||||
Cost of sales
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23,257
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30,204
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95,442
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98,626
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Gross profit (loss)
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(4,494
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)
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14,989
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28,689
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51,956
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Research and development expenses
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5,016
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5,076
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20,638
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20,563
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Selling and marketing expenses
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1,592
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1,809
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6,935
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6,990
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General and administrative expenses
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1,024
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1,042
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4,229
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4,477
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Total operating expenses
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7,632
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7,927
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31,802
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32,030
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Operating income (loss)
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(12,126
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)
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7,062
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(3,113
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)
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19,926
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||||||||||
Financial income (expenses), net
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171
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439
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1,372
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2,464
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Income (loss) before income taxes
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(11,955
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)
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7,501
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(1,741
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)
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22,390
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Income taxes
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(446
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)
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1,880
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1,214
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4,084
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Net income (loss)
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$
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(11,509
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)
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$
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5,621
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$
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(2,955
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)
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$
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18,306
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Basic income (loss) per ordinary share (US$)
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$
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(1.76
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)
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$
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0.84
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$
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(0.44
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)
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$
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2.73
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Weighted average number of ordinary shares used to compute basic income (loss) per share (in thousands)
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6,537
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6,727
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6,700
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6,697
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Diluted income (loss) per ordinary share (US$)
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$
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(1.76
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)
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$
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0.82
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$
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(0.44
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)
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$
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2.69
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Weighted average number of ordinary shares used to compute diluted income (loss) per share (in thousands)
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6,544
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6,817
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6,742
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6,796
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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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Twelve-month period
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ended December 31,
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ended December 31,
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2023
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2022
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2023
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2022
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GAAP gross profit (loss)
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$
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(4,494
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)
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$
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14,989
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$
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28,689
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$
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51,956
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|||||||
(1) Share-based compensation (*)
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105
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159
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428
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638
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(2) Impairment of intangible assets and related write-offs
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9,647
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-
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9,647
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-
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Non-GAAP gross profit
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$
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5,258
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$
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15,148
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$
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38,764
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$
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52,594
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GAAP operating income (loss)
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$
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(12,126
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)
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$
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7,062
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$
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(3,113
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)
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$
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19,926
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Gross profit adjustments
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9,752
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159
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10,075
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638
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(1) Share-based compensation (*)
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834
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714
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2,925
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2,938
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Non-GAAP operating income (loss)
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$
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(1,540
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)
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$
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7,935
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$
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9,887
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$
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23,502
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GAAP net income (loss)
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$
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(11,509
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)
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$
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5,621
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$
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(2,955
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)
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$
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18,306
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Operating income (loss) adjustments
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10,586
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873
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13,000
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3,576
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(3) Lease liabilities - financial expenses (income)
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368
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85
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(99
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)
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(930
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)
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(4) Taxes on amortization of acquired intangible assets
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68
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68
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271
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271
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Non-GAAP net income (loss)
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$
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(487
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)
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$
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6,647
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$
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10,217
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$
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21,223
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|||||||
GAAP net income (loss)
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$
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(11,509
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)
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$
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5,621
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$
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(2,955
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)
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$
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18,306
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Adjustments for Non-GAAP Cost of sales
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9,752
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159
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10,075
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638
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Adjustments for Non-GAAP Research and development expenses
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413
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362
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1,423
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1,454
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Adjustments for Non-GAAP Selling and marketing expenses
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199
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200
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747
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774
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Adjustments for Non-GAAP General and administrative expenses
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222
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152
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755
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710
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Adjustments for Non-GAAP Financial income (loss), net
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368
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85
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(99
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)
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(930
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)
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Adjustments for Non-GAAP Income taxes
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68
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68
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271
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271
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Non-GAAP net income (loss)
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$
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(487
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)
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$
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6,647
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$
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10,217
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$
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21,223
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GAAP basic income (loss) per ordinary share (US$)
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$
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(1.76
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)
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$
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0.84
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$
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(0.44
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)
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$
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2.73
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(1) Share-based compensation (*)
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0.14
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0.13
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0.50
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0.53
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(2) Impairment of intangible assets and related write-offs
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1.48
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-
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1.43
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-
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||||||||||||
(3) Lease liabilities - financial expenses (income)
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0.06
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0.01
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(0.01
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)
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(0.13
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)
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(4) Taxes on amortization of acquired intangible assets
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0.01
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0.01
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0.04
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0.04
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Non-GAAP basic income (loss) per ordinary share (US$)
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$
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(0.07
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)
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$
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0.99
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$
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1.52
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$
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3.17
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|||||||
GAAP diluted income (loss) per ordinary share (US$)
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$
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(1.76
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)
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$
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0.82
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$
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(0.44
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)
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$
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2.69
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||||||
(1) Share-based compensation (*)
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0.14
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0.14
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0.50
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0.53
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||||||||||||
(2) Impairment of intangible assets and related write-offs
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1.48
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-
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1.43
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-
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||||||||||||
(3) Lease liabilities - financial expenses (income)
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0.06
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0.01
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(0.01
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)
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(0.14
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)
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(4) Taxes on amortization of acquired intangible assets
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0.01
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0.01
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0.04
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0.04
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||||||||||||
Non-GAAP diluted income (loss) per ordinary share (US$)
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$
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(0.07
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)
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$
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0.98
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$
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1.52
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$
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3.12
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(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R))
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