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SILICOM LTD.
(Registrant) |
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Date: January 30, 2025
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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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|||||||
2024
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2023
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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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51,283
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$
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46,972
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||||
Marketable securities
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20,860
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7,957
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||||||
Accounts receivables: Trade, net
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11,748
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25,004
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||||||
Accounts receivables: Other
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4,839
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3,688
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||||||
Inventories
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41,060
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51,507
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||||||
Total current assets
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129,790
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135,128
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||||||
Marketable securities
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6,839
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16,619
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||||||
Assets held for employees’ severance benefits
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1,483
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1,357
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||||||
Deferred tax assets
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1,704
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2,359
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||||||
Property, plant and equipment, net
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3,055
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3,552
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||||||
Intangible assets, net
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2,300
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2,253
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||||||
Right of Use
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6,942
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6,466
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||||||
Total assets
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$
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152,113
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$
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167,734
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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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6,477
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$
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4,139
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||||
Other accounts payable and accrued expenses
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6,945
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6,668
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||||||
Lease Liabilities
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1,670
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2,070
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||||||
Total current liabilities
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15,092
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12,877
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||||||
Lease Liabilities
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4,797
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3,877
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||||||
Liability for employees’ severance benefits
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2,649
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2,672
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Deferred tax liabilities
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32
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46
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||||||
Total liabilities
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22,570
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19,472
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Shareholders' equity
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||||||||
Ordinary shares and additional paid-in capital
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73,859
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70,693
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||||||
Treasury shares
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(53,512
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)
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(43,631
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)
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Retained earnings
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109,196
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121,200
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||||||
Total shareholders' equity
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129,543
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148,262
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||||||
Total liabilities and shareholders' equity
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$
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152,113
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$
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167,734
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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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2024
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2023
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2024
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2023
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Sales
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$
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14,491
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$
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18,763
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$
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58,114
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$
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124,131
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||||||||
Cost of sales
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10,358
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23,257
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41,516
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95,442
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Gross profit (loss)
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4,133
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(4,494
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)
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16,598
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28,689
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|||||||||||
Research and development expenses
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4,681
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5,016
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19,508
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20,638
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||||||||||||
Selling and marketing expenses
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1,654
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1,592
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6,014
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6,935
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||||||||||||
General and administrative expenses
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1,376
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1,024
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4,354
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4,229
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||||||||||||
Impairment of goodwill
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-
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25,561
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-
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25,561
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Total operating expenses
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7,711
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33,193
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29,876
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57,363
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||||||||||||
Operating income (loss)
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(3,578
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)
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(37,687
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)
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(13,278
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)
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(28,674
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)
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||||||||
Financial income (expenses), net
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360
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171
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1,961
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1,372
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||||||||||||
Income (loss) before income taxes
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(3,218
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)
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(37,516
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)
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(11,317
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)
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(27,302
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)
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Income taxes
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1,208
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(2,549
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)
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687
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(889
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)
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Net income (loss)
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$
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(4,426
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)
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$
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(34,967
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)
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$
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(12,004
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)
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$
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(26,413
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)
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Basic income (loss) per ordinary share (US$)
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$
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(0.76
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)
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$
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(5.35
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)
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$
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(1.99
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)
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$
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(3.94
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)
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Weighted average number of ordinary shares used to compute basic income (loss) per share (in thousands)
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5,811
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6,537
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6,020
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6,700
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Diluted income (loss) per ordinary share (US$)
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$
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(0.76
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)
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$
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(5.35
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)
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$
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(1.99
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)
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$
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(3.94
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)
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Weighted average number of ordinary shares used to compute diluted income (loss) per share (in thousands)
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5,811
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6,537
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6,020
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6,700
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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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2024
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2023
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2024
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2023
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GAAP gross profit (loss)
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$
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4,133
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$
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(4,494
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)
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$
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16,598
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$
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28,689
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(1) Share-based compensation (*)
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83
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105
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276
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428
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(2) Impairment of intangible assets and related write-offs
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-
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9,647
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-
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9,647
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Non-GAAP gross profit
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$
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4,216
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$
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5,258
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$
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16,874
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$
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38,764
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GAAP operating income (loss)
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$
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(3,578
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)
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$
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(37,687
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)
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$
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(13,278
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)
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$
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(28,674
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)
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Gross profit adjustments
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83
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9,752
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276
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10,075
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(1) Share-based compensation (*)
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778
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834
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2,891
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2,925
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(3) Impairment of goodwill
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-
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25,561
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-
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25,561
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Non-GAAP operating income (loss)
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$
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(2,717
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)
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$
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(1,540
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)
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$
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(10,111
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)
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$
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9,887
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|||||
GAAP net income (loss)
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$
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(4,426
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)
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$
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(34,967
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)
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$
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(12,004
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)
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$
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(26,413
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)
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Operating income (loss) adjustments
|
861
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36,147
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3,167
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38,561
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||||||||||||
(4) Lease liabilities - Financial expenses (income)
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150
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368
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141
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(99
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)
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(5) Taxes on amortization and impairment of acquired intangible assets
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22
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(2,035
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)
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419
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(1,832
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)
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Non-GAAP net income (loss)
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$
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(3,393
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)
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$
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(487
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)
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$
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(8,277
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)
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$
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10,217
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|||||
GAAP net income (loss)
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$
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(4,426
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)
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$
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(34,967
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)
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$
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(12,004
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)
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$
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(26,413
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)
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Adjustments for Non-GAAP Cost of sales
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83
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9,752
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276
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10,075
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Adjustments for Non-GAAP Research and development expenses
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387
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413
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1,373
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1,423
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Adjustments for Non-GAAP Selling and marketing expenses
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191
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199
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728
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747
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||||||||||||
Adjustments for Non-GAAP General and administrative expenses
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200
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222
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790
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755
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||||||||||||
Adjustments for Non-GAAP Impairment of goodwill
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-
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25,561
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-
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25,561
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||||||||||||
Adjustments for Non-GAAP Financial income (loss), net
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150
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368
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141
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(99
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)
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|||||||||||
Adjustments for Non-GAAP Income taxes
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22
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(2,035
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)
|
419
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(1,832
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)
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||||||||||
Non-GAAP net income (loss)
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$
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(3,393
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)
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$
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(487
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)
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$
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(8,277
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)
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$
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10,217
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|||||
GAAP basic income (loss) per ordinary share (US$)
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$
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(0.76
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)
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$
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(5.35
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)
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$
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(1.99
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)
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$
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(3.94
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)
|
||||
(1) Share-based compensation (*)
|
0.15
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0.14
|
0.53
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0.50
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||||||||||||
(2) Impairment of intangible assets and related write-offs
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-
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1.48
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-
|
1.43
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||||||||||||
(3) Impairment of Goodwill
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-
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3.91
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-
|
3.81
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||||||||||||
(4) Lease liabilities - Financial expenses (income)
|
0.03
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0.06
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0.02
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(0.01
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)
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|||||||||||
(5) Taxes on amortization and impairment of acquired intangible assets
|
-
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(0.31
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)
|
0.07
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(0.27
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)
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||||||||||
Non-GAAP basic income (loss) per ordinary share (US$)
|
$
|
(0.58
|
)
|
$
|
(0.07
|
)
|
$
|
(1.37
|
)
|
$
|
1.52
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|||||
GAAP diluted income (loss) per ordinary share (US$)
|
$
|
(0.76
|
)
|
$
|
(5.35
|
)
|
$
|
(1.99
|
)
|
$
|
(3.94
|
)
|
||||
(1) Share-based compensation (*)
|
0.15
|
0.14
|
0.53
|
0.50
|
||||||||||||
(2) Impairment of intangible assets and related write-offs
|
-
|
1.48
|
-
|
1.43
|
||||||||||||
(3) Impairment of Goodwill
|
-
|
3.91
|
-
|
3.81
|
||||||||||||
(4) Lease liabilities - Financial expenses (income)
|
0.03
|
0.06
|
0.02
|
(0.01
|
)
|
|||||||||||
(5) Taxes on amortization and impairment of acquired intangible assets
|
-
|
(0.31
|
)
|
0.07
|
(0.27
|
)
|
||||||||||
Non-GAAP diluted income (loss) per ordinary share (US$)
|
$
|
(0.58
|
)
|
$
|
(0.07
|
)
|
$
|
(1.37
|
)
|
$
|
1.52
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