Silvaco Reports Second Quarter 2024 Financial Results


SILVACO GROUP, INC.
GAAP to Non-GAAP Reconciliation
(Unaudited, in thousands except per share amounts)
         
   Three Months Ended  Six Months Ended
Reconciliation GAAP to Non-GAAP  6/30/2024  6/30/2023  6/30/2024  6/30/2023
         
GAAP Gross profit  $ 10,099   $ 10,152   $ 24,015   $ 22,418 
Add: Stock-based compensation  2,467      2,467    
Add: Amortization of acquired intangible assets  249      249    
Non-GAAP Gross profit  $ 12,815     $ 10,152     $ 26,731     $ 22,418  
                 
                 
GAAP Research and development   $ 7,707     $ 3,169     $ 11,323     $ 6,544  
Less: Stock-based compensation     (4,065 )           (4,065 )      
Less: Amortization of acquired intangible assets     (47 )     (74 )     (117 )     (175 )
Non-GAAP Research and Development   $ 3,595     $ 3,095     $ 7,141     $ 6,369  
                 
GAAP Sales and marketing   $ 7,171     $ 2,930     $ 10,483     $ 5,735  
Less: Stock-based compensation     (3,552 )           (3,552 )      
Less: Amortization of acquired intangible assets     (39 )           (178 )      
Non-GAAP Sales and marketing   $ 3,580     $ 2,930     $ 6,753     $ 5,735  
                 
GAAP General and administrative   $ 18,314     $ 4,258     $ 22,914     $ 8,811  
Less: Stock-based compensation     (11,745 )           (11,745 )      
Less: Acquisition-related estimated litigation claim and legal costs     (2,021 )     (233 )     (2,615 )     (469 )
Less: Amortization of acquired intangible assets     (568 )     (711 )     (695 )     (979 )
Non-GAAP General and administrative   $ 3,980     $ 3,314     $ 7,859     $ 7,363  
                 
GAAP Estimated litigation claim   $ 14,696     $     $ 14,696     $  
Less: Acquisition-related estimated litigation claim and legal costs     (14,696 )           (14,696 )      
Non-GAAP Estimated litigation claim                        
                 
GAAP Operating expenses   $ 47,888     $ 10,357     $ 59,416     $ 21,090  
Less: Stock-based compensation     (19,362 )           (19,362 )      
Less: Acquisition related estimated litigation claim and legal costs     (16,717 )     (233 )     (17,311 )     (469 )
Less: IPO preparation costs     (607 )     (711 )     (873 )     (979 )
Less: Amortization of acquired intangible assets     (47 )     (74 )     (117 )     (175 )
Non-GAAP Operating expenses   $ 11,155     $ 9,339     $ 21,753     $ 19,467  
                 
GAAP Income (loss) from operations   $ (37,789 )   $ (205 )   $ (35,401 )   $ 1,328  
Add: Stock-based compensation     21,829             21,829        
Add: Acquisition related estimated litigation claim and legal costs     16,717       233       17,311       469  
Add: IPO preparation costs     607       711       873       979  
Add: Amortization of acquired intangible assets     296       74       366       175  
Non-GAAP Income (loss) from operations   $ 1,660     $ 813     $ 4,978     $ 2,951  
                 
GAAP Net income (loss)   $ (38,388 )   $ (331 )   $ (37,010 )   $ 483  
Add: Stock-based compensation     21,829             21,829        
Add: Acquisition related estimated litigation claim and legal costs     16,717       233       17,311       469  
Add: IPO preparation costs     607       711       873       979  
Add: Amortization of acquired intangible assets     296       74       366       175  
Add: Loss on debt extinguishment     718             718        
Add: Change in fair value of contingent consideration     (10 )     65       (18 )     341  
Add: Foreign exchange loss     114       168       244       415  
Add: Income tax effect of non-GAAP adjustments     (43 )     (81 )     (76 )     (104 )
Non-GAAP Net income (loss)   $ 1,840     $ 839     $ 4,237     $ 2,758  
                 
GAAP Net income (loss) per share:                
Basic and diluted:   $ (1.55 )   $ (0.02 )   $ (1.65 )   $ 0.02  
                 
Non-GAAP Net income (loss) per share:                
Basic:   $ 0.07     $ 0.04     $ 0.19     $ 0.14  
Diluted:   $ 0.07     $ 0.04     $ 0.18     $ 0.14  
                 
Weighted average shares used in GAAP and non-GAAP net income (loss) per share:                
Basic:     24,811,112       20,000,000       22,405,557       20,000,000  
Diluted:     25,408,465       20,000,000       23,052,554       20,000,000  



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