Reconciliation of GAAP To Non-GAAP results | |||||
(In thousands, except share data) | |||||
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| Nine Months ended | Three Months ended | Year ended | ||
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| September 30, | September 30, | December 31, | ||
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| 2024 | 2023 | 2024 | 2023 | 2023 |
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| U.S. dollars | U.S. dollars | U.S. dollars | ||
Reported net income attributable to Camtek Ltd. on GAAP basis
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85,506 |
57,842 |
32,743 |
22,058 |
78,632 |
Acquisition of FRT related expenses (1) | 4,684 | - | 650 | - | 4,550 |
Share-based compensation | 10,723 | 9,657 | 3,614 | 3,137 | 12,525 |
Non-GAAP net income | 100,913 | 67,499 | 37,007 | 25,195 | 95,707 |
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Non–GAAP net income per diluted share
| 2.05 | 1.39 | 0.75 | 0.51 | 1.96 |
Gross margin on GAAP basis | 48.7 % | 47.5 % | 49.7 % | 48.5 % | 46.8 % |
Reported gross profit on GAAP basis | 151,819 | 107,845 | 55,856 | 39,008 | 147,633 |
Acquisition of FRT related expenses (1) | 5,192 | - | 610 | - | 3,492 |
Share-based compensation | 1,602 | 1,196 | 596 | 389 | 1,591 |
Non- GAAP gross profit | 158,613 | 109,041 | 57,062 | 39,397 | 152,716 |
Non-GAAP gross margin | 50.8 % | 48.1 % | 50.8 % | 49.0 % | 48.4 % |
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Reported operating income attributable to Camtek Ltd. on GAAP basis |
76,769 |
48,193 |
29,646 |
19,065 |
65,412 |
| Acquisition of FRT related expenses (1) | 6,527 | - | 928 | - | 5,406 |
| Share-based compensation | 10,723 | 9,657 | 3,614 | 3,137 | 12,525 |
| Non-GAAP operating income | 94,019 | 57,850 | 34,188 | 22,202 | 83,343 |
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| (1) During the nine-month period ended September 30, 2024, the Company recorded acquisition-related expenses of $4.7 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $3.4 million. This amount is recorded under cost of revenues line item. (2) $1.8 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.9 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $0.4 million re-organization expenses, recorded under the general and administrative expenses line item. (5) $1.8 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item. During the three-month period ended September 30, 2024, the Company recorded acquisition-related expenses of $0.6 million, consisting of: (1) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (2) $0.3 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (3) $0.3 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item. During the year ended December 31, 2023, the Company recorded acquisition expenses of $4.5 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $2.2 million. This amount was recorded under cost of revenues line item. (2) $0.4 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) Inventory write-off of $0.9 million recorded under costs of revenues line item. (4) $0.2 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (5) Acquisition expenses of $1.7 million recorded under general and administrative expenses line item. (6) $0.9 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
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