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Camtek(CAMT) - 2023 Q1 - Quarterly Report
CAMTCamtek(CAMT)2023-02-15 16:00
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Revenue Performance - Record annual revenue of 321million,representinga19321 million, representing a 19% year-over-year growth[6] - Fourth quarter revenues reached 82.2 million, an 11% increase compared to 74.2millioninQ42021[8][11]−TotalrevenuesfortheyearendedDecember31,2022,were74.2 million in Q4 2021[8][11] - Total revenues for the year ended December 31, 2022, were 320,909,000, representing a 19% increase from 269,659,000in2021[32]NetIncome−GAAPnetincomeforthefullyear2022was269,659,000 in 2021[32] Net Income - GAAP net income for the full year 2022 was 79.9 million, a 33% increase from 60.3millionin2021[18]−NetincomefortheyearendedDecember31,2022,was60.3 million in 2021[18] - Net income for the year ended December 31, 2022, was 79,949,000, up 32% from 60,277,000in2021[31]−Non−GAAPnetincomeforthefullyear2022was60,277,000 in 2021[31] - Non-GAAP net income for the full year 2022 was 90.5 million, a 27% increase from 71.4millionin2021[18]−Non−GAAPnetincomefortheyearendedDecember31,2022,was71.4 million in 2021[18] - Non-GAAP net income for the year ended December 31, 2022, was 90,472,000, compared to 71,397,000in2021,reflectinga2771,397,000 in 2021, reflecting a 27% increase[31] Operating Performance - Operating cash flow for 2022 totaled 57.8 million, with a year-end cash balance of 479million[19]−Operatingincomeforthefourthquarterof2022was479 million[19] - Operating income for the fourth quarter of 2022 was 20.5 million, with a GAAP operating margin of 24.9%[15] - Operating income for the year ended December 31, 2022, was 81,498,000,comparedto81,498,000, compared to 70,898,000 in 2021, indicating a 15% growth[32] Gross Profit and Margin - Gross profit for the fourth quarter of 2022 was 39.9million,representing48.639.9 million, representing 48.6% of revenues[14] - Gross profit on a GAAP basis for the year ended December 31, 2022, was 159,856,000, a 16% increase from 137,344,000in2021[32]−Thecompanyreportedagrossmarginof49.8137,344,000 in 2021[32] - The company reported a gross margin of 49.8% on a GAAP basis for the year ended December 31, 2022, down from 50.9% in 2021[31] Cash and Assets - Cash and cash equivalents decreased to 148,156,000 as of December 31, 2022, from 241,943,000in2021[29]−Totalassetsincreasedto241,943,000 in 2021[29] - Total assets increased to 677,087,000 as of December 31, 2022, from 583,757,000in2021,markinga16583,757,000 in 2021, marking a 16% growth[29] Research and Development - Research and development costs for the year ended December 31, 2022, were 28,859,000, up from 23,473,000in2021,reflectinga2323,473,000 in 2021, reflecting a 23% increase[32] Market Position and Outlook - The company is positioned in high-growth segments such as Heterogeneous Integration and Compound Semiconductors[10] - Camtek's strategic relationships and diversified customer base are expected to help outperform the wafer fabrication equipment market, projected to decline by 20-30% in 2023[10] Shareholder Information - The number of ordinary shares outstanding increased to 44,412,942 as of December 31, 2022, from 43,846,643 in 2021[29] Future Guidance - Management expects first quarter 2023 revenues to be between 71-74 million, indicating a mid-point 6% decline from Q1 2022[9]