Camtek Announces Record Results for the Fourth Quarter and Full Year of 2022
Record annual revenue of $321 million, 19% YoY growth
MIGDAL HAEMEK, Israel – February 16, 2023 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the quarter and year ended December 31, 2022.
Highlights of the Fourth Quarter of 2022
- Revenues of $82.2 million; an 11% increase year-over-year;
- GAAP operating income of $20.5 million; non-GAAP operating income of $22.8 million, representing an operating margin of 24.9% and 8% respectively;
- GAAP net income of $21.7 million and non-GAAP net income of $24.0 million; and
- Strong operating cash flow of $19.6 million;
Highlights of the Full Year 2022
- Revenues of $320.9 million; a 19% increase year-over-year;
- GAAP operating income of $81.5 million; non-GAAP operating income of $92.0 million; representing operating margins of 25.4% and 28.7%, respectively;
- GAAP net income of $79.9 million; non-GAAP net income of $90.5 million; and
- Operating cash flow of $57.8 million in 2022, which led to a year-end total cash, short-term and long-term deposits balance of $479 million.
Forward-Looking Expectations
Management expects revenues in the first quarter of 2023 between $71-74 million, representing a mid-point 6% decline from the first quarter of 2022.
Management Comment
Rafi Amit, Camtek’s CEO commented, “I am pleased to report record revenues for the fifth year in a row. In the last two years our revenues have more than doubled, while our operating profit has more than tripled. We remain well positioned in the fastest growing segments of our industry such as Heterogenous Integration and Compound Semiconductors, and we expect to benefit from this growth in the future.”
Continued Mr. Amit, “We believe that our leading position in the specific segments, broad and diversified customer base and long-term strategic relationships with customers will enable us to again outperform the wafer fabrication equipment (WFE) which is predicted to decline by 20-30% in 2023.”
Fourth Quarter 2022 Financial Results
Revenues for the fourth quarter of 2022 were $82.2 million. This compares to fourth quarter 2021 revenues of $74.2 million, a growth of 11%.
Gross profit on a GAAP basis in the quarter totaled $39.9 million (48.6% of revenues), up 6% compared to a gross profit of $37.6 million (50.7% of revenues) in the fourth quarter of 2021.
Gross profit on a non-GAAP basis in the quarter totaled $40.2 million (49.0% of revenues), up 6% compared to a gross profit of $37.8 million (50.9% of revenues) in the fourth quarter of 2021.
Operating profit on a GAAP basis in the quarter totaled $20.5 million (24.9% of revenues), an increase of 6% compared to an operating profit of $19.3 million (26.0% of revenues) in the fourth quarter of 2021.
Operating profit on a non-GAAP basis in the quarter totaled $22.8 million (27.8% of revenues), an increase of 9% compared to $20.9 million (28.2% of revenues) in the fourth quarter of 2021.
Net income on a GAAP basis in the quarter totaled $21.7 million, or $0.45 per diluted share, compared to net income of $12.8 million, or $0.28 per diluted share, in the fourth quarter of 2021.
Net income on a non-GAAP basis in the quarter totaled $24.0 million, or $0.50 per diluted share, compared to a non-GAAP net income of $19.7 million, or $0.43 per diluted share, in the fourth quarter of 2021.
Full Year 2022 Results Summary
Revenues for 2022 were $320.9 million, an increase of 19.0% over the $269.7 million reported in 2021.
Gross profit on a GAAP basis totaled $159.9 million (49.8% of revenues), an increase of 16% compared to $137.4 million (50.9% of revenues) in 2021.
Gross profit on a non-GAAP basis totaled $161.1 million (50.2% of revenues), an increase of 17% compared to $138.0 million (51.2% of revenues) in 2021.
Operating income on a GAAP basis totaled $81.5 million (25.4% of revenues), an increase of 15% compared to operating income of $70.9 million (26.3% of revenues) in 2021.
Operating income on a non-GAAP basis totaled $92.0 million (28.7% of revenues), an increase of 20% compared to $76.7 million (28.4% of revenues) in 2021.
Net income on a GAAP basis totaled $79.9 million, or $1.66 per diluted share. This is an increase of 33% compared to net income of $60.3 million, or $1.34 per diluted share, in 2021.
Net income on a non-GAAP basis totaled $90.5 million, or $1.88 per diluted share. This is an increase of 27% compared to net income of $71.4 million, or $1.59 per diluted share, in 2021.
Cash and cash equivalents, short-term and long-term deposits, as of December 31, 2022, were $478.7 million compared to $429.9 million as of December 31, 2021 and $460.3 million as of September 30, 2022. During the fourth quarter, the Company generated an operating cash flow of $19.6 million.
Conference Call
Camtek will host a video conference call/webinar today via Zoom, February 16, 2023, at 9:00 am ET (16:00 Israel time).
Rafi Amit, CEO, Moshe Eisenberg, CFO and Ramy Langer, COO will host the call and will be available to answer questions after presenting the results.
To participate in the webinar, please register using the following link, which will provide access to the video call:
https://us06web.zoom.us/webinar/register/WN_JOji55tsT0KhNgNVI7MaLg
For those wishing to listen via phone, following registration, the dial in link will be sent.
For those unable to participate, a recording will be available on Camtek’s website at https://www.camtek.com within a few hours after the call.
A summary presentation of the quarterly results will also be available on Camtek’s website.