Silvaco Group, Inc. (Nasdaq: SVCO, “Silvaco” or the “Company”), a
provider of TCAD, EDA software, and SIP solutions that enable
semiconductor design and digital twin modeling through AI software
and innovation, today announced its first quarter 2024 results.
“Having successfully completed our IPO on May
13th, we are excited to embark on our journey as a public company,”
said Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri
continued, “I am pleased with our first quarter results which were
driven by strong demand for our TCAD and EDA products across
various sectors. With our proven software platform, we continue to
capitalize on organic growth opportunities and customer investments
across multiple end markets.”
Commenting on the financial results and outlook,
Ryan Benton, Silvaco’s Chief Financial Officer, added, “We achieved
another quarter of stellar financial results including double-digit
top-line growth and profitability. Based on our visibility and
strong, predictable revenue model, we expect the momentum to
continue into the second quarter. Moreover, following the
completion of the IPO unaudited cash and cash equivalents was
$104.2 million at the end of May 2024, allowing us to pursue our
growth initiatives by means of both organic and inorganic
opportunities.”
First Quarter 2024 Financial
Highlights
- Strong TCAD and EDA quarterly
revenues with a key strategic customer renewal in Japan and nine
new customer wins, partially offset by lower Semiconductor IP
(“SIP”) revenue. As previously disclosed, the NXP licensing
agreement lapsed in the fourth quarter of 2023, but has since been
extended as of April 2024. The lapse of the NXP licensing agreement
impacted our IP revenues and bookings in the first quarter of 2024
but since reinstatement the Company has observed a significant
resumption in SIP bookings. This contributes to the Company's
estimate of total bookings growth of 18% to 29% for the second
quarter of 2024.
- GAAP and non-GAAP gross margins for
the first quarter of 2024 of 88%, up from 86% in the first quarter
of 2023 and 79% in the fourth quarter of 2023. This increase was
driven in large part by strong TCAD and EDA license revenue
growth.
- GAAP operating expenses for the
first quarter of 2024 were up 7% from a year ago and down 2%
sequentially from the fourth quarter of 2023. Non-GAAP operating
expenses for the first quarter were up 5% from a year ago and down
5% sequentially. The year-over-year increases in GAAP and non-GAAP
operating expenses were due in part to increased research and
development and sales and marketing staff costs offset by lower
sales commissions expense.
- GAAP operating income and margin
for the first quarter of 2024 of $2.4 million and 15%, up from $1.5
million and 11% in Q1 2023, respectively. Non-GAAP operating income
and non- GAAP operating margin of $3.3 million and 21%, up from
$2.1 million and 15% in Q1 2023.
First Quarter 2024 Financial
Results
GAAP Financial Results
- Revenue of $15.9 million, up 27% quarter-over-quarter and up
11% year-over-year.
- TCAD revenue of $10.6 million, up 21% year-over-year.
- EDA revenue of $4.7 million, up 13% year-over-year.
- SIP revenue of $0.6 million, down 57% year-over-year.
- GAAP gross margin of 88%, compared to 86% in Q1 2023.
- GAAP operating income and margin of $2.4 million and 15%,
compared to $1.5 million and 11% in Q1 2023, respectively.
- GAAP net income of $1.4 million, compared to $0.8 million in Q1
2023.
- GAAP diluted net income per share of $0.07.
- As of March 31, 2024, cash and cash equivalents totaled $5.7
million.
Key Operating Indicators and Non-GAAP Financial Results:
- Gross bookings were $16.1 million, up 3% year-over-year.
- Remaining performance obligations as of March 31, 2024, were
$29.1 million, 49% of which is expected to be recognized as revenue
in the next 12 months.
- Non-GAAP operating income and non-GAAP margin of $3.3 million
and 21%, compared to $2.1 million and 15% in Q1 2023,
respectively.
- Non-GAAP net income of $2.4 million, compared to $1.9 million
in Q1 2023.
- Non-GAAP diluted net income per share of $0.12.
For a discussion of the non-GAAP metrics
presented in this press release, as well as a reconciliation of
non-GAAP metrics to the nearest comparable GAAP metric for
Silvaco's first quarter 2024, fourth quarter 2023 and first quarter
2023 results, see “Discussion of Non-GAAP Financial Measures” and
“GAAP to Non-GAAP Reconciliation” in the accompanying tables
below.
First Quarter 2024 and Recent Business
Highlights
- Introduced artificial
intelligence-based platform for digital twin modeling named fab
technology co-optimization, or FTCO™, for wafer-level fabrication
facilities. FTCO™ uses manufacturing data to perform statistical,
AI and physics-based machine learning software simulations to
create a computer model or ‘digital twin’ of a wafer that can be
used to simulate the fabrication process and yield. Customers can
utilize this model to run simulation experiments to understand and
enhance wafer yield without the need to run physical wafers, which
can be time-consuming and expensive. The company estimates that the
market opportunity for this technology represents a serviceable
addressable market in excess of $500 million.
- Announced an enhanced partnership
with Micron Technology, Inc. (Nasdaq: MU) (“Micron”), which
included expanding the partnership for FTCO™ and securing a $5.0
million investment from Micron in the form of a senior subordinated
convertible promissory note, which subsequently converted into
common stock at the completion of the IPO.
- Announced extension of Technology
License and Distribution Agreement with NXP, which extended the
term of the SIP licensing agreement for an additional five years
beginning from April 1, 2024.
- Priced and closed an IPO of
6,000,000 shares of Silvaco common stock at a price to the public
of $19.00 per share. Net proceeds to the company from the IPO were
approximately $106 million after deducting underwriting discounts
and commissions. The shares began trading on the Nasdaq Global
Select Market under the ticker symbol “SVCO” on May 9th, 2024.
Supplementary materials to this press release,
including our first quarter 2024 financial results, can be found at
https://investors.silvaco.com/financial-information/quarterly-results.
Second Quarter and Full Year 2024 Financial
Outlook
As of June 20, 2024, Silvaco is providing
guidance for its second quarter of 2024 and its full-year 2024,
which represents Silvaco’s current estimates on its operations and
financial results. The financial information below represents
forward-looking financial information and in some instances
forward-looking, non-GAAP financial information, including
estimates of non-GAAP gross margin and non- GAAP operating income.
GAAP gross margin is the most comparable GAAP measure to non-GAAP
gross margin, and GAAP operating income is the most comparable GAAP
measure to non-GAAP operating income. Non-GAAP operating income
differs from GAAP operating income in that it excludes items such
as certain transaction-related costs, IPO preparation costs,
acquisition-related litigation costs, stock-based compensation,
amortization of acquired intangible assets, impairment charges and
executive severance costs. Silvaco is unable to predict with
reasonable certainty the ultimate outcome of these exclusions
without unreasonable effort. Therefore, Silvaco has not provided
guidance for GAAP gross margin or GAAP operating income or a
reconciliation of the forward-looking non-GAAP gross margin or
non-GAAP operating income guidance to GAAP gross margin or GAAP
operating income, respectively. However, it is important to note
that these excluded items could be material to our results computed
in accordance with GAAP in future periods.
Based on current business trends and conditions,
the Company expects for second quarter 2024 the following:
- Revenue in the range of $14.3
million to $15.0 million, which would represent a 14% to 20%
increase from the second quarter of 2023.
- Gross bookings in the range of
$17.0 million to $18.5 million, which would represent a 18% to 29%
increase from the second quarter of 2023.
- Non-GAAP gross margin to be in the
range of 85% to 87%.
- Non-GAAP operating income in the
range of $0.5 million to $1.5 million, which would represent a 62%
to 185% increase from the second quarter of 2023.
For full year 2024, the Company expects:
- Revenue of $63.0 million to $66.0 million, which would
represent a 16% to 22% increase from 2023.
- Gross bookings of $64.0 million to $68.0 million, which would
represent an 10% to 17% increase from 2023.
- Non-GAAP gross margin to be in the
range of 85% to 87%.
- Non-GAAP operating income of $8.0
million to $11.0 million, which would represent an 82% to 150%
increase from 2023.
About Silvaco
Silvaco is a provider of TCAD, EDA software, and
SIP solutions that enable semiconductor design and digital twin
modeling through AI software and innovation. Silvaco’s solutions
are used for semiconductor and photonics processes, devices, and
systems development across display, power devices, automotive,
memory, high performance compute, foundries, photonics, internet of
things, and 5G/6G mobile markets for complex SoC design. Silvaco is
headquartered in Santa Clara, California, and has a global presence
with offices located in North America, Europe, Brazil, China,
Japan, Korea, Singapore, and Taiwan.
Safe Harbor Statement
This press release contains forward-looking
statements based on Silvaco's current expectations. The words
“believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”,
“project”, “will”, and similar phrases as they relate to Silvaco
are intended to identify such forward-looking statements. These
forward-looking statements reflect the current views and
assumptions of Silvaco and are subject to various risks and
uncertainties that could cause actual results to differ materially
from expectations.
These forward-looking statements include but are
not limited to, statements regarding our future operating results,
financial position, and guidance, our business strategy and plans,
our objectives for future operations, our development or delivery
of new or enhanced products, and anticipated results of those
products for our customers, our competitive positioning, projected
costs, technological capabilities, and plans, and macroeconomic
trends.
A variety of risks and factors that are beyond
our control could cause actual results to differ materially from
those in the forward-looking statements including, without
limitation, the following: (a) market conditions; (b) anticipated
trends, challenges and growth in our business and the markets in
which we operate; (c) our ability to appropriately respond to
changing technologies on a timely and cost-effective basis; (d) the
size and growth potential of the markets for our software
solutions, and our ability to serve those markets; (e) our
expectations regarding competition in our existing and new markets;
(f) the level of demand in our customers’ end markets; (g)
regulatory developments in the United States and foreign countries;
(h) changes in trade policies, including the imposition of tariffs;
(i) proposed new software solutions, services or developments; (j)
our ability to attract and retain key management personnel; (k) our
customer relationships and our ability to retain and expand our
customer relationships; (l) our ability to diversify our customer
base and develop relationships in new markets; (m) the strategies,
prospects, plans, expectations, and objectives of management for
future operations; (n) public health crises, pandemics, and
epidemics and their effects on our business and our customers’
businesses; (o) the impact of the current conflicts between Ukraine
and Russia and Israel and Hamas and the ongoing trade disputes
among the United States and China on our business, financial
condition or prospects, including extreme volatility in the global
capital markets making debt or equity financing more difficult to
obtain, more costly or more dilutive, delays and disruptions of the
global supply chains and the business activities of our suppliers,
distributors, customers and other business partners; (p) changes in
general economic or business conditions or economic or demographic
trends in the United States and foreign countries including changes
in interest rates and inflation; (q) our ability to raise
additional capital; (r) our ability to accurately forecast demand
for our software solutions; (s) our expectations regarding the
outcome of any ongoing litigation; (t) our expectations regarding
the period during which we qualify as an emerging growth company
under the JOBS Act and as a smaller reporting company under the
Exchange Act; (u) our expectations regarding our ability to obtain,
maintain, protect and enforce intellectual property protection for
our technology; (v) our status as a controlled company; and (w) our
use of the net proceeds from our initial public offering.
It is not possible for us to predict all risks,
nor can we assess the impact of all factors on our business or the
extent to which any factor, or combination of factors, may cause
actual results or outcomes to differ materially from those
contained in any forward-looking statements we may make.
Accordingly, you should not rely on any of the forward-looking
statements. Additional information relating to the uncertainty
affecting the Silvaco’s business is contained in Silvaco's filings
with the Securities and Exchange Commission. These documents are
available on the SEC Filings section of the Investor Relations
section of Silvaco's website at http://investors.silvaco.com/.
These forward-looking statements represent Silvaco's expectations
as of the date of this press release. Subsequent events may cause
these expectations to change, and Silvaco disclaims any obligations
to update or alter these forward-looking statements in the future,
whether as a result of new information, future events or
otherwise.
Discussion of Non-GAAP Financial
Measures
We use certain non-GAAP financial measures to
supplement the performance measures in our consolidated financial
statements, which are presented in accordance with GAAP. These
non-GAAP financial measures include non-GAAP gross profit, non-GAAP
gross margin, non-GAAP operating expenses, non-GAAP operating
income (loss), non-GAAP net income (loss), and non-GAAP net income
(loss) per share. We use these non-GAAP financial measures for
financial and operational decision- making and as a means to assist
us in evaluating period-to-period comparisons.
We define non-GAAP operating expenses and
non-GAAP operating income (loss) as our GAAP operating expenses and
GAAP operating income (loss), in each case, adjusted to exclude
certain costs, including certain transaction-related costs, IPO
preparation costs, acquisition-related litigation costs,
stock-based compensation, amortization of acquired intangible
assets, impairment charges, and executive severance costs. We
define non-GAAP net income (loss) as our GAAP net income (loss)
adjusted to exclude certain costs, including certain
transaction-related costs, IPO preparation costs, acquisition-
related litigation costs, stock-based compensation, amortization of
acquired intangible assets, impairment charges, executive severance
costs, change in fair value of contingent consideration, foreign
exchange (gain) loss, gain on extinguishment of debt, and the
income tax effect on non-GAAP items. Our non-GAAP net income
(loss) per share is calculated in the same way as our non-GAAP net
income (loss), but on a per share basis. We monitor non-GAAP gross
margin, non-GAAP operating expenses, non-GAAP operating income
(loss), non-GAAP net income (loss) and non-GAAP net income (loss)
per share as non-GAAP financial measures to supplement the
financial information we present in accordance with GAAP to provide
investors with additional information regarding our financial
results.
Certain items are excluded from our non-GAAP
operating expenses, non-GAAP operating income (loss), non-GAAP net
income (loss) and non-GAAP net income (loss) per share because
these items are non-cash in nature or are not indicative of our
core operating performance and render comparisons with prior
periods and competitors less meaningful. We adjust GAAP operating
income (loss) and net income (loss) for these items to arrive at
non-GAAP operating income (loss) and non-GAAP net income (loss)
because these amounts can vary substantially from company to
company within our industry depending upon accounting methods and
book values of assets, capital structure and the method by which
the assets were acquired. By excluding certain items that may not
be indicative of our recurring core operating results, we believe
that non-GAAP operating income (loss), non-GAAP net income (loss)
and non-GAAP net income (loss) per share, provide meaningful
supplemental information regarding our performance.
We believe these non-GAAP financial measures are
useful to investors and others because they allow for additional
information with respect to financial measures used by management
in its financial and operational decision-making and they may be
used by our institutional investors and the analyst community to
help them analyze our financial performance and the health of our
business. However, there are a number of limitations related to the
use of non-GAAP financial measures, and these non- GAAP measures
should be considered in addition to, not as a substitute for or in
isolation from, our financial results prepared in accordance with
GAAP. Other companies, including companies in our industry, may
calculate these non-GAAP financial measures differently or not at
all, which reduces their usefulness as comparative measures.
|
SILVACO GROUP, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(Unaudited, in thousands except share and
par value amounts) |
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash |
|
$ |
5,739 |
|
|
|
$ |
4,421 |
|
|
Accounts receivable, net |
|
|
5,562 |
|
|
|
|
4,006 |
|
|
Contract assets, net |
|
|
9,240 |
|
|
|
|
8,749 |
|
|
Prepaid expenses and other current assets |
|
|
1,748 |
|
|
|
|
2,549 |
|
|
Deferred transaction costs |
|
|
1,943 |
|
|
|
|
1,163 |
|
|
Total current assets |
|
|
24,232 |
|
|
|
|
20,888 |
|
|
Long-term assets: |
|
|
|
|
Property and equipment, net |
|
|
656 |
|
|
591 |
|
|
Operating lease right-of-use assets, net |
|
|
2,157 |
|
|
1,963 |
|
|
Intangible assets, net |
|
|
273 |
|
|
342 |
|
|
Goodwill |
|
|
9,026 |
|
|
9,026 |
|
|
Long-term portion of contract assets, net |
|
|
8,961 |
|
|
6,250 |
|
|
Other assets |
|
|
2,057 |
|
|
1,825 |
|
|
Total long-term assets |
|
|
23,130 |
|
|
19,997 |
|
|
Total assets |
|
$ |
47,362 |
|
|
|
$ |
40,885 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
3,332 |
|
|
|
$ |
2,495 |
|
|
Accrued expenses and other current liabilities |
|
|
9,945 |
|
|
10,255 |
|
|
Accrued income taxes |
|
|
2,185 |
|
|
1,626 |
|
|
Operating lease liabilities, current |
|
|
817 |
|
|
735 |
|
|
Deferred revenue, current |
|
|
7,935 |
|
|
7,882 |
|
|
Related party line of credit |
|
|
2,016 |
|
|
2,000 |
|
|
Total current liabilities |
|
|
26,230 |
|
|
|
|
24,993 |
|
|
Long-term liabilities: |
|
|
|
|
Deferred revenue, non-current |
|
|
4,737 |
|
|
5,071 |
|
|
Operating lease liabilities, non-current |
|
|
1,320 |
|
|
1,198 |
|
|
Long-term loan facility |
|
|
4,283 |
|
|
— |
|
|
Other long-term liabilities |
|
|
197 |
|
|
221 |
|
|
Total liabilities |
|
|
36,767 |
|
|
|
|
31,483 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
Stockholders' equity: |
|
Common stock, $0.0001 par value; 25,000,000 shares authorized;
20,000,000 shares issued and outstanding |
|
|
2 |
|
|
2 |
|
|
Retained earnings |
|
|
12,770 |
|
|
11,392 |
|
|
Accumulated other comprehensive loss |
|
|
(2,177 |
) |
|
(1,992 |
) |
|
Total stockholders' equity |
|
|
10,595 |
|
|
|
|
9,402 |
|
|
Total liabilities and stockholders' equity |
|
$ |
47,362 |
|
|
|
$ |
40,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVACO GROUP, INC.CONDENSED CONSOLIDATED
STATEMENTS OF INCOME(Unaudited, in thousands except share
and per share amounts) |
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
Revenue: |
|
|
|
Software license revenue |
|
$ |
12,258 |
|
|
$ |
10,665 |
|
|
Maintenance and service |
|
|
3,631 |
|
|
|
3,626 |
|
|
Total revenue |
|
|
15,889 |
|
|
|
14,291 |
|
|
Cost of revenue |
|
|
1,973 |
|
|
|
2,025 |
|
|
Gross profit |
|
|
13,916 |
|
|
|
12,266 |
|
|
Operating expenses: |
|
|
|
Research and development |
|
|
3,616 |
|
|
|
3,375 |
|
|
Selling and marketing |
|
|
3,312 |
|
|
|
2,805 |
|
|
General and administrative |
|
|
4,600 |
|
|
|
4,553 |
|
|
Total operating expenses |
|
|
11,528 |
|
|
|
10,733 |
|
|
Operating income |
|
|
2,388 |
|
|
|
1,533 |
|
|
Interest and other expense, net |
|
|
205 |
|
|
|
331 |
|
|
Income before income tax provision |
|
|
2,183 |
|
|
|
1,202 |
|
|
Income tax provision |
|
|
805 |
|
|
|
388 |
|
|
Net income |
|
$ |
1,378 |
|
|
$ |
814 |
|
|
Net income per share attributable to common stockholders: |
|
|
|
Basic and diluted |
|
$ |
0.07 |
|
|
$ |
0.04 |
|
| Weighted
average shares used in computing per share amounts: |
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
20,000 |
|
|
$ |
20,000 |
|
|
|
|
|
|
|
|
|
|
|
|
SILVACO GROUP, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(Unaudited, in thousands) |
|
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
1,378 |
|
|
$ |
814 |
|
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: |
|
|
|
Depreciation and
amortization |
|
|
120 |
|
|
166 |
|
|
|
Gain on disposal of fixed
assets |
|
|
(10 |
) |
|
— |
|
|
|
Provision for credit
losses |
|
|
222 |
|
|
21 |
|
|
|
Change in fair value of
contingent consideration |
|
|
(8 |
) |
|
265 |
|
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
Accounts receivable |
|
|
(1,844 |
) |
|
(3,718 |
) |
|
|
Contract assets |
|
|
(3,679 |
) |
|
889 |
|
|
|
Prepaid and other current assets |
|
|
788 |
|
|
(232 |
) |
|
|
Other assets |
|
|
(274 |
) |
|
— |
|
|
|
Accounts payable |
|
|
877 |
|
|
513 |
|
|
|
Accrued expenses |
|
|
(670 |
) |
|
(1,248 |
) |
|
|
Accrued income taxes |
|
|
574 |
|
|
242 |
|
|
|
Deferred revenue |
|
|
(21 |
) |
|
2,888 |
|
|
|
Other current liabilities |
|
|
(49 |
) |
|
146 |
|
|
|
Other long-term liabilities |
|
|
24 |
|
|
(245 |
) |
|
|
Net cash (used in) provided by operating activities: |
|
|
(2,572 |
) |
|
501 |
|
|
Cash flows from investing activities: |
|
|
|
Purchases of property and equipment |
|
|
(10 |
) |
|
(177 |
) |
|
|
Net cash used in investing activities |
|
|
(10 |
) |
|
(177 |
) |
|
Cash flows from financing activities: |
|
Proceeds from loan facility |
|
|
4,250 |
|
|
|
— |
|
|
Contingent consideration |
|
|
(13 |
) |
|
|
(582 |
) |
|
Deferred transaction costs |
|
|
(364 |
) |
|
|
— |
|
|
|
Net cash provided by (used in) financing activities |
|
|
3,873 |
|
|
|
(582 |
) |
|
Effect of exchange rate fluctuations on cash |
|
|
27 |
|
|
|
75 |
|
|
Net increase (decrease) in cash |
|
|
1,318 |
|
|
|
(183 |
) |
|
Cash, beginning of period |
|
|
4,421 |
|
|
|
5,478 |
|
|
Cash, end of period |
|
$ |
5,739 |
|
|
$ |
5,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVACO GROUP,
INC.REVENUE(Unaudited, in
thousands) |
|
|
|
|
|
|
2023 |
|
|
|
|
|
2024 |
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Year |
|
Q1 |
|
|
Revenue by Region: |
|
|
Japan |
16 |
% |
14 |
% |
12 |
% |
14 |
% |
14 |
% |
29 |
% |
|
United States |
34 |
% |
28 |
% |
28 |
% |
28 |
% |
30 |
% |
26 |
% |
|
China |
19 |
% |
29 |
% |
17 |
% |
30 |
% |
23 |
% |
11 |
% |
|
Korea |
8 |
% |
11 |
% |
25 |
% |
9 |
% |
14 |
% |
7 |
% |
|
All other |
23 |
% |
18 |
% |
18 |
% |
19 |
% |
19 |
% |
27 |
% |
|
Total revenue |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
|
|
|
|
|
|
|
|
|
Revenue by Product Line: |
|
|
|
|
|
|
|
TCAD |
62 |
% |
62 |
% |
52 |
% |
62 |
% |
59 |
% |
66 |
% |
|
EDA |
29 |
% |
20 |
% |
31 |
% |
22 |
% |
26 |
% |
30 |
% |
|
IP |
9 |
% |
18 |
% |
17 |
% |
16 |
% |
15 |
% |
4 |
% |
|
Total revenue |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
|
|
|
|
|
|
|
|
|
Revenue Item Category: |
|
|
|
|
|
|
|
Software license revenue |
75 |
% |
71 |
% |
74 |
% |
70 |
% |
73 |
% |
77 |
% |
|
Maintenance and service |
25 |
% |
29 |
% |
26 |
% |
30 |
% |
27 |
% |
23 |
% |
|
Total revenue |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVACO GROUP, INC.GAAP to Non-GAAP
Reconciliation(Unaudited, in thousands except per share
amounts) |
|
|
Three Months Ended |
|
|
|
3/31/2024 |
|
12/31/2023 |
|
3/31/2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Research and development |
|
$ |
3,616 |
|
|
$ |
3,337 |
|
|
$ |
3,375 |
|
|
Less: Amortization of acquired intangible assets |
|
|
70 |
|
|
|
82 |
|
|
|
101 |
|
|
Non-GAAP Research and development |
|
$ |
3,546 |
|
|
$ |
3,255 |
|
|
$ |
3,274 |
|
|
|
|
|
|
|
GAAP Sales and marketing |
|
$ |
3,312 |
|
|
$ |
3,833 |
|
|
$ |
2,805 |
|
|
Less: IPO preparation costs |
|
|
127 |
|
|
|
— |
|
|
|
— |
|
|
Non-GAAP Sales and marketing |
|
$ |
3,185 |
|
|
$ |
3,833 |
|
|
$ |
2,805 |
|
|
GAAP General and administrative |
|
$ |
4,600 |
|
|
$ |
4,570 |
|
|
$ |
4,553 |
|
|
Less: Acquisition-related litigation costs |
|
|
594 |
|
|
|
515 |
|
|
|
236 |
|
|
Less: IPO preparation costs |
|
|
139 |
|
|
|
45 |
|
|
|
268 |
|
|
Non-GAAP General and administrative |
|
$ |
3,867 |
|
|
$ |
4,010 |
|
|
$ |
4,049 |
|
|
|
|
|
|
|
GAAP Operating expenses |
|
$ |
11,528 |
|
|
$ |
11,740 |
|
|
$ |
10,733 |
|
|
Less: Acquisition-related litigation costs |
|
|
594 |
|
|
|
515 |
|
|
|
236 |
|
|
Less: IPO preparation costs |
|
|
266 |
|
|
|
45 |
|
|
|
268 |
|
|
Less: Amortization of acquired intangible assets |
|
|
70 |
|
|
|
82 |
|
|
|
101 |
|
|
Non-GAAP Operating expenses |
|
$ |
10,598 |
|
|
$ |
11,098 |
|
|
$ |
10,128 |
|
|
|
|
|
|
|
GAAP Income (loss) from operations |
|
$ |
2,388 |
|
|
$ |
(1,936 |
) |
|
$ |
1,533 |
|
|
Plus: Acquisition-related litigation costs |
|
|
594 |
|
|
|
515 |
|
|
|
236 |
|
|
Plus: IPO preparation costs |
|
|
266 |
|
|
|
45 |
|
|
|
268 |
|
|
Plus: Amortization of acquired intangible assets |
|
|
70 |
|
|
|
82 |
|
|
|
101 |
|
|
Non-GAAP Income (loss) from operations |
|
$ |
3,318 |
|
|
$ |
(1,294 |
) |
|
$ |
2,138 |
|
|
|
|
|
|
|
GAAP Net income (loss) |
|
$ |
1,378 |
|
|
$ |
(2,247 |
) |
|
$ |
814 |
|
|
Plus: Amortization of acquired intangible assets |
|
|
70 |
|
|
|
82 |
|
|
|
101 |
|
|
Plus: Acquisition-related litigation costs |
|
|
594 |
|
|
|
515 |
|
|
|
236 |
|
|
Plus: IPO preparation costs |
|
|
266 |
|
|
|
45 |
|
|
|
268 |
|
|
Plus: Change in fair value of consideration |
|
|
(8 |
) |
|
|
(7 |
) |
|
|
276 |
|
|
Plus: Foreign exchange (gain) loss |
|
|
130 |
|
|
|
(3 |
) |
|
|
247 |
|
|
Plus: Income tax effect of non-GAAP adjustment |
|
|
(33 |
) |
|
|
(27 |
) |
|
|
(23 |
) |
|
Non-GAAP Net income (loss) |
|
$ |
2,397 |
|
|
$ |
(1,642 |
) |
|
$ |
1,919 |
|
|
GAAP Net income (loss) per share: |
|
|
|
|
Basic and diluted: |
|
$ |
0.07 |
|
|
$ |
(0.11 |
) |
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP Net income (loss) per
share: |
|
Basic and diluted: |
|
$ |
0.12 |
|
|
$ |
(0.08) |
|
|
$ |
0.10 |
|
| Weighted average shares used in GAAP and non-GAAP net
income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
20,000,000 |
|
|
|
20,000,000 |
|
|
|
20,000,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contact: Greg McNiff
investors@silvaco.com
Media Contact: Tyler Weiland
press@silvaco.com