Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Dec. 31, 2023 | Mar. 12, 2024 | |
Entity Registrant Name | Camtek Ltd. | |
Entity Central Index Key | 0001109138 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Document Type | 20-F | |
Amendment Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Period End Date | Dec. 31, 2023 | |
Entity File Number | 000-30664 | |
Entity Incorporation, State or Country Code | L3 | |
Entity Address, Address Line One | Ramat Gavriel Industrial Zone | |
Entity Address, Address Line Two | P.O. BOX 544 | |
Entity Address, City or Town | Migdal Ha’Emek | |
Entity Address Country | IL | |
Entity Address, Postal Zip Code | 23150 | |
Title of 12(b) Security | Ordinary Shares, nominal value NIS 0.01 per share | |
Trading Symbol | CAMT | |
Name of Exchange on which Security is Registered | NASDAQ | |
Entity Common Stock, Shares Outstanding | 44,901,622 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Document Accounting Standard | U.S. GAAP | |
Entity Shell Company | false | |
Auditor Attestation Flag | true | |
Auditor Firm ID | 1057 | |
Auditor Location | Tel Aviv, Israel | |
Auditor Name | Somekh Chaikin | |
Document Financial Statement Error Correction [Flag] | false | |
Business Contact [Member] | ||
Contact Personnel Name | Moshe Eisenberg | |
Entity Address, Address Line One | Ramat Gavriel Industrial Zone | |
Entity Address, Address Line Two | P.O. BOX 544 | |
Entity Address, City or Town | Migdal Ha’Emek | |
Entity Address Country | IL | |
Entity Address, Postal Zip Code | 23150 | |
City Area Code | 972 | |
Local Phone Number | (4) 6048100 | |
Contact Personnel Fax Number | (4) 6048300 | |
Contact Personnel Email Address | moshee@camtek.com |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets [Abstract] | ||
Cash and cash equivalents | $ 119,968 | $ 148,156 |
Short-term deposits | 215,250 | 251,500 |
Marketable securities | 18,816 | 0 |
Trade accounts receivable, net | 87,300 | 80,611 |
Inventories | 85,905 | 65,541 |
Other current assets | 19,548 | 11,156 |
Total current assets | 546,787 | 556,964 |
Long-term deposits | 21,000 | 79,000 |
Marketable securities | 73,576 | 0 |
Long-term inventory | 9,023 | 5,357 |
Deferred tax asset, net | 2,642 | 1,004 |
Other assets, net | 1,370 | 1,024 |
Property, plant and equipment, net | 41,987 | 33,141 |
Intangible assets, net | 16,937 | 597 |
Goodwill | 74,345 | 0 |
Total non-current assets | 240,880 | 120,123 |
Total assets | 787,667 | 677,087 |
Current liabilities | ||
Trade accounts payable | 42,187 | 31,667 |
Other current liabilities | 54,487 | 56,833 |
Total current liabilities | 96,674 | 88,500 |
Long-term liabilities | ||
Deferred tax liabilities, net | 7,541 | 0 |
Other long-term liabilities | 10,473 | 8,748 |
Convertible notes | 196,831 | 195,737 |
Total noncurrent liabilities | 214,845 | 204,485 |
Total liabilities | 311,519 | 292,985 |
Commitments and contingencies | ||
Shareholders' equity | ||
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at December 31, 2023 and 2022; 46,993,998 and 46,505,318 issued shares at December 31, 2023 and 2022, respectively; 44,901,622 and 44,412,942 shares outstanding at December 31, 2023 and 2022, respectively | 176 | 175 |
Additional paid-in capital | 200,389 | 187,105 |
Accumulated other comprehensive income | 129 | 0 |
Retained earnings | 277,352 | 198,720 |
Total shareholders' equity before treasury stock | 478,046 | 386,000 |
Treasury stock, at cost (2,092,376 shares as of December 31, 2023 and 2022) | (1,898) | (1,898) |
Total shareholders' equity | 476,148 | 384,102 |
Total liabilities and shareholders' equity | $ 787,667 | $ 677,087 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - ₪ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value per share | ₪ 0.01 | ₪ 0.01 |
Ordinary shares, shares authorized | 100,000,000 | 100,000,000 |
Ordinary shares, shares issued | 46,993,998 | 46,505,318 |
Ordinary shares, shares outstanding | 44,901,622 | 44,412,942 |
Treasury stock, shares | 2,092,376 | 2,092,376 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Revenues | $ 315,375 | $ 320,909 | $ 269,659 |
Cost of revenues | 167,742 | 161,053 | 132,315 |
Gross profit | 147,633 | 159,856 | 137,344 |
Operating expenses: | |||
Research and development | 31,470 | 28,859 | 23,473 |
Selling, general and administrative | 50,751 | 49,499 | 42,973 |
Total operating expenses | 82,221 | 78,358 | 66,446 |
Operating profit | 65,412 | 81,498 | 70,898 |
Financial income, net | 22,218 | 6,690 | 1,030 |
Income before incomes taxes | 87,630 | 88,188 | 71,928 |
Income tax expense | (8,998) | (8,239) | (11,651) |
Net income | $ 78,632 | $ 79,949 | $ 60,277 |
Earnings per share information: | |||
Basic net earnings per share | $ 1.76 | $ 1.81 | $ 1.38 |
Diluted net earnings per share | $ 1.63 | $ 1.68 | $ 1.34 |
Weighted average number of ordinary shares outstanding (in thousands): | |||
Basic | 44,725 | 44,158 | 43,644 |
Diluted | 48,863 | 48,229 | 45,035 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 78,632 | $ 79,949 | $ 60,277 |
Other comprehensive income, net of tax: | |||
Change in net unrealized gains on available-for-sale marketable securities | 740 | 0 | 0 |
Deferred tax expense | (611) | 0 | 0 |
Total other comprehensive income | 129 | 0 | 0 |
Total comprehensive income | $ 78,761 | $ 79,949 | $ 60,277 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Ordinary Shares NIS 0.01 par value [Member] | Treasury Stock NIS 0.01 par value [Member] | Additional paid-in capital [Member] | Other Comprehensive Income [Member] | Retained earnings [Member] | Total |
Balance, value at Dec. 31, 2020 | $ 171 | $ (1,898) | $ 170,497 | $ 0 | $ 58,494 | $ 227,264 |
Balance, shares at Dec. 31, 2020 | 45,365,354 | (2,092,376) | ||||
Exercise of share options and RSUs | $ 1 | $ 0 | 270 | 1,340 | 0 | 271 |
Exercise of share options and RSUs, shares | 573,665 | |||||
Share-based compensation expense | $ 0 | 0 | 5,815 | 0 | 0 | 5,815 |
Unrealised gain on investments | 0 | |||||
Deferred tax expense | 0 | |||||
Net income | 0 | 0 | 0 | 0 | 60,277 | 60,277 |
Balance, value at Dec. 31, 2021 | $ 172 | $ (1,898) | 176,582 | 0 | 118,771 | 293,627 |
Balance, shares at Dec. 31, 2021 | 45,939,019 | (2,092,376) | ||||
Exercise of share options and RSUs | $ 3 | $ 0 | 0 | 0 | 0 | 3 |
Exercise of share options and RSUs, shares | 566,299 | |||||
Share-based compensation expense | $ 0 | 0 | 10,523 | 0 | 0 | 10,523 |
Unrealised gain on investments | 0 | |||||
Deferred tax expense | 0 | |||||
Net income | 0 | 0 | 0 | 0 | 79,949 | 79,949 |
Balance, value at Dec. 31, 2022 | $ 175 | $ (1,898) | 187,105 | 0 | 198,720 | $ 384,102 |
Balance, shares at Dec. 31, 2022 | 46,505,318 | (2,092,376) | 44,412,942 | |||
Exercise of share options and RSUs | $ 1 | $ 0 | 181 | 0 | 0 | $ 182 |
Exercise of share options and RSUs, shares | 488,680 | |||||
Share-based compensation expense | $ 0 | 0 | 12,598 | 0 | 0 | 12,598 |
Share-based compensation adjustment | 0 | 0 | 505 | 0 | 0 | 505 |
Unrealised gain on investments | 740 | 740 | ||||
Deferred tax expense | (611) | (611) | ||||
Net income | 0 | 0 | 0 | 0 | 78,632 | 78,632 |
Balance, value at Dec. 31, 2023 | $ 176 | $ (1,898) | $ 200,389 | $ 129 | $ 277,352 | $ 476,148 |
Balance, shares at Dec. 31, 2023 | 46,993,998 | (2,092,376) | 44,901,622 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 78,632 | $ 79,949 | $ 60,277 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 5,784 | 4,094 | 2,811 |
Deferred tax (benefit) expense | (1,254) | (777) | 255 |
Amortization of debt issuance costs | 1,094 | 1,094 | 113 |
Share based compensation expense | 12,598 | 10,523 | 5,815 |
Change in provision for doubtful debts | 100 | (7) | (32) |
Loss on disposal of fixed assets | 6 | 0 | 4 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable, gross | (1,890) | (21,984) | (17,338) |
Inventories | (13,692) | (9,518) | (21,702) |
Due from related parties | (3) | 0 | (12) |
Other assets | (6,766) | (6,337) | (2,380) |
Trade accounts payable | 10,121 | (2,113) | 6,190 |
Other current liabilities | (5,406) | 2,875 | 26,956 |
Net cash provided by operating activities | 79,324 | 57,799 | 60,957 |
Cash flows from investing activities: | |||
Acquisition of subsidiary consolidated for the first time | (101,781) | 0 | 0 |
Proceeds from (investment in) short-term deposits | 36,250 | (95,500) | (84,000) |
Proceeds from (investment in) long-term deposits | 58,000 | (47,000) | (32,000) |
Purchase of fixed assets | (8,097) | (8,197) | (4,065) |
Purchase of intangible assets | (173) | (97) | (111) |
Purchase of marketable securities | (103,528) | 0 | 0 |
Redemption of marketable securities | 11,876 | ||
Net cash used in investing activities | (107,453) | (150,794) | (120,176) |
Cash flows from financing activities: | |||
Proceeds from exercise of share options | 182 | 3 | 271 |
Issuance of convertible notes, net | 0 | 0 | 194,530 |
Net cash provided by financing activities | 182 | 3 | 194,801 |
Effect of exchange rate changes on cash | (241) | (795) | 546 |
Net increase (decrease) in cash and cash equivalents | (28,188) | (93,787) | 136,128 |
Cash and cash equivalents at beginning of the year | 148,156 | 241,943 | 105,815 |
Cash and cash equivalents at end of the year | 119,968 | 148,156 | 241,943 |
Acquisition of subsidiary, consolidated for the first time: | |||
Working capital (excluding cash and cash equivalents) | (15,288) | ||
Fixed assets, net | (1,615) | ||
Intangible assets | (16,900) | ||
Goodwill | (74,345) | ||
Deferred taxes liabilities, net | 7,157 | ||
Working capital adjustments | (1,295) | ||
Capitalized share-based compensation adjustment | (102,286) | ||
Increase in goodwill against share-based compensation | 505 | ||
Acquisition of subsidiary consolidated for the first time | (101,781) | 0 | 0 |
A. Cash paid and received during the year for: | |||
Income taxes paid | 13,807 | 11,836 | 558 |
Interest received | 18,685 | 4,293 | 1,057 |
Lease payments | 1,854 | 1,480 | 1,060 |
B. Non-cash transactions: | |||
Fixed assets purchased with supplier credit | $ 267 | $ 569 | $ 339 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2023 | |
Nature of Operations [Abstract] | |
Nature of Operations | Note 1 - Nature of Operations A. Camtek Ltd. (“Camtek” or “Company”), an Israeli corporation, is jointly controlled by (21.42%) Priortech Ltd. (“Priortech”), an Israeli corporation listed on the Tel-Aviv Stock Exchange and (17.41%) Chroma Ate Inc. (“Chroma”). Camtek provides automated and technologically advanced solutions dedicated to enhancing production processes, increasing products yield and reliability, enabling and supporting customers’ latest technologies in the semiconductor fabrication industry. B. In October 2023, the Company completed the acquisition of 100% of the shares of FRT GmbH ("FRT"), a German-based company. FRT is a leading supplier of high-precision metrology solutions for the Advanced Packaging and Silicon Carbide markets. See Note 3 – Acquisition of FRT. C. In November 2021, the Company closed an offering of $200,000 aggregate principal amount of 0% Convertible Senior Notes due 2026 (“Convertible Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, which included the full exercise of underwriters’ option to purchase an additional $25,000 of Convertible Notes, raising $194,530 net of underwriting discounts and commissions and other offering expenses. See Note 13. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 - Significant Accounting Policies A. Basis of preparation of the financial statements The consolidated financial statements of Camtek and its subsidiaries (collectively “the Company”) have been prepared in accordance with accounting principles generally accepted in United States of America (“US GAAP”). All amounts in the notes to the financial statements are in thousands unless otherwise stated. B. Principles of consolidation The accompanying consolidated financial statements include the accounts of Camtek and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. C. Use of estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. As applicable to these financial statements, the most significant estimates and assumptions relate to revenue recognition, valuation of accounts receivable, acquired intangible assets and inventories. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. D. Foreign currency transactions The functional currency of Camtek and its subsidiaries is the U.S. Dollar. Revenue generated by Camtek and its subsidiaries is primarily generated outside of Israel and a majority thereof is received in U.S. Dollars. A significant portion of materials and components purchased and operating expenses incurred are either paid for in U.S. Dollars or in New Israeli Shekels (“NIS”). Transactions not denominated in U.S. Dollars are recorded upon their initial recognition according to the exchange rate in effect on the date of the transaction. Exchange rate differences arising upon the settlement of monetary items or upon reporting the Company’s monetary items at exchange rates different from that by which they were initially recorded during the period, or reported in previous financial statements, are charged to financial income (expenses), net. E. Cash and cash equivalents All highly liquid investments purchased with original maturities of three months or less are considered to be cash equivalents. F. Short-term deposits Short-term deposits are bank deposits in US Dollars with an original maturity of more than three months and remaining term at the balance sheet date of no more than twelve months. As of December 31, 2023 the average annual interest rate was 5.81% (2022 – 4.22%). G. Marketable Securities The Company accounts for marketable securities in accordance with ASC Topic 320, “Investments – Debt Securities”. The Company’s investments in marketable securities consist of high-grade treasury, corporate and municipal bonds. Investments in marketable securities are classified as available for sale at the time of purchase. Available for sale securities are carried at fair value based on quoted market prices, with unrealized gains and losses, reported in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains and losses on sales of marketable securities, are included in financial income (expenses), net. The amortized cost of marketable securities is adjusted for amortization of premium and accretion of discount to maturity, both of which, together with interest, are included in financial income (expenses), net. The Company classifies its marketable securities as either short term or long term based on each instrument’s underlying contractual maturity date. Marketable securities with maturities of 12 months or less are classified as short-term and marketable securities with maturities greater than 12 months are classified as long-term. The Company accounts for Credit losses in accordance with ASU 2016-13, Topic 326 “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments”. The guidance requires the Company to determine whether a decline in fair value below the amortized cost basis of an available for sale debt security is due to credit related factors or noncredit related factors. A credit related impairment should be recognized as an allowance on the balance sheet with a corresponding adjustment to earnings, however, if the Company intends to sell an impaired available for sale debt security or more likely than not would be required to sell such a security before recovering its amortized cost basis, the entire impairment amount would be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. The Company did not recognize an allowance for credit losses on marketable securities as there were no expected credit losses for the year ended December 31,2023. H. Trade accounts receivable and allowance for doubtful accounts Trade accounts receivables are recorded and carried at the original invoiced amount less an allowance for any potential uncollectible amounts, in accordance with ASC 326. The Company makes estimates of expected credit losses based upon its assessment of various factors, including historical experience, the age of the trade receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. I. Inventories Inventories consist of completed systems, partially completed systems and components and other raw materials, and are recorded at the lower of cost or net realizable value. Cost is determined by the moving – average cost method basis. Inventory write-downs are recorded at the end of each fiscal period for damaged, obsolete, excess and slow-moving inventory. These write-downs, to the lower of cost or net realizable value, create a new cost basis that is not subsequently marked up based on changes in underlying facts and circumstances. Management periodically evaluates its inventory composition, giving consideration to factors such as changing product demands due to uncertain industry related market conditions and technological changes, the probability and timing of anticipated usage and the physical condition of the items, and then estimates a charge (reducing the inventory) to be provided for slow moving, technological obsolete or damaged inventory. These estimates could vary significantly from actual use based upon future economic conditions, customer inventory levels or competitive factors that were not foreseen or did not exist when the inventory write-downs were established. Spare parts included in inventory that are not expected to be converted or consumed within the next year are classified as non-current, based on Management’s estimates taking into account market conditions. J. Property, plant and equipment These assets are stated at cost less accumulated depreciation and are depreciated over their estimated useful lives on a straight-line basis. Annual rates of depreciation are as follows: Land 1 % Building 2 % Machinery and equipment 10% - 33 % Computer equipment and software 20% - 33 % Office furniture and equipment 6% - 20 % Automobiles 15 % Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or the estimated useful economic life of such improvements. Certain of the Company’s finished goods are systems used as demonstration systems, training systems, and for product development in the Company’s laboratories (“internal use”). These systems are identical to the systems that Camtek sells in its ordinary course of business. In circumstances where the Company intends to utilize such systems for its internal use, the Company transfers them from inventory to fixed assets. The rationale for the transfer is that the Company does not have the intention to sell these systems in the ordinary course of business but rather expects to use them for its internal use over their expected useful lives. These systems are recorded as fixed assets at cost and depreciated over their useful lives. K. Business Combinations The Company accounted for business combination in accordance with ASC 805, "Business Combinations" ("ASC 805"). Under ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business (“2017-01”), the Company first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the single asset or group of assets, as applicable, is not a business. ASC 805 requires recognition of assets acquired, liabilities assumed, and any non-controlling interest at the acquisition date, measured at their fair values as of that date. Any excess of the fair value of net assets acquired over purchase price and any subsequent changes in estimated contingencies are to be recorded in earnings. When the Company acquires a business, the purchase price is allocated to the tangible and identifiable intangible assets, net of liabilities assumed. Any residual purchase price is recorded as goodwill. The allocation of the purchase price requires management to make significant estimates in determining the fair values of assets acquired and liabilities assumed, especially with respect to intangible assets. The Company uses the Discounted Cash Flow Method to assign fair values to acquired identifiable intangible assets. These estimates can include, but are not limited to, the cash flows that an asset is expected to generate in the future, forecasted future revenue, forecasted operating results, discount rates and the appropriate weighted-average cost of capital. These estimates are inherently uncertain and unpredictable. These models are based on reasonable estimates and assumptions given available facts and circumstances, including industry estimates and averages, as of the acquisition dates and are consistent with the plans and estimates of management. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of income (loss). L. Intangible assets Patent registration costs are recorded at cost and amortized on a straight-line basis, beginning with the first year of utilization, over its expected useful life of ten years. Intangible assets purchased as part of the FRT acquisition (See Note 3) are recorded at their fair value and amortized based on their estimated revenue producing life span. M. Goodwill Goodwill has been recorded as a result of the acquisition of FRT. Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and identifiable intangible assets acquired, and related liabilities. Goodwill is carried at cost and is not amortized, but rather is subject to an impairment test, in accordance with ASC 350, “Intangibles – Goodwill and Other”, at least annually (in the third quarter), or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. ASC 350 allows the Company to first perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value prior to performing the quantitative goodwill impairment test. The Company operates in one operating segment, and this segment comprises its only reporting unit. Any excess of the carrying value of the reporting unit over its fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to the fair value of the reporting unit. N. Impairment of long-lived assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the long-lived asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized to the extent that the asset’s carrying amount exceeds its fair value. In 2023 and 2022, no impairment was noted. O. Fair values of financial instruments The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, short-term deposits, trade accounts receivable, trade accounts payable and amounts from related parties approximate fair value because of their short-term nature. P. Revenue recognition The Company’s contracts with its customers include performance obligations to provide its products or to service the installed products. A product sale contract may include an extended warranty (that is, for longer than the twelve-month standard warranty) as well as installation, both of which are considered separate performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers. The Company recognizes revenue from contracts for sales of products at the point of time when the Company transfers control of the product to the customer. The transfer in control event is generally determined based on shipping terms. Revenues from the contract are recognized in an amount that reflects the consideration the Company expects to be entitled to receive once the control of the product had been transferred to the customer and signed documentation of the arrangement, such as a signed contract or purchase order, has been received. Payment terms with customers may vary but are generally based on milestones within the delivery process such as shipping and installation. Payment terms do not include significant financing components. The Company does not incur costs in obtaining a contract except for agents’ commissions, which are incurred upon the recognition of revenues. Since revenues are recognized over a period of less than a year, sales commissions are not required to be capitalized. Service revenues consist mainly of contracts charged under time and material arrangements. Service revenues from maintenance contracts are recognized ratably over the contract period. The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations. These amounts are recorded as deferred revenue in the Consolidated Balance Sheets. Year Ended December 31, 2023 2022 U.S. Dollars (in thousands) Beginning of year 9,567 6,867 Deferral of revenue 8,934 6,948 Recognition of deferred revenue (4,508 ) (4,248 ) Balance at end of year 13,993 9,567 Q. Warranty The Company records a liability for standard product warranty obligations at the time of sale based upon historical warranty experience. The term of the warranty is generally twelve months. R. Income taxes The Company accounts for income taxes in accordance with the asset and liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws expected to apply to taxable income in the years in which the deferred tax asset or liability is expected to be recovered or settled. The Company includes the foreign currency transaction gains or losses that result from re-measuring deferred taxes in income tax expense. If necessary, the Company reduces deferred tax assets with a valuation allowance to the amount that is more likely than not to be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change occurs. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expenses. The Company may incur additional tax liability in the event of intercompany dividend distributions by some of its subsidiaries. Such additional tax liability in respect of these non-Israeli subsidiaries has not been provided for in these consolidated financial statement as it is the Company’s policy permanently to reinvest the subsidiaries’ earnings and to consider distributing dividends only when this can be facilitated in connection with a specific tax or other opportunity that may arise. Tax liabilities which would apply in the event of disposal of investments in non-Israeli subsidiaries have not been taken into account in computing the deferred taxes, as it is the Company’s intention to hold, and not to realize, these investments. S. Research and development Research and development costs, which consists primarily of salaries, materials consumption and costs associated with subcontracting certain development efforts, are expensed as incurred. T. Earnings per ordinary share Basic earnings per ordinary share is calculated using only weighted average ordinary shares outstanding. Diluted earnings per share, if relevant, gives effect to dilutive potential ordinary shares outstanding during the year. Such dilutive shares consist of incremental shares, using the treasury stock method, from the assumed exercise of share options. The Company’s convertible notes are included in the calculation of diluted Earnings Per Share (“EPS”) if the assumed conversion into common shares is dilutive, using the “if-converted” method. This involves adding back the periodic non-cash interest expense net of tax associated with the Notes to the numerator and by adding the shares that would be issued in an assumed conversion (regardless of whether the conversion option is in or out of the money) to the denominator for the purposes of calculating diluted EPS, unless the Notes are antidilutive (See also Note 2Y). U. Share-based compensation The Company accounts for its employee share-based compensation as an expense in the financial statements. All awards are equity classified and therefore such cost is measured at the grant date fair value of the award. The Company estimates share option grant date fair value using the Black-Scholes-Merton option-pricing model. Forfeitures are recognized when they occur. The Company recognizes compensation cost for an award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date (For details see Note 16B). V. Fair value measurements The Company implements the provisions of ASC Topic 820 " Fair Value Measurements and Disclosures Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The level in the fair value hierarchy within which an asset or liability is classified is based on the lowest level input that is significant to the fair value measurement in its entirety. W. Contingent liabilities A contingency (provision) is an existing condition or situation involving uncertainty as to the range of possible loss to the entity. A provision for claims is recognized if it is probable (likely to occur) that a liability has been incurred and the amount can be estimated reasonably. X. Leases Under Topic Operating lease ROU assets consist mainly of vehicles and real estate and are presented as property, plant and equipment on the consolidated balance sheet. The current portion of operating lease liabilities is included in other current liabilities and the long-term portion is presented within long-term liabilities on the consolidated balance sheet. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. ROU assets for operating leases are periodically reduced by impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall, to determine whether an ROU asset is impaired, and if so, the amount of the impairment loss to recognize. See Note 2N. Y. Convertible Notes The Company accounts for its convertible notes in accordance with ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (Topic 470-20). The Notes are accounted for as a single liability measured at its amortized cost, as no other embedded features require bifurcation and recognition as derivatives. The transaction costs are amortized on a straight-line basis along the lifetime of the Notes. Z. New Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosure. The standard requires to disclose additional information in tax rate reconciliation table about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories. The standard will become effective for fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of the adoption of this standard on its consolidated financial statements. |
Acquisition of FRT
Acquisition of FRT | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisition of FRT | Note 3 –Acquisition of FRT On The acquisition was accounted for using the acquisition method of accounting, with the Company treated as the acquirer. The acquired assets and liabilities of FRT were recorded at their respective fair values including an amount for goodwill representing the difference between the acquisition consideration and the fair value of the identifiable net assets. During the year ended December 31, 2023, the Company incurred approximately $1.4 million in transaction costs related to the acquisition, which primarily consisted of legal, accounting and valuation-related expenses. These expenses were recorded in Selling, general and administrative expense in the accompanying Consolidated Statements of Income. Our Consolidated Statements of income include the financial results of FRT subsequent to the acquisition date of October 31, 2023. Under the preliminary purchase price allocation, the Company allocated the purchase price to tangible and identified intangible assets acquired and liabilities assumed based on the preliminary estimates of their fair values, which were determined using generally accepted valuation techniques based on estimates and assumptions made by management at the time of the acquisition. Such estimates are subject to change during the measurement period which is not expected to exceed one year. The fair values assigned to assets acquired and liabilities assumed were based on management’s assumptions as of the reporting date. As part of the acquisition, the Company granted share-based compensation to FRT employees to replace awards previously granted by the seller. The table below summarizes the fair value of assets acquired and liabilities assumed following the adjustments mentioned above as of the acquisition date: October 31, 2023 U.S. Dollars (in thousands) Cash and cash equivalents 2,053 Working capital (excluding cash and cash equivalents) 15,288 Fixed assets, net 1,615 Intangible assets 16,900 Goodwill 74,345 D (7,157 ) 103,044 Cash consideration 102,539 Capitalized share-based compensation 505 103,044 The intangible assets as of the closing date of the acquisition included: October 31, 2023 U.S. Dollars Weighted average (in thousands) useful life (in years) Technology 12,200 5 Trade name 2,700 10 Customer relationship 2,000 2 16,900 5.4 Indications of fair value of the intangible assets acquired in connection with the acquisition were determined using either the income, market or replacement cost methodologies. The intangible assets are being amortized based on their estimated revenue producing life span. Identifiable Intangible Assets Valuation of intangible assets involves multiple assumptions. The key assumptions are described below. Developed technology acquired primarily consists of existing technology related to hybrid 3D surface metrology measurement equipment. The developed technology was valued using the multi-period excess earnings method under the income approach. Using this approach, the estimated fair values were calculated using expected future cash flows from specific products discounted to their net present values at an appropriate risk-adjusted rate of return. The identified trade names intangibles relate to the estimated fair value of future cash flows related to the FRT brand. The trade names were valued by applying the relief-from-royalty method under the income approach. This method is based on the application of a royalty rate to forecasted revenue under the trade name. Customer relationships represent the fair value of future projected revenues that will be derived from the sale of products to FRT's existing customers. Customer relationships were valued using the with and without method of the income approach. This method estimates value by calculating the difference between two discounted cash flow models: one that represents the status quo for the business enterprise with the asset in place, and another without it. Goodwill The goodwill arising from the acquisition represents, . Pro Forma on acquisitions The following unaudited pro forma financial information summarizes the combined results of operations for the Company, FRT, as if the acquisitions had been completed on January 1, 2022. The unaudited pro forma financial information was as follows: December 31, 2023 2022 U.S. Dollars (in thousands) Revenue 334,030 349,879 Net income 69,483 81,143 The pro forma financial information for all periods presented above has been calculated after adjusting the results of FRT to reflect the business combination accounting effects resulting from this acquisition, including the amortization expense from acquired intangible assets, goodwill, and tangible assets and add-back of interest income of Camtek's cash, cash equivalents, deposits and marketable securities used as a cash consideration in the acquisition. The historical consolidated financial statements have been adjusted in the pro forma combined financial statements to give effect to pro forma events that are directly attributable to the business combination and factually supportable. The pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of 2022. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 4 - Cash and Cash Equivalents The Company’s cash and cash equivalents balance at December 31, 2023 and 2022, is denominated in the following currencies: December 31, 2023 2022 U.S. Dollars (in thousands) US Dollars 113,190 139,644 New Israeli Shekels 2,795 4,008 Other currencies 3,983 4,504 119,968 148,156 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Note 5 – Marketable Securities Summary of marketable securities amortized cost, unrealized gains, unrealized losses, and fair value as of December 31, 2023: Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Fair Value Matures within one year: Corporate bonds 9,821 7 (9 ) 9,819 Government bonds 8,983 14 - 8,997 18,804 21 (9 ) 18,816 Matures after one year: Corporate bonds 64,033 574 (3 ) 64,604 Government bonds 8,815 157 - 8,972 72,848 731 (3 ) 73,576 91,652 752 (12 ) 92,392 The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Consolidated Balance Sheet classification, is as follows at December 31, 2023: December 31, 2023 Amortized Cost Fair Value U.S. Dollars (in thousands) Due within one year 18,804 18,816 Due after one through five years 72,210 72,908 Due after five through ten years 638 668 Total marketable securities 91,652 92,392 The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at December 31, 2023. In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months December 31, 2023 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Corporate bonds 2,786 (9 ) 2,368 (3 ) Government bonds - - - - 2,786 (9 ) 2,368 (3 ) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 6 - Inventories December 31, 2023 2022 U.S. Dollars (in thousands) Components 55,598 43,017 Work in process 20,038 13,951 Finished products * 19,292 13,930 94,928 70,898 * includes systems at customer locations not yet sold, as of December 31, 2023 and 2022, in the amount of $8,626 and $5,664 respectively. Inventories are presented in: December 31, 2023 2022 U.S. Dollars (in thousands) Current assets 85,905 65,541 Non-current assets (A) 9,023 5,357 94,928 70,898 (A) Long-term Inventory: At December 31, 2023, $9,023 of the Company's inventory is classified among long-term assets according to Management’s estimate based on the recent level of sales (at December 31, 2022 - $5,357). These amounts are comprised of spare parts. The Company’s policy is to keep components to provide support and service to systems sold by it to its customers over the past years (usually the support is over a period of seven to ten years) until the Company announces it will not continue to support certain systems. Therefore, this inventory is usually consumed over longer periods than inventory classified as current, and as such the respective amount that is not expected to be consumed in the next year is classified as non-current. Management believes that this inventory will be utilized according to its forecasted sales and that no loss will be incurred. (B) Inventory provision In 2023, based on Management's estimates regarding future sales, a provision of $1,204 was made against damaged, obsolete, excess and slow-moving inventory (in 2022 - $263). This includes certain items which were considered obsolete following the acquisition of FRT. The provisions were recorded in the costs of revenues line item in the consolidated statement of income. The provisions result in a new cost basis that is not subsequently marked up based on changes in underlying facts and circumstances. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Current assets [Abstract] | |
Other Current Assets | Note 7 - Other Current Assets December 31, 2023 2022 U.S. Dollars (in thousands) Interest receivable 8,386 3,979 Prepaid expenses and vendor downpayments 5,164 3,832 Due from Government institutions and income tax receivables 3,690 2,598 Other 2,308 747 19,548 11,156 |
Long-term Deposits
Long-term Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Long-term Investments [Abstract] | |
Long-term Deposits | Note 8 – Long-term Deposits Long-term deposits include bank deposits in US Dollars with terms at the balance sheet date of more than 12 months with average annual interest rates of 5.59% (2022 – 4.45%). |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note 9 - Property, Plant and Equipment, Net December 31, 2023 2022 U.S. Dollars (in thousands) Cost: Land 1,401 863 Building 20,730 18,490 Machinery and equipment 27,626 19,121 Office furniture and equipment 1,057 934 Computer equipment and software 6,542 6,256 Automobiles 429 396 Leasehold improvements 2,100 1,894 Right of use assets 7,187 6,087 67,072 54,041 Less accumulated depreciation 25,085 20,900 41,987 33,141 Depreciation for the years ended December 31, 2023, 2022 and 2021 amounted to $6,428, $5,252, and $3,682, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | Note 10 - Intangible Assets, Net December 31, 2022 2023 U.S. Dollars (in thousands) Cost: Patent registration costs 2,308 2,135 Acquired technology 12,200 - Acquired trade names 2,700 - Acquired customer relationship 2,000 - 19,208 2,135 Less accumulated amortization 2,271 1,538 Total intangible assets, net 16,937 597 Amortization expense for the years ended December 31, 2023, 2022 and 2021 amounted to $733, $110 and $110, respectively. As of December 31, 2023, the estimated amortization expenses of intangible assets for the years 2024 to 2028 is as follows: Year ended December 31, U.S. Dollars (in thousands) 2024 3,827 2025 3,652 2026 2,805 2027 2,795 2028 2,378 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | Note 11 - Other Current Liabilities December 31, 2023 2022 U.S. Dollars (in thousands) Advances from customers and deferred revenues 14,701 12,825 Commissions 13,588 18,048 Accrued employee compensation and other related benefits 13,137 11,941 Government institutions and income tax payable 5,316 7,991 Accrued warranty costs (1) 3,397 3,161 Accrued expenses 2,661 1,570 Operating lease obligations 1,687 1,297 54,487 56,833 (1) Changes in the accrued warranty costs are as follows: Year Ended December 31, 2023 2022 2021 U.S. Dollars (in thousands) Beginning of year 3,161 3,265 2,328 Accruals 5,505 5,823 6,333 Usage (5,269 ) (5,927 ) (5,396 ) Balance at end of year 3,397 3,161 3,265 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Noncurrent [Abstract] | |
Other Long Term Liabilities | Note 12 – Other Long-Term Liabilities Other long-term liabilities consist of the following: December 31, 2023 2022 U.S. Dollars (in thousands) Liability for severance pay (A) 1,577 1,284 Deferred revenues related to non-standard warranty (B) 6,262 5,060 Operating lease obligations 2,634 2,404 10,473 8,748 A. Liability for Employee Severance Benefits Under Israeli law and labor agreements the Company is required to pay severance payments to each employee who was employed by the Company for over one year and has been terminated by the Company or resigned under certain specified circumstances. The liability related to these severance payments is calculated on the basis of the latest salary of the employee multiplied by the number of years of employment as of the balance sheet date. The Company also has defined contribution plans for which it makes contributions to severance pay funds and appropriate insurance policies. Withdrawal of the reserve monies is contingent upon the fulfillment of detailed provision in the Severance Law. Under local law in various territories in which the Company operates, employees with one year or more of service are entitled to receive a lump-sum payment upon termination of their employment based on their length of service and rate of pay at the time of termination. 1. The liability in respect of most of its employees in Israel is discharged by participating in a defined contribution pension plan and making regular deposits with a pension fund or by individual insurance policies. The liability deposited with the pension fund is based on salary components as prescribed in the existing labor agreement. The custody and management of the amounts so deposited are independent of the companies and accordingly such amounts funded (included in expenses on an accrual basis) and related liabilities are not reflected in the balance sheet. 2. The liability for severance pay which is not covered by the contribution plan amounted to $1,577 and $1,284 as of December 31, 2023 and 2022, respectively. 3. Severance pay expenses were $1,936, $1,903, and $1,636 in 2023, 2022 and 2021, respectively. B. Deferred Revenues As of December 31, 2023, deferred revenues related to non-standard warranty in the amount of $6,262 are expected to be recognized from 2025 onwards. |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Convertible Notes | Note 13 – Convertible Notes On November 17, 2021, the Company sold $200,000 aggregate principal amount of its 0.00% convertible senior notes due 2026 The Notes will be convertible based on an initial conversion rate of 17.1092 ordinary shares per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $58.45 per ordinary share, which represents a conversion premium of approximately 30% to the last reported sale price of the Company’s ordinary shares on The Nasdaq Global Market on November 18, 2021. The closing price of the Company’s shares on December 31, 2023 was $69.38. The conversion rate is subject to adjustment if certain events occur. Prior to the close of business on the business day immediately preceding August 1, 2026, the Notes will be convertible at the option of the holders of Notes only upon the occurrence of certain events, the satisfaction of certain conditions and during certain periods. On or after August 1, 2026 and until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time irrespective of the foregoing conditions. The Notes will be convertible into cash, ordinary shares of the Company or a combination thereof, with the form of consideration determined at the Company’s election. The Company may not redeem the Notes prior to December 6, 2024, except in the event of certain tax law changes. On or after December 6, 2024, the Company may at any time and from time to time redeem for cash all or part of the Notes (subject to a certain partial redemption limitation), at the Company’s option, if the last reported sale price of the Company’s ordinary shares has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid special interest (if any) to, but excluding, the redemption date. Holders of the Notes will have the right to require the Company to repurchase all or a portion of their Notes upon the occurrence of a fundamental change (as defined in the indenture governing the Notes) at a cash repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus any accrued and unpaid special interest (if any) to, but excluding the fundamental change repurchase date. The Notes are the Company’s general unsecured obligations that rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Notes; will rank equal in right of payment with all of the Company’s unsecured indebtedness that is not so subordinated; will effectively rank junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness, and to the Company’s liabilities in priority under the applicable bankruptcy laws of Israel; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries. The Convertible Senior Notes consisted of the following: December 31, 2023 2022 U.S. Dollars (in thousands) Liability: Principle: 200,000 200,000 Unamortized issuance costs (3,169 ) (4,263 ) Net carrying amount 196,831 195,737 As of December 31, 2023, the debt issuance costs of the Notes will be amortized over the remaining term of approximately 3 years. The annual effective interest rate of the Notes is 0.56%. In the year ended December 31, 2023, $1,094 (2022 -$1,094) was recorded as amortization of debt issuance costs. As of December 31, 2023, the estimated fair value of the Notes, which the Company has classified as Level 2 financial instruments, is $258,941 (2022 - $152,565). The estimated fair value was determined based on the quoted bid price of the Notes in an over-the-counter market on the last trading day of the reporting period. As of December 31, 2023, the if-converted value exceeded the principal amount of the Notes by $58,941 (2022 – the principle amount exceeded the if-converted value by $47,435). |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 14 - Commitments and Contingencies A. Operating leases The Company’s subsidiaries have entered into various non-cancelable operating lease agreements for office space and operating leases for vehicles. Amounts reported in the consolidated balance sheets are as follows: December 31, 2023 2022 U.S. Dollars (in thousands) Cost: ROU assets – opening balance 6,087 4,969 ROU assets – additions 2,573 2,079 ROU assets – disposals (1,473 ) (961 ) 7,187 6,087 Less accumulated depreciation 2,866 2,386 4,321 3,701 December 31, 2023 2022 U.S. Dollars (in thousands) Other current liabilities 1,687 1,297 Other long-term liabilities 2,634 2,404 Total lease liabilities 4,321 3,701 A. Operating leases (cont.) In the year ended December 31, 2023, the Company recognized lease costs in the amount of $1,854 (2022 - $1,480, 2021 - $1,060). Minimum future payments under non-cancellable leases as of December 31, 2023 are as follows: Year ended December 31, U.S. Dollars (in thousands) 2023 1,947 2024 1,733 2025 911 2026 212 2027 - 4,803 Less imputed interest 482 Total lease liabilities 4,321 The weighted average term of the operating leases as of December 31, 2023 is 32 months. B. Outstanding Purchase Orders As of December 31, 2023, the Company has purchase orders of $51,110 (2022 - $43,169) which mainly represent outstanding purchase commitments for inventory components ordered by the Company in the normal course of business. |
Concentration of Risk and Finan
Concentration of Risk and Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk and Financial Instruments | Note 15 - Concentration of Risk and Financial Instruments Financial instruments that potentially expose the Company to concentrations of credit risk consist of cash equivalents, short-term bank deposits and trade receivables. The carrying amounts of financial instruments approximate fair value. Cash and cash equivalents, short-term deposits and long-term deposits The Company's cash equivalents, short-term deposits and long-term deposits are maintained with multiple high-quality institutions and the composition and maturities of investments are regularly monitored by management. Trade receivables The trade receivables of the Company are derived from sales to a large number of customers, primarily large industrial corporations located mainly in Asia, the United States and Europe. The Company generally does not require collateral: however, in certain circumstances, the Company may require a letter of credit, other collateral or additional guarantees. An allowance for doubtful accounts is determined with respect to those amounts that the Company has determined to be doubtful of collection. The Company performs ongoing credit evaluations of its customers. Marketable securities Allowance for doubtful debts The following is a summary of the allowance for doubtful accounts related to accounts receivable for the years ended December 31: Balance at Balance at beginning Reversal of Write-off of end of of year Provision provision provision year U.S. Dollars (in thousands) 2021 39 - - (32 ) 7 2022 7 - (7 ) - - 2023 - 100 - - 100 Trade payables The Company relies on limited source of suppliers and in some cases a sole supplier and/or subcontractors for a number of essential components and subsystems of its products. The Company does not have agreements with all of these suppliers and subcontractors for the continued supply of the components or subsystems they provide. An interruption in supply from these sources would disrupt production and adversely affect the Company’s ability to deliver products to its customers, which could have an adverse effect on the Company’s business, revenues and results of operations. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note 16 - Shareholders’ Equity A. General The Company shares are traded on the NASDAQ Global Market under the symbol of CAMT, and also listed and traded on the Tel-Aviv stock exchange. B. Stock Option Plan As of December 31, 2023, the Company has one effective Share Incentive Plan (and Sub-Plan for Grantees Subject to Israeli Taxation) for the issuance of options, restricted share units and/ or restricted shares to employees, officers, directors, consultants and other services providers of the Company or any affiliated companies thereof (the “2018 Plan”). The 2018 Plan was adopted by the Company in April 2018 and thereby replaced the Company’s previous equity plans (the “2014 Share Option Plan” and the “2007 Restricted Share Unit Plan”). The total number of equity awards that may be granted under the 2018 Plan during each calendar year is equal to three and a half percent (3.5%) of the Company’s total issued and outstanding Share capital as of December 31 of the preceding calendar year. The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model that used the weighted average assumptions in the following table and recognized over the vesting period of four years. The risk‑free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. In 2023, 16,224 options were granted. 2023 Grant Valuation assumptions Dividend yield 0 Expected volatility 39%-48% Risk-free interest rate 2%-4%% Expected life (years) 4.0 Vesting period (years) 1.0 *Expected life for the periods presented was determined according to the simplified method since the Company does not have enough history to make an estimate. The total intrinsic value of outstanding options as of December 31, 2023, 2022, and 2021 is $1,207, $375 and $738, respectively. The total intrinsic value of vested options as of December 31, 2023, 2022, and 2021 is $1,189, $375 and $683 respectively. The total stock option compensation expense amounted to $100, $63, and $110 in 2023, 2022 and 2021, respectively. As of December 31, 2023, 3,520 options were unvested. The unrecognized compensation cost related to non-vested share-based compensation arrangements amounted to $100, which will be recognized over one year. Share option activity during the past three years is as follows: Year Ended December 31, 2023 2022 2021 Weighted Weighted Weighted Number average Number average Number average of exercise of exercise of exercise options price US$ options price US$ options price US$ Outstanding at January 1 21,318 12.96 22,102 12.66 89,925 3.80 Granted 16,224 31.5 - - 5,704 36.45 Forfeited and cancelled - - - - (106 ) 4.38 Exercised (11,445 ) 16.41 (784 ) 4.38 (73,421 ) 3.67 Outstanding at year end 26,097 22.99 21,318 12.96 22,102 12.66 Exercisable at year end 22,577 16.78 21,318 12.96 16,398 4.38 The income tax benefit associated with stock options exercised each year was immaterial. Weighted Aggregate Number Weighted Average intrinsic of average Remaining Value (in options exercise Contractual US$ outstanding price US$ term (years) thousands) Outstanding and exercisable as of December 31, 2023 22,577 16.67 3.73 1,189 The following table summarizes information about non-vested options at December 31, 2023: Weighted average grant- date Options fair value Balance at January 1, 2023 - - Granted 16,224 12.32 Vested (12,704 ) 7.87 Forfeited - - Balance at December 31, 2023 3,520 28.4 C. Restricted Share Unit Plan In April 2018, the Company adopted a Restricted Share Unit (“RSU”) Plan (the “Plan”) to replace the 2007 Restricted Share Unit Plan, pursuant to which the Company’s Board of Directors may grant shares to officers and key employees . The exercise price for each grantee shall be as determined by the Board and specified in the applicable RSU notice of grant; provided, however, that unless otherwise determined by the Board (which determination shall not require shareholder approval unless so required in order to comply with Mandatory Law), the exercise price shall be no more than the underlying share’s nominal value. For the removal of any doubt, the Board is authorized (without the need for shareholder approval unless so required in order to comply with Mandatory Law) to determine that the exercise price of an RSU is to be $0.00. Unless otherwise determined by the Board with respect to any specific grantee or to any specific grant, (which determination shall not require shareholder approval unless so required in order to comply with Mandatory Law) and provided accordingly in the applicable RSU notice of grant, the RSUs shall vest (become automatically exercised) according to the vesting schedules as determined by the Board. RSUs Weighted average grant date value Balance at January 1, 2023 1,101,421 $ 28.58 Granted 541,248 $ 26.43 Vested (477,235 ) $ 24.56 Forfeited (30,083 ) $ 31.55 Balance at December 31, 2023 1,135,351 $ 29.27 The total intrinsic value of outstanding RSUs as of December 31, 2023, 2022 and 2021 is $78.77, $21.96 and $46.04, respectively. The weighted average grant date fair value of RSUs granted during 2023, 2022, and 2021 is $26.43, $36.69 and $34.33, respectively. The total compensation cost from RSUs recognized in the year ending December 31, 2023, amounted to $12,489. This is recorded as salary expenses within cost of goods and operating expenses. The unrecognized compensation expense in the amount of $25,200 will be recognized in the years 2024 to 2027. The income tax benefit associated with all compensation cost for share-based payment awards is immaterial. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earning per share information: | |
Earnings Per Share | Note 17 - Earnings Per Share The following table summarizes information related to the computation of basic and diluted earnings per Share for the years indicated: Year Ended December 31, 2023 2022 2021 Basic EPS: Net income attributable to Shares (US$ in thousands) 78,632 79,949 60,277 Weighted average number of Shares outstanding used in basic earnings per Share calculation 44,725 44,158 43,644 Diluted EPS: Net income attributable to Shares (US$ in thousands) 78,632 79,949 60,277 Add amortization of notes issuance costs 1,094 1,094 105 Net income used in diluted earnings per Share calculation 79,726 81,043 60,382 Weighted average number of Shares outstanding used in basic earnings per Share calculation 44,725 44,158 43,644 Add assumed exercise of outstanding dilutive Effect of stock-based awards 717 650 988 Effect of conversion of Notes 3,421 3,421 403 Weighted average number of Shares Outstanding used in diluted earnings per Share calculation 48,863 48,229 45,035 Basic net income per Share ($) 1.76 1.81 1.38 Diluted net income per Share ($) 1.63 1.68 1.34 Number of options excluded from the diluted earnings per share calculation due to their anti-dilutive effect 3,520 5,704 - |
Entity-Wide Information
Entity-Wide Information | 12 Months Ended |
Dec. 31, 2023 | |
Entity Wide Information [Abstract] | |
Entity-Wide Information | Note 18 – Entity-Wide Information Substantially all fixed assets are located in Israel and substantially all revenues are derived from sales to other countries. Revenues are attributable to geographic areas/countries based upon the destination of shipment of products and related services as follows: Year Ended December 31, 2023 2022 2021 U.S. Dollars (in thousands) China 149,510 141,959 147,651 Asia Pacific 67,773 63,455 45,571 Korea 47,425 43,256 31,709 United States 41,118 54,741 28,641 Europe 9,549 17,498 16,087 315,375 320,909 269,659 December 31, 2023 2022 % Israel 66 95 Germany 31 - Other 3 5 Total long-lived assets (*) 100 100 (*) Long-lived assets are comprised of property, plant and equipment, net, and intangible assets excluding goodwill |
Selected Income Statement Data
Selected Income Statement Data | 12 Months Ended |
Dec. 31, 2023 | |
Selected Income Statement Data [Abstract] | |
Selected Income Statement Data | Note 19 - Selected Income Statement Data A. Revenues Year Ended December 31, 2023 2022 2021 U.S. Dollars (in thousands) Sales of productss 301,899 307,791 259,332 Service fees 13,476 13,118 10,327 315,375 320,909 269,659 In 2023, one customer accounted for 15% of total revenues. In 2022, one customer accounted for 11% of total revenues. In 2021, no customer accounted for more than 10% of revenues. B. Selling, general and administrative expenses Year Ended December 31, 2023 2022 2021 U.S. Dollars (in thousands) Selling (*) 36,896 38,249 33,614 General and administrative 13,855 11,250 9,359 50,751 49,499 42,973 (*) Including shipping and handling costs 2,744 2,294 1,867 C. Financial income, net Year Ended December 31, 2023 2022 2021 U.S. Dollars (in thousands) Interest income 24,051 8,648 1,408 Convertible notes amortization (1,094 ) (1,094 ) (113 ) Other, net (*) (739 ) (864 ) (265 ) 22,218 6,690 1,030 (*) Other, net includes foreign currency income (expense) resulting from transactions not denominated in U.S. Dollars amounting to $(78), $(351), and $58 in 2023, 2022 and 2021, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 20 - Income Taxes A. Tax under various laws Camtek and its subsidiaries are each assessed for income tax purposes on a separate basis. Each of the subsidiaries is subject to the tax rules prevailing in the country tax residence. B. Details regarding the tax environment of the Israeli companies (1) Corporate tax rate The standard tax rate in Israel for the years 2021-2023 is 23%. Current taxes for the reported periods are calculated according to the enacted tax rates presented above, subject to the reduced tax rate under the Law for the Encouragement of Capital Investment discussed below. (2) Benefits under the Law for the Encouragement of Capital Investments (hereinafter - “the Encouragement Law”) (a) Amendment to the Law for the Encouragement of Capital Investments – 1959 The Company filed a notice to the Israeli Tax Authorities regarding the implementation of the preferred enterprise to its preferred income. As the Company is located in Development Area A, the applied corporate tax rate is 7.5%. (b) In November 2021, an amendment to the Law of Encouragement of Capital Investment was enacted (the "2021 Amendment"). According to the 2021 Amendment, any future dividend distributed by an entity with tax exempt retained earnings will be deemed to be distributed proportionately from such tax exempt retained earnings. As part of the 2021 Amendment, the Israeli Tax Authorities enacted a temporary rule which reduces the tax rate applicable to the distribution of such tax exempt retained earnings. During the fourth quarter of 2021, the Company entered into a tax assessment with the Israeli Tax Authorities for the years 2017-2020. During the tax assessment, the Company reevaluated certain tax positions, due to the 2021 Amendment and the interactions with the tax authorities. As of December 31, 2021, the Company measured the possible negotiation settlement outcomes regarding its tax positions and concluded that it is the largest amount of tax benefit that is greater than 50 percent likely of being realized that it will incur tax expenses. The Company recognized a provision for these tax expenses at the expected rate which corresponds with the reduced tax rate of the temporary rule mentioned above. The Company’s Statement of Income for the year ended December 31, 2021 included income tax on earnings of previous years of $5,315. The settlement of the tax assessment finalized in February 2022 will allow the Company to distribute dividends from these earnings in the future with no additional corporate tax liability. C. Details regarding the tax environment of the Non-Israeli companies Non-Israeli subsidiaries are taxed according to the tax laws in their countries of residence under local tax laws and regulations. The tax rates range from 16.5-30%. D. Composition of income before income taxes and income tax expense Year Ended December 31, 2023 2022 2021 U.S. Dollars (in thousands) Income before income taxes: Israel 84,186 82,933 67,643 Non-Israeli 3,444 5,255 4,285 87,630 88,188 71,928 Income tax expense: Current: Israel 8,054 6,973 (*) 9,930 Non-Israeli 2,198 2,043 1,603 10,252 9,016 11,533 D Israel 109 (2 ) 714 Non-Israeli (1,363 ) (775 ) (596 ) (1,254 ) (777 ) 118 8,998 8,239 11,651 (*) see Note 20B(b) In addition, $611 of income tax expense was allocated to the gains and losses on intra-entity foreign currency transactions that are of a long-term investment nature component of other comprehensive income. E. Reconciliation of income tax expense at the statutory rate to actual income tax expense The following is a reconciliation of the theoretical income tax expense, assuming all income is taxed at the statutory income tax rate applicable to Israeli companies, the standard income tax rate of our country of tax residence, and the actual income tax expense: Year Ended December 31, 2023 2022 2021 U.S. Dollars (in thousands) Income before income taxes 87,630 88,188 71,928 Statutory tax rate 23 % 23 % 23 % Theoretical income tax expense 20,154 20,283 16,543 Increase (decrease) in income tax expense resulting from: Income tax on earnings of previous years- see Note 20B(b) - - 5,306 Non-deductible expenses (*) 651 358 285 Income tax rate differential (12,417 ) (12,702 ) (10,715 ) Other 610 300 232 Actual income tax expense 8,998 8,239 11,651 (*) Including non-deductible share-based compensation and FRT transaction expenses. (**) The Company has elected, as from the 2021 tax year, to measure its results for tax purposes on the basis of the changes in the exchange rate of the Dollar. The Company must continue to be taxed on this basis for at least three years. F. Deferred tax assets and liabilities The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets and liabilities are presented below: December 31, 2023 2022 U.S. Dollars (in thousands) Deferred tax assets: Deferred revenue 2,186 1,598 Accrued expenses 647 638 Net operating loss and tax credit carryforwards - 35 O 442 344 Other temporary differences 762 589 Total deferred tax assets 4,037 3,204 Deferred tax liabilities: Property, plant and equipment (938 ) (795 ) Inventories (*) (1,430 ) - Intangible assets (*) (4,885 ) - Right of use assets (442 ) (344 ) Undistributed earnings (1,241 ) (1,061 ) Total deferred tax liabilities (8,936 ) (2,200 ) Net deferred tax assets (liabilities) (4,899 ) 1,004 (*) Related to FRT acquisition The deferred tax assets and liabilities were presented on the consolidated balance sheet as below: December 31, 2023 2022 U.S. Dollars (in thousands) Deferred tax asset, net 2,642 1,004 Deferred tax liabilities, net (7,541 ) - Net deferred tax assets (liabilities) (4,899 ) 1,004 Deferred tax assets are recognized for the anticipated tax benefits associated with operating loss carryforwards, tax credit carryforwards and deductible temporary differences. If it is more likely than not that some or all of the deferred tax assets will not be realized, the deferred tax credits are reduced by a valuation allowance. In assessing the realizability of deferred tax assets, Management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At December 31, 2023 and 2022 the Company had no valuation allowance. G. Accounting for uncertainty in income taxes For the years ended December 31, 2022 and 2021 (see also note 20B(b)), the Company did not have any significant unrecognized tax benefits. For the year ended December 31, 2023, the Company recorded an unrecognized tax benefit of $1,718 as result of a tax position taken during the current period. In addition, the Company does not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months. As of December 31, 2023, the entire amount of the unrecognized tax benefits could affect the Company’s income tax provision and the effective tax rate. The Company accounts for interest and penalties related to income taxes as a component of income tax expense. For the years ended December 31, 2023, 2022 and 2021, no interest and penalties related to income taxes have been accrued. H. Tax assessments The Company files its income tax returns in Israel while its principle foreign subsidiaries file their income tax returns in Belgium, Germany, Hong Kong, and United States of America. The Israeli tax return of Camtek is open to examination by the Israeli Tax Authorities for the tax year 2022 and 2023, while the tax returns of its principal foreign subsidiaries remain subject to examination for the tax years beginning 1999 in Belgium, 2018 in Germany, 2016 in Hong Kong and 2019 in the United States of America. |
Balances and Transactions with
Balances and Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Balances and Transactions with Related Parties | Note 21 - Balances and Transactions with Related Parties A. Balances with related parties: December 31, December 31, 2023 2022 U.S. Dollars (in thousands) Due from related parties 18 15 B. Registration Rights Agreement with Priortech On March 1, 2004, the Company entered into a registration rights agreement providing for the Company to register with the SEC certain of its ordinary shares held by Priortech. This registration rights agreement may be used in connection with future offerings of ordinary shares, and includes, among others, the following terms: (a) Priortech is entitled to make up to three demands that the Company registers its ordinary shares held by Priortech, subject to delay due to market conditions; (b) Priortech will be entitled to participate and sell the Company’s ordinary shares in any future registration statements initiated by the Company, subject to delay due to market conditions; (c) the Company will indemnify Priortech in connection with any liabilities incurred in connection with such registration statements due to any misstatements or omissions other than information provided by Priortech, and Priortech will indemnify the Company in connection with any liabilities incurred in connection with such registration statements due to any misstatements or omissions in written statements by Priortech made for the purpose of their inclusion in such registration statements; and (d) the Company will pay all expenses related to registrations which the Company has initiated, except for certain underwriting discounts or commissions or legal fees, and Priortech will pay all expenses related to a registration initiated at its demand in which the Company is not participating. On December 30, 2004, the Registration Rights Agreement with Priortech was amended. The amendment concerns primarily the grant of unlimited shelf registration rights thereunder to Priortech with respect to its holdings in the Company, and the assignability of those shelf registration rights to its On May 13, 2015, following the approval of the Company’s Audit Committee and Board of Directors the Registration Rights Agreement with Priortech was renewed for an additional 5 year period effective as of December 31, 2014. In 2019, the Company entered into a Second Amended and Restated Registration Rights Agreement with Priortech and Chroma which replaced the previous Registration Rights Agreement, according to which Chroma is entitled to the same rights Priortech has with respect to registration of the Company’s shares. Technological Cooperation Agreement with Chroma In 2019, the Company entered into a Technological Cooperation Agreement with Chroma under which the Company granted Chroma a license for an application under Company’s triangulation technology platform. Employment Agreements with the Chief Executive Officer Pursuant to the employment agreement with the Chief Executive Officer ("CEO"), the CEO dedicates 10% of his time in providing consulting and management services for Priortech through Amitec – Advanced Multilayer Interconnect Technologies Ltd. – a wholly owned subsidiary of Priortech ("Amitec"). The CEO receives from the Company 90% of a full-time salary and is compensated directly by Amitec for the remaining 10% of his time. The CEO serves as the Chairman of Priortech. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 22 - Fair Value Measurements The level in the fair value hierarchy within which an asset or liability is classified is based on the lowest level input that is significant to the fair value measurement in its entirety. The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2023, aggregated by the level in the fair-value hierarchy within which those measurements fall: December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description U.S. Dollars Assets Marketable securities (current assets) 18,816 6,988 11,828 - Marketable securities (non-current assets 73,576 6,981 66,595 - Total Assets 92,392 13,969 78,423 - The Company’s accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. In the year ended December 31, 2023, the Company invested in marketable securities. Marketable securities are classified within Level 2 because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. See also Note 5. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 23 - Subsequent Events In March 2024, the Company’s Board of Directors declared a cash dividend in the amount of $1.33 per share representing an aggregate distribution of approximately $60 million. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Basis of preparation of the financial statements | A. Basis of preparation of the financial statements The consolidated financial statements of Camtek and its subsidiaries (collectively “the Company”) have been prepared in accordance with accounting principles generally accepted in United States of America (“US GAAP”). All amounts in the notes to the financial statements are in thousands unless otherwise stated. |
Principles of consolidation | B. Principles of consolidation The accompanying consolidated financial statements include the accounts of Camtek and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. |
Use of estimates | C. Use of estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. As applicable to these financial statements, the most significant estimates and assumptions relate to revenue recognition, valuation of accounts receivable, acquired intangible assets and inventories. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. |
Foreign currency transactions | D. Foreign currency transactions The functional currency of Camtek and its subsidiaries is the U.S. Dollar. Revenue generated by Camtek and its subsidiaries is primarily generated outside of Israel and a majority thereof is received in U.S. Dollars. A significant portion of materials and components purchased and operating expenses incurred are either paid for in U.S. Dollars or in New Israeli Shekels (“NIS”). Transactions not denominated in U.S. Dollars are recorded upon their initial recognition according to the exchange rate in effect on the date of the transaction. Exchange rate differences arising upon the settlement of monetary items or upon reporting the Company’s monetary items at exchange rates different from that by which they were initially recorded during the period, or reported in previous financial statements, are charged to financial income (expenses), net. |
Cash and cash equivalents | E. Cash and cash equivalents All highly liquid investments purchased with original maturities of three months or less are considered to be cash equivalents. |
Short-term deposits | F. Short-term deposits Short-term deposits are bank deposits in US Dollars with an original maturity of more than three months and remaining term at the balance sheet date of no more than twelve months. As of December 31, 2023 the average annual interest rate was 5.81% (2022 – 4.22%). |
Marketable Securities | G. Marketable Securities The Company accounts for marketable securities in accordance with ASC Topic 320, “Investments – Debt Securities”. The Company’s investments in marketable securities consist of high-grade treasury, corporate and municipal bonds. Investments in marketable securities are classified as available for sale at the time of purchase. Available for sale securities are carried at fair value based on quoted market prices, with unrealized gains and losses, reported in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains and losses on sales of marketable securities, are included in financial income (expenses), net. The amortized cost of marketable securities is adjusted for amortization of premium and accretion of discount to maturity, both of which, together with interest, are included in financial income (expenses), net. The Company classifies its marketable securities as either short term or long term based on each instrument’s underlying contractual maturity date. Marketable securities with maturities of 12 months or less are classified as short-term and marketable securities with maturities greater than 12 months are classified as long-term. The Company accounts for Credit losses in accordance with ASU 2016-13, Topic 326 “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments”. The guidance requires the Company to determine whether a decline in fair value below the amortized cost basis of an available for sale debt security is due to credit related factors or noncredit related factors. A credit related impairment should be recognized as an allowance on the balance sheet with a corresponding adjustment to earnings, however, if the Company intends to sell an impaired available for sale debt security or more likely than not would be required to sell such a security before recovering its amortized cost basis, the entire impairment amount would be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. The Company did not recognize an allowance for credit losses on marketable securities as there were no expected credit losses for the year ended December 31,2023. |
Trade accounts receivable and allowance for doubtful accounts | H. Trade accounts receivable and allowance for doubtful accounts Trade accounts receivables are recorded and carried at the original invoiced amount less an allowance for any potential uncollectible amounts, in accordance with ASC 326. The Company makes estimates of expected credit losses based upon its assessment of various factors, including historical experience, the age of the trade receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. |
Inventories | I. Inventories Inventories consist of completed systems, partially completed systems and components and other raw materials, and are recorded at the lower of cost or net realizable value. Cost is determined by the moving – average cost method basis. Inventory write-downs are recorded at the end of each fiscal period for damaged, obsolete, excess and slow-moving inventory. These write-downs, to the lower of cost or net realizable value, create a new cost basis that is not subsequently marked up based on changes in underlying facts and circumstances. Management periodically evaluates its inventory composition, giving consideration to factors such as changing product demands due to uncertain industry related market conditions and technological changes, the probability and timing of anticipated usage and the physical condition of the items, and then estimates a charge (reducing the inventory) to be provided for slow moving, technological obsolete or damaged inventory. These estimates could vary significantly from actual use based upon future economic conditions, customer inventory levels or competitive factors that were not foreseen or did not exist when the inventory write-downs were established. Spare parts included in inventory that are not expected to be converted or consumed within the next year are classified as non-current, based on Management’s estimates taking into account market conditions. |
Property, plant and equipment | J. Property, plant and equipment These assets are stated at cost less accumulated depreciation and are depreciated over their estimated useful lives on a straight-line basis. Annual rates of depreciation are as follows: Land 1 % Building 2 % Machinery and equipment 10% - 33 % Computer equipment and software 20% - 33 % Office furniture and equipment 6% - 20 % Automobiles 15 % Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or the estimated useful economic life of such improvements. Certain of the Company’s finished goods are systems used as demonstration systems, training systems, and for product development in the Company’s laboratories (“internal use”). These systems are identical to the systems that Camtek sells in its ordinary course of business. In circumstances where the Company intends to utilize such systems for its internal use, the Company transfers them from inventory to fixed assets. The rationale for the transfer is that the Company does not have the intention to sell these systems in the ordinary course of business but rather expects to use them for its internal use over their expected useful lives. These systems are recorded as fixed assets at cost and depreciated over their useful lives. |
Business Combinations | K. Business Combinations The Company accounted for business combination in accordance with ASC 805, "Business Combinations" ("ASC 805"). Under ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business (“2017-01”), the Company first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the single asset or group of assets, as applicable, is not a business. ASC 805 requires recognition of assets acquired, liabilities assumed, and any non-controlling interest at the acquisition date, measured at their fair values as of that date. Any excess of the fair value of net assets acquired over purchase price and any subsequent changes in estimated contingencies are to be recorded in earnings. When the Company acquires a business, the purchase price is allocated to the tangible and identifiable intangible assets, net of liabilities assumed. Any residual purchase price is recorded as goodwill. The allocation of the purchase price requires management to make significant estimates in determining the fair values of assets acquired and liabilities assumed, especially with respect to intangible assets. The Company uses the Discounted Cash Flow Method to assign fair values to acquired identifiable intangible assets. These estimates can include, but are not limited to, the cash flows that an asset is expected to generate in the future, forecasted future revenue, forecasted operating results, discount rates and the appropriate weighted-average cost of capital. These estimates are inherently uncertain and unpredictable. These models are based on reasonable estimates and assumptions given available facts and circumstances, including industry estimates and averages, as of the acquisition dates and are consistent with the plans and estimates of management. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of income (loss). |
Intangible assets | L. Intangible assets Patent registration costs are recorded at cost and amortized on a straight-line basis, beginning with the first year of utilization, over its expected useful life of ten years. Intangible assets purchased as part of the FRT acquisition (See Note 3) are recorded at their fair value and amortized based on their estimated revenue producing life span. |
Goodwill | M. Goodwill Goodwill has been recorded as a result of the acquisition of FRT. Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and identifiable intangible assets acquired, and related liabilities. Goodwill is carried at cost and is not amortized, but rather is subject to an impairment test, in accordance with ASC 350, “Intangibles – Goodwill and Other”, at least annually (in the third quarter), or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. ASC 350 allows the Company to first perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value prior to performing the quantitative goodwill impairment test. The Company operates in one operating segment, and this segment comprises its only reporting unit. Any excess of the carrying value of the reporting unit over its fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to the fair value of the reporting unit. |
Impairment of long-lived assets | N. Impairment of long-lived assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the long-lived asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized to the extent that the asset’s carrying amount exceeds its fair value. In 2023 and 2022, no impairment was noted. |
Fair values of financial instruments | O. Fair values of financial instruments The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, short-term deposits, trade accounts receivable, trade accounts payable and amounts from related parties approximate fair value because of their short-term nature. |
Revenue recognition | P. Revenue recognition The Company’s contracts with its customers include performance obligations to provide its products or to service the installed products. A product sale contract may include an extended warranty (that is, for longer than the twelve-month standard warranty) as well as installation, both of which are considered separate performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers. The Company recognizes revenue from contracts for sales of products at the point of time when the Company transfers control of the product to the customer. The transfer in control event is generally determined based on shipping terms. Revenues from the contract are recognized in an amount that reflects the consideration the Company expects to be entitled to receive once the control of the product had been transferred to the customer and signed documentation of the arrangement, such as a signed contract or purchase order, has been received. Payment terms with customers may vary but are generally based on milestones within the delivery process such as shipping and installation. Payment terms do not include significant financing components. The Company does not incur costs in obtaining a contract except for agents’ commissions, which are incurred upon the recognition of revenues. Since revenues are recognized over a period of less than a year, sales commissions are not required to be capitalized. Service revenues consist mainly of contracts charged under time and material arrangements. Service revenues from maintenance contracts are recognized ratably over the contract period. The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations. These amounts are recorded as deferred revenue in the Consolidated Balance Sheets. Year Ended December 31, 2023 2022 U.S. Dollars (in thousands) Beginning of year 9,567 6,867 Deferral of revenue 8,934 6,948 Recognition of deferred revenue (4,508 ) (4,248 ) Balance at end of year 13,993 9,567 |
Warranty | Q. Warranty The Company records a liability for standard product warranty obligations at the time of sale based upon historical warranty experience. The term of the warranty is generally twelve months. |
Income taxes | R. Income taxes The Company accounts for income taxes in accordance with the asset and liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws expected to apply to taxable income in the years in which the deferred tax asset or liability is expected to be recovered or settled. The Company includes the foreign currency transaction gains or losses that result from re-measuring deferred taxes in income tax expense. If necessary, the Company reduces deferred tax assets with a valuation allowance to the amount that is more likely than not to be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change occurs. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expenses. The Company may incur additional tax liability in the event of intercompany dividend distributions by some of its subsidiaries. Such additional tax liability in respect of these non-Israeli subsidiaries has not been provided for in these consolidated financial statement as it is the Company’s policy permanently to reinvest the subsidiaries’ earnings and to consider distributing dividends only when this can be facilitated in connection with a specific tax or other opportunity that may arise. Tax liabilities which would apply in the event of disposal of investments in non-Israeli subsidiaries have not been taken into account in computing the deferred taxes, as it is the Company’s intention to hold, and not to realize, these investments. |
Research and development | S. Research and development Research and development costs, which consists primarily of salaries, materials consumption and costs associated with subcontracting certain development efforts, are expensed as incurred. |
Earnings per ordinary share | T. Earnings per ordinary share Basic earnings per ordinary share is calculated using only weighted average ordinary shares outstanding. Diluted earnings per share, if relevant, gives effect to dilutive potential ordinary shares outstanding during the year. Such dilutive shares consist of incremental shares, using the treasury stock method, from the assumed exercise of share options. The Company’s convertible notes are included in the calculation of diluted Earnings Per Share (“EPS”) if the assumed conversion into common shares is dilutive, using the “if-converted” method. This involves adding back the periodic non-cash interest expense net of tax associated with the Notes to the numerator and by adding the shares that would be issued in an assumed conversion (regardless of whether the conversion option is in or out of the money) to the denominator for the purposes of calculating diluted EPS, unless the Notes are antidilutive (See also Note 2Y). |
Share-based compensation | U. Share-based compensation The Company accounts for its employee share-based compensation as an expense in the financial statements. All awards are equity classified and therefore such cost is measured at the grant date fair value of the award. The Company estimates share option grant date fair value using the Black-Scholes-Merton option-pricing model. Forfeitures are recognized when they occur. The Company recognizes compensation cost for an award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date (For details see Note 16B). |
Fair value measurements | V. Fair value measurements The Company implements the provisions of ASC Topic 820 " Fair Value Measurements and Disclosures Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The level in the fair value hierarchy within which an asset or liability is classified is based on the lowest level input that is significant to the fair value measurement in its entirety. |
Contingent liabilities | W. Contingent liabilities A contingency (provision) is an existing condition or situation involving uncertainty as to the range of possible loss to the entity. A provision for claims is recognized if it is probable (likely to occur) that a liability has been incurred and the amount can be estimated reasonably. |
Leases | X. Leases Under Topic Operating lease ROU assets consist mainly of vehicles and real estate and are presented as property, plant and equipment on the consolidated balance sheet. The current portion of operating lease liabilities is included in other current liabilities and the long-term portion is presented within long-term liabilities on the consolidated balance sheet. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. ROU assets for operating leases are periodically reduced by impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall, to determine whether an ROU asset is impaired, and if so, the amount of the impairment loss to recognize. See Note 2N. |
Convertible Notes | Y. Convertible Notes The Company accounts for its convertible notes in accordance with ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (Topic 470-20). The Notes are accounted for as a single liability measured at its amortized cost, as no other embedded features require bifurcation and recognition as derivatives. The transaction costs are amortized on a straight-line basis along the lifetime of the Notes. |
New Accounting Pronouncements | Z. New Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosure. The standard requires to disclose additional information in tax rate reconciliation table about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories. The standard will become effective for fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of the adoption of this standard on its consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Schedule of annual rates of depreciation | Land 1 % Building 2 % Machinery and equipment 10% - 33 % Computer equipment and software 20% - 33 % Office furniture and equipment 6% - 20 % Automobiles 15 % |
Schedule of deferred revenue in Consolidated Balance Sheets | Year Ended December 31, 2023 2022 U.S. Dollars (in thousands) Beginning of year 9,567 6,867 Deferral of revenue 8,934 6,948 Recognition of deferred revenue (4,508 ) (4,248 ) Balance at end of year 13,993 9,567 |
Acquisition of FRT (Tables)
Acquisition of FRT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of assets acquired and liabilities assumed | October 31, 2023 U.S. Dollars (in thousands) Cash and cash equivalents 2,053 Working capital (excluding cash and cash equivalents) 15,288 Fixed assets, net 1,615 Intangible assets 16,900 Goodwill 74,345 D (7,157 ) 103,044 Cash consideration 102,539 Capitalized share-based compensation 505 103,044 |
Schedule of intangible assets as of closing date of acquisition | October 31, 2023 U.S. Dollars Weighted average (in thousands) useful life (in years) Technology 12,200 5 Trade name 2,700 10 Customer relationship 2,000 2 16,900 5.4 |
Schedule of Pro-forma Financial Information | December 31, 2023 2022 U.S. Dollars (in thousands) Revenue 334,030 349,879 Net income 69,483 81,143 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents, currencies | December 31, 2023 2022 U.S. Dollars (in thousands) US Dollars 113,190 139,644 New Israeli Shekels 2,795 4,008 Other currencies 3,983 4,504 119,968 148,156 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of marketable securities | Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Fair Value Matures within one year: Corporate bonds 9,821 7 (9 ) 9,819 Government bonds 8,983 14 - 8,997 18,804 21 (9 ) 18,816 Matures after one year: Corporate bonds 64,033 574 (3 ) 64,604 Government bonds 8,815 157 - 8,972 72,848 731 (3 ) 73,576 91,652 752 (12 ) 92,392 |
Schedule of amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security | December 31, 2023 Amortized Cost Fair Value U.S. Dollars (in thousands) Due within one year 18,804 18,816 Due after one through five years 72,210 72,908 Due after five through ten years 638 668 Total marketable securities 91,652 92,392 |
Schedule of estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position | In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months December 31, 2023 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Corporate bonds 2,786 (9 ) 2,368 (3 ) Government bonds - - - - 2,786 (9 ) 2,368 (3 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | December 31, 2023 2022 U.S. Dollars (in thousands) Components 55,598 43,017 Work in process 20,038 13,951 Finished products * 19,292 13,930 94,928 70,898 * includes systems at customer locations not yet sold, as of December 31, 2023 and 2022, in the amount of $8,626 and $5,664 respectively. |
Schedule of presentation of Inventories | December 31, 2023 2022 U.S. Dollars (in thousands) Current assets 85,905 65,541 Non-current assets (A) 9,023 5,357 94,928 70,898 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Current assets [Abstract] | |
Schedule of other current assets | December 31, 2023 2022 U.S. Dollars (in thousands) Interest receivable 8,386 3,979 Prepaid expenses and vendor downpayments 5,164 3,832 Due from Government institutions and income tax receivables 3,690 2,598 Other 2,308 747 19,548 11,156 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | December 31, 2023 2022 U.S. Dollars (in thousands) Cost: Land 1,401 863 Building 20,730 18,490 Machinery and equipment 27,626 19,121 Office furniture and equipment 1,057 934 Computer equipment and software 6,542 6,256 Automobiles 429 396 Leasehold improvements 2,100 1,894 Right of use assets 7,187 6,087 67,072 54,041 Less accumulated depreciation 25,085 20,900 41,987 33,141 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | December 31, 2022 2023 U.S. Dollars (in thousands) Cost: Patent registration costs 2,308 2,135 Acquired technology 12,200 - Acquired trade names 2,700 - Acquired customer relationship 2,000 - 19,208 2,135 Less accumulated amortization 2,271 1,538 Total intangible assets, net 16,937 597 |
Schedule of estimated amortization expense | Year ended December 31, U.S. Dollars (in thousands) 2024 3,827 2025 3,652 2026 2,805 2027 2,795 2028 2,378 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Liabilities [Abstract] | |
Schedule of other current liabilities | December 31, 2023 2022 U.S. Dollars (in thousands) Advances from customers and deferred revenues 14,701 12,825 Commissions 13,588 18,048 Accrued employee compensation and other related benefits 13,137 11,941 Government institutions and income tax payable 5,316 7,991 Accrued warranty costs (1) 3,397 3,161 Accrued expenses 2,661 1,570 Operating lease obligations 1,687 1,297 54,487 56,833 |
Schedule of changes in product warranty obligation | Year Ended December 31, 2023 2022 2021 U.S. Dollars (in thousands) Beginning of year 3,161 3,265 2,328 Accruals 5,505 5,823 6,333 Usage (5,269 ) (5,927 ) (5,396 ) Balance at end of year 3,397 3,161 3,265 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule of other long term liabilities | December 31, 2023 2022 U.S. Dollars (in thousands) Liability for severance pay (A) 1,577 1,284 Deferred revenues related to non-standard warranty (B) 6,262 5,060 Operating lease obligations 2,634 2,404 10,473 8,748 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Scheduled of convertible senior notes | December 31, 2023 2022 U.S. Dollars (in thousands) Liability: Principle: 200,000 200,000 Unamortized issuance costs (3,169 ) (4,263 ) Net carrying amount 196,831 195,737 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Schedule of balance sheet information related to leases | December 31, 2023 2022 U.S. Dollars (in thousands) Cost: ROU assets – opening balance 6,087 4,969 ROU assets – additions 2,573 2,079 ROU assets – disposals (1,473 ) (961 ) 7,187 6,087 Less accumulated depreciation 2,866 2,386 4,321 3,701 December 31, 2023 2022 U.S. Dollars (in thousands) Other current liabilities 1,687 1,297 Other long-term liabilities 2,634 2,404 Total lease liabilities 4,321 3,701 |
Schedule of minimum future rental payments | Year ended December 31, U.S. Dollars (in thousands) 2023 1,947 2024 1,733 2025 911 2026 212 2027 - 4,803 Less imputed interest 482 Total lease liabilities 4,321 |
Concentration of Risk and Fin_2
Concentration of Risk and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Schedule of allowance for doubtful accounts | Balance at Balance at beginning Reversal of Write-off of end of of year Provision provision provision year U.S. Dollars (in thousands) 2021 39 - - (32 ) 7 2022 7 - (7 ) - - 2023 - 100 - - 100 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders' Equity [Abstract] | |
Schedule of fair value assumptions | 2023 Grant Valuation assumptions Dividend yield 0 Expected volatility 39%-48% Risk-free interest rate 2%-4%% Expected life (years) 4.0 Vesting period (years) 1.0 *Expected life for the periods presented was determined according to the simplified method since the Company does not have enough history to make an estimate. |
Schedule of stock option activity | Year Ended December 31, 2023 2022 2021 Weighted Weighted Weighted Number average Number average Number average of exercise of exercise of exercise options price US$ options price US$ options price US$ Outstanding at January 1 21,318 12.96 22,102 12.66 89,925 3.80 Granted 16,224 31.5 - - 5,704 36.45 Forfeited and cancelled - - - - (106 ) 4.38 Exercised (11,445 ) 16.41 (784 ) 4.38 (73,421 ) 3.67 Outstanding at year end 26,097 22.99 21,318 12.96 22,102 12.66 Exercisable at year end 22,577 16.78 21,318 12.96 16,398 4.38 |
Schedule of options outstanding | Weighted Aggregate Number Weighted Average intrinsic of average Remaining Value (in options exercise Contractual US$ outstanding price US$ term (years) thousands) Outstanding and exercisable as of December 31, 2023 22,577 16.67 3.73 1,189 |
Schedule of information about non-vested options | Weighted average grant- date Options fair value Balance at January 1, 2023 - - Granted 16,224 12.32 Vested (12,704 ) 7.87 Forfeited - - Balance at December 31, 2023 3,520 28.4 |
Schedule of restricted share unit activity | RSUs Weighted average grant date value Balance at January 1, 2023 1,101,421 $ 28.58 Granted 541,248 $ 26.43 Vested (477,235 ) $ 24.56 Forfeited (30,083 ) $ 31.55 Balance at December 31, 2023 1,135,351 $ 29.27 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earning per share information: | |
Schedule of computation of basic and diluted earnings per share | Year Ended December 31, 2023 2022 2021 Basic EPS: Net income attributable to Shares (US$ in thousands) 78,632 79,949 60,277 Weighted average number of Shares outstanding used in basic earnings per Share calculation 44,725 44,158 43,644 Diluted EPS: Net income attributable to Shares (US$ in thousands) 78,632 79,949 60,277 Add amortization of notes issuance costs 1,094 1,094 105 Net income used in diluted earnings per Share calculation 79,726 81,043 60,382 Weighted average number of Shares outstanding used in basic earnings per Share calculation 44,725 44,158 43,644 Add assumed exercise of outstanding dilutive Effect of stock-based awards 717 650 988 Effect of conversion of Notes 3,421 3,421 403 Weighted average number of Shares Outstanding used in diluted earnings per Share calculation 48,863 48,229 45,035 Basic net income per Share ($) 1.76 1.81 1.38 Diluted net income per Share ($) 1.63 1.68 1.34 Number of options excluded from the diluted earnings per share calculation due to their anti-dilutive effect 3,520 5,704 - |
Entity-Wide Information (Tables
Entity-Wide Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Entity Wide Information [Abstract] | |
Schedule of revenues by geographic area | Year Ended December 31, 2023 2022 2021 U.S. Dollars (in thousands) China 149,510 141,959 147,651 Asia Pacific 67,773 63,455 45,571 Korea 47,425 43,256 31,709 United States 41,118 54,741 28,641 Europe 9,549 17,498 16,087 315,375 320,909 269,659 December 31, 2023 2022 % Israel 66 95 Germany 31 - Other 3 5 Total long-lived assets (*) 100 100 (*) Long-lived assets are comprised of property, plant and equipment, net, and intangible assets excluding goodwill |
Selected Income Statement Data
Selected Income Statement Data (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Selected Income Statement Data [Abstract] | |
Schedule of selected revenues | Year Ended December 31, 2023 2022 2021 U.S. Dollars (in thousands) Sales of productss 301,899 307,791 259,332 Service fees 13,476 13,118 10,327 315,375 320,909 269,659 |
Schedule of selected selling, general and administrative expenses data | B. Selling, general and administrative expenses Year Ended December 31, 2023 2022 2021 U.S. Dollars (in thousands) Selling (*) 36,896 38,249 33,614 General and administrative 13,855 11,250 9,359 50,751 49,499 42,973 (*) Including shipping and handling costs 2,744 2,294 1,867 |
Schedule of selected financial income (expenses) data | C. Financial income, net Year Ended December 31, 2023 2022 2021 U.S. Dollars (in thousands) Interest income 24,051 8,648 1,408 Convertible notes amortization (1,094 ) (1,094 ) (113 ) Other, net (*) (739 ) (864 ) (265 ) 22,218 6,690 1,030 (*) Other, net includes foreign currency income (expense) resulting from transactions not denominated in U.S. Dollars amounting to $(78), $(351), and $58 in 2023, 2022 and 2021, respectively. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of composition of income (loss) from continuing operations before income taxes and income tax expense (benefit) | Year Ended December 31, 2023 2022 2021 U.S. Dollars (in thousands) Income before income taxes: Israel 84,186 82,933 67,643 Non-Israeli 3,444 5,255 4,285 87,630 88,188 71,928 Income tax expense: Current: Israel 8,054 6,973 (*) 9,930 Non-Israeli 2,198 2,043 1,603 10,252 9,016 11,533 D Israel 109 (2 ) 714 Non-Israeli (1,363 ) (775 ) (596 ) (1,254 ) (777 ) 118 8,998 8,239 11,651 (*) see Note 20B(b) |
Schedule of reconciliation of the theoretical income tax expense | Year Ended December 31, 2023 2022 2021 U.S. Dollars (in thousands) Income before income taxes 87,630 88,188 71,928 Statutory tax rate 23 % 23 % 23 % Theoretical income tax expense 20,154 20,283 16,543 Increase (decrease) in income tax expense resulting from: Income tax on earnings of previous years- see Note 20B(b) - - 5,306 Non-deductible expenses (*) 651 358 285 Income tax rate differential (12,417 ) (12,702 ) (10,715 ) Other 610 300 232 Actual income tax expense 8,998 8,239 11,651 (*) Including non-deductible share-based compensation and FRT transaction expenses. (**) The Company has elected, as from the 2021 tax year, to measure its results for tax purposes on the basis of the changes in the exchange rate of the Dollar. The Company must continue to be taxed on this basis for at least three years. |
Schedule of tax effects of temporary differences and carryforwards deferred tax assets and liabilities | December 31, 2023 2022 U.S. Dollars (in thousands) Deferred tax assets: Deferred revenue 2,186 1,598 Accrued expenses 647 638 Net operating loss and tax credit carryforwards - 35 O 442 344 Other temporary differences 762 589 Total deferred tax assets 4,037 3,204 Deferred tax liabilities: Property, plant and equipment (938 ) (795 ) Inventories (*) (1,430 ) - Intangible assets (*) (4,885 ) - Right of use assets (442 ) (344 ) Undistributed earnings (1,241 ) (1,061 ) Total deferred tax liabilities (8,936 ) (2,200 ) Net deferred tax assets (liabilities) (4,899 ) 1,004 (*) Related to FRT acquisition |
Schedule of deferred tax assets and liabilities | December 31, 2023 2022 U.S. Dollars (in thousands) Deferred tax asset, net 2,642 1,004 Deferred tax liabilities, net (7,541 ) - Net deferred tax assets (liabilities) (4,899 ) 1,004 |
Balances and Transactions wit_2
Balances and Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of related party balances and transactions | December 31, December 31, 2023 2022 U.S. Dollars (in thousands) Due from related parties 18 15 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value, assets and liabilities measured on recurring basis | December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description U.S. Dollars Assets Marketable securities (current assets) 18,816 6,988 11,828 - Marketable securities (non-current assets 73,576 6,981 66,595 - Total Assets 92,392 13,969 78,423 - |
Nature of Operations (Narrative
Nature of Operations (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Nov. 30, 2021 | Dec. 31, 2023 | Oct. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | |||
Aggregate principal amount | $ 200,000 | ||
Percentage of convertible senior notes | 0% | ||
Purchase of additional convertible note | $ 25,000 | ||
Amount of shares | $ 194,530 | ||
Priortech Ltd [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 21.42% | ||
Chroma Ate Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of voting equity interests acquired | 17.41% | ||
FRT GmbH [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of voting equity interests acquired | 100% |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Average annual interest rate for short-term deposits | 5.81% | 4.22% |
Patents, useful life | 10 years | |
Lease borrowing rate | 7% |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule of annual rates of depreciation) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 1% |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 2% |
Machinery and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 10% |
Machinery and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 33% |
Computer equipment and software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 20% |
Computer equipment and software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 33% |
Office furniture and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 6% |
Office furniture and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 20% |
Automobiles [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 15% |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule of Deferred Revenue in Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | ||
Beginning of year | $ 9,567 | $ 6,867 |
Deferral of revenue | 8,934 | 6,948 |
Recognition of deferred revenue | (4,508) | (4,248) |
Balance at end of year | $ 13,993 | $ 9,567 |
Acquisition of FRT (Narrative)
Acquisition of FRT (Narrative) (Details) - FRT GmbH [Member] - USD ($) $ in Millions | 1 Months Ended | |
Oct. 31, 2023 | Dec. 31, 2023 | |
Business Acquisition [Line Items] | ||
Percentage of voting equity interests acquired | 100% | |
Total consideration | $ 100.4 | |
Cash paid | $ 2.1 | |
Net working capital of acquisition Acquisition related costs | $ 1.4 |
Acquisition of FRT (Schedule of
Acquisition of FRT (Schedule of assets acquired and liabilities assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Oct. 31, 2023 |
Business Acquisition [Line Items] | ||
Working capital (excluding cash and cash equivalents) | $ (15,288) | |
Fixed assets, net | 1,615 | |
Intangible assets | 16,900 | |
Goodwill | 74,345 | |
Capitalized share-based compensation adjustment | $ (102,286) | |
FRT GmbH [Member] | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | $ 2,053 | |
Working capital (excluding cash and cash equivalents) | 15,288 | |
Fixed assets, net | 1,615 | |
Intangible assets | 16,900 | |
Goodwill | 74,345 | |
Deferred taxes liabilities, net | (7,157) | |
Fair value of assets acquired and liabilities | 103,044 | |
Cash consideration | 102,539 | |
Capitalized share-based compensation adjustment | $ (505) |
Acquisition of FRT (Schedule _2
Acquisition of FRT (Schedule of intangible assets as of closing date of acquisition) (Details) - USD ($) $ in Thousands | 1 Months Ended | |
Oct. 31, 2023 | Dec. 31, 2023 | |
Business Acquisition [Line Items] | ||
Intangible assets | $ 16,900 | |
FRT GmbH [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 16,900 | |
Weighted average useful life (in years) | 5 years 4 months 24 days | |
FRT GmbH [Member] | Technology [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 12,200 | |
Weighted average useful life (in years) | 5 years | |
FRT GmbH [Member] | Trade name [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 2,700 | |
Weighted average useful life (in years) | 10 years | |
FRT GmbH [Member] | Customer relationship [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 2,000 | |
Weighted average useful life (in years) | 2 years |
Acquisition of FRT (Schedule _3
Acquisition of FRT (Schedule of Pro-forma Financial Information) (Details) - Frt Gmbh [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||
Revenue | $ 334,030 | $ 349,879 |
Net income | $ 69,483 | $ 81,143 |
Cash and Cash Equivalents (Sche
Cash and Cash Equivalents (Schedule of Currencies) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 119,968 | $ 148,156 |
U.S. Dollars [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 113,190 | 139,644 |
New Israeli Shekels [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 2,795 | 4,008 |
Other Currencies [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 3,983 | $ 4,504 |
Marketable Securities (Schedule
Marketable Securities (Schedule of marketable securities) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Marketable Securities [Line Items] | |
Amortized Cost | $ 91,652 |
Unrealized Gains | 752 |
Unrealized Losses | (12) |
Fair Value | 92,392 |
Matures within one year [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 18,804 |
Unrealized Gains | 21 |
Unrealized Losses | (9) |
Fair Value | 18,816 |
Matures within one year [Member] | Corporate bonds [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 9,821 |
Unrealized Gains | 7 |
Unrealized Losses | (9) |
Fair Value | 9,819 |
Matures within one year [Member] | Government bonds [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 8,983 |
Unrealized Gains | 14 |
Unrealized Losses | 0 |
Fair Value | 8,997 |
Matures after one year [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 72,848 |
Unrealized Gains | 731 |
Unrealized Losses | (3) |
Fair Value | 73,576 |
Matures after one year [Member] | Corporate bonds [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 64,033 |
Unrealized Gains | 574 |
Unrealized Losses | (3) |
Fair Value | 64,604 |
Matures after one year [Member] | Government bonds [Member] | |
Marketable Securities [Line Items] | |
Amortized Cost | 8,815 |
Unrealized Gains | 157 |
Unrealized Losses | 0 |
Fair Value | $ 8,972 |
Marketable Securities (Schedu_2
Marketable Securities (Schedule of amortized cost and estimated fair value of marketable securities) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Due within one year | $ 18,804 |
Amortized Cost, Due after one through five years | 72,210 |
Amortized Cost, Due after five through ten years | 638 |
Amortized Cost, Total marketable securities | 91,652 |
Fair Value, Due within one year | 18,816 |
Fair Value, Due after one through five years | 72,908 |
Fair Value, Due after five through ten years | 668 |
Fair Value, Total marketable securities | $ 92,392 |
Marketable Securities (Schedu_3
Marketable Securities (Schedule of summarizes estimated fair value and gross unrealized holding losses of marketable securities) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Marketable Securities [Line Items] | |
In Unrealized Loss Position For Less Than 12 Months, Fair Value | $ 2,786 |
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Loss | (9) |
In Unrealized Loss Position For Greater Than 12 Months, Fair Value | 2,368 |
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Loss | (3) |
Corporate bonds [Member] | |
Marketable Securities [Line Items] | |
In Unrealized Loss Position For Less Than 12 Months, Fair Value | 2,786 |
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Loss | (9) |
In Unrealized Loss Position For Greater Than 12 Months, Fair Value | 2,368 |
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Loss | (3) |
Government bonds [Member] | |
Marketable Securities [Line Items] | |
In Unrealized Loss Position For Less Than 12 Months, Fair Value | 0 |
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Loss | 0 |
In Unrealized Loss Position For Greater Than 12 Months, Fair Value | 0 |
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Loss | $ 0 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Long Term Inventory [Line Items] | ||
Finished products, Systems at customer locations | $ 8,626 | $ 5,664 |
Long-term inventory | $ 9,023 | 5,357 |
Customer support, term | seven to ten years | |
Provision for damages, obsolete, excess and slow-moving inventory | $ 1,204 | $ 263 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |||
Components | $ 55,598 | $ 43,017 | |
Work in process | 20,038 | 13,951 | |
Finished products | [1] | 19,292 | 13,930 |
Total inventories | $ 94,928 | $ 70,898 | |
[1]includes systems at customer locations not yet sold, as of December 31, 2023 and 2022, in the amount of $8,626 and $5,664 respectively. |
Inventories (Schedule of Presen
Inventories (Schedule of Presentation of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Current assets | $ 85,905 | $ 65,541 |
Long-term assets (A) | 9,023 | 5,357 |
Total inventories | $ 94,928 | $ 70,898 |
Other Current Assets (Schedule
Other Current Assets (Schedule of other current assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets [Abstract] | ||
Interest receivable | $ 8,386 | $ 3,979 |
Prepaid expenses | 5,164 | 3,832 |
Due from Government institutions | 3,690 | 2,598 |
Other | 2,308 | 747 |
Other current assets | $ 19,548 | $ 11,156 |
Long-term Deposits (Narrative)
Long-term Deposits (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Long-term Investments [Abstract] | ||
Percentage of average annual interest rates | 5.59% | 4.45% |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expenses | $ 6,428 | $ 5,252 | $ 3,682 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Schedule of property, plant and equipment, net) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 67,072 | $ 54,041 |
Less accumulated depreciation | 25,085 | 20,900 |
Fixed assets, net | 41,987 | 33,141 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,401 | 863 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 20,730 | 18,490 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 27,626 | 19,121 |
Office Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,057 | 934 |
Computer equipment and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 6,542 | 6,256 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 429 | 396 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,100 | 1,894 |
Right Use Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 7,187 | $ 6,087 |
Intangible Assets, Net (Schedul
Intangible Assets, Net (Schedule of intangible assets, net) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patent registration costs | $ 2,308 | $ 2,135 |
Acquired technology | 12,200 | 0 |
Acquired trade names | 2,700 | 0 |
Acquired customer relationship | 2,000 | 0 |
Finite-Lived Intangible Assets, Gross | 19,208 | 2,135 |
Less accumulated amortization | 2,271 | 1,538 |
Total intangible assets, net | $ 16,937 | $ 597 |
Intangible Assets, Net (Sched_2
Intangible Assets, Net (Schedule of estimated amortization expense) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 3,827 |
2025 | 3,652 |
2026 | 2,805 |
2027 | 2,795 |
2028 | $ 2,378 |
Intangible Assets, Net (Narrati
Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Patents, useful life | 10 years | ||
Amortization expense related to intangible assets | $ 733 | $ 110 | $ 110 |
Other Current Liabilities (Sche
Other Current Liabilities (Schedule of other current liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | |||
Total other current liabilities | $ 54,487 | $ 56,833 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total other current liabilities | ||
Accrued Expenses And Other Current Liabilities [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Advances from customers and deferred revenues | $ 14,701 | 12,825 | |
Commissions | 13,588 | 18,048 | |
Accrued employee compensation and other related benefits | 13,137 | 11,941 | |
Government institutions and income tax payable | 5,316 | 7,991 | |
Accrued warranty costs | [1] | 3,397 | 3,161 |
Accrued expenses | 2,661 | 1,570 | |
Operating lease obligations (See Note 2(V)) | 1,687 | 1,297 | |
Total other current liabilities | $ 54,487 | $ 56,833 | |
[1]Changes in the accrued warranty costs are as follows: |
Other Current Liabilities (Sc_2
Other Current Liabilities (Schedule of changes in product warranty obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Current Liabilities [Abstract] | |||
Beginning of year | $ 3,161 | $ 3,265 | $ 2,328 |
Accruals | 5,505 | 5,823 | 6,333 |
Usage | (5,269) | (5,927) | (5,396) |
Balance at end of year | $ 3,397 | $ 3,161 | $ 3,265 |
Other Long-Term Liabilities (Na
Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Liabilities, Noncurrent [Abstract] | |||
Severance liability | $ 1,577 | $ 1,284 | |
Severance expenses | 1,936 | $ 1,903 | $ 1,636 |
Deferred revenue expected to be recognized in 2023 | $ 6,262 |
Other Long-Term Liabilities (Sc
Other Long-Term Liabilities (Schedule of other long term liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Non Current [Line Items] | ||
Liability for severance pay | $ 1,577 | $ 1,284 |
Deferred revenues related to non-standard warranty | 6,262 | 5,060 |
Operating lease obligations | 2,634 | 2,404 |
Total Other long term liabilities | $ 10,473 | $ 8,748 |
Convertible Notes (Narrative) (
Convertible Notes (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 17, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Term of debt issuance costs amortization | 3 years | |||
Debt interest rate | 0.56% | |||
Amortization of debt issuance costs | $ 1,094 | $ 1,094 | $ 113 | |
Estimated fair value of the notes classified as Level 2 financial instruments | 258,941 | 152,565 | ||
Exceeded principal amount | 58,941 | 47,435 | ||
Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 200,000 | $ 200,000 | $ 200,000 | |
Percentage of convertible senior note | 0% | |||
Due date | 2026-12-01 | |||
Conversion rate description | The Notes will be convertible based on an initial conversion rate of 17.1092 ordinary shares per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $58.45 per ordinary share, which represents a conversion premium of approximately 30% to the last reported sale price of the Company’s ordinary shares on The Nasdaq Global Market on November 18, 2021. The closing price of the Company’s shares on December 31, 2023 was $69.38. | |||
Conversion rate percentage | 130% | |||
Percentage of repurchase price equal to principal amount of convertible notes | 100% |
Convertible Notes (Details)
Convertible Notes (Details) - Convertible Senior Notes - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 17, 2021 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract] | |||
Principle | $ 200,000 | $ 200,000 | $ 200,000 |
Unamortized issuance costs | (3,169) | (4,263) | |
Net carrying amount | $ 196,831 | $ 195,737 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments And Contingencies [Line Items] | |||
Right-of-Use Asset | $ 1,854 | $ 1,480 | $ 1,060 |
Operating Lease, Weighted Average Remaining Lease Term | 32 months | ||
Outstanding purchase commitments for inventory components | $ 51,110 | $ 43,169 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | ||
ROU assets - opening balance | $ 6,087 | $ 4,969 |
ROU assets - additions | 2,573 | 2,079 |
ROU assets - disposals | (1,473) | (961) |
ROU assets - accumulated depreciation | 2,866 | 2,386 |
ROU assets, net | 4,321 | 3,701 |
Other current liabilities | 1,687 | 1,297 |
Other long term liabilities | 2,634 | 2,404 |
Other liabilities | 4,321 | 3,701 |
ROU assets - Ending balance | $ 7,187 | $ 6,087 |
Commitments and Contingencies_4
Commitments and Contingencies (Schedule of minimum future rental payments) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2023 | $ 1,947 |
2024 | 1,733 |
2025 | 911 |
2026 | 212 |
2027 | 0 |
Lessee, Operating Lease, Liability, to be Paid, Total | 4,803 |
Less imputed interest | 482 |
Other Liabilities [Member] | |
Total lease liabilities | $ 4,321 |
Concentration of Risk and Fin_3
Concentration of Risk and Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |||
Balance at beginning of period | $ 0 | $ 7 | $ 39 |
Provision | 100 | 0 | 0 |
Reversal of provision | 0 | (7) | 0 |
Write-off of provision | 0 | 0 | (32) |
Balance at end of period | $ 100 | $ 0 | $ 7 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of options granted | 16,224 | 0 | 5,704 |
Share-Based Payment Arrangement, Expense | $ 12,598,000 | $ 10,523,000 | $ 5,815,000 |
Aggregate intrinsic Value, Outstanding | 1,207,000 | 375,000 | 738,000 |
Aggregate intrinsic Value, Outstanding, Vested and expected to vest | $ 1,189,000 | $ 375,000 | $ 683,000 |
Percentage of outstanding shares grant | 3.50% | ||
Number of ordinary shares issued upon exercise of option | 11,445 | 784 | 73,421 |
Unvested options | 3,520 | 0 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of options granted | 541,248 | ||
Number of shares authorized for grant | 1,571,557 | ||
Unrecognized share-based compensation expense | $ 25,200,000 | ||
Share-Based Payment Arrangement, Expense | 12,489,000 | ||
Aggregate intrinsic Value, Outstanding | $ 78,770 | $ 21,960 | $ 46,040 |
Weighted average grant- date fair value, Vested | $ 26.43 | $ 36.69 | $ 34.33 |
Weighted average exercise price | $ 0 | ||
Percentage of outstanding shares grant | 3.50% | ||
Stock Compensation Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-Based Payment Arrangement, Expense | $ 100,000 | $ 63,000 | $ 110,000 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of fair value assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2023 | ||
Shareholders' Equity [Abstract] | ||
Dividend yield | 0% | |
Expected volatility, minimum | 39% | |
Expected volatility, maximum | 48% | |
Risk-free interest rate, minimum | 2% | |
Risk-free interest rate, maximum | 4% | |
Expected life (years) | 4 years | [1] |
Vesting period (years) | 1 year | |
[1]Expected life for the periods presented was determined according to the simplified method since the Company does not have enough history to make an estimate. |
Shareholders' Equity (Schedul_2
Shareholders' Equity (Schedule of stock option activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) ₪ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Shareholders' Equity [Abstract] | ||||
Outstanding, beginning balance | 21,318 | 21,318 | 22,102 | 89,925 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 16,224 | 16,224 | 0 | 5,704 |
Forfeited and cancelled | 0 | 0 | 0 | (106) |
Exercised | (11,445) | (11,445) | (784) | (73,421) |
Outstanding, ending balance | 26,097 | 26,097 | 21,318 | 22,102 |
Excercisable at year end | 22,577 | 22,577 | 21,318 | 16,398 |
Exercisable at December 31, 2021 | 22,577 | 22,577 | ||
Weighted average exercise price, Outstanding, beginning balance | $ / shares | $ 12.96 | $ 12.66 | $ 3.8 | |
Weighted average exercise price, Granted | $ / shares | 31.5 | 0 | 36.45 | |
Weighted average exercise price, Forfeited and cancelled | $ / shares | 0 | 0 | 4.38 | |
Weighted average exercise price, Exercised | $ / shares | 16.41 | 4.38 | 3.67 | |
Weighted average exercise price, Outstanding, ending balance | $ / shares | 22.99 | 12.96 | 12.66 | |
Weighted average exercise price, Exercisable, ending balance | (per share) | ₪ 16.67 | $ 16.78 | $ 12.96 | $ 4.38 |
Weighted average Remaining Contractual term (years), Outstanding | 3 years 8 months 23 days | 3 years 8 months 23 days | ||
Aggregate intrinsic Value, Outstanding | $ | ₪ 1,207 | $ 1,207 | $ 375 | $ 738 |
Aggregate intrinsic Value, Exercisable | $ | ₪ 1,189 | $ 1,189 | $ 375 | $ 683 |
Shareholders' Equity (Schedul_3
Shareholders' Equity (Schedule of information about non vested options) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Options | |||
Beginning balance | 0 | ||
Number of options granted | 16,224 | 0 | 5,704 |
Vested | (12,704) | ||
Forfeited | 0 | ||
Ending balance | 3,520 | 0 | |
Weighted average grant- date fair value | |||
Beginning balance | $ 0 | ||
Granted | 12.32 | ||
Vested | 7.87 | ||
Forfeited | 0 | ||
Ending balance | $ 28.4 | $ 0 |
Shareholders' Equity (Schedul_4
Shareholders' Equity (Schedule of restricted share unit activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Options | |||
Outstanding, beginning balance | 21,318 | 22,102 | 89,925 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 16,224 | 0 | 5,704 |
Vested | (12,704) | ||
Forfeited | 0 | 0 | (106) |
Outstanding, ending balance | 26,097 | 21,318 | 22,102 |
Weighted average grant- date fair value | |||
Weighted average exercise price, Outstanding, beginning balance | $ 12.96 | $ 12.66 | $ 3.8 |
Granted | 12.32 | ||
Vested | 7.87 | ||
Forfeited | 0 | ||
Weighted average exercise price, Outstanding, ending balance | $ 22.99 | $ 12.96 | $ 12.66 |
Restricted Stock Units (RSUs) [Member] | |||
Options | |||
Outstanding, beginning balance | 1,101,421 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 541,248 | ||
Vested | (477,235) | ||
Forfeited | (30,083) | ||
Outstanding, ending balance | 1,135,351 | 1,101,421 | |
Weighted average grant- date fair value | |||
Weighted average exercise price, Outstanding, beginning balance | $ 28.58 | ||
Granted | 26.43 | ||
Vested | 24.56 | ||
Forfeited | 31.55 | ||
Weighted average exercise price, Outstanding, ending balance | $ 29.27 | $ 28.58 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of computation of basic and diluted earnings per share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic EPS: | |||
Net income attributable to Shares | $ 78,632 | $ 79,949 | $ 60,277 |
Weighted average number of Shares outstanding used in basic earnings per Share calculation | 44,725 | 44,158 | 43,644 |
Diluted EPS: | |||
Net income attributable to Shares | $ 78,632 | $ 79,949 | $ 60,277 |
Add amortization of notes issuance costs | 1,094 | 1,094 | 105 |
Net income used in diluted earnings per Share calculation | $ 79,726 | $ 81,043 | $ 60,382 |
Weighted average number of Shares outstanding used in basic earnings per Share calculation | 44,725 | 44,158 | 43,644 |
Effect of stock-based awards | 717 | 650 | 988 |
Effect of conversion of Notes | $ 3,421 | $ 3,421 | $ 403 |
Weighted average number of Shares Outstanding used in diluted earnings per Share calculation | 48,863 | 48,229 | 45,035 |
Basic net earnings per share | $ 1.76 | $ 1.81 | $ 1.38 |
Diluted net income per Share | $ 1.63 | $ 1.68 | $ 1.34 |
Number of options excluded from the diluted earnings per share calculation due to their anti-dilutive effect | 3,520 | 5,704 | 0 |
Entity-Wide Information (Schedu
Entity-Wide Information (Schedule of revenues by geographic area) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 315,375 | $ 320,909 | $ 269,659 | |
Total long-lived assets | [1] | 100% | 100% | |
China [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 149,510 | $ 141,959 | 147,651 | |
Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 67,773 | 63,455 | 45,571 | |
Korea [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 47,425 | 43,256 | 31,709 | |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 41,118 | 54,741 | 28,641 | |
Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 9,549 | $ 17,498 | $ 16,087 | |
Israel [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total long-lived assets | 66% | 95% | ||
Germany [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total long-lived assets | 31% | 0% | ||
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total long-lived assets | 3% | 5% | ||
[1]Long-lived assets are comprised of property, plant and equipment, net, and intangible assets excluding goodwill |
Selected Income Statement Dat_2
Selected Income Statement Data (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Selected Income Statement Data [Line Items] | |||
Foreign currency income (expense) | $ (78) | $ (351) | $ 58 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |||
Selected Income Statement Data [Line Items] | |||
Percentage of Concentration Risk | 15% | 11% | 10% |
Selected Income Statement Dat_3
Selected Income Statement Data (Schedule of selected revenues) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Selected Income Statement Data [Line Items] | |||
Total revenues | $ 315,375 | $ 320,909 | $ 269,659 |
Sales of products [Member] | |||
Selected Income Statement Data [Line Items] | |||
Total revenues | 301,899 | 307,791 | 259,332 |
Service fees [Member] | |||
Selected Income Statement Data [Line Items] | |||
Total revenues | $ 13,476 | $ 13,118 | $ 10,327 |
Selected Income Statement Dat_4
Selected Income Statement Data (Schedule of selected selling, general and administrative expenses data) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Selected Income Statement Data [Abstract] | ||||
Selling | [1] | $ 36,896 | $ 38,249 | $ 33,614 |
General and administrative | 13,855 | 11,250 | 9,359 | |
Total selling, general and administrative expenses | 50,751 | 49,499 | 42,973 | |
Including shipping and handling costs | $ 2,744 | $ 2,294 | $ 1,867 | |
[1]Including shipping and handling costs |
Selected Income Statement Dat_5
Selected Income Statement Data (Schedule of selected financial income (expenses) data) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Selected Income Statement Data [Abstract] | ||||
Interest income | $ 24,051 | $ 8,648 | $ 1,408 | |
Convertible notes amortization | (1,094) | (1,094) | (113) | |
Other, net | [1] | (739) | (864) | (265) |
Financial income (expenses), net | $ 22,218 | $ 6,690 | $ 1,030 | |
[1]Other, net includes foreign currency income (expense) resulting from transactions not denominated in U.S. Dollars amounting to $(78), $(351), and $58 in 2023, 2022 and 2021, respectively. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Effective income tax rate | 23% | 23% | 23% |
Corporate statutory tax rate on 2018 and thereafter | 7.50% | ||
Income tax on earning | $ 5,315 | ||
Tax-exempt earnings | $ 1,718 | ||
Tax expense on gains and losses on intra entity foreign currency transactions | $ 611 | ||
Israel [Member] | Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Effective income tax rate | 16.50% | ||
Israel [Member] | Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Effective income tax rate | 30% |
Income Taxes (Schedule of compo
Income Taxes (Schedule of composition of income (loss) from continuing operations before income taxes and income tax expense (benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Tax Disclosure [Abstract] | ||||
Income from continuing operations before income taxes: Israel | $ 84,186 | $ 82,933 | $ 67,643 | |
Income from continuing operations before income taxes: Non-Israeli | 3,444 | 5,255 | 4,285 | |
Income before incomes taxes | 87,630 | 88,188 | 71,928 | |
Income tax expense from continuing operations, Current: Israel | 8,054 | 6,973 | 9,930 | [1] |
Income tax expense from continuing operations, Current: Non-Israeli | 2,198 | 2,043 | 1,603 | |
Current Income tax expense from continuing operations, Total | 10,252 | 9,016 | 11,533 | |
Deferred tax (benefit) expense: Israel | 109 | (2) | 714 | |
Deferred tax (benefit) expense: Non-Israeli | (1,363) | (775) | (596) | |
Deferred tax (benefit) expense | (1,254) | (777) | 118 | |
Actual income tax expense (benefit) | $ 8,998 | $ 8,239 | $ 11,651 | |
[1]see Note 20B(b) |
Income Taxes (Schedule of recon
Income Taxes (Schedule of reconciliation of the theoretical income tax expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Tax Disclosure [Abstract] | ||||
Income from continuing operations before income taxes | $ 87,630 | $ 88,188 | $ 71,928 | |
Statutory tax rate | 23% | 23% | 23% | |
Theoretical income tax expense | $ 20,154 | $ 20,283 | $ 16,543 | |
Income tax on earning of previous years | 0 | 0 | 5,306 | |
Non-deductible expenses | [1] | 651 | 358 | 285 |
Income tax rate differential | (12,417) | (12,702) | (10,715) | |
Other | 610 | 300 | 232 | |
Actual income tax expense (benefit) | $ 8,998 | $ 8,239 | $ 11,651 | |
[1]Including non-deductible share-based compensation and FRT transaction expenses. |
Income Taxes (Schedule of tax e
Income Taxes (Schedule of tax effects of temporary differences and carryforwards) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Tax Assets [Abstract] | |||
Deferred revenue | $ 2,186 | $ 1,598 | |
Accrued expenses | 647 | 638 | |
Net operating loss and tax credit carryforwards | 0 | 35 | |
Operating lease obligations | 442 | 344 | |
Other temporary differences | 762 | 589 | |
Total deferred tax assets | 4,037 | 3,204 | |
Deferred tax liabilities: | |||
Property, plant and equipment | (938) | (795) | |
Inventories | [1] | (1,430) | 0 |
Intangible assets | [1] | (4,885) | 0 |
Right of use assets | (442) | (344) | |
Undistributed earnings | (1,241) | (1,061) | |
Total deferred tax liabilities | (8,936) | (2,200) | |
Deferred Tax Assets, Net, Total | $ (4,899) | $ 1,004 | |
[1]Related to FRT acquisition |
Income Taxes (Schedule of defer
Income Taxes (Schedule of deferred tax assets and liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Deferred tax asset, net | $ 2,642 | $ 1,004 |
Deferred tax liabilities, net | (7,541) | 0 |
Net deferred tax assets (liabilities) | $ (4,899) | $ 1,004 |
Balances and Transactions wit_3
Balances and Transactions with Related Parties (Schedule of related party balances and transactions) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Due from related parties | $ 54,487 | $ 56,833 |
Affiliated Entity [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | $ 18 | $ 15 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of fair value, assets and liabilities measured on recurring basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities (current assets) | $ 18,816 | $ 0 |
Marketable securities (non-current assets) | 73,576 | $ 0 |
Fair Value, Recurring [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities (current assets) | 18,816 | |
Marketable securities (non-current assets) | 73,576 | |
Total Assets | 92,392 | |
Fair Value, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities (current assets) | 6,988 | |
Marketable securities (non-current assets) | 6,981 | |
Total Assets | 13,969 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities (current assets) | 11,828 | |
Marketable securities (non-current assets) | 66,595 | |
Total Assets | 78,423 | |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities (current assets) | 0 | |
Marketable securities (non-current assets) | 0 | |
Total Assets | $ 0 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] $ / shares in Units, $ in Millions | Mar. 01, 2024 USD ($) $ / shares |
Subsequent Event [Line Items] | |
Declared dividend per share | $ / shares | $ 1.33 |
Declared dividend total value | $ | $ 60 |