Camtek (CAMT) 6-K 27 Sep 23 2023 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2023
Document And Entity [Abstract]
Entity Registrant Name	CAMTEK LTD
Entity Central Index Key	0001109138
Current Fiscal Year End Date	--12-31
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Entity Address, Address Line One	Ramat Gavriel Industrial Zone
Entity Address, Address Line Two	P.O. Box 544
Entity Address, Address Line Three	Migdal Haemek
Entity Address Country	IL
Entity Address, Postal Zip Code	23150

Interim Unaudited Condensed Con

Interim Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 232,787	$ 148,156
Short-term deposits	198,500	251,500
Trade accounts receivable	79,025	80,611
Inventories	61,207	65,541
Other current assets	14,998	11,156
Total current assets	586,517	556,964
Long term deposits	75,000	79,000
Long term inventory	7,125	5,357
Deferred tax assets	724	1,004
Other assets	2,557	1,024
Property, plant and equipment, net	37,131	33,141
Intangible assets, net	602	597
Total non-current assets	123,139	120,123
Total assets	709,656	677,087
Current liabilities
Trade accounts payable	31,238	31,667
Other current liabilities	45,529	56,833
Total current liabilities	76,767	88,500
Long term liabilities
Other long-term liabilities	10,198	8,748
Convertible notes	196,284	195,737
Total Non current liabilities	206,482	204,485
Total liabilities	283,249	292,985
Shareholders' equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at June 30, 2023 and at December 31, 2022; 46,811,504 issued shares at June 30, 2023 and 46,505,318 at December 31, 2022; 44,719,128 shares outstanding at June 30, 2023 and 44,412,942 at December 31, 2022;	175	175
Additional paid-in capital	193,626	187,105
Retained earnings	234,504	198,720
Total shareholders' equity before treasury stock	428,305	386,000
Treasury stock, at cost (2,092,376 shares as of June 30, 2023 and December 31, 2022)	(1,898)	(1,898)
Total shareholders' equity	426,407	384,102
Total liabilities and shareholders' equity	$ 709,656	$ 677,087

Interim Unaudited Condensed C_2

Interim Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - ₪ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common Stock, par value per share	₪ 0.01	₪ 0.01
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	46,811,504	46,505,318
Common Stock, shares outstanding	44,719,128	44,412,942
Treasury Stock, Common, Shares	2,092,376	2,092,376

Interim Unaudited Condensed C_3

Interim Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 146,215	$ 156,744	$ 320,909
Cost of revenues	77,378	76,693	161,053
Gross profit	68,837	80,051	159,856
Research and development costs	15,672	15,199	28,859
Selling, general and administrative expenses	24,037	24,451	49,499
Total operating expenses	39,709	39,650	78,358
Operating income	29,128	40,401	81,498
Financial income, net	10,864	860	6,690
Income before income taxes	39,992	41,261	88,188
Income tax expense	(4,208)	(3,700)	(8,239)
Net income	$ 35,784	$ 37,561	$ 79,949
Net income per ordinary share:
Basic net earnings per share	$ 0.8	$ 0.86	$ 1.81
Diluted net earnings per share	$ 0.74	$ 0.78	$ 1.66
Weighted average number of ordinary shares outstanding (in thousands):
Basic	44,562	43,929	44,158
Diluted	48,531	48,150	48,229

Interim Unaudited Condensed C_4

Interim Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Ordinary Shares NIS 0.01 par value [Member]		Treasury Shares [Member]	Additional paid-in earnings [Member]	Retained earnings [Member]	Total
Balance, value at Dec. 31, 2021	$ 172		$ (1,898)	$ 176,582	$ 118,771	$ 293,627
Balance, shares at Dec. 31, 2021	45,939,019		(2,092,376)
Share-based compensation expense	$ 0		$ 0	5,592	0	5,592
Exercise of share options and RSUs	$ 2		$ 0	0	0	2
Exercise of share options and RSUs, shares	416,840		0
Net income	$ 0		$ 0	0	37,561	37,561
Balance, value at Jun. 30, 2022	$ 174		$ (1,898)	182,174	156,332	336,782
Balance, shares at Jun. 30, 2022	46,355,859		(2,092,376)
Balance, value at Dec. 31, 2021	$ 172		$ (1,898)	176,582	118,771	293,627
Balance, shares at Dec. 31, 2021	45,939,019		(2,092,376)
Net income						79,949
Balance, value at Dec. 31, 2022	$ 175		$ (1,898)	187,105	198,720	$ 384,102
Balance, shares at Dec. 31, 2022	46,505,318		(2,092,376)			44,412,942
Balance, value at Jun. 30, 2022	$ 174		$ (1,898)	182,174	156,332	$ 336,782
Balance, shares at Jun. 30, 2022	46,355,859		(2,092,376)
Share-based compensation expense	$ 0		$ 0	4,931	0	4,931
Exercise of share options and RSUs	$ 1		$ 0	0	0	1
Exercise of share options and RSUs, shares	149,459		0
Net income	$ 0		$ 0	0	42,388	42,388
Balance, value at Dec. 31, 2022	$ 175		$ (1,898)	187,105	198,720	$ 384,102
Balance, shares at Dec. 31, 2022	46,505,318		(2,092,376)			44,412,942
Share-based compensation expense	$ 0		$ 0	6,521	0	$ 6,521
Exercise of share options and RSUs		[1]	$ 0	0	0	0
Exercise of share options and RSUs, shares	306,186		0
Net income	$ 0		$ 0	0	35,784	35,784
Balance, value at Jun. 30, 2023	$ 175		$ (1,898)	$ 193,626	$ 234,504	$ 426,407
Balance, shares at Jun. 30, 2023	46,811,504		(2,092,376)			44,719,128
[1]Represents an amount less than $1,000

Interim Unaudited Condensed C_5

Interim Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 35,784	$ 37,561	$ 79,949
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,406	1,849	4,094
Deferred tax expense	280	110	(777)
Amortization of debt issuance costs	547	547	1,094
Loss on disposal of fixed assets	233	0	0
Share based compensation expense	6,521	5,592	10,523
Change in provision for doubtful debts	0	0	(7)
Changes in operating assets and liabilities:
Trade accounts receivable	1,829	(14,252)	(21,984)
Inventories	171	(13,512)	(9,518)
Due from related parties	0	(2)	0
Other assets	(5,375)	(2,079)	(6,337)
Trade accounts payable	(231)	1,244	(2,113)
Other current liabilities	(9,449)	(4,111)	2,875
Net cash provided by operating activities	32,716	12,947	57,799
Cash flows from investing activities:
Redemption (investment) of short-term deposits	57,000	(179,000)	(95,500)
Investment of long-term deposits	0	(15,000)	(47,000)
Purchase of fixed assets	(4,782)	(3,786)	(8,197)
Purchase of intangible assets	(60)	(28)	(97)
Net cash provided by (used in) investing activities	52,158	(197,814)	(150,794)
Cash flows from financing activities:
Proceeds from exercise of share options	0	2	3
Net cash provided by financing activities	0	2	3
Effect of change in exchange rate on cash and cash equivalents	(243)	(1,037)	(795)
Net increase (decrease) in cash and cash equivalents	84,631	(185,902)	(93,787)
Cash and cash equivalents at beginning of the period	148,156	241,943	241,943
Cash and cash equivalents at end of the period	232,787	56,041	148,156
Supplementary cash flows information:
Income taxes paid	9,626	454	11,836
Interest received	6,911	1,030	4,293
Lease payments	735	689	1,480
Non-cash transactions:
Fixed assets purchased with supplier credit	$ 371	$ 680	$ 569

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2023
Nature of Operations [Abstract]
Nature of Operations	Note 1 - Nature of Operations A. Camtek Ltd. (“Camtek” or the “Company”), an Israeli corporation, is jointly controlled 21.5% by Priortech Ltd., an Israeli corporation listed on the Tel-Aviv Stock Exchange and 17.5% by Chroma Ate Inc., a Taiwanese company (“Chroma”). Camtek provides automated and technologically advanced solutions dedicated to enhancing production processes, increasing product yield and reliability, and enabling and supporting customers’ latest technologies in the semiconductor fabrication industry.

Basis of Preparation

Basis of Preparation	6 Months Ended
	Jun. 30, 2023
Basis of Preparation [Abstract]
Basis of Preparation	Note 2 - Basis of Preparation A. Statement of compliance Except as described below, the accounting policies applied in these interim financial statements are the same as those applied in the Company’s 2022 annual audited consolidated financial statement for the year ended December 31, 2022. The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and do not include all of the information required for full annual financial statements. The unaudited condensed consolidated interim statements should be read in conjunction with the Company’s 2022 annual audited consolidated financial statements and footnotes, which were filed with the U.S. Securities and Exchange Commission as part of the Company’s Annual Report on Form 20-F for the year ended December 31, 2022. In the opinion of management of the Company, the accompanying unaudited condensed financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2023, and its results of operations for the three months and nine months ended June 30, 2023, and 2022, and cash flows for the six months ended June 30, 2023, and 2022. The condensed balance sheet at December 31, 2022, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2023
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 3 - Shareholders’ Equity A. General The Company’s shares are traded on the NASDAQ Global Market under the symbol “CAMT”, and also listed and traded on the Tel-Aviv stock exchange B. Changes in Stock Options and RSUs The number of stock options exercised in the six-month period ended June 30, 2023, was 306,186. In the first six months of 2023, 509,231 restricted share units (RSUs) were granted by the Company. The RSUs vest over a four-year period. C. Share-based Compensation Expense The total share-based compensation expense amounted to $6,521, $5,592, and $10,523 for the six-month periods ended June 30, 2023 and 2022 and the year ended December 31, 2022, respectively.

Supplementary Financial Stateme

Supplementary Financial Statements Information	6 Months Ended
	Jun. 30, 2023
Supplemantary Financial Statements Information [Abstract]
Supplementary Financial Statements Information	Note 4 - Supplementary Financial Statements Information A. Cash and cash equivalents The Company’s cash and cash equivalent balance at June 30, 2023 and December 31, 2022 is denominated in the following currencies: June 30, December 31, 2023 2022 U.S. Dollars (in thousands) US Dollars 226,172 139,644 New Israeli Shekels 4,416 4,008 Other currencies 2,199 4,504 232,787 148,156 Short-term deposits are bank deposits in US Dollars with terms at the investment date of 3-12 months with average annual interest rates of 5.05%. B. Inventories June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Components 34,158 43,017 Work in process 15,444 13,951 Finished products (including systems at customer locations not yet sold) 18,730 13,930 68,332 70,898 Inventories are presented in: June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Current assets 61,207 65,541 Long-term assets 7,125 5,357 68,332 70,898 C. Other Current Assets June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Interest receivable 7,048 3,979 Prepaid expenses 4,315 3,832 Due from Government institutions 2,875 2,598 Other 760 747 14,998 11,156 D. Property, Plant and Equipment, Net June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Land 863 863 Building 20,345 18,490 Machinery and equipment 22,590 19,121 Office furniture and equipment 997 934 Computer equipment and software 6,218 6,256 Automobiles 396 396 Leasehold improvements 2,080 1,894 Right of use assets 5,845 6,087 59,334 54,041 Less accumulated depreciation 22,203 20,900 37,131 33,141 E. Intangible Assets, Net June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Patent registration costs 2,195 2,135 Accumulated amortization and impairment 1,593 1,538 Total intangible assets, net 602 597 F. Other Current Liabilities June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Commissions 18,789 18,048 Advances from customers and deferred revenues 7,199 12,825 Accrued employee compensation and related benefits 10,506 11,941 Accrued warranty costs (1) 3,041 3,161 Government institutions and income tax payable 2,844 7,991 Accrued expenses 1,884 1,570 Operating lease obligations 1,266 1,297 45,529 56,833 (1) Changes in the accrued warranty costs are as follows: June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Beginning of year 3,161 3,265 Accruals 2,721 5,823 Usage (2,841 ) (5,927 ) Balance at end of year 3,041 3,161 G. C onvertible Notes The Convertible Senior Notes consisted of the following: June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Liability: Principle: 200,000 200,000 Unamortized issuance costs 3,716 4,263 Net carrying amount 196,284 195,737 As of June 30, 2023, the debt issuance costs of the Notes will be amortized over the remaining term of approximately 3.5 years. The annual effective interest rate of the Notes is 0.56%. In the six-months ended June 30, 2023, $547 was recorded as amortization of debt issuance costs (In the year ended December 31, 2022 - $1,094). As of June 30, 2023, the estimated fair value of the Notes, which the Company has classified as Level 2 financial instruments, is $179,154 (December 31, 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 June 30, 2023, the principal amount exceeded the if-converted value of the Notes by $20,846 (December 31, 2022, the principal amount exceeded the if-converted value of the Notes by $47,435).

Statements of Operations

Statements of Operations	6 Months Ended
	Jun. 30, 2023
Income Statement Related Disclosures [Abstract]
Statements of Operations	Note 5 - Statements of Operations A. Selling, general and administrative expenses Six months ended June 30, Year ended December 31, 2023 2022 2022 U.S. Dollars (in thousands) Selling (1) 17,910 18,840 38,249 General and administrative 6,127 5,611 11,250 24,037 24,451 49,499 (1) Including shipping and handling costs 1,025 980 2,294 B. Financial income (expenses), net Six months ended June 30, Year ended December 31, 2023 2022 2022 U.S. Dollars (in thousands) Interest income 11,838 2,488 8,648 Amortization of issuance costs of convertible notes (547 ) (547 ) (1,094 ) Other, net (1) (427 ) (1,081 ) (864 ) 10,864 860 6,690 (1) Including foreign currency expense resulting from transactions not denominated in U.S. Dollars (172 ) (871 ) (351 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 6 – Subsequent Events On September 18, 2023, the Company announced it has entered into an agreement to acquire the FRT Metrology business of FormFactor, Inc. The acquisition is expected to close during the fourth quarter of 2023, subject to the satisfaction of customary closing conditions. The purchase price is $100 million in cash, subject to customary purchase price adjustments.

Basis of Preparation (Policies)

Basis of Preparation (Policies)	6 Months Ended
	Jun. 30, 2023
Basis of Preparation [Abstract]
Statement of compliance	A. Statement of compliance Except as described below, the accounting policies applied in these interim financial statements are the same as those applied in the Company’s 2022 annual audited consolidated financial statement for the year ended December 31, 2022. The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and do not include all of the information required for full annual financial statements. The unaudited condensed consolidated interim statements should be read in conjunction with the Company’s 2022 annual audited consolidated financial statements and footnotes, which were filed with the U.S. Securities and Exchange Commission as part of the Company’s Annual Report on Form 20-F for the year ended December 31, 2022. In the opinion of management of the Company, the accompanying unaudited condensed financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2023, and its results of operations for the three months and nine months ended June 30, 2023, and 2022, and cash flows for the six months ended June 30, 2023, and 2022. The condensed balance sheet at December 31, 2022, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

Supplementary Financial State_2

Supplementary Financial Statements Information (Tables)	6 Months Ended
	Jun. 30, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Cash and cash equivalents	June 30, December 31, 2023 2022 U.S. Dollars (in thousands) US Dollars 226,172 139,644 New Israeli Shekels 4,416 4,008 Other currencies 2,199 4,504 232,787 148,156
Schedule of Inventories	June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Components 34,158 43,017 Work in process 15,444 13,951 Finished products (including systems at customer locations not yet sold) 18,730 13,930 68,332 70,898 June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Current assets 61,207 65,541 Long-term assets 7,125 5,357 68,332 70,898
Schedule of Other Current Assets	June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Interest receivable 7,048 3,979 Prepaid expenses 4,315 3,832 Due from Government institutions 2,875 2,598 Other 760 747 14,998 11,156
Schedule of Property, Plant and Equipment, Net	June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Land 863 863 Building 20,345 18,490 Machinery and equipment 22,590 19,121 Office furniture and equipment 997 934 Computer equipment and software 6,218 6,256 Automobiles 396 396 Leasehold improvements 2,080 1,894 Right of use assets 5,845 6,087 59,334 54,041 Less accumulated depreciation 22,203 20,900 37,131 33,141
Schedule of Intangible Assets, Net	June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Patent registration costs 2,195 2,135 Accumulated amortization and impairment 1,593 1,538 Total intangible assets, net 602 597
Schedule of Other Current Liabilities	June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Commissions 18,789 18,048 Advances from customers and deferred revenues 7,199 12,825 Accrued employee compensation and related benefits 10,506 11,941 Accrued warranty costs (1) 3,041 3,161 Government institutions and income tax payable 2,844 7,991 Accrued expenses 1,884 1,570 Operating lease obligations 1,266 1,297 45,529 56,833
Schedule of accrued warranty costs	June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Beginning of year 3,161 3,265 Accruals 2,721 5,823 Usage (2,841 ) (5,927 ) Balance at end of year 3,041 3,161
Scheduled of convertible senior notes	June 30, December 31, 2023 2022 U.S. Dollars (in thousands) Liability: Principle: 200,000 200,000 Unamortized issuance costs 3,716 4,263 Net carrying amount 196,284 195,737

Statements of Operations (Table

Statements of Operations (Tables)	6 Months Ended
	Jun. 30, 2023
Income Statement Related Disclosures [Abstract]
Schedule of Selected Selling, General and Administrative Expenses Data	Six months ended June 30, Year ended December 31, 2023 2022 2022 U.S. Dollars (in thousands) Selling (1) 17,910 18,840 38,249 General and administrative 6,127 5,611 11,250 24,037 24,451 49,499 (1) Including shipping and handling costs 1,025 980 2,294
Schedule of Selected Financial Income (Expenses) Data	Six months ended June 30, Year ended December 31, 2023 2022 2022 U.S. Dollars (in thousands) Interest income 11,838 2,488 8,648 Amortization of issuance costs of convertible notes (547 ) (547 ) (1,094 ) Other, net (1) (427 ) (1,081 ) (864 ) 10,864 860 6,690 (1) Including foreign currency expense resulting from transactions not denominated in U.S. Dollars (172 ) (871 ) (351 )

Nature of Operations (Narrative

Nature of Operations (Narrative) (Details)	Jun. 30, 2023
Priortech Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	21.50%
Chroma Ate Inc [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	17.50%

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 6,521	$ 5,592	$ 10,523
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted	306,186
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted	509,231
Vesting period	4 years

Supplementary Financial State_3

Supplementary Financial Statements Information (Currencies) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 232,787	$ 148,156
US Dollars [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	226,172	139,644
New Israeli Shekels [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	4,416	4,008
Other Currencies [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 2,199	$ 4,504

Supplementary Financial State_4

Supplementary Financial Statements Information (Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Components	$ 34,158	$ 43,017
Work in process	15,444	13,951
Finished products (including systems at customer locations not yet sold)	18,730	13,930
Total inventories	68,332	70,898
Current assets	61,207	65,541
Long-term assets	$ 7,125	$ 5,357

Supplementary Financial State_5

Supplementary Financial Statements Information (Other Current Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Interest receivable	$ 7,048	$ 3,979
Prepaid expenses	4,315	3,832
Due from Government institutions	2,875	2,598
Other	760	747
Other current assets	$ 14,998	$ 11,156

Supplementary Financial State_6

Supplementary Financial Statements Information (Property, Plant and Equipment, Net) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 59,334	$ 54,041
Less accumulated depreciation	22,203	20,900
Fixed assets, net	37,131	33,141
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	863	863
Building [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	20,345	18,490
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	22,590	19,121
Office furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	997	934
Computer equipment and software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	6,218	6,256
Automobiles [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	396	396
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,080	1,894
Right of use assets [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 5,845	$ 6,087

Supplementary Financial State_7

Supplementary Financial Statements Information (Intangible Assets, Net) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Patent registration costs	$ 2,195	$ 2,135
Accumulated amortization and impairment	1,593	1,538
Total intangible assets, net	$ 602	$ 597

Supplementary Financial State_8

Supplementary Financial Statements Information (Other Current Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]
Commissions	$ 18,789	$ 18,048
Advances from customers and deferred revenues	7,199	12,825
Accrued employee compensation and related benefits	10,506	11,941
Accrued warranty costs	3,041	3,161	$ 3,161	$ 3,265
Government institutions and income tax payable	2,844	7,991
Accrued expenses	1,884	1,570
Operating lease obligations	1,266	1,297
Total other current liabilities	$ 45,529	$ 56,833

Supplementary Financial State_9

Supplementary Financial Statements Information (Accrued warranty costs) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Beginning of year	$ 3,161	$ 3,265
Accruals	2,721	5,823
Usage	(2,841)	(5,927)
Balance at end of year	$ 3,041	$ 3,161

Supplementary Financial Stat_10

Supplementary Financial Statements Information (Convertible Notes) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principle	$ 200,000	$ 200,000
Unamortized issuance costs	3,716	4,263
Net carrying amount	$ 196,284	$ 195,737

Supplementary Financial Stat_11

Supplementary Financial Statements Information (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Term of debt issuance costs amortization	3 years 6 months
Debt interest rate	0.56%
Amortization of debt issuance costs	$ 547	$ 547	$ 1,094
Estimated fair value of the notes classified as Level 2 financial instruments	179,154		152,565
Exceeded principal amount	$ 20,846		$ 47,435

Statements of Operations (Selli

Statements of Operations (Selling, general and administrative expenses) (Details) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Statement Related Disclosures [Abstract]
Selling	[1]	$ 17,910	$ 18,840	$ 38,249
General and administrative		6,127	5,611	11,250
Total selling, general and administrative expenses		24,037	24,451	49,499
Shipping and handling costs		$ 1,025	$ 980	$ 2,294
[1]Including shipping and handling costs

Statements of Operations (Finan

Statements of Operations (Financial income (expenses), net) (Details) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Statement Related Disclosures [Abstract]
Interest income		$ 11,838	$ 2,488	$ 8,648
Amortization of issuance costs of convertible notes		(547)	(547)	(1,094)
Other, net	[1]	(427)	(1,081)	(864)
Financial income (expenses), net		10,864	860	6,690
Foreign currency expense		$ (172)	$ 871	$ (351)
[1]Including foreign currency expense resulting from transactions not denominated in U.S. Dollars

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) $ in Millions	1 Months Ended
	Sep. 18, 2023 USD ($)
Subsequent Event [Member] | FormFactor, Inc [Member]
Subsequent Event [Line Items]
Purchase price in cash	$ 100