Ceragon Reports 20% Growth in the Fourth Quarter of 2023; Exceeds Full-Year 2023 Guidance
Company Guides for Double Digit Growth; Targeting to Further Penetrate Private Network Markets
ROSH HA'
Q4 2023 Financial Highlights:
- Revenues of
$90.4 million , up 20% year-over-year -
Siklu acquisition, which closed onDecember 4, 2023 , contributed modestly to quarterly revenue, in-line with expectations - Operating income of
$4.2 million on a GAAP basis, or$7.8 million on a non-GAAP basis - Net loss of
$(1.2) million on a GAAP basis, and net income of$3.7 million on a non-GAAP basis - EPS of
$(0.01) per diluted share on a GAAP basis, or$0.04 per diluted share on a non-GAAP basis
FY 2023 Financial Highlights:
- Revenues of
$347.2 million , up 18% year-over-year, exceeding full-year guidance -
Ceragon would have achieved the higher-end of its full-year revenue guidance even without contribution fromSiklu - Operating income of
$21.2 million on a GAAP basis, or a record$29.0 million on a non-GAAP basis - Net income of
$6.2 million on a GAAP basis, and$16.7 million on a non-GAAP basis - EPS of
$0.07 per diluted share on a GAAP basis, or$0.20 per diluted share on a non-GAAP basis
Q4 2023 Business Highlights:
- Completed the acquisition of
Siklu , expanding presence inNorth America and augmentingCeragon's offering in the Fixed Wireless Access market -
North America :- Continued strong bookings, supported by demand for 5G capabilities from Tier-1 customers and increased footprint with private network customers
- Fourth consecutive quarter of revenues exceeding
$20 million
-
India :- Continued strong bookings, including initial orders from the approximately
$150 million project from global integrator, in support of a network modernization project for a Tier 1 Operator - Strongest region in terms of revenue, with record quarterly revenue since Q2 2018
- Continued strong bookings, including initial orders from the approximately
"We have also reached the point where we can unlock meaningful operating leverage," continued Arazi. "Our non-GAAP gross margins in the quarter exceeded 35%, and we delivered record levels of annual non-GAAP operating profit.
Primary Fourth Quarter 2023 Financial Results:
Revenues were
Gross profit was
Operating income was
Net income (loss) was
Non-GAAP results were as follows: Gross margin was 35.1%, operating profit was
Primary Full-Year 2023 unaudited Financial Results:
Revenues were
Gross profit was
Operating income (loss) was
Net income (loss) was
Non-GAAP results were as follows: Gross margin was 34.8%, operating profit was
Balance Sheet
Cash and cash equivalents were
For a reconciliation of GAAP to non-GAAP results, see the attached tables.
Revenue Breakout by Geography:
|
Q4 2023 |
|
34 % |
North America |
27 % |
Latin America |
13 % |
Europe |
11 % |
Africa |
8 % |
APAC |
7 % |
Outlook
For 2024, management expects:
- Revenue of
$385 million to$405 million , representing growth of 11% to 17% compared to 2023 revenue. This guidance includes the contribution fromSiklu , which was acquired inDecember 2023 . - Non-GAAP operating margins are targeted to be at least 10% at the mid-point of the revenue guidance.
- As a result, management expects increased non-GAAP profit and positive free cash flow for the full year of 2024.
Conference Call
The Company will host a Zoom web conference today at
Investors are invited to register by clicking here. All relevant information will be sent upon registration.
If you are unable to join the live call, a replay will be available on our website at www.ceragon.com within 24 hours after the call.
About
Ceragon Networks® and FibeAir® are registered trademarks of
Safe Harbor
This press release contains statements that constitute "forward-looking statements" within the meaning of the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Ceragon's management about
Although we believe that the projections reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations therefrom will not be material. Such forward-looking statements involve known and unknown risks and uncertainties that may cause Ceragon's future results or performance to differ materially from those anticipated, expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the effects of global economic trends, including recession, rising inflation, rising interest rates, commodity price increases and fluctuations, commodity shortages and exposure to economic slowdown; The effects of the evolving nature of the war situation in
We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Ceragon does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Ceragon's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date.
The results reported in this press-release are preliminary and unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.
Ceragon Investor & Media Contact:
Rob Fink
FNK IR
Tel. 1+646-809-4048
crnt@fnkir.com
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(Unaudited, |
||||||||
(Unaudited) |
||||||||
|
|
Three months ended
|
|
Year ended
|
||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ 90,359 |
|
$ 75,531 |
|
$ 347,179 |
|
$ 295,173 |
Cost of revenues |
|
59,296 |
|
50,999 |
|
227,310 |
|
202,110 |
|
|
|
|
|
|
|
|
|
Gross profit |
|
31,063 |
|
24,532 |
|
119,869 |
|
93,063 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development, net |
|
9,070 |
|
8,080 |
|
32,274 |
|
29,690 |
Sales and Marketing |
|
10,544 |
|
8,998 |
|
40,577 |
|
35,795 |
General and administrative |
|
6,445 |
|
17,826 |
|
23,793 |
|
34,295 |
Restructuring and related charges |
|
- |
|
- |
|
897 |
|
- |
Acquisition and integration-related charges |
|
835 |
|
- |
|
1,118 |
|
- |
Other operating expenses (*) |
|
- |
|
249 |
|
- |
|
4,220 |
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
26,894 |
|
35,153 |
|
98,659 |
|
104,000 |
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
4,169 |
|
(10,621) |
|
21,210 |
|
(10,937) |
|
|
|
|
|
|
|
|
|
Financial expenses and others, net |
|
3,402 |
|
3,012 |
|
8,468 |
|
6,306 |
|
|
|
|
|
|
|
|
|
Income (loss) before taxes |
|
767 |
|
(13,633) |
|
12,742 |
|
(17,243) |
|
|
|
|
|
|
|
|
|
Taxes on income |
|
1,970 |
|
1,385 |
|
6,522 |
|
2,446 |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ (1,203) |
|
$ (15,018) |
|
$ 6,220 |
|
$ (19,689) |
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share |
|
$ (0.01) |
|
$ (0.18) |
|
$ 0.07 |
|
$ (0.23) |
Weighted average number of shares used in computing basic net income (loss) per share |
|
85,054,173 |
|
84,347,548 |
|
84,617,774 |
|
84,132,982 |
Diluted net income (loss) per share |
|
$ (0.01) |
|
$ (0.18) |
|
$ 0.07 |
|
$ (0.23) |
Weighted average number of shares used in computing diluted net income (loss) per share |
|
85,054,173 |
|
84,347,548 |
|
85,482,626 |
|
84,132,982 |
|
|
|
|
|
|
|
|
|
(*) Hostile attempt related costs. |
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
( |
||||
|
|
|
|
|
|
|
2023 |
|
2022 |
ASSETS |
|
Unaudited |
|
Audited |
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ 28,237 |
|
$ 22,948 |
Trade receivables, net |
|
104,321 |
|
100,034 |
Other accounts receivable and prepaid expenses |
|
16,571 |
|
15,756 |
Inventories |
|
68,811 |
|
72,009 |
|
|
|
|
|
Total current assets |
|
217,940 |
|
210,747 |
|
|
|
|
|
NON-CURRENT ASSETS: |
|
|
|
|
Severance pay and pension fund |
|
4,985 |
|
4,633 |
Property and equipment, net |
|
30,659 |
|
29,456 |
Operating lease right-of-use assets |
|
18,837 |
|
17,962 |
Intangible assets, net |
|
16,401 |
|
8,208 |
|
|
7,749 |
|
- |
Other non-current assets |
|
1,954 |
|
18,312 |
|
|
|
|
|
Total non-current assets |
|
80,585 |
|
78,571 |
|
|
|
|
|
Total assets |
|
$ 298,525 |
|
$ 289,318 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Trade payables |
|
67,032 |
|
67,384 |
Deferred revenues |
|
5,507 |
|
3,343 |
Short-term loans |
|
32,600 |
|
37,500 |
Operating lease liabilities |
|
3,889 |
|
3,745 |
Other accounts payable and accrued expenses |
|
23,925 |
|
20,864 |
|
|
|
|
|
Total current liabilities |
|
132,953 |
|
132,836 |
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
Accrued severance pay and pension |
|
9,399 |
|
9,314 |
Deferred revenues |
|
670 |
|
11,545 |
Other long-term payables |
|
7,768 |
|
2,653 |
Operating lease liabilities |
|
13,716 |
|
13,187 |
|
|
|
|
|
Total long-term liabilities |
|
31,553 |
|
36,699 |
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
Share capital: |
|
|
|
|
Ordinary shares |
|
222 |
|
224 |
Additional paid-in capital |
|
437,161 |
|
432,214 |
|
|
(20,091) |
|
(20,091) |
Other comprehensive loss |
|
(8,085) |
|
(11,156) |
Accumulated deficit |
|
(275,188) |
|
(281,408) |
|
|
|
|
|
Total shareholders' equity |
|
134,019 |
|
119,783 |
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ 298,525 |
|
$ 289,318 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited, (Unaudited) |
||||||||
|
|
|
|
|||||
|
Three months ended
|
|
Year ended
|
|||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Cash flow from operating activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
$ (1,203) |
|
$ (15,018) |
|
$ 6,220 |
|
$ (19,689) |
|
Adjustments to reconcile net income (loss) to net cash |
|
|
|
|
|
|
|
|
Depreciation and amortization |
2,466 |
|
2,622 |
|
9,967 |
|
11,040 |
|
Loss from sale of property and equipment, net |
- |
|
- |
|
61 |
|
20 |
|
Stock-based compensation expense |
938 |
|
958 |
|
3,964 |
|
3,560 |
|
Increase (decrease) in accrued severance pay and pensions, net |
88 |
|
245 |
|
(267) |
|
(445) |
|
Decrease (increase) in trade receivables, net |
1,856 |
|
15,942 |
|
(2,370) |
|
18,428 |
|
Decrease (increase) in other accounts receivable and prepaid |
15,085 |
|
1,414 |
|
16,994 |
|
(345) |
|
Decrease ( increase) in inventory |
4,681 |
|
(7,845) |
|
6,303 |
|
(11,155) |
|
Decrease in operating lease right-of-use assets |
794 |
|
845 |
|
3,781 |
|
3,571 |
|
Increase in trade payables |
(1,121) |
|
(5,191) |
|
(1,847) |
|
(2,018) |
|
Increase (decrease) in other accounts payable and accrued |
(2,720) |
|
(2,190) |
|
1,677 |
|
(4,154) |
|
Decrease in operating lease liability |
(73) |
|
(779) |
|
(4,034) |
|
(5,937) |
|
Increase (decrease) in deferred revenues |
(9,830) |
|
494 |
|
(9,562) |
|
2,229 |
|
Net cash provided by (used in) operating activities |
$ 10,961 |
|
$ (8,503) |
|
$ 30,887 |
|
$ (4,895) |
|
Cash flow from investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and equipment, net |
(2,548) |
|
(1,432) |
|
(9,955) |
|
(10,464) |
|
Purchases of intangible assets |
(661) |
|
(697) |
|
(2,944) |
|
(1,957) |
|
Payments made in connection with business acquisitions, net |
(7,971) |
|
- |
|
(7,971) |
|
- |
|
Net cash used in investing activities |
$ (11,180) |
|
$ (2,129) |
|
$ (20,870) |
|
$ (12,421) |
|
|
|
|
|
|
|
|
|
|
Cash flow from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from exercise of options |
9 |
|
- |
|
39 |
|
410 |
|
Proceeds from (repayments of) bank credits and loans, net |
(5,600) |
|
7,600 |
|
(4,900) |
|
22,700 |
|
Net cash provided by (used in) financing activities |
$ (5,591) |
|
$ 7,600 |
|
$ (4,861) |
|
$ 23,110 |
|
Translation adjustments on cash and cash equivalents |
$ 81 |
|
$ 16 |
|
$ 133 |
|
$ 75 |
|
Increase (decrease) in cash and cash equivalents |
$ (5,729) |
|
$ (3,016) |
|
$ 5,289 |
|
$ 5,869 |
|
Cash and cash equivalents at the beginning of the period |
33,966 |
|
25,964 |
|
22,948 |
|
17,079 |
|
Cash and cash equivalents at the end of the period |
$ 28,237 |
|
$ 22,948 |
|
$ 28,237 |
|
$ 22,948 |
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
( (Unaudited) |
|||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
|
Three months ended |
|
Year ended |
|
|||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
GAAP cost of revenues |
$ |
59,296 |
|
$ |
50,999 |
|
$ |
227,310 |
|
$ |
202,110 |
|
|||||||||||||||
Stock-based compensation expenses |
|
(115) |
|
|
(169) |
|
|
(482) |
|
|
(587) |
|
|||||||||||||||
Changes in indirect tax positions |
|
- |
|
|
(279) |
|
|
(3) |
|
|
(281) |
|
|||||||||||||||
Amortization of acquired intangible assets |
|
(57) |
|
|
- |
|
|
(57) |
|
|
- |
|
|||||||||||||||
Excess cost on acquired inventory in business combination* |
|
(525) |
|
|
- |
|
|
(525) |
|
|
- |
|
|||||||||||||||
Non-GAAP cost of revenues |
$ |
58,599 |
|
$ |
50,551 |
|
$ |
226,243 |
|
$ |
201,242 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
GAAP gross profit |
$ |
31,063 |
|
$ |
24,532 |
|
$ |
119,869 |
|
$ |
93,063 |
|
|||||||||||||||
Stock-based compensation expenses |
|
115 |
|
|
169 |
|
|
482 |
|
|
587 |
|
|||||||||||||||
Changes in indirect tax positions |
|
- |
|
|
279 |
|
|
3 |
|
|
281 |
|
|||||||||||||||
Amortization of acquired intangible assets |
|
57 |
|
|
- |
|
|
57 |
|
|
- |
|
|||||||||||||||
Excess cost on acquired inventory in business combination |
|
525 |
|
|
- |
|
|
525 |
|
|
- |
|
|||||||||||||||
Non-GAAP gross profit |
$ |
31,760 |
|
$ |
24,980 |
|
$ |
120,936 |
|
$ |
93,931 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
$ |
9,070 |
|
$ |
8,080 |
|
$ |
32,274 |
|
$ |
29,690 |
|
|||||||||||||||
Stock-based compensation expenses |
|
(156) |
|
|
(217) |
|
|
(828) |
|
|
(405) |
|
|||||||||||||||
Loss from termination of joint development agreement |
|
(1,199) |
|
|
- |
|
|
(1,199) |
|
|
- |
|
|||||||||||||||
|
$ |
7,715 |
|
$ |
7,863 |
|
$ |
30,247 |
|
$ |
29,285 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
GAAP Sales and Marketing expenses |
$ |
10,544 |
|
$ |
8,998 |
|
$ |
40,577 |
|
$ |
35,795 |
|
|||||||||||||||
Stock-based compensation expenses |
|
(320) |
|
|
(393) |
|
|
(1,416) |
|
|
(1,355) |
|
|||||||||||||||
Amortization of acquired intangible assets |
|
(49) |
|
|
- |
|
|
(49) |
|
|
- |
|
|||||||||||||||
Non-GAAP Sales and Marketing expenses |
$ |
10,175 |
|
$ |
8,605 |
|
$ |
39,112 |
|
$ |
34,440 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
GAAP General and Administrative expenses |
$ |
6,445 |
|
$ |
17,826 |
|
$ |
23,793 |
|
$ |
34,295 |
|
|||||||||||||||
Stock-based compensation expenses |
|
(347) |
|
|
(179) |
|
|
(1,238) |
|
|
(1,213) |
|
|||||||||||||||
Retired CEO compensation |
|
- |
|
|
- |
|
|
- |
|
|
96 |
|
|||||||||||||||
Non-GAAP General and Administrative expenses |
$ |
6,098 |
|
$ |
17,647 |
|
$ |
22,555 |
|
$ |
33,178 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
GAAP Restructuring and related charges |
$ |
- |
|
$ |
- |
|
$ |
897 |
|
$ |
- |
|
|||||||||||||||
Restructuring and related charges |
|
- |
|
|
- |
|
|
(897) |
|
|
- |
|
|||||||||||||||
Non-GAAP restructuring and related charges |
$ |
- |
|
$ - |
|
$ - |
|
$ - |
|
||||||||||||||||||
GAAP Acquisition and integration-related charges |
$ |
835 |
|
$ |
- |
|
$ |
1,118 |
|
$ |
- |
|
|||||||||||||||
Acquisition and integration-related |
|
(835) |
|
|
- |
|
|
(1,118) |
|
|
- |
|
|||||||||||||||
Non-GAAP acquisition and integration-related charges |
$ |
- |
|
$ - |
|
$ - |
|
$ - |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
GAAP Other operating expenses |
$ |
- |
|
$ |
249 |
|
$ |
- |
|
$ |
4,220 |
|
|||||||||||||||
Hostile attempt related costs |
|
- |
|
|
(249) |
|
|
- |
|
|
(4,220) |
|
|||||||||||||||
Non-GAAP other operating expenses |
$ |
- |
|
$ - |
|
$ - |
|
$ - |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
( (Unaudited) |
|||||||||||||||
|
|
|
Three months ended |
|
Year Ended |
||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||
GAAP operating income (loss) |
|
|
$ |
4,169 |
|
$ |
(10,621) |
|
$ |
21,210 |
|
$ |
(10,937) |
||
Stock-based compensation expenses |
|
|
|
938 |
|
|
958 |
|
|
3,964 |
|
|
3,560 |
||
Changes in indirect tax positions |
|
|
|
- |
|
|
279 |
|
|
3 |
|
|
281 |
||
Amortization of acquired intangible assets |
|
|
|
106 |
|
|
- |
|
|
106 |
|
|
- |
||
Excess cost on acquired inventory in business combination* |
|
|
|
525 |
|
|
- |
|
|
525 |
|
|
- |
||
Loss from termination of joint development agreement |
|
|
|
1,199 |
|
|
- |
|
|
1,199 |
|
|
- |
||
Retired CEO compensation |
|
|
|
- |
|
|
- |
|
|
- |
|
|
(96) |
||
Hostile attempt related costs |
|
|
|
- |
|
|
249 |
|
|
- |
|
|
4,220 |
||
Restructuring and other charges |
|
|
|
- |
|
|
- |
|
|
897 |
|
|
- |
||
Acquisition and integration-related charges |
|
|
|
835 |
|
|
- |
|
|
1,118 |
|
|
- |
||
Non-GAAP operating income (loss) |
|
|
$ |
7,772 |
|
$ |
(9,135) |
|
$ |
29,022 |
|
$ |
(2,972) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
GAAP financial expenses and others, net |
|
|
$ |
3,402 |
|
$ |
3,012 |
|
$ |
8,468 |
|
$ |
6,306 |
||
Non-cash revaluation associated with acquisition |
|
|
|
(110) |
|
|
- |
|
|
(110) |
|
|
- |
||
Leases – financial income (expenses) |
|
|
|
(754) |
|
|
(154) |
|
|
253 |
|
|
2,278 |
||
Non-GAAP financial expenses & others, net |
|
|
$ |
2,538 |
|
$ |
2,858 |
|
$ |
8,611 |
|
$ |
8,584 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
GAAP Tax expenses |
|
|
$ |
1,970 |
|
$ |
1,385 |
|
$ |
6,522 |
|
$ |
2,446 |
||
Non - cash tax adjustments |
|
|
|
(478) |
|
|
(851) |
|
|
(2,851) |
|
|
(1,278) |
||
Non-GAAP Tax expenses |
|
|
$ |
1,492 |
|
$ |
534 |
|
$ |
3,671 |
|
$ |
1,168 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
( (Unaudited) |
||||||||||||||||
|
|
|
Three months ended |
|
Year Ended |
|||||||||||
|
|
|
|
|
|
|||||||||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||||
GAAP net income (loss) |
|
|
$ |
(1,203) |
|
$ |
(15,018) |
|
$ |
6,220 |
|
$ |
(19,689) |
|||
Stock-based compensation expenses |
|
|
|
938 |
|
|
958 |
|
|
3,964 |
|
|
3,560 |
|||
Changes in indirect tax positions |
|
|
|
- |
|
|
279 |
|
|
3 |
|
|
281 |
|||
Amortization of acquired intangible assets |
|
|
|
106 |
|
|
- |
|
|
106 |
|
|
- |
|||
Excess cost on acquired inventory in business combination* |
|
|
|
525 |
|
|
- |
|
|
525 |
|
|
- |
|||
Loss from termination of joint development agreement |
|
|
|
1,199 |
|
|
- |
|
|
1,199 |
|
|
- |
|||
Retired CEO compensation |
|
|
|
- |
|
|
- |
|
|
- |
|
|
(96) |
|||
Hostile attempt related costs |
|
|
|
- |
|
|
249 |
|
|
- |
|
|
4,220 |
|||
Restructuring and other charges |
|
|
|
- |
|
|
- |
|
|
897 |
|
|
- |
|||
Acquisition and integration-related charges |
|
|
|
835 |
|
|
- |
|
|
1,118 |
|
|
- |
|||
Non-cash revaluation associated with acquisition |
|
|
|
110 |
|
|
- |
|
|
110 |
|
|
- |
|||
Non-cash tax adjustments |
|
|
|
478 |
|
|
851 |
|
|
2,851 |
|
|
1,278 |
|||
Leases – financial income (expenses) |
|
|
|
754 |
|
|
154 |
|
|
(253) |
|
|
(2,278) |
|||
Non-GAAP net income (loss) |
|
|
$ |
3,742 |
|
$ |
(12,527) |
|
$ |
16,740 |
|
$ |
(12,724) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
GAAP Basic net income (loss) per share |
|
|
$ |
(0.01) |
|
$ |
(0.18) |
|
$ |
0.07 |
|
$ |
(0.23) |
|||
GAAP Diluted net income (loss) per share |
|
|
$ |
(0.01) |
|
$ |
(0.18) |
|
$ |
0.07 |
|
$ |
(0.23) |
|||
Non GAAP Diluted net income (loss) per share (** ) |
|
|
$ |
0.04 |
|
$ |
(0.15) |
|
$ |
0.20 |
|
$ |
(0.15) |
|||
(*) Consists of charges to cost of revenues for the difference between the fair value of acquired inventory in business combination, which was recorded at fair value, and the actual cost of this inventory, which impacts the Company's gross profit. |
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