- Revenues of $142.4 Million -
- Generated Strong Cash Flow from Operations
of $28.2 Million During the Quarter and $53.3 Million Year-to-Date
-
- Produces Strong Sequential Gross Margin
Improvement to 19.1% -
- Remains Focused on Global Strategic
Restructuring Actions to Reignite Long-term Growth and
Profitability -
- Reiterates Full Year Outlook and Expects
Positive Cash Flow from Operations in the Fourth Quarter -
Caesarstone Ltd. (NASDAQ: CSTE), a leading developer and
manufacturer of high-quality engineered surfaces, today reported
financial results for its third quarter ended September 30,
2023.
Yos Shiran, Caesarstone’s Chief Executive Officer commented, “We
are pleased with the strong cash flow generated from operations. We
are making significant progress with the implementation of our
global restructuring actions and are executing against our plan to
improve our cost structure and optimize our production footprint. I
am confident we are taking the right steps to improve our business
performance and drive value to our shareholders, partners and
customers. Moving into 2024 and beyond, we remain focused on
optimizing our business to operate more efficiently, investing in
our brand, and introducing innovative products as we create a new
foundation to support long-term profitable growth.”
Mr. Shiran continued, “We are deeply disturbed by the horrible
acts of vicious violence and terror that were inflicted by Hamas’
terrorists on October 7th. We are confident that Israel will not
only prevail but will also exercise justice towards all who were
involved in committing these heinous crimes. We at Caesarstone
remain committed to supporting the people of Israel and the
rehabilitation of our effected townships. We are operating our
business as usual during these challenging times. While this
situation has disrupted the market place in Israel, which accounts
for approximately 5% of our revenues, we have taken the steps
necessary to ensure business continuity and have not experienced
any material impact to our strategy, global operations or Israeli
production operations. We are monitoring the situation closely and
see no major impediments to continue serving our customers
globally.”
Nahum Trost, Caesarstone’s Chief Financial Officer added, “We
have now generated more than $53 million in cash flow from
operations year-to-date to support our business transformation even
as we navigate complex market dynamics across our global footprint.
As promised, we produced a higher sequential gross margin. In
addition, we generated positive adjusted EBITDA during the quarter
and currently expect to generate similar Adjusted EBITDA in the
fourth quarter despite the near-term reduction in Israel revenues
due to the war on terror.”
Third Quarter 2023 Results
Revenue in the third quarter of 2023 was $142.4 million,
compared to $180.7 million in the prior year quarter. On a constant
currency basis, third quarter revenue was down 20.3% year-over-year
mainly due to lower volume. Volumes were primarily impacted by
global economic headwinds, particularly in renovation and
remodeling channels, across the Company’s main regions and the
competitive landscape, resulting in lower demand.
Gross margin in the third quarter of 2023 was 19.1%
compared to 23.0% in the prior year quarter. Adjusted gross margin
in the third quarter was 19.8% compared to 23.1% in the prior year
quarter. The decrease in gross margin resulted from lower revenues,
increased manufacturing unit costs due to lower fixed cost
absorption mainly related to lower capacity utilization. This was
partially offset by lower shipping costs and the benefits of an
improved production footprint.
Operating expenses in the third quarter of 2023 were
$29.2 million, or 20.5% of revenue, compared to $38.5 million, or
21.3% of revenue in the prior year quarter. The higher percentage
is primarily attributable to lower revenues. Excluding legal
settlements and loss contingencies and restructuring expenses,
operating expenses were 23.7% of revenue, compared to 20.9% in the
prior year quarter.
Operating loss in the third quarter of 2023 was $2.0
million compared to operating income of $3.2 million in the prior
year quarter. The decrease mainly reflects lower gross margin.
Adjusted EBITDA in the third quarter of 2023, which
excludes expenses for non-cash share-based compensation, legal
settlements and loss contingencies and for other items, was $1.9
million, compared to adjusted EBITDA of $13.4 million in the prior
year quarter. The year-over-year decrease primarily reflects the
operating loss.
Finance income in the third quarter of 2023 was $1.3
million compared to finance expenses of $4.3 million in the prior
year quarter. The difference primarily reflects foreign currency
exchange rate fluctuations on assets and liabilities denominated
mainly in new Israeli Shekel that devaluated against the US Dollar,
along with higher interest earned on our cash balances.
Net loss attributable to controlling interest for the
third quarter of 2023 was $0.9 million compared to net loss of $0.5
million in the prior year quarter. Net loss per share for the third
quarter was $0.03 compared to diluted net loss per share of $0.02
in the prior year quarter. Adjusted diluted net loss per share for
the third quarter was $0.20 on 34.6 million shares, compared to
adjusted diluted net income per share of $0.01 in the prior year
quarter on a similar share count.
Balance Sheet & Liquidity
During the third quarter, the Company generated positive cash
flow from operations of $28.2 million mainly driven by inventory
reductions, compared to operating cash flow of $3.5 million in the
third quarter of 2022. As of September 30, 2023, the Company’s
balance sheet included cash, cash equivalents and short-term bank
deposits and short-term marketable securities of $79.1 million and
total debt to financial institutions of $6.9 million. The Company’s
net cash position as of September 30, 2023, was $72.2 million
compared to $28.2 million as of December 31, 2022.
Dividend
The Company’s dividend policy provides for a quarterly cash
dividend of up to 50% of reported net income on a year-to-date
basis, less any amount already paid as dividend for the respective
period (the “calculated dividend”), subject in each case to
approval by the Company’s board of directors. No dividend is paid
if it would be less than $0.10 per share. Pursuant to the Company’s
dividend policy, the Company will not pay a dividend for the third
quarter of 2023, based on its reported net loss attributable to
controlling interest for the period.
Outlook
Based on the actions and initiatives underway, the strong cash
flow from operations produced year-to-date, and the expectation to
generate additional cash flow from operations in the fourth quarter
of 2023, the Company reiterates its full year outlook to generate
positive cash flow from operations and to end the year with an
improved net cash position. The outlook for the remaining quarter
is based on working capital improvements and cost optimization
efforts, along with an expectation for similar adjusted EBITDA in
the fourth quarter compared to the third quarter of 2023 despite
the near-term reduction in Israel revenues due to the war on
terror.
Webcast and Conference Call Details
The Company will host a webcast and conference call today,
November 8, 2023, at 8:30 a.m. ET to discuss the results, followed
by a question and answer session for the investment community. The
live webcast can be accessed through the Investor Relations section
of the Company’s website at ir.caesarstone.com. For those unable to
access the webcast, the conference call will be accessible
domestically or internationally, by dialing 1-844-825-9789 and
1-412-317-5180, respectively. The toll-free Israeli number is 1 80
921 3284. Upon dialing in, please request to join the Caesarstone
Third Quarter 2023 Earnings Conference Call.
To listen to a telephonic replay of the conference call, dial
toll-free 1-844-512-2921 or +1-412-317-6671 (international) and
enter pass code 10183220. The replay will be available beginning at
12:30 p.m. ET on Wednesday, November 8, 2023 and will last through
11:59 p.m. ET on Wednesday, November 15, 2023.
About Caesarstone
Caesarstone is a global leader of premium surfaces, specializing
in countertops that create dynamic spaces of inspiration in the
heart of the home. Established in 1987, its multi-material
portfolio of over 100 colors combines the company’s innovative
technology with its powerful design passion. Spearheading
high-quality, sustainable surfaces, Caesarstone delivers functional
resilience with timeless beauty, for a vast range of applications,
including kitchen countertops, bathroom vanities, and more, for
indoor and outdoor spaces.
Since it pioneered quartz countertops over thirty years ago, the
brand has expanded into porcelain and natural stone and is on the
ground in more than 50 countries worldwide while enhancing customer
experience through the expansion of groundbreaking digital
platforms & services. More information on Caesarstone:
caesarstoneus.com, Facebook, Twitter, YouTube, Pinterest, and
Instagram
Non-GAAP Financial Measures
The non-GAAP measures presented by the Company should be
considered in addition to, and not as a substitute for, comparable
GAAP measures. Reconciliations of GAAP gross profit to adjusted
gross profit, GAAP net income (loss) to adjusted net income (loss)
and net income (loss) to adjusted EBITDA are provided in the
schedules to this release. To calculate revenues growth rates that
exclude the impact of changes in foreign currency exchange rates,
the Company converts actual reported results from local currency to
U.S. dollars using constant foreign currency exchange rates in the
current and comparable period. The Company provides these non-GAAP
financial measures because it believes that they present a better
measure of the Company's core business and management uses the
non-GAAP measures internally to evaluate the Company's ongoing
performance. Accordingly, the Company believes that they are useful
to investors in enhancing an understanding of the Company's
operating performance.
Forward-Looking Statements
Information provided in this press release may contain
statements relating to current expectations, estimates, forecasts
and projections about future events that are "forward-looking
statements" within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as “goals," “intend,” “seek,” “anticipate,” “believe,”
“could,” “continue,” “expect,” “estimate,” “may,” “plan,”
“outlook,” “future” and “project” and other similar expressions
that predict, project or indicate future events or trends or that
are not statements of historical matters. Such forward looking
statements include statements regarding the Company’s
sustainability goals and plans, intentions, expectations,
assumptions, goals and beliefs regarding the Company’s business and
sustainability vision. These forward-looking statements also may
relate to the Company's plans, objectives and expectations for
future operations, including estimations relating to the
restructuring plan, the closure of the Sdot Yam Facility, the
estimated closure costs and the estimated potential savings
relating to the facility closure, the ability to sublease all or
part of the facility covered by the long-term non-cancellable lease
agreement, the impact of the COVID-19 pandemic and mitigation
measures in connection thereto, and expectations of the results of
the Company’s business optimization initiatives. These
forward-looking statements are based upon management's current
estimates and projections of future results or trends. Actual
results may differ materially from those projected as a result of
certain risks and uncertainties, both known or unknown. These
factors include, but are not limited to: the implementation of the
proposed restructuring plan, the closure of the Sdot Yam Facility,
the estimated closure costs and ability to realize potential
savings relating to the closure, the ability to sublease all or
part of the facility covered by the long-term non-cancellable lease
agreement, the impact of the COVID-19 pandemic on end-consumers,
the effects of global economy and geo-politics on the Company’s
business and operations; managing constraints in the global supply
chain, raw material shortages, increased prices and effects of
challenges in global shipping and transportation; Company’s ability
to pass all or some of these increases to its customers; the
strength of the home renovation and construction sectors; intense
competitive pressures; disruptions to our information technology
systems globally, including by deliberate cyber-attacks; the degree
of the Company’s ability to develop, produce and deliver high
quality and safe products; fluctuations in currency exchange rates
against the U.S. Dollar; Company’s ability to raise funds to
finance our current and future capital needs; Company’s ability to
build-out and expand into certain markets and successfully
integrate our acquisitions; the Company’s ability to effective
manage its relationship with key suppliers; the outcome of
silicosis and other bodily injury claims; regulatory requirements
relating to hazards associated with our operations and products;
efficiently manufacturing our products and managing changes in
production and supply chain; economic conditions within any of our
key existing markets; the success of our expansion efforts in the
United States; the extent of the Company’s ability to meet its ESG
goals and targets, management of GHG and other emissions; the
impacts of conditions in Israel, such as negative economic, labor
or geopolitical events; the unpredictability of seasonal
fluctuations in revenues; disturbances to the Company’s operations
or the operations of its suppliers, distributors, customers or
other third parties and other factors, risks and uncertainties
discussed under the sections "Risk Factors" and “Special Note
Regarding Forward-Looking Statements and Risk Factor Summary” in
our most recent annual report on Form 20-F filed with the
Securities and Exchange Commission (the “SEC”) on March 15, 2023,
and in other documents filed by Caesarstone with the SEC, which are
available free of charge at www.sec.gov. These forward-looking
statements are made only as of the date hereof, and the Company
undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise.
Further, the estimates of the charges and expenditures that the
Company expects to incur in connection with the restructuring plan
and facility closure and the timing thereof, are subject to a
number of assumptions, and actual amounts may differ materially
from estimates. In addition, the Company may incur other charges or
cash expenditures not currently contemplated due to unanticipated
events that may occur, including in connection with the
implementation of the restructuring plan and facility closure.
Caesarstone Ltd. and its subsidiariesCondensed consolidated
balance sheets As of U.S. dollars in
thousands September 30, 2023 December 31, 2022
(Unaudited) (Audited) ASSETS CURRENT ASSETS:
Cash and cash equivalents and short-term bank deposits
$
78,086
$
52,081
Short-term available for sale marketable securities
1,009
7,077
Trade receivables, net
74,683
77,898
Other accounts receivable and prepaid expenses
25,238
32,570
Inventories
146,224
238,232
Total current assets
325,240
407,858
LONG-TERM ASSETS: Severance pay fund
2,791
3,410
Deferred tax assets, net
12,093
16,251
Long-term deposits and prepaid expenses
4,823
3,255
Operating lease right-of-use assets
124,005
144,098
Property, plant and equipment, net
155,254
169,292
Intangible assets, net
6,790
8,817
Total long-term assets
305,756
345,123
Total assets
$
630,996
$
752,981
LIABILITIES AND EQUITY CURRENT LIABILITIES:
Short-term bank credit
$
3,755
$
26,135
Trade payables
42,984
62,194
Related parties and other loans
211
283
Short term legal settlements and loss contingencies
16,034
17,595
Accrued expenses and other liabilities
58,500
58,777
Total current liabilities
121,484
164,984
LONG-TERM LIABILITIES: Long-term bank and other loans
and financing liability of land from a related party
3,144
4,823
Legal settlements and loss contingencies long-term and other
liabilities
13,512
19,572
Deferred tax liabilities, net
3,050
4,288
Long-term lease liabilities
115,008
124,353
Accrued severance pay
3,837
4,750
Long-term warranty provision
1,220
1,262
Total long-term liabilities
139,771
159,048
REDEEMABLE NON-CONTROLLING INTEREST
8,066
7,903
EQUITY: Ordinary shares
371
371
Treasury shares - at cost
(39,430
)
(39,430
)
Additional paid-in capital
163,987
163,431
Capital fund related to non-controlling interest
(5,587
)
(5,587
)
Accumulated other comprehensive income (loss), net
(11,958
)
(9,578
)
Retained earnings
254,292
311,839
Total equity
361,675
421,046
Total liabilities and equity
$
630,996
$
752,981
Caesarstone Ltd. and its
subsidiaries Condensed consolidated statements of income
(loss)
Three months endedSeptember 30, Nine months
endedSeptember 30, U.S. dollars in thousands (except per
share data)
2023
2022
2023
2022
(Unaudited) (Unaudited) Revenues
$
142,394
$
180,727
$
436,706
$
531,437
Cost of revenues
115,205
139,110
368,047
399,123
Gross profit
27,189
41,617
68,659
132,314
Operating expenses: Research and development
1,242
853
3,837
2,947
Sales and Marketing
20,398
23,821
62,458
72,080
General and administrative
12,144
13,187
39,322
39,735
Restructuring and Impairment expenses (income) related to long
lived assets (**)
(3,349
)
-
20,224
-
Legal settlements and loss contingencies, net
(1,259
)
601
(2,346
)
1,059
Total operating expenses
29,176
38,462
123,495
115,821
Operating income (loss)
(1,987
)
3,155
(54,836
)
16,493
Finance expenses (income), net
(1,292
)
4,307
(4,816
)
(3,486
)
Income (loss) before taxes
(695
)
(1,152
)
(50,020
)
19,979
Tax expenses (income), net
83
(788
)
7,332
2,457
Net income (loss)
$
(778
)
$
(364
)
$
(57,352
)
$
17,522
Net loss (income) attributable to non-controlling interest
(109
)
(99
)
217
(610
)
Net income (loss) attributable to controlling interest
$
(887
)
$
(463
)
$
(57,135
)
$
16,912
Basic net income (loss) per ordinary share (*)
$
(0.03
)
$
(0.02
)
$
(1.67
)
$
0.49
Diluted net income (loss) per ordinary share (*)
$
(0.03
)
$
(0.02
)
$
(1.67
)
$
0.48
Weighted average number of ordinary shares used in computing basic
income (loss) per ordinary share
34,522,015
34,493,599
34,515,291
34,485,587
Weighted average number of ordinary shares used in computing
diluted income (loss) per ordinary share
34,522,015
34,493,599
34,515,291
34,543,319
(*) The numerator for the calculation of
net income (loss) per share for the three and nine months ended
September 30, 2023 and 2022, has been decreased by approximately
$0.1 and $0.4 million, and $0.1 and $0.2 million, respectively, to
reflect the adjustment to redemption value associated with the
redeemable non-controlling interest.
(**) Restructuring expenses in accordance
with ASC420, and Right Of Use (ROU) asset impairment related to
Sdot Yam plant closure.
Q3'23 net credit includes ROU and Fixed
assets alignments to proper impairment calculations.
Caesarstone Ltd. and its subsidiariesSelected Condensed
consolidated statements of cash flows Nine months
endedSeptember 30, U.S. dollars in thousands
2023
2022
(Unaudited) (Unaudited) Cash
flows from operating activities: Net income (loss)
$
(57,352
)
$
17,522
Adjustments required to reconcile net income (loss) to net cash
provided by (used in) operating activities: Depreciation and
amortization
22,711
27,223
Share-based compensation expense
556
1,243
Accrued severance pay, net
(290
)
(84
)
Changes in deferred tax, net
2,878
(4,001
)
Capital (gain) loss
83
65
Legal settlements and loss contingencies, net
(2,346
)
1,060
Decrease (increase) in trade receivables
2,725
(10,810
)
Decrease in other accounts receivable and prepaid expenses
8,359
1,377
Decrease (increase) in inventories
91,329
(50,098
)
Increase (decrease) in trade payables
(25,775
)
3,305
Decrease in warranty provision
(72
)
(128
)
Changes in right of use assets
(1,206
)
10,533
Changes in lease liabilities
(8,134
)
(19,663
)
Contingent consideration related to acquisitions
240
57
Amortization of premium and accretion of discount on marketable
securities, net
63
193
Changes in Accrued interest related to Marketable Securities
25
44
Decrease in accrued expenses and other liabilities including
related parties
(682
)
(2,130
)
Restructuring expenses and Impairment related to long lived assets
20,224
-
Net cash provided by (used in) operating activities
53,336
(24,292
)
Cash flows from investing
activities: Net cash paid for acquisitions
(511
)
(2,245
)
Purchase of property, plant and equipment
(8,718
)
(12,771
)
Proceeds from sale of property, plant and equipment
16
9
Maturity of marketable securities
6,103
11,901
Decrease (increase) in long term deposits
(108
)
341
Net used in investing activities
(3,218
)
(2,765
)
Cash flows from financing
activities: Dividend paid
-
(8,625
)
Changes in short-term bank credits and long-term loans, including
related parties
(24,063
)
21,947
Repayment of a financing leaseback related to Bar-Lev transaction
-
(859
)
Net cash provided by (used in) financing activities
(24,063
)
12,463
Effect of exchange rate differences on cash and cash
equivalents
(50
)
(1,161
)
Increase (decrease) in cash and cash equivalents and
short-term bank deposits
26,005
(15,755
)
Cash and cash equivalents and short-term bank deposits at beginning
of the period
52,081
74,315
Cash and cash equivalents and short-term bank deposits at
end of the period
$
78,086
$
58,560
Non - cash investing:
Changes in trade payables balances related to purchase of fixed
assets
(104
)
(441
)
Caesarstone Ltd. and its subsidiaries Three months
endedSeptember 30, Nine months endedSeptember 30,
U.S. dollars in thousands
2023
2022
2023
2022
(Unaudited) (Unaudited) Reconciliation of Gross
profit to Adjusted Gross profit: Gross profit
$
27,189
$
41,617
$
68,659
$
132,314
Share-based compensation expense (a)
16
79
153
228
Amortization of assets related to acquisitions
71
80
215
234
Residual operating expenses related to Sdot-Yam after closing
1,011
-
2,795
-
Other non recurring items
(152
)
-
(152
)
-
Adjusted Gross profit (Non-GAAP)
$
28,135
$
41,775
$
71,670
$
132,776
(a)
Share-based compensation includes expenses
related to stock options and restricted stock units granted to
employees and directors of the Company.
Caesarstone Ltd. and its
subsidiaries
Three months endedSeptember 30, Nine months
endedSeptember 30, U.S. dollars in thousands
2023
2022
2023
2022
(Unaudited) (Unaudited) Reconciliation of Net
Income (loss) to Adjusted EBITDA: Net income (loss)
$
(778
)
$
(364
)
$
(57,352
)
$
17,522
Finance expenses (income), net
(1,292
)
4,307
(4,816
)
(3,486
)
Taxes on income
83
(788
)
7,332
2,457
Depreciation and amortization
7,472
9,200
22,711
27,223
Legal settlements and loss contingencies, net (a)
(1,259
)
602
(2,346
)
1,060
Contingent consideration adjustment related to acquisition
75
57
240
57.00
Acquisition and integration related expenses
-
-
-
80
Share-based compensation expense (b)
61
375
556
1,243
Restructuring expenses and Impairment related to long lived assets
(c)
(3,349
)
-
20,224
-
Residual operating expenses related to Sdot-Yam after closing (c)
1,011
-
2,795
-
Other non recurring items
(152
)
(152
)
-
Adjusted EBITDA (Non-GAAP)
$
1,872
$
13,389
$
(10,808
)
$
46,156
(a)
Consists primarily of legal settlements
expenses and loss contingencies, net, related to product liability
claims.
(b)
Share-based compensation includes expenses
related to stock options and restricted stock units granted to
employees and directors of the Company.
(c)
Expenses related to restructuring. Q3'23
net credit includes ROU and Fixed assets alignments to proper
impairment calculations.
Caesarstone Ltd. and its
subsidiaries
Three months endedSeptember 30, Nine months
endedSeptember 30, U.S. dollars in thousands (except per
share data)
2023
2022
2023
2022
(Unaudited) (Unaudited) Reconciliation of net
income (loss) attributable to controlling interest to adjusted net
income (loss) attributable to controlling interest: Net income
(loss) attributable to controlling interest
$
(887
)
$
(463
)
$
(57,135
)
$
16,912
Legal settlements and loss contingencies, net (a)
(1,259
)
602
(2,346
)
1,060
Contingent consideration adjustment related to acquisition
75
57
240
57
Amortization of assets related to acquisitions, net of tax
582
548
1,608
1,548
Share-based compensation expense (b)
61
375
556
1,243
Acquisition and integration related expenses
-
-
-
80
Non cash revaluation of lease liabilities (c)
(2,092
)
(796
)
(5,094
)
(10,203
)
Restructuring expenses and Impairment related to long lived assets
(d)
(3,349
)
-
20,224
-
Residual operating expenses related to Sdot-Yam after closing (d)
1,011
-
2,795
-
Other non recurring items
(152
)
-
(152
)
-
Total adjustments
(5,123
)
786
17,831
(6,215
)
Less tax on non-tax adjustments (e)
760
311
(2,614
)
(764
)
Total adjustments after tax
(5,883
)
476
20,445
(5,451
)
Adjusted net income (loss) attributable to controlling
interest (Non-GAAP)
$
(6,770
)
$
13
$
(36,690
)
$
11,461
Adjusted earning (loss) per share (f)
$
(0.20
)
$
0.01
$
(1.06
)
$
0.33
(a)
Consists primarily of legal settlements
expenses and loss contingencies, net, related to product liability
claims.
(b)
Share-based compensation includes expenses
related to stock options and restricted stock units granted to
employees and directors of the Company.
(c)
Exchange rate differences deriving from
revaluation of lease contracts in accordance with FASB ASC 842.
(d)
Expenses related to restructuring. Q3'23
net credit includes ROU and Fixed assets alignments to proper
impairment calculations.
(e)
Tax adjustments for the three and nine
months ended September 30, 2023 and 2022, based on the effective
tax rates.
(f)
In calculating adjusted (Non-GAAP) earning
(loss) per share, the diluted weighted average number of shares
outstanding excludes the effects of share-based compensation
expense in accordance with FASB ASC 718.
Caesarstone Ltd. and its subsidiaries Geographic
breakdown of revenues by region Three months
endedSeptember 30, Nine months endedSeptember 30,
Three months endedSeptember 30, Nine months
endedSeptember 30, U.S. dollars in thousands
2023
2022
2023
2022
(Unaudited) (Unaudited) (Audited)
YoY % change
YoY % change CCB
YoY % change
YoY % change CCB
USA
$
65,883
$
87,623
$
211,364
$
265,899
-24.8
%
-24.8
%
-20.5
%
-20.5
%
Canada
18,956
23,607
57,712
72,704
-19.7
%
-17.5
%
-20.6
%
-16.8
%
Latin America
1,650
1,470
2,468
3,517
12.2
%
12.2
%
-29.8
%
-29.8
%
America's
86,489
112,700
271,544
342,120
-23.3
%
-22.8
%
-20.6
%
-19.8
%
Australia
27,326
31,204
79,539
86,938
-12.4
%
-8.4
%
-8.5
%
-3.4
%
Asia
6,747
8,834
20,069
26,716
-23.6
%
-23.5
%
-24.9
%
-25.8
%
APAC
34,073
40,038
99,608
113,654
-14.9
%
-11.7
%
-12.4
%
-8.6
%
EMEA
15,185
17,004
45,395
48,054
-10.7
%
-16.5
%
-5.5
%
-6.4
%
Israel
6,650
10,985
20,162
27,609
-39.5
%
-32.3
%
-27.0
%
-19.2
%
Total Revenues
$
142,397
$
180,727
$
436,709
$
531,437
-21.2
%
-20.3
%
-17.8
%
-16.2
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108415565/en/
Investor Relations:
ICR, Inc. - Rodny Nacier CSTE@icrinc.com +1 (646) 200-8870
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