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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ceragon Networks Ltd | NASDAQ:CRNT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0201 | 0.84% | 2.4101 | 2.41 | 2.42 | 2.43 | 2.39 | 2.39 | 74,653 | 15:30:41 |
CERAGON NETWORKS LTD.
(Translation of registrant’s name into English)
|
3 Uri Ariav st., Rosh Ha’Ayin, Israel, 4810002
(Address of principal executive offices)
|
CERAGON NETWORKS LTD.
|
|
Date: May 7, 2024
|
By: /s/ Ronen Stein
|
|
Name: Ronen Stein
Title: Chief Financial Officer |
Exhibit
|
Description
|
• |
Revenues of $88.5 million, up 6.1% year-over-year
|
• |
Operating income of $4.2 million on a GAAP basis, or $7.6 million on a non-GAAP basis
|
• |
Net Income of $0.4 million on a GAAP basis, and net income of $4.7 million on a non-GAAP basis
|
• |
EPS of $0.00 per diluted share on a GAAP basis, or $0.05 per diluted share on a non-GAAP basis
|
• |
North America:
|
• |
India:
|
- |
Record quarterly bookings, including substantial orders from the approximately $150 million project from global integrator, in support of a network modernization project for a Tier 1 Operator
|
Q1 2024
|
|
North America
|
33%
|
India
|
29%
|
EMEA
|
17%
|
Latin America
|
12%
|
APAC
|
9%
|
• |
Revenue of $385 million to $405 million, representing growth of 11% to 17% compared to 2023 revenue. This guidance includes the contribution from Siklu, which was acquired in December 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.
|
Three months ended
March 31,
|
||||||||
2024
|
2023
|
|||||||
Revenues
|
88,498
|
83,409
|
||||||
Cost of revenues
|
56,430
|
55,233
|
||||||
Gross profit
|
32,068
|
28,176
|
||||||
Operating expenses:
|
||||||||
Research and development, net
|
8,847
|
7,938
|
||||||
Sales and marketing
|
11,261
|
10,196
|
||||||
General and administrative
|
5,863
|
5,324
|
||||||
Restructuring and related charges
|
1,416
|
-
|
||||||
Acquisition- and integration-related charges
|
462
|
-
|
||||||
Total operating expenses
|
27,849
|
23,458
|
||||||
Operating income
|
4,219
|
4,718
|
||||||
Financial expenses and others, net
|
2,861
|
1,458
|
||||||
Income before taxes
|
1,358
|
3,260
|
||||||
Taxes on income
|
955
|
1,292
|
||||||
Net income
|
403
|
1,968
|
||||||
Basic net income per share
|
0.00
|
0.02
|
||||||
Diluted net income per share
|
0.00
|
0.02
|
||||||
Weighted average number of shares used in computing basic net income per share
|
85,520,712
|
84,354,297
|
||||||
Weighted average number of shares used in computing diluted net income per share
|
87,584,818
|
84,992,254
|
March 31,
|
December 31,
|
|||||||
2024
|
2023
|
|||||||
Unaudited
|
Audited
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
28,783
|
28,237
|
||||||
Trade receivables, net
|
97,386
|
104,321
|
||||||
Inventories
|
61,029
|
68,811
|
||||||
Other accounts receivable and prepaid expenses
|
17,434
|
16,571
|
||||||
Total current assets
|
204,632
|
217,940
|
||||||
NON-CURRENT ASSETS:
|
||||||||
Severance pay and pension fund
|
4,926
|
4,985
|
||||||
Property and equipment, net
|
32,836
|
30,659
|
||||||
Operating lease right-of-use assets
|
18,063
|
18,837
|
||||||
Intangible assets, net
|
16,274
|
16,401
|
||||||
Goodwill
|
7,749
|
7,749
|
||||||
Other non-current assets
|
1,899
|
1,954
|
||||||
Total non-current assets
|
81,747
|
80,585
|
||||||
Total assets
|
286,379
|
298,525
|
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
56,511
|
67,032
|
||||||
Deferred revenues
|
4,198
|
5,507
|
||||||
Short-term loans
|
30,500
|
32,600
|
||||||
Operating lease liabilities
|
3,734
|
3,889
|
||||||
Other accounts payable and accrued expenses
|
25,454
|
23,925
|
||||||
Total current liabilities
|
120,397
|
132,953
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Accrued severance pay and pension
|
8,988
|
9,399
|
||||||
Deferred revenues
|
670
|
670
|
||||||
Operating lease liabilities
|
12,997
|
13,716
|
||||||
Other long-term payables
|
8,310
|
7,768
|
||||||
Total long-term liabilities
|
30,965
|
31,553
|
||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Share capital
|
224
|
224
|
||||||
Additional paid-in capital
|
438,412
|
437,161
|
||||||
Treasury shares at cost
|
(20,091
|
)
|
(20,091
|
)
|
||||
Other comprehensive loss
|
(8,743
|
)
|
(8,087
|
)
|
||||
Accumulated deficit
|
(274,785
|
)
|
(275,188
|
)
|
||||
Total shareholders' equity
|
135,017
|
134,019
|
||||||
Total liabilities and shareholders' equity
|
286,379
|
298,525
|
Three months ended
March 31,
|
||||||||
2024
|
2023
|
|||||||
Cash flow from operating activities:
|
||||||||
Net income
|
403
|
1,968
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
2,939
|
2,553
|
||||||
Loss from sale of property and equipment, net
|
-
|
10
|
||||||
Stock-based compensation expenses
|
904
|
1,169
|
||||||
Decrease in accrued severance pay and pensions, net
|
(352
|
)
|
(64
|
)
|
||||
Decrease (increase) in trade receivables, net
|
6,776
|
(290
|
)
|
|||||
Decrease (increase) in other assets (including other accounts receivable, prepaid expenses, other non-current assets, and the effect of exchange rate changes on cash and cash equivalents)
|
(731
|
)
|
996
|
|||||
Decrease in inventory
|
7,369
|
3,166
|
||||||
Decrease in operating lease right-of-use assets
|
932
|
1,011
|
||||||
Decrease in trade payables
|
(11,486
|
)
|
(6,790
|
)
|
||||
Increase (decrease) in other accounts payable and accrued expenses (including other long-term payables)
|
2,102
|
(294
|
)
|
|||||
Decrease in operating lease liability
|
(1,020
|
)
|
(1,366
|
)
|
||||
Increase (decrease) in deferred revenues
|
(1,309
|
)
|
1,440
|
|||||
Net cash provided by operating activities
|
6,527
|
3,509
|
||||||
Cash flow from investing activities:
|
||||||||
Purchases of property and equipment, net
|
(3,393
|
)
|
(3,142
|
)
|
||||
Software development costs capitalized
|
(313
|
)
|
(1,288
|
)
|
||||
Net cash used in investing activities
|
(3,706
|
)
|
(4,430
|
)
|
||||
Cash flow from financing activities:
|
||||||||
Proceeds from exercise of stock options
|
258
|
-
|
||||||
Proceeds from (repayments of) bank credits and loans, net
|
(2,100
|
)
|
4,350
|
|||||
Net cash provided by (used in) financing activities
|
(1,842
|
)
|
4,350
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
(433
|
)
|
46
|
|||||
Increase in cash and cash equivalents
|
546
|
3,475
|
||||||
Cash and cash equivalents at the beginning of the period
|
28,237
|
22,948
|
||||||
Cash and cash equivalents at the end of the period
|
28,783
|
26,423
|
Three months ended
March 31,
|
||||||||
2024
|
2023
|
|||||||
GAAP Cost of revenues
|
56,430
|
55,233
|
||||||
Stock-based compensation expenses
|
(131
|
)
|
(180
|
)
|
||||
Amortization of acquired intangible assets
|
(189
|
)
|
-
|
|||||
Excess cost on acquired inventory in business combination (*)
|
(124
|
)
|
-
|
|||||
Non-GAAP Cost of revenues
|
55,986
|
55,053
|
||||||
GAAP Gross profit
|
32,068
|
28,176
|
||||||
Stock-based compensation expenses
|
131
|
180
|
||||||
Amortization of acquired intangible assets
|
189
|
-
|
||||||
Excess cost on acquired inventory in business combination (*)
|
124
|
-
|
||||||
Non-GAAP Gross profit
|
32,512
|
28,356
|
||||||
GAAP Research and development expenses
|
8,847
|
7,938
|
||||||
Stock-based compensation expenses
|
(152
|
)
|
(246
|
)
|
||||
Non-GAAP Research and development expenses
|
8,695
|
7,692
|
||||||
GAAP Sales and marketing expenses
|
11,261
|
10,196
|
||||||
Stock-based compensation expenses
|
(296
|
)
|
(376
|
)
|
||||
Amortization of acquired intangible assets
|
(271
|
)
|
-
|
|||||
Non-GAAP Sales and marketing expenses
|
10,694
|
9,820
|
||||||
GAAP General and administrative expenses
|
5,863
|
5,324
|
||||||
Stock-based compensation expenses
|
(325
|
)
|
(368
|
)
|
||||
Non-GAAP General and administrative expenses
|
5,538
|
4,956
|
||||||
GAAP Restructuring and related charges
|
1,416
|
-
|
||||||
Restructuring and related charges
|
(1,416
|
)
|
-
|
|||||
Non-GAAP Restructuring and related charges
|
-
|
-
|
||||||
GAAP Acquisition- and integration-related charges
|
462
|
-
|
||||||
Acquisition- and integration-related charges
|
(462
|
)
|
-
|
|||||
Non-GAAP Acquisition- and integration-related charges
|
-
|
-
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
|
Three months ended
March 31,
|
||||||||
2024
|
2023
|
|||||||
GAAP Operating income
|
4,219
|
4,718
|
||||||
Stock-based compensation expenses
|
904
|
1,170
|
||||||
Amortization of acquired intangible assets
|
460
|
-
|
||||||
Excess cost on acquired inventory in business combination (*)
|
124
|
-
|
||||||
Restructuring and other charges
|
1,416
|
-
|
||||||
Acquisition- and integration-related charges
|
462
|
-
|
||||||
Non-GAAP Operating income
|
7,585
|
5,888
|
||||||
GAAP Financial expenses and others, net
|
2,861
|
1,458
|
||||||
Leases – financial income
|
112
|
358
|
||||||
Non-cash revaluation associated with business combination
|
(673
|
)
|
-
|
|||||
Non-GAAP Financial expenses and others, net
|
2,300
|
1,816
|
||||||
GAAP Tax expenses
|
955
|
1,292
|
||||||
Non-cash tax adjustments
|
(413
|
)
|
(853
|
)
|
||||
Non-GAAP Tax expenses
|
542
|
439
|
||||||
GAAP Net income
|
403
|
1,968
|
||||||
Stock-based compensation expenses
|
904
|
1,170
|
||||||
Amortization of acquired intangible assets
|
460
|
-
|
||||||
Excess cost on acquired inventory in business combination (*)
|
124
|
-
|
||||||
Restructuring and other charges
|
1,416
|
-
|
||||||
Acquisition- and integration-related charges
|
462
|
-
|
||||||
Leases – financial income
|
(112
|
)
|
(358
|
)
|
||||
Non-cash revaluation associated with business combination
|
673
|
-
|
||||||
Non-cash tax adjustments
|
413
|
853
|
||||||
Non-GAAP Net income
|
4,743
|
3,633
|
||||||
GAAP Basic net income per share
|
0.00
|
0.02
|
||||||
GAAP Diluted net income per share
|
0.00
|
0.02
|
||||||
Non-GAAP Diluted net income per share (**)
|
0.05
|
0.04
|
1 Year Ceragon Networks Chart |
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