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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Caesarstone Ltd | NASDAQ:CSTE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.14 | -3.07% | 4.42 | 3.71 | 4.99 | 4.58 | 4.40 | 4.56 | 41,676 | 21:30:00 |
Exhibit
|
Description
|
|
|
CAESARSTONE LTD.
|
|
|
|
|
|
|
Date: February 21, 2024
|
By:
|
/s/ Ron Mosberg
|
|
|
|
Name: Ron Mosberg
|
|
|
|
Title: General Counsel & Corporate Secretary
|
|
As of
|
||||||||
U.S. dollars in thousands
|
December 31, 2023
|
December 31, 2022
|
||||||
(Unaudited)
|
(Audited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents and short-term bank deposits
|
$
|
91,123
|
$
|
52,081
|
||||
Short-term available for sale marketable securities
|
-
|
7,077
|
||||||
Trade receivables, net
|
66,888
|
77,898
|
||||||
Other accounts receivable and prepaid expenses
|
25,489
|
32,570
|
||||||
Inventories
|
136,446
|
238,232
|
||||||
Total current assets
|
319,946
|
407,858
|
||||||
LONG-TERM ASSETS:
|
||||||||
Severance pay fund
|
1,994
|
3,410
|
||||||
Deferred tax assets, net
|
3,061
|
16,251
|
||||||
Long-term deposits and prepaid expenses
|
4,961
|
3,255
|
||||||
Operating lease right-of-use assets
|
120,156
|
144,098
|
||||||
Property, plant and equipment, net
|
123,480
|
169,292
|
||||||
Intangible assets, net
|
6,257
|
8,817
|
||||||
Total long-term assets
|
259,909
|
345,123
|
||||||
Total assets
|
$
|
579,855
|
$
|
752,981
|
||||
LIABILITIES AND EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Short-term bank credit
|
$
|
5,118
|
$
|
26,135
|
||||
Trade payables
|
42,848
|
62,194
|
||||||
Related parties
|
257
|
283
|
||||||
Short term legal settlements and loss contingencies
|
16,106
|
17,595
|
||||||
Accrued expenses and other liabilities
|
56,894
|
58,777
|
||||||
Total current liabilities
|
121,223
|
164,984
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Long-term bank and other loans
|
2,549
|
4,823
|
||||||
Legal settlements and loss contingencies long-term and other liabilities
|
11,814
|
19,572
|
||||||
Deferred tax liabilities, net
|
3,006
|
4,288
|
||||||
Long-term lease liabilities
|
114,146
|
124,353
|
||||||
Accrued severance pay
|
3,065
|
4,750
|
||||||
Long-term warranty provision
|
1,204
|
1,262
|
||||||
Total long-term liabilities
|
135,784
|
159,048
|
||||||
REDEEMABLE NON-CONTROLLING INTEREST
|
7,789
|
7,903
|
||||||
EQUITY:
|
||||||||
Ordinary shares
|
371
|
371
|
||||||
Treasury shares - at cost
|
(39,430
|
)
|
(39,430
|
)
|
||||
Additional paid-in capital
|
164,456
|
163,431
|
||||||
Capital fund related to non-controlling interest
|
(5,587
|
)
|
(5,587
|
)
|
||||
Accumulated other comprehensive income (loss), net
|
(8,402
|
)
|
(9,578
|
)
|
||||
Retained earnings
|
203,651
|
311,839
|
||||||
Total equity
|
315,059
|
421,046
|
||||||
Total liabilities and equity
|
$
|
579,855
|
$
|
752,981
|
Three months ended
December 31,
|
Twelve months ended
December 31,
|
|||||||||||||||
U.S. dollars in thousands (except per share data)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Revenues
|
$
|
128,525
|
$
|
159,369
|
$
|
565,231
|
$
|
690,806
|
||||||||
Cost of revenues
|
105,245
|
128,438
|
473,292
|
527,561
|
||||||||||||
Gross profit
|
23,280
|
30,931
|
91,939
|
163,245
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
1,249
|
1,151
|
5,086
|
4,098
|
||||||||||||
Sales and Marketing
|
19,764
|
22,332
|
82,222
|
94,412
|
||||||||||||
General and administrative
|
10,168
|
11,861
|
49,490
|
51,596
|
||||||||||||
Restructuring and Impairment expenses (income) related to long lived assets (**)
|
27,715
|
71,258
|
47,939
|
71,258
|
||||||||||||
Legal settlements and loss contingencies, net
|
(2,424
|
)
|
(491
|
)
|
(4,770
|
)
|
568
|
|||||||||
Total operating expenses
|
56,472
|
106,111
|
179,967
|
221,932
|
||||||||||||
Operating loss
|
(33,192
|
)
|
(75,180
|
)
|
(88,028
|
)
|
(58,687
|
)
|
||||||||
Finance expenses (income), net
|
3,747
|
407
|
(1,069
|
)
|
(3,079
|
)
|
||||||||||
Loss before taxes
|
(36,939
|
)
|
(75,587
|
)
|
(86,959
|
)
|
(55,608
|
)
|
||||||||
Tax expenses (income), net
|
13,949
|
(1,699
|
)
|
21,281
|
758
|
|||||||||||
Net loss
|
$
|
(50,888
|
)
|
$
|
(73,888
|
)
|
$
|
(108,240
|
)
|
$
|
(56,366
|
)
|
||||
Net loss (income) attributable to non-controlling interest
|
367
|
(78
|
)
|
584
|
(688
|
)
|
||||||||||
Net loss attributable to controlling interest
|
$
|
(50,521
|
)
|
$
|
(73,966
|
)
|
$
|
(107,656
|
)
|
$
|
(57,054
|
)
|
||||
Basic net loss per ordinary share (*)
|
$
|
(1.47
|
)
|
$
|
(2.15
|
)
|
$
|
(3.13
|
)
|
$
|
(1.66
|
)
|
||||
Diluted net loss per ordinary share (*)
|
$
|
(1.47
|
)
|
$
|
(2.15
|
)
|
$
|
(3.13
|
)
|
$
|
(1.66
|
)
|
||||
Weighted average number of ordinary shares used in computing basic loss per ordinary share
|
34,527,235
|
34,504,904
|
34,519,126
|
34,488,275
|
||||||||||||
Weighted average number of ordinary shares used in computing diluted loss per ordinary share
|
34,527,235
|
34,504,904
|
34,519,126
|
34,488,275
|
Twelve months ended
December 31,
|
||||||||
U.S. dollars in thousands
|
2023
|
2022
|
||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(108,240
|
)
|
$
|
(56,366
|
)
|
||
Adjustments required to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||
Depreciation and amortization
|
30,007
|
36,344
|
||||||
Share-based compensation expense
|
1,025
|
1,502
|
||||||
Accrued severance pay, net
|
(268
|
)
|
(58
|
)
|
||||
Changes in deferred tax, net
|
11,965
|
(5,693
|
)
|
|||||
Capital loss
|
18
|
67
|
||||||
Legal settlemnets and loss contingencies, net
|
(4,770
|
)
|
568
|
|||||
Decrease in trade receivables
|
11,760
|
2,612
|
||||||
Decrease in other accounts receivable and prepaid expenses
|
8,145
|
3,645
|
||||||
Decrease (increase) in inventories
|
102,586
|
(40,884
|
)
|
|||||
Decrease in trade payables
|
(30,483
|
)
|
(21,032
|
)
|
||||
Decrease in warranty provision
|
(165
|
)
|
(119
|
)
|
||||
Changes in right of use assets
|
7,865
|
28,056
|
||||||
Changes in lease liabilities
|
(9,516
|
)
|
(36,478
|
)
|
||||
Contingent consideration related to acquisitions
|
264
|
120
|
||||||
Amortization of premium and accretion of discount on marketable securities, net
|
63
|
238
|
||||||
Changes in Accrued interest related to Marketable Securities
|
39
|
74
|
||||||
Decrease in accrued expenses and other liabilities including related parties
|
(1,705
|
)
|
(7,165
|
)
|
||||
Restructuring expenses and Impairment related to long lived assets
|
47,939
|
71,258
|
||||||
Net cash provided by (used in) operating activities
|
66,529
|
(23,311
|
)
|
|||||
Cash flows from investing activities:
|
||||||||
Net cash paid for acquisitions
|
(511
|
)
|
(2,245
|
)
|
||||
Purchase of property, plant and equipment
|
(11,168
|
)
|
(17,801
|
)
|
||||
Proceeds from sale of property, plant and equipment
|
177
|
12
|
||||||
Maturity of marketable securities
|
7,100
|
12,401
|
||||||
Decreae (increase) in long term deposits
|
(135
|
)
|
348
|
|||||
Net used in investing activities
|
(4,537
|
)
|
(7,285
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Dividend paid
|
-
|
(8,625
|
)
|
|||||
Changes in short-term bank credits and long-term loans, including related parties
|
(23,268
|
)
|
18,640
|
|||||
Repayment of a financing leaseback related to Bar-Lev transaction
|
-
|
(859
|
)
|
|||||
Net cash provided by (used in) financing activities
|
(23,268
|
)
|
9,156
|
|||||
Effect of exchange rate differences on cash and cash equivalents
|
318
|
(794
|
)
|
|||||
Increase (decrease) in cash and cash equivalents and short-term bank deposits
|
39,042
|
(22,234
|
)
|
|||||
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
|
$
|
91,123
|
$
|
52,081
|
||||
Non - cash investing:
|
||||||||
Changes in trade payables balances related to purchase of fixed assets
|
188
|
(925
|
)
|
Three months ended
December 31,
|
Twelve months ended
December 31,
|
|||||||||||||||
U.S. dollars in thousands
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Reconciliation of Gross profit to Adjusted Gross profit:
|
||||||||||||||||
Gross profit
|
$
|
23,280
|
$
|
30,931
|
$
|
91,939
|
$
|
163,245
|
||||||||
Share-based compensation expense (a)
|
(59
|
)
|
86
|
94
|
315
|
|||||||||||
Amortization of assets related to acquisitions
|
71
|
72
|
286
|
306
|
||||||||||||
Residual operating expenses related to Sdot-Yam after closing
|
1,129
|
237
|
3,924
|
237
|
||||||||||||
Other non recuring items
|
(152
|
)
|
-
|
(304
|
)
|
-
|
||||||||||
Adjusted Gross profit (Non-GAAP)
|
$
|
24,269
|
$
|
31,326
|
$
|
95,939
|
$
|
164,103
|
(a)
|
Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and
directors of the Company.
|
Three months ended
December 31,
|
Twelve months ended
December 31,
|
|||||||||||||||
U.S. dollars in thousands
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Reconciliation of Net Loss to Adjusted EBITDA:
|
||||||||||||||||
Net loss
|
$
|
(50,888
|
)
|
$
|
(73,888
|
)
|
$
|
(108,240
|
)
|
$
|
(56,366
|
)
|
||||
Finance expenses (income), net
|
3,747
|
407
|
(1,069
|
)
|
(3,079
|
)
|
||||||||||
Taxes on income
|
13,949
|
(1,699
|
)
|
21,281
|
758
|
|||||||||||
Depreciation and amortization
|
7,296
|
9,121
|
30,007
|
36,344
|
||||||||||||
Legal settlements and loss contingencies, net (a)
|
(2,424
|
)
|
(492
|
)
|
(4,770
|
)
|
568
|
|||||||||
Contingent consideration adjustment related to acquisition
|
24
|
63
|
264
|
120.00
|
||||||||||||
Acquisition and integration related expenses
|
-
|
-
|
-
|
80
|
||||||||||||
Share-based compensation expense (b)
|
469
|
259
|
1,025
|
1,502
|
||||||||||||
Restructuring expenses and Impairment related to long lived assets (c)
|
27,715
|
71,258
|
47,939
|
71,258
|
||||||||||||
Residual operating expenses related to closed plants after closing
|
1,643
|
684
|
4,438
|
684
|
||||||||||||
Other non recuring items
|
(152
|
)
|
-
|
(304
|
)
|
-
|
||||||||||
Adjusted EBITDA (Non-GAAP)
|
$
|
1,379
|
$
|
5,713
|
$
|
(9,429
|
)
|
$
|
51,869
|
(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)
|
Q4'23 results including long-lived assets impairment and restructuring expenses related to closure of Richmond plant. YTD
resutls including also impairment and restructuring expenses related to Sdot Yam plant closure.
|
Three months ended
December 31,
|
Twelve months ended
December 31,
|
|||||||||||||||
U.S. dollars in thousands (except per share data)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Reconciliation of net income attributable to controlling interest to adjusted net income (loss)
attributable to controlling interest:
|
||||||||||||||||
Net loss attributable to controlling interest
|
$
|
(50,521
|
)
|
$
|
(73,966
|
)
|
$
|
(107,656
|
)
|
$
|
(57,054
|
)
|
||||
Legal settlements and loss contingencies, net (a)
|
(2,424
|
)
|
(492
|
)
|
(4,770
|
)
|
568
|
|||||||||
Contingent consideration adjustment related to acquisition
|
24
|
63
|
264
|
120
|
||||||||||||
Amortization of assets related to acquisitions, net of tax
|
534
|
536
|
2,142
|
2,084
|
||||||||||||
Share-based compensation expense (b)
|
469
|
259
|
1,025
|
1,502
|
||||||||||||
Acquisition and integration related expenses
|
-
|
-
|
-
|
80
|
||||||||||||
Non cash revaluation of lease liabilities (c)
|
3,538
|
676
|
(1,556
|
)
|
(9,527
|
)
|
||||||||||
Restructuring expenses and Impairment related to long lived assets (d)
|
27,715
|
71,258
|
47,939
|
71,258.00
|
||||||||||||
Residual operating expenses related to closed plants after closing
|
1,643
|
684
|
4,438
|
684.00
|
||||||||||||
Other non recuring items
|
(152
|
)
|
-
|
(304
|
)
|
-
|
||||||||||
Total adjustments
|
31,347
|
72,984
|
49,178
|
66,769
|
||||||||||||
Less tax on non-tax adjustments (e)
|
(9,421
|
)
|
(144
|
)
|
(12,035
|
)
|
(910
|
)
|
||||||||
Total adjustments after tax
|
40,768
|
73,130
|
61,213
|
67,679
|
||||||||||||
Adjusted net income (loss) attributable to controlling interest (Non-GAAP)
|
$
|
(9,753
|
)
|
$
|
(836
|
)
|
$
|
(46,443
|
)
|
$
|
10,625
|
|||||
Adjusted earning (loss) per share (f)
|
$
|
(0.28
|
)
|
$
|
(0.02
|
)
|
$
|
(1.34
|
)
|
$
|
0.31
|
(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 diffrences deriving from revaluation of lease contracts in accoradance with FASB ASC 842.
|
(e)
|
Tax adjustments for the three and twelve months ended December 31, 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.
|
Three months ended
December 31,
|
Twelve months ended
December 31,
|
Three months ended
December 31,
|
Twelve months ended
December 31,
|
|||||||||||||||||||||||||||||
U.S. dollars in thousands
|
2023
|
2022
|
2023
|
2022
|
||||||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
YoY % change |
YoY % change CCB |
YoY % change |
YoY % change CCB |
||||||||||||||||||||||||||
USA
|
$
|
60,283
|
$
|
76,394
|
$
|
271,647
|
$
|
342,293
|
(21.1
|
)%
|
(21.1
|
)%
|
(20.6
|
)%
|
(20.6
|
)%
|
||||||||||||||||
Canada
|
17,750
|
20,673
|
75,462
|
93,377
|
(14.1
|
)%
|
(13.8
|
)%
|
(19.2
|
)%
|
(16.1
|
)%
|
||||||||||||||||||||
Latin America
|
817
|
964
|
3,285
|
4,481
|
(15.2
|
)%
|
(15.2
|
)%
|
(26.7
|
)%
|
(26.7
|
)%
|
||||||||||||||||||||
America's
|
78,850
|
98,031
|
350,394
|
440,151
|
(19.6
|
)%
|
(19.5
|
)%
|
(20.4
|
)%
|
(19.7
|
)%
|
||||||||||||||||||||
Australia
|
26,684
|
29,346
|
106,223
|
116,284
|
(9.1
|
)%
|
(8.1
|
)%
|
(8.7
|
)%
|
(4.7
|
)%
|
||||||||||||||||||||
Asia
|
5,890
|
7,891
|
25,959
|
34,607
|
(25.4
|
)%
|
(26.1
|
)%
|
(25.0
|
)%
|
(26.0
|
)%
|
||||||||||||||||||||
APAC
|
32,574
|
37,237
|
132,182
|
150,891
|
(12.5
|
)%
|
(11.9
|
)%
|
(12.4
|
)%
|
(9.6
|
)%
|
||||||||||||||||||||
EMEA
|
14,513
|
15,266
|
59,908
|
63,320
|
(4.9
|
)%
|
(10.7
|
)%
|
(5.4
|
)%
|
(7.6
|
)%
|
||||||||||||||||||||
Israel
|
2,588
|
8,835
|
22,747
|
36,444
|
(70.7
|
)%
|
(68.0
|
)%
|
(37.6
|
)%
|
(31.4
|
)%
|
||||||||||||||||||||
Total Revenues
|
$
|
128,525
|
$
|
159,369
|
$
|
565,231
|
$
|
690,806
|
(19.4
|
)%
|
(19.6
|
)%
|
(18.2
|
)%
|
(17.0
|
)%
|
1 Year Caesarstone Chart |
1 Month Caesarstone Chart |
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